Blockchain is the basis of your future digital transformationBelatrix Software
Blockchain-based businesses represent a fundamental change to business as usual. We believe that the next generation of startups will be businesses based on peer-to-peer exchange based on a blockchain network.
- Why blockchain will lead to new business models – rendering existing models obsolete.
- How to reconceptualize your business for a blockchain-based world.
- Examples of industries and businesses going through this change.
Gavin Wood- Booting the Shadow AristocracyOuiShare
The upcoming revolution of trust-commoditization will fundamentally alter power structures in society, disenfranchising institutions and its constituents born into a role of assumed guardianship of our economic and political world. I'll discuss why they were there the in first place, what has changed and throw some ideas around for how it might play out.
http://ouisharefest.com
Discover Blockchain - “what it is” and how Everything could be different
Opening Keynote for the Washington State Department of Commerce and Perkins Coie Blockchain event, (Seattle, August 2016)
Connecting innovation leaders: At a time when companies face new challenges in data management and security, Blockchain is emerging as a way to let companies make and verify transactions on a network instantaneously without a central authority. Today, more than 40 top financial institutions and a growing number of government institutions and firms across industries are experimenting with distributed ledger technology as a secure and transparent way to digitally track the ownership of assets and manage records, a move that could speed up transactions and cut costs while lowering the risk of fraud.
Blockchain is the basis of your future digital transformationBelatrix Software
Blockchain-based businesses represent a fundamental change to business as usual. We believe that the next generation of startups will be businesses based on peer-to-peer exchange based on a blockchain network.
- Why blockchain will lead to new business models – rendering existing models obsolete.
- How to reconceptualize your business for a blockchain-based world.
- Examples of industries and businesses going through this change.
Gavin Wood- Booting the Shadow AristocracyOuiShare
The upcoming revolution of trust-commoditization will fundamentally alter power structures in society, disenfranchising institutions and its constituents born into a role of assumed guardianship of our economic and political world. I'll discuss why they were there the in first place, what has changed and throw some ideas around for how it might play out.
http://ouisharefest.com
Discover Blockchain - “what it is” and how Everything could be different
Opening Keynote for the Washington State Department of Commerce and Perkins Coie Blockchain event, (Seattle, August 2016)
Connecting innovation leaders: At a time when companies face new challenges in data management and security, Blockchain is emerging as a way to let companies make and verify transactions on a network instantaneously without a central authority. Today, more than 40 top financial institutions and a growing number of government institutions and firms across industries are experimenting with distributed ledger technology as a secure and transparent way to digitally track the ownership of assets and manage records, a move that could speed up transactions and cut costs while lowering the risk of fraud.
Estonia is planning to become the first truly digitized administration in the world. This deck provides the background to why and how we plan to do this. The vision is to grow our e-government consumer base from one million to 10 million by issuing virtual residencies backed up by a robust and widely adopted public key infrastructure.
Pete Herlihy — Why No-One Should Ever See Your Best Work (Turing Festival 2016)Turing Fest
Presentation by Pete Herlihy, lead product manager at the Government Digital Service. Delivered at the Turing Festival in Edinburgh on Thursday 18 August 2016.
BITCOIN IS ENTERING THE AGE OF PRACTICALITYSteven Rhyner
As the end of the year approaches, it is customary to begin thinking of what's next. We try to assess what changes can be made to better our lives, our businesses and our relationships. We ask what can we do differently that will push us positively towards our anticipated outcomes.
SunTec Confluence is an annual symposium which brings together the world’s leading technology executives and investment experts to debate current trends and to discuss how organisations can leverage technology to deliver more value to their customers.
CES 2017 FinTech trend: Blockchain Technology by Mark Mueller-Eberstein, AdgetecMark Mueller-Eberstein
Trend you can't miss at #CES2017 in Las Vegas.
Mark Mueller-Eberstein (Advisor to CXOs and CEO of Adgetec), explains how blockchain technology is changing not only #FinTech, but broader industry and why #China has a special opportunity for success leveraging the innovation.
One pager - "Trust in an Interdependent World" - October 2017Guy Huntington
“The information age has ushered in a networked and interdependent world, one in which challenges and opportunities appear and disappear faster than traditional organizational models can manage.” - Chris Fussell
We are living in an economic revolution, which is quietly disrupting almost all of our ways of doing things. Driven by electronic interdependencies between multiple parties, it requires trust.
Central to creating the trust is verifying who the identity is, accepting an authentication, and obtaining the identity’s authorization consent. Technology for interdependency, i.e. federation, is outpacing our ability to create this trust. New guidelines, laws, and regulations are required to leverage biometrics for identity verification.
Couple this with the advent of a miniature “Internet of Things.” Each of us will likely have hundreds of them. We will be required to provide our authorization consent allowing each device to work with other devices, identities, and/or enterprises.
The result? A revolution is upon us. It’s unlike anything we have ever seen.
Researchers at CodeX, The Stanford Center for Legal Informatics, design technologies that empower all parts of the legal system. CodeX places emphasis on computational law, the branch of legal informatics concerned with the automation and mechanization of legal analysis.
The Future of Legal Services, NCSB Committee to Study Regulatory Reform, July...Legal Evolution PBC
Overview of economic forces currently impacting the market for legal services. Includes transition from one-to-one to one-to-many legal products and solutions. Challenge for profession is to lagging legal productivity. Requires investment in multidisciplinary human capital combined with the creation of new business models.
You can claim a credit only for foreign taxes that are imposed on you by a foreign country or US possession. Generally, only income, war profits and excess profits taxes qualify for the credit.
New generation of financial information systems makes crunching numbers faste...FadilAhammed
TO LEARN MORE YOU CAN YOU THIS LINK AND SIGN UP FOR FREE
https://www.digistore24.com/redir/357303/Fadilahamed/
TO IMPROVE YOUR GROWTH VISTI IT AND BE HAPPY
Week 5 Discussion Responses – Financial Accounting
Discussion Response 1
BY: E,S
The CFO has more oversight and needs to make sure areas of ethics, integrity are not questioned “He or she is the last line defense in terms of the moral compass of the company and the accuracy of the financial statements” (John Draut, 2017). These are tried and true and keep lawlessness away! With that said there are laws that allow some room to move numbers such as depreciation, and the GAAP allows equipment to be one of those areas. In my company we use this method both on a District and Regional level but with rules of engagement. To me accounting calls for more ethics and integrity and honesty than most fields. Most fields have honest people but in the Business world the CFO in my eyes is a very important and upstanding person. I believe many organizations have CFO as their CEO because of the skill set and complexities that exist today.
“Depreciation begins when a taxpayer places property in service for use in a trade or business or for the production of income. The property ceases to be depreciable when the taxpayer has fully recovered the property’s cost or other basis or when the taxpayer retires it from service, whichever happens first” (IRS Gov).
“Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property” (IRS Gov.). So in reference to changing asset life does occur occasionally, the question is if it has always been five years and the CFO wants seven years for bonus reasons I do not feel this is appropriate and feel it takes a clear cut situation to a grey area I would not feel comfortable with. Would the IRS look the other way? Could be so for legal reason you may get by, then again there are rules for equipment and if you went from seven years to five you would have to explain the reasoning and tie it to the industry potentially.. What would I do? I would find other areas to generate the $750K they are looking for. The grey area doesn’t make me comfortable and there has to be other areas to generate revenue to gain the bonuses such as safety, turnover, overtime, double shifting, hiring etc. Not knowing the company or the business there generally are cost cutting initiatives that can help offset cost.
Side note: Last two weeks we have discussed Fraud and Ethics----Have you heard about the FBI investigation of NCAA Basketball programs tied to shoe manufactures? Do you think anyone in the accounting departments knew about the large sums being paid out? College sports are big business, and the corruption continues to amaze me.
References:
John Draut
https://www.irs.gov/.../a-brief-overview-of-depreciation
Discussion Response 2
BY: B,R
Ethics is typically not a black and white decision, it often lies in the gray area in between. In general, making an ethical decisi.
Estonia is planning to become the first truly digitized administration in the world. This deck provides the background to why and how we plan to do this. The vision is to grow our e-government consumer base from one million to 10 million by issuing virtual residencies backed up by a robust and widely adopted public key infrastructure.
Pete Herlihy — Why No-One Should Ever See Your Best Work (Turing Festival 2016)Turing Fest
Presentation by Pete Herlihy, lead product manager at the Government Digital Service. Delivered at the Turing Festival in Edinburgh on Thursday 18 August 2016.
BITCOIN IS ENTERING THE AGE OF PRACTICALITYSteven Rhyner
As the end of the year approaches, it is customary to begin thinking of what's next. We try to assess what changes can be made to better our lives, our businesses and our relationships. We ask what can we do differently that will push us positively towards our anticipated outcomes.
SunTec Confluence is an annual symposium which brings together the world’s leading technology executives and investment experts to debate current trends and to discuss how organisations can leverage technology to deliver more value to their customers.
CES 2017 FinTech trend: Blockchain Technology by Mark Mueller-Eberstein, AdgetecMark Mueller-Eberstein
Trend you can't miss at #CES2017 in Las Vegas.
Mark Mueller-Eberstein (Advisor to CXOs and CEO of Adgetec), explains how blockchain technology is changing not only #FinTech, but broader industry and why #China has a special opportunity for success leveraging the innovation.
One pager - "Trust in an Interdependent World" - October 2017Guy Huntington
“The information age has ushered in a networked and interdependent world, one in which challenges and opportunities appear and disappear faster than traditional organizational models can manage.” - Chris Fussell
We are living in an economic revolution, which is quietly disrupting almost all of our ways of doing things. Driven by electronic interdependencies between multiple parties, it requires trust.
Central to creating the trust is verifying who the identity is, accepting an authentication, and obtaining the identity’s authorization consent. Technology for interdependency, i.e. federation, is outpacing our ability to create this trust. New guidelines, laws, and regulations are required to leverage biometrics for identity verification.
Couple this with the advent of a miniature “Internet of Things.” Each of us will likely have hundreds of them. We will be required to provide our authorization consent allowing each device to work with other devices, identities, and/or enterprises.
The result? A revolution is upon us. It’s unlike anything we have ever seen.
Researchers at CodeX, The Stanford Center for Legal Informatics, design technologies that empower all parts of the legal system. CodeX places emphasis on computational law, the branch of legal informatics concerned with the automation and mechanization of legal analysis.
The Future of Legal Services, NCSB Committee to Study Regulatory Reform, July...Legal Evolution PBC
Overview of economic forces currently impacting the market for legal services. Includes transition from one-to-one to one-to-many legal products and solutions. Challenge for profession is to lagging legal productivity. Requires investment in multidisciplinary human capital combined with the creation of new business models.
You can claim a credit only for foreign taxes that are imposed on you by a foreign country or US possession. Generally, only income, war profits and excess profits taxes qualify for the credit.
New generation of financial information systems makes crunching numbers faste...FadilAhammed
TO LEARN MORE YOU CAN YOU THIS LINK AND SIGN UP FOR FREE
https://www.digistore24.com/redir/357303/Fadilahamed/
TO IMPROVE YOUR GROWTH VISTI IT AND BE HAPPY
Week 5 Discussion Responses – Financial Accounting
Discussion Response 1
BY: E,S
The CFO has more oversight and needs to make sure areas of ethics, integrity are not questioned “He or she is the last line defense in terms of the moral compass of the company and the accuracy of the financial statements” (John Draut, 2017). These are tried and true and keep lawlessness away! With that said there are laws that allow some room to move numbers such as depreciation, and the GAAP allows equipment to be one of those areas. In my company we use this method both on a District and Regional level but with rules of engagement. To me accounting calls for more ethics and integrity and honesty than most fields. Most fields have honest people but in the Business world the CFO in my eyes is a very important and upstanding person. I believe many organizations have CFO as their CEO because of the skill set and complexities that exist today.
“Depreciation begins when a taxpayer places property in service for use in a trade or business or for the production of income. The property ceases to be depreciable when the taxpayer has fully recovered the property’s cost or other basis or when the taxpayer retires it from service, whichever happens first” (IRS Gov).
“Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property” (IRS Gov.). So in reference to changing asset life does occur occasionally, the question is if it has always been five years and the CFO wants seven years for bonus reasons I do not feel this is appropriate and feel it takes a clear cut situation to a grey area I would not feel comfortable with. Would the IRS look the other way? Could be so for legal reason you may get by, then again there are rules for equipment and if you went from seven years to five you would have to explain the reasoning and tie it to the industry potentially.. What would I do? I would find other areas to generate the $750K they are looking for. The grey area doesn’t make me comfortable and there has to be other areas to generate revenue to gain the bonuses such as safety, turnover, overtime, double shifting, hiring etc. Not knowing the company or the business there generally are cost cutting initiatives that can help offset cost.
Side note: Last two weeks we have discussed Fraud and Ethics----Have you heard about the FBI investigation of NCAA Basketball programs tied to shoe manufactures? Do you think anyone in the accounting departments knew about the large sums being paid out? College sports are big business, and the corruption continues to amaze me.
References:
John Draut
https://www.irs.gov/.../a-brief-overview-of-depreciation
Discussion Response 2
BY: B,R
Ethics is typically not a black and white decision, it often lies in the gray area in between. In general, making an ethical decisi.
Conozca el resumen "Aceleradores a un mundo inclusivo en un ecosistema de Pagos digitales", en el siguiente articulo podrá observar la brecha de los 25 países en los que la digitalización ha tenido un gran impacto y revela 10 pasos o aceleradores que los gobiernos y las empresas pueden tomar para construir las economías digitales.
Tisski Ltd Freedom of Information White PaperKatie Weir
The public sector’s management of Freedom of Information (FOI) requests has come sharply into focus recently, with the new Information Commissioner threatening to vigorously pursue delays and poor treatment of FOI applications.
This white paper sets out to explore the challenges around maintaining compliance and what existing technology can deliver immediate improvements to FOI systems and processes.
It specifically looks at the power of Microsoft Dynamics 365 and will be useful to anyone operating in the public sector who wants to find a quick and effective means of ensuring compliance at a time of enhanced scrutiny.
While many businesses may welcome fewer government regulations, what’s often most important to them is simply to spend less time on reporting and compliance. A focus on improving the customer experience may offer a key to reducing friction costs in government-business interactions. https://dupress.deloitte.com/dup-us-en/industry/public-sector/relationship-between-government-and-business-customer-experience.html
Foster Moore® prepared a white paper for the recent meeting of the National Association of Secretaries of State (NASS). It looks at the reasons that Secretaries of State might consider when going digital.
This presentation was shared by Cab Morris of the Illinois Department of Financial & Professional Regulation on the June 5th at the Banking Digital Currencies seminar.
The fintech sector is being shaped by shifting market conditions, new regulations, and changes in consumer demands and behaviors.
For the past decade, fintech companies—technology firms that focus on financial products and services—have moved quickly, forcing incumbents to rethink their core business models and embrace digital innovations. But now, the fintech industry is itself maturing and entering a period of rapid change. Companies wondering how they will fit into this new era must first understand the forces that are pushing the changes.
While the industry will undoubtedly continue to expand as its customer base grows and investor appetite remains unsated, changes are imminent. Indeed, the very concept of what comprises fintech will shift. As the industry evolves, it will play a role well beyond financial products and services, individual companies will vie to become undisputed leaders by size and breadth, and ecosystems will develop that have a tight grip on customer loyalty.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
2. A need for speed in the nationwide payment process (among
other things) led the Federal Reserve to form the Faster Payment
Task Force, which in turn led to an exhaustive report, which
included 10 recommendations. And that has led in turn to … what,
exactly?
There have been some strides taken since the task force
completed its work in July 2017 — notably creation that fall of a
real-time payments system called RTP by The Clearing House —
but there are miles to go to meet the stated goal of a new
nationwide payment system by 2020.
3. As pointed out in one report, challenges remain, particularly in
the area of interoperability, before the U.S. literally gets up to
speed — before a payment system is in place that task force
head Sean Rodriguez described as “faster, ubiquitous, safe,
broadly inclusive, safe and efficient” in a video on the
organization’s website.
The task force, composed of some 320 volunteers from
financial institutions, government agencies, consumer
advocacy groups, retailers, standards bodies, et al., convened
in May 2015. It wrapped things up 14 months later, after some
252 meetings and teleconferences, 19 surveys and votes and
some 120,000 hours of work, according to Lauri Giesen of
bai.org. The body’s report consisted of two parts, the first
released in December 2016, the second in July
2017.organization’s website.
4. While some have judged the goal of a
2020 launch to be overly ambitious,
there are many others who believe an
overhaul is long overdue — that the U.S.
is lagging behind the rest of the world in
the immediacy and efficiency of its
payment system.
“This is a once-in-a-generation
opportunity to create a new payment
system,” one panelist, Clearing House
senior vice president Steve Ledford,
said in the task force’s video, adding
that it was going to take efforts from
many sectors to make the new
system a reality.
5. Financial institutions, he said, are going to have to deliver new
products and services. Those building the infrastructure are
going to have to work in concert. Organizations and news
outlets are going to have to educate consumers. And the
consumers themselves must keep expecting more.
That works in reverse as well: Consumers don’t always have
immediate access to funds from businesses, financial
institutions or employers.
The latter is, of course, at the heart of the matter. Consumers
want to be able to pay their water bill immediately courtesy of
an online application, as opposed to experiencing an illusion of
immediacy, as is the case at present — one that sees them
make an online payment, only to discover that it might not be
processed for a number of days.
6. Speed and efficiency were
among the primary topics
explored by the task force,
as was ubiquity — i.e., the
assurance that payments
can be sent and received
by any consumer or
business. Security, legality
and governance were also
examined in depth.
The 10 recommendations center on those matters —
establishing a framework, developing cross-border
functionality, researching emerging technology, et al.
7. But again, strides like those taken by Ledford’s Clearing
House are rare, the challenges many. As mentioned, one of
the main ones involves the interoperability of the U.S.
system with those already in place throughout the world, of
which there are many.
The need for speed, in other words, remains. And it is not
confined to our borders.
8. Thank you
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