-
Strong Customer Authentication - this is a big piece of work I’ve discussed elsewhere in the forum and I’m definitely going to write a blog post on this. In short this is a EU regulation which allows us to have more control over the security of ecommerce card payments. My team of 20 somethings have been constantly advising the Mastercard Vice Presidents, our contributions made it to the EMV Specification and we’ve found bugs in the payment systems of Google, Netflix, ASDA, and Microsoft to name a few. In fact, Google gave us £2,000 in bounty reward, which we forwarded to a charity - unfortunately Netflix refused to give me a free subscription and Microsoft a PS5
-
Improving disputes - this plays along well with SCA. In short we are setting up a new team in charge of disputes. A focus is on reducing fraud - which we’re seeing a massive drop. Without exact figures, we expect to reduce ecommerce fraud by about 5x. We’ve also built a Machine Learning model to predict fraud - lots of other banks have never done this - so here is some innovation that customers don’t see.
-
Becoming direct Bacs participants - in short right now if you receive a direct debit, we talk to Natwest and they talk to some other bank. We can no longer rely on Natwest (because we want to be independent and because we have a legal obligation not to let too much money through a third party). This means we’ll be on the list of UK banks who can make payments directly with the Bacs scheme.
-
Reconciliation - this might be a bit hard to explain. In short when you have millions of daily payments, it’s fairly hard to sum up the totals each day to make sure all the money went to the right place. If you’ve ever worked at a bar you’ll understand that problem when you count up totals at the end of the shift. We’ve done a lot of work on this, but we’re improving our automation, to make our system more reliable so every penny is moved to the right account.
52 Likes