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2018
John Davies

John Davies

CTO at Incept5
Posts: 0 Comments: 22
Bio CTO and co-founder Career History Well over 30 years in investment banking, FX, derivatives and payments. Former chief architect at several banks and VISA. I love technology and mathematics so always have an eye on innovative solutions while implementing the pragmatic ones.

John is Commenting on

Saudi Arabia welcomes open banking

  Welcome Saudi Arabia, at the speed the UK banks are moving with this you will be well ahead by the end of 2023. Open Banking is the future of payments and it's great you've joined the club.

16 Jun 2023 Reply Read article

Money20/20: No end game for open banking

  Open Banking has started well, while pandemic served as an unexpected roadblock, equally, it has also accelerated our journey towards a digital future. The UK may have been the opening act but now it appears Europe is ready for its time in the spotlight, it's going to be an interesting trip. The friction remains the banks and their poor speed of adoption with features like VRP and bulk/mass payments. We've seen superb adoption with small businesses using tech like HibanaPay to reduce their acquiring charges but without VRP we're left to settle with traditional means.

06 Jun 2023 Reply Read article

Regulate crypto as gambling says UK Treasury Committee

  Just as I was thinking the UK government showed no sign of intelligent life at all we get this... "The influential cross-party Committee of MPs declared that cryptocurrencies such as bitcoin have no intrinsic value and serve no useful social purpose, while consuming large amounts of energy and being used by criminals in scams, fraud and money laundering." Wow, there is at least someone in there with a brain! 

17 May 2023 Reply Read article

UK's cashless transition under the microscope as Payments Choice Alliance pushes back

  “A FinExtra Member”, people who don’t want transactions tracked are usually laundering or avoiding tax. From your window cleaner to the nail salon, it’s simply the black economy, like cryptocurrencies but without the Ponzi part. One of our largest groups of users are hair dressers and barbers. Clients turn up today with no cash (as it’s largely useless in major cities), they are then stung with having to pay 3% for the card networks (PSPs, PayFac, POS, acquirer, network, issuing bank etc.). Through Open Banking we save them the 3% and give it back to the merchant. As fewer shops take cash, people will stop carrying cash, as is the case today. Cash will eventually disappear just like carrying a lighter or matches just in case. Regulating to keep it is fighting progress, there are better ways to help those who still want cash without alienating them. We need to adapt to change and help those who are less able to adapt to the inevitable.

15 May 2023 Reply Read article