1. The new access model from Faster Payments means that smaller banks and non-traditional players will be able to make truly instant payments to their customers, but what are the key things they should know?

    Tom Hay, Head of Payments, Icon Solutions, believes that there are some key challenges which must be overcome to ensure that participants make the best use of this exciting opportunity.

    Firstly, because there will be multiple providers offering gateway connection services, organisations will need to find the right consulting partner to meet their specific requirements.

    In addition, their existing IT systems won’t have been designed with Faster Payments in mind – for example, sending single immediate payment requests, rather than batches of payments at the end of the day, week or month, may need some work, both in the IT systems and the processes.

    And very importantly, because Faster Payments operates 24/7 – organisations will need to ensure they can support customers around the clock which has clear implications for their business functions.

    In Tom’s view there are three essential qualities needed in a consulting partner:

    ○ Deep understanding of the Faster Payment scheme and its rules – many system integrators will have the IT knowledge but not necessarily the business understanding.

    ○ Good links with other players in the UK payments industry – as systems and connections go through accreditation, it’s likely that hiccups will occur. Identifying the cause and knowing who to speak with to resolve it will be crucial.

    ○ Someone who understands how to keep systems up and running at all times, to deliver a great experience to their customers. It’s likely that Faster Payments will quickly become a vital part of the organisation so it must be absolutely reliable.

    Icon’s approach as a provider would be in two phases. First they would take time to review your payments requirements in terms of current and aspirational service offerings, including aspects such as volume, value, frequency. In doing so they would be evaluating your existing IT systems to see where new capabilities might be needed to meet your goals. They would then work with you to develop this insight into a business case with clear costs and benefits.

    The second phase would be working closely with you to review the different service options/providers and make objective recommendations. They would then of course work with you to integrate your systems and deliver a reliable payment service.

    Icon Solutions are payments specialists who have worked with Faster Payments since day one and can help guide you through the process. Find out more at iconsolutions.com/what-we-do/payments/

    # vimeo.com/122079918 Uploaded 113 Plays 0 Comments
  2. Effective internal controls and a good risk management framework enable companies to take opportunities, increase corporate value, and create wealth.

    Today’s businesses are highly sophisticated and complex, often dealing with constant change. Those that have robust risk management and internal control are able to respond more quickly to emerging risks, take better decisions through a greater understanding of the risks, build resilience within the business, and balance risk and reward. More progressive companies are able to harness risk management as a tool to enable them to take opportunities, rather than a more traditional view of risk management as a defensive or protective mechanism.

    One of the issues is that many businesses still seem to operate risk management as a compliance exercise driven by the need to put papers on the subject in front of the Board and Audit Committee, rather than an integrated part of the business that helps the company achieve its strategic objectives in a sustainable way.

    What BDO sees in resilient organisations is a risk aware culture, strong leadership, open communication, and strong internal and external relationships with sufficient resources in the right place to proactively manage risk. Boards of these companies need to engage with risk management on an ongoing basis, and challenge themselves collectively as to whether they have the skills and competence to challenge executive management on their management of risks.

    It is clear that the pace of technological change, the emphasis on making decisions based on real time data, and the sheer volume of information businesses need to deal with means that, going forward, risk management will have to be much more dynamic.

    Working with an external facilitator to introduce risk management into your business, or to challenge and advise on what has been put in place can be a really effective way of moving risk management forward.

    If you accept the premise that uncertainty is embedded in business today then effective enterprise risk management has to be an intrinsic part of business processes and performance systems.

    Is risk management an intrinsic part of your business processes and performance systems?

    # vimeo.com/122002777 Uploaded 125 Plays 0 Comments
  3. In the hyper-convenient world of digital retail, we can sometimes struggle to see the necessity of security features.

    None of us want our card details in the hands of fraudsters. Equally, none of us wants to wade through frustrating challenges for passwords and PINs.

    This is the challenge we face in the payments business – keeping one step ahead of fraud, without compromising on a slick shopping experience for the customer.

    MasterCard’s payments network is inherently safe, but we must ensure it stays that way. As payments and technology evolve, banks and retailers need to embrace change faster than the increasingly sophisticated cybercriminals.

    There is no one solution to prevention and protection. It requires a multi-layered approach in the same way a bank branch has differing layers of security at every stage from the front door to the vault.

    Here, the industry needs not just to prevent attacks. It needs to be able to protect against them if they do happen. The winners in this will be the businesses who don’t approach security as a tick box exercise.

    The strategic approach to security is not about surviving. It’s about thriving, by recognising that good security can help the bottom line when it is designed to protect the customer first without putting them off their purchase.

    It isn’t a case of choosing between safety or simplicity – we must ensure both.

    MasterCard: why technology advances mean we must all redress the line between consumer convenience and security

    # vimeo.com/123186831 Uploaded 11 Plays 0 Comments
  4. Cyber attacks are increasing in frequency and severity, seriously damaging the reputations of some organisations and threatening the very existence of others. It is therefore unsurprising that information security is now a top business priority.

    # vimeo.com/121676668 Uploaded 40 Plays 0 Comments
  5. Cyber attacks are increasing in frequency and severity, seriously damaging the reputations of some organisations and threatening the very existence of others. It is therefore unsurprising that information security is now a top business priority.

    # vimeo.com/121676669 Uploaded 226 Plays 0 Comments

FINANCE & RISK 2015

Browse This Channel

Shout Box

Heads up: the shoutbox will be retiring soon. It’s tired of working, and can’t wait to relax. You can still send a message to the channel owner, though!

Channels are a simple, beautiful way to showcase and watch videos. Browse more Channels.