Blog article
See all stories »

Object reference not set to an instance of an object.

Comments: (4)

A Finextra member
A Finextra member 25 September, 2009, 11:31Be the first to give this comment the thumbs up 0 likes

I do wonder whether there won't be the same competitive pressures that Fedex faces - speed.

Speed can alter risk  - lower risk too, if the the right methods are in place.

I do wonder whether the analogy doesn't imply payments are taking so long to 'arrive' that they need to be tracked.

I do think a more interactive and instant approach might be something to look out for.

I would like to congratulate BofA on getting Sallie Krawchek onto the team.  I had her at the top of my list. And congratulations Sallie but I can't say I'm surprised one little bit.

Roy McPherson
Roy McPherson - Macroy Consulting - Maldon 28 September, 2009, 12:02Be the first to give this comment the thumbs up 0 likes

George

Thats an interesting analogy and one I've heard before. There's a fundamental difference with a payment at Bank of America and the Fedex parcel -  the parcel never leaves Fedex's control therefore it's very easy to see where the parcel is.

The Bank of America solution gives a snapshot of the payment whilst in Bof A's system, it doesn't, and can't, give a picture of a payment outside its control.

(PS My companies system does give timelines and status even though the payment is in a counterparty system).

Regards

 

 

Andreas Unterste
Andreas Unterste - The Dow Chemical Company - Midland MI 01 October, 2009, 16:16Be the first to give this comment the thumbs up 0 likes

the really sad thing is, Heidi Miller of JPMorgan Chase used that exact analogy already in her opening remarks of Sibos 2004 (!) and substantially nothing has changed at all since then. Especially cross border payments are still a black box for beneficiary and ordering customer. A single institution solution will not change the game.....

Stanley Epstein
Stanley Epstein - Citadel Advantage Ltd - Modiin 06 October, 2009, 12:08Be the first to give this comment the thumbs up 0 likes

I am not sure if I understand what the benefit of tracking a payment could be. Generally a payment should be completed within two days of its origination. I still have a problem with this two day gap, but that is another story. I certainly can see the benefit to the bank offering this as a value added service, but to the user? Sorry, I just can’t see it.

George Ravich

George Ravich

President

Ravco Marketing, LLC

Member since

20 Jan 2008

Location

Wilton

Blog posts

7

Comments

6

More from George

This post is from a series of posts in the group:

Transaction Banking

A community for discussing technology trends, views and perspective in global transaction banking


See all