Profile
Location
Bangalore
Member since
2007
Reads

Rajeev's blog archive

2011 (1) 2010 (3) 2009 (4) 2008 (3)
Rajeev Nair

Rajeev Nair

Managing Director- Accenture Technology - Banking at Accenture
Message Message me Posts: 11 Comments: 6
Bio Payments & Transaction Banking Professional Career History In Retail Banking, managing operations, Payments, Foreign Exchange,Risk management and Regulatory Reporting for more than 12 years.

Blogs

Innovation in Financial Services

Fraudulent Wires - Need for Customer Payment Profile

03 May 2011

FBI's recent report states that between March 2010 and April 2011, the FBI identified twenty incidents in which the online banking credentials of small-to-medium sized U.S. businesses were compromised and used to initiate wire transfers to Chinese economic and trade companies. As of April 2011, the total attempted fraud amounts to approximately $2...

1

Innovation in Financial Services

Payments Integration - Qualifier for cross-lane traffic

22 Nov 2010

“Payments Rails" across the world were created on need basis, so specifically not considering the existing / proposed rails in parallel payment business and market. This was rational till a point where the boundaries between parallel payment methods were definable, discrete and distinguishable. Market is into a natural convergence track. Reve...

Innovation in Financial Services

MT, IAT and 20022

07 Jun 2010

Recently Tower Group published research report on Payments developments, emphasizing the traction towards global payments standards (see Payments Rail). Now that IAT (International ACH transactions) are in production with mandatory extended information on counterparties and payment stacks, at every hop of payment information, standards intercha

Innovation in Financial Services

Payments Dynamics - Velocity vs Pressure

29 Mar 2010

Fluid Dynamics has a lesson for Payments Industry. When fluid velocity increases, fluid pressure decreases. This scientific principle - Bernoulli Prinicple - is foundational in Fluid Dynamics which lead to inventions and applications in later phases. Since funds can flow, it is fluid. So Fluid Dynamics principles are equally applicable for Paymen

Rajeev is Commenting on

The Flaw in Paperless Statements

  There are two primary questions from here. Why such disconnects occur when bank originates communication and ask for something which they dont share ? How these can be circumvented from Bank's point of view ? The reason for failure like this is due to the fact that normally Bank's policy executions are done through different disconnected departments and during policy formulation either all departments are not considered as impact points OR complete life cycle analysis was not done. It is quite possible that there is subsequent improvements in some departments (Digitization of statement) which was not known to other stakeholders (KYC department). Now, possibly the solution could be bank should have asked only for existing bank account # rather than statement, so that what all data bank wants to validate as part of KYC can be done (including customer direct/voice contact) with their database rather than asking customer to provide statement. Banks should even think of (keeping apart competitive data sharing), sharing customer KYC information. In such cases, irrespective of primary accounting bank, the bank identifier and account identity can be included as additional identity data. One open question then emanating will be this kind of trusting single point of information(existing account info), will result in single point of failure in CIP (customer identification program). Falsfied documentation at first stage will successfully take customer to all banks and everything will have a domino effect, if the falsification is unearthed at a later point. Will be interesting to know if bank responded back to you on this issue with a possible alternate solution. Thanks