BACKCHAT/DIARY Backchat “I
’m not placing my head in that noose,” said one banking executive when IBS Journal asked about the problems with API banking and existing core banking systems. When reassured that his identity would
be kept a secret, he revealed that he’d spoken to multiple institutions at Sibos 2017 and wondered if they were really ready to pile API layers on top of their creaking core systems. “It costs money, I know,” he said. “But do we really have time to be standing around waiting for the regulatory reaper to arrive?” In this banker’s opinion, there’s no time to waste in implementing a fresh banking system.
When asked by IBS Journal if he had any vendors in mind for a replacement at his own bank, he said that the decision would be up to the technologists. “They’re all the same to me, sometimes,” he admitted. “All bluster and no substance.” A fairly damning summary from someone in the industry – especially during the generally hype-infused atmosphere of Sibos. It begs the question of just how many verbal deals sealed in Toronto this month will actually occur when planes touch down in home countries and heads are cleared of free coffee and champagne.
“T
his is how a fintech reporter pays for his drinks,” said our Junior Reporter as he strutted towards a vending machine at the airport in Toronto during Sibos. Canada, recently dubbed the most cashless country in the world, apparently flaunts vending machines accepting contactless payments.
He then proceeded to top up his Monzo card (rates are better than on either his debit or credit card), not before struggling for a couple of minutes to sign into the airport’s free wi-fi. For some reason, the card top-up was denied, but luckily Monzo can be topped up with Android Pay. And that’s what he did. He made his way to the machine, chose a drink, and tapped the card. He then waited for just over a minute – “CARD NOT ACCEPTED”. No other card of his would work either and neither did Android Pay.
Crestfallen, he walked back to the rest of the team. Monzo said: “It looks like this was declined because the payment terminal used a slightly unusual method called ‘contactless magstripe’. This is different from EMV contactless, which is used in the UK and by more modern terminals. Our payment provider automatically blocks contactless magstripe payments, but your card should work fine with chip-and-PIN, magstripe or contactless at more modern terminals.”
The rest of the stay in Toronto rarely showed Canada’s love for contactless. Half of the POS we found were unable to accept credit or prepaid cards – like Monzo’s. And, did you know that in order to pay by card when purchasing an underground ticket, you need to buy a minimum of three tickets? Round trip, and back again, I presume.
Oh fintech, we stand on hold for thee. IN THE NEXT ISSUE
Focus feature - 2017 Review & 2018 Preview, Technology trends to watch in 2018, 2017 review
Diary NOVEMBER
20-21: FinTech Asia Pacific Summit 2017, Singapore
http://www.duxes-events.com/FintechAP/
23-24: BankTech Asia, Jakarta
http://www.banktechasia.com
28-29: Branch Transformation 2017, London
www.rbrlondon.com
IBS Journal November 2017
51
DECEMBER
4-6: Finovate Middle East, Dubai
https://finance.knect365.com/finovate-middle-east/
4-6: 24th World Islamic Banking Conference, Amwaj Island
http://wibc2017.com
Download the IBS Intelligence mobile app
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2017 banking tech/FinTech events
For a comprehensive listing of industry events, visit our website:
www.ibsintelligence.com
IBS Intelligence is a prominent media partner of many FinTech industry events worldwide. If you are interested in a media partnership with us and marketing opportunities, please contact
Abhijit Chakravarty, Marketing Manager Email:
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www.ibsintelligence.com
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