SET Training - Banking and Fintech

By Stanley Epstein – We tap a card, wave a phone, or click a button, and money moves. This process has become so seamless, so integrated into our daily lives, that it's easy to overlook the colossal system working behind the scenes. But this seamless experience masks a tectonic shift. The very architecture of global finance is fracturing and re-forming, and the 2025 McKinsey Global Payments Report reveals a series of surprising shifts that will affect not just banks and tech companies, but everyone with a digital wallet. Here are the four most impactful truths from the report that are shaping the future of money. 1. The Hype is Over: Global Payments Growth is Hitting a Wall After a period of supercharged expansion, the global payments industry is experiencing a significant slowdown. While revenue surged by an impressive 12% in 2023, growth fell sharply to just 4% in 2024. According to the report, this deceleration is caused by four distinct factors: peaking interest rates, a more ...

Introduction: The Hidden Cost of a Cashless Future The advance of digital currencies is often presented as the next logical step in financial convenience—a seamless, efficient future. But what if this digital evolution comes with a hidden, non-negotiable price—our personal freedom? This article exposes four truths about Central Bank Digital Currencies (CBDCs), using the words of their own proponents to reveal an agenda not of convenience, but of absolute, programmable control. 1. Your Money Will No Longer Be Yours—It Will Be "Programmable" The core innovation of a CBDC is the concept of "programmable money." This means a central authority, such as a government or central bank, would have the ability to place rules, restrictions, and conditions directly onto your funds. Your money would no longer be a neutral tool for exchange but a permission-based token controlled by the state. This technology transforms personal assets into a state-managed voucher system. It could...

- Stanley Epstein -   Introduction The common narrative around digital payments is one of solved problems and inevitable progress. We hear about a future that is instant, seamless, and entirely digital, and it’s easy to assume the financial industry is well on its way to delivering it. But a recent deep-dive into the state of the global payments ecosystem reveals a far more complex and surprising reality. These insights come from the "Payments 2030: What’s Shaping the Future?" report, based on a June 2025 survey of 162 senior financial executives conducted by Finextra Research in partnership with ACI Worldwide. The report uncovers the high-stakes conflict at the heart of the industry: the immense external pressure of customer demand crashing against the powerful internal inertia of legacy systems and reactive culture. This post distils the five most impactful takeaways from the report. They are not just interesting facts; they are crucial pieces of evidence that paint a pictu...

Introduction: Beyond the Banks Stanley Epstein - When we think of the 2008 Great Financial Crisis, the story that comes to mind is one of failing banks, risky mortgages, and a system brought to its knees by the very institutions meant to be its bedrock. It was, in the popular imagination and in reality, a “banking crisis.” But in the years since, the global financial system has undergone a series of profound structural changes that are less visible to the public but are every bit as important. This isn’t just a story about stricter bank regulations. It’s about how the fundamental ways money moves around the world have been completely reconfigured. It’s a story about how the demand for “safe” government debt, fuelled by your pension fund, created a gargantuan “hidden” market that now transmits financial shocks in ways we’ve never seen before—challenging the very power of central banks. This article reveals four of the most impactful and surprising shifts that define our modern financial...

  The UK Government has published its National Payments Vision , an initiative spearheaded by the Chancellor to streamline and modernize the payments landscape. Below is a summary of its key points, structured for clarity and analysis. 1. Regulatory Coordination Between the FCA and PSR Currently, payments oversight is shared between the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR). The consultation process revealed significant overlap and a lack of coordination between these regulators. To address this, the FCA will assume primary responsibility for regulatory decisions that fall within its scope, including areas that intersect with the PSR’s mandate. 2. Modernizing Payments Infrastructure The report highlighted inefficiencies in the pace of infrastructure upgrades within the payments sector. To accelerate reform, a new committee will replace the existing structure, which heavily relied on banking and consultancy representatives. This change aims to del...

Project Nexus aims to connect domestic instant payment systems to improve the speed, cost, transparency of and access to cross-border payments. The BIS Innovation Hub is now working with the central banks of India, Malaysia, the Philippines, Singapore and Thailand as they work towards live implementation of Nexus

Check out all my latest POSTS on banking, fintech, payments, risk management, AI and more on my LinkedIn page HERE Read my latest Articles at ' Stanley's Musings'  by clicking HERE     For details of my training courses click HERE

For the past year, generative AI has dominated discussions about how emerging technology stands to transform our lives, and the payments space has been a big part of the conversation. Though generative AI is a hot topic, the road to development is long. Along with the opportunities come notes of caution and warnings that this revolution may take a while. Read the full story HERE .

The payments landscape is evolving rapidly, and fast payment systems (FPS) have emerged as a key innovation. Jurisdictions differ in their approach to designing FPS and in user adoption.  In this article the authors lay out the main design features of FPS that may foster adoption. Cross-country regressions suggest that adoption of fast payments is greater when the public sector plays an active role in the FPS. Other design factors important for adoption are non-bank participation, more use cases and more cross-border connections. Read the full article HERE .

Most central banks are working on developing some form of sovereign digital currency. But are they paying attention to the right things? Political opposition from the likes of Donald Trump have not stemmed the flow of global projects aimed at developing CBDCs. 130 countries are exploring a CBDC, 19 of the G20 countries are now in advanced stages, and 11 countries have fully launched a digital currency. There are those who question whether we need a fiat digital currency at all and whether projects address more pressing monetary concerns. Read MORE

Learning cash flow management is crucial to ensure the financial stability of your business. Effectively managing cash flow offers various advantages such as facilitating investments and growth, fostering strong relationships with vendors, preparing for emergencies, and maintaining a favorable business credit rating. Conversely, inadequate cash management can lead to difficulties in meeting obligations to vendors, creditors, and employees. In essence, cash flow management is the practice of overseeing the movement of cash in and out of a business and implementing strategies to optimize it. To successfully manage cash flow, it is imperative to diligently monitor the timing, reasons, and amounts of cash transactions within the business. Many businesses routinely prepare cash flow statements, which document the inflows and outflows of cash during a specific accounting period. While public companies are obligated to include cash flow statements in their annual financial reports, small busi...

Check out my latest post "Implementing NFC payment systems in developing countries. Part 5 - Why NFC payment systems are beneficial for developing countries" Free access HERE

Thoughts on fintech, banking, payments, risk management, AI, going green, economics, business and much more… The latest edition is now available - HERE

A comprehensive examination involving more than 300 insiders from the banking industry worldwide reveals intriguing and sometimes conflicting viewpoints regarding the speed and nature of forthcoming changes in retail banking in the coming years. The 2024 Retail Banking Crystal Ball research initiative collected insights from major global and national banks, regional banks, community institutions, credit unions, fintech firms, vendors, and advisors across North America, Europe, Asia, and other regions. In an effort to address pressing questions confronting financial institutions as we transition into the new year, the Digital Banking Report sought input from industry professionals to outline their projections on what the future holds and when. The study delved into 14 perspectives, as depicted in the initial chart below, spanning four pivotal areas of banking: Competition and Consolidation Modern Technologies Payments Digital Transformation Read the full article HERE .

Gone are the days of dusty suitcases stuffed with cash. Money laundering has gone digital, evolving at breakneck speed alongside the payments industry. With new methods popping up like whack-a-moles, institutions face a daunting challenge: how to keep up and stop billions from vanishing into the shadows. In this episode of the Payments Journal podcast, Amber Goodrich, Compliance Analyst at CSI, and Kevin Libby, Fraud & Security Analyst at Javelin Strategy & Research, dive into the ever-shifting landscape of financial crime. Join them as they unpack the latest laundering tactics, expose industry vulnerabilities, and offer crucial insights on how companies can fight back. Buckle up, it's a high-stakes chase against cybercriminals in the fast lane of finance. Listen HERE .

Check out my regular posts and articles on  STANLEY's MUSINGS . Thoughts on fintech, banking, payments, risk management, AI, going green, economics, business and much more... Regular posts on issues related to banking, fintech, blockchain,digital banking, payments, foreign exchange, technology, CBDC's and much more. Never miss a new posting. Subscribe now on the site.

S ince 2001 the Citadel Advantage Group (as Citadel Advantage Ltd. from 2001 to 2022 and as the Citadel Advantage Group since 2023) has been working with banks and financial institutions to make them safer and more profitable. International GRC & Operations Consulting Since our establishment in 2001, SET - Citadel Advantage Group has been dedicated to enhancing the safety and profitability of banks and financial institutions worldwide. Consulting and Training Excellence We specialize in guiding our clients through Governance, Risk Management, and Compliance (GRC) with a proven track record in consulting and training. Our focus extends to various core areas, including governance, compliance, operational risk management, payment and treasury systems, and operations/back office management. Professional Courses and Training Explore our wide array of professional courses and training programs that set us apart. As banking operations specialists, we provide a unique perspective derived f...

In a world of immediate payment options like Venmo and Zelle, most U.S. banks are still using the same payment-processing technology they installed in the 1980s. Consumers have come to embrace real-time payments, looking increasingly to digital-first nonbank financial players for increased speed and convenience. It has created a landscape where many legacy banks are lagging behind both their customers’ expectations and their competitors’ capabilities. To explore how legacy banks can get up to speed on real-time services, PaymentsJournal sat down with John Brady, Chief Architect and Head of Engineering at BillGo, as well as Elisa Tavilla, Director of Debit Payments at Javelin Strategy & Research. Listen to this PODCAST HERE .

Credit card usage has become a prevalent financial tool for many individuals and businesses worldwide. A credit card allows one to borrow money from a financial institution, and instead of making cash payments, the amount owed is paid off in the future.  With virtually every major retailer accepting credit cards, usage has become more commonplace, and some benefits include convenience, rewards, and reliable financial protection.

Teens are getting a head start in understanding personal finance through apps designed to help them manage money, with parental supervision.  Host J.R. Whalen is joined by WSJ personal-finance reporter Oyin Adedoyin as well as a mother of twin 15-year olds who are active on several apps.