Check out my latest Posts and Articles on LinkedIn and Substack

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 datails of my training courses click HERE

The Promise of Generative AI May Be Further Off—and Less Visible—Than Many People Think

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.

Fast payments: design and adoption - BIS

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.

CBDC developments fuel debate

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

Cash is the lifeblood of most businesses

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 businesses can also benefit significantly from regularly preparing and analyzing these statements.

Implementing NFC payment systems in developing countries. Part 5

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

Stanley’s Musings - Fintech, Banking & Payments News #2

Thoughts on fintech, banking, payments, risk management, AI, going green, economics, business and much more…

The latest edition is now available - HERE

Forecasting the Evolution of Retail Banking: Insights from the Crystal Ball

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.

Payments on Fast Forward, Crime on Fast Track: Can We Outsmart Money Launderers?

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 posts on STANLEY's MUSINGS

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.

About SET Training

Since 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 from real operational managers with global experience. This invaluable viewpoint is often overlooked by other training organizations.

Real-World Relevance

Our courses, training materials, and case studies maintain currency and topicality, reflecting real-world scenarios. We prioritize focused, practical training aimed at enhancing participants' application of learned concepts in their daily work environments.

Visit our Course Catalog page for details on currently available courses.

Comprehensive Consultancy Services

Our consultancy services cater to both commercial and central banks, focusing on key areas:

Operational Risk Management: Implement practical operational risk management systems, enhance business processes, and mitigate operational risks.

Payment Systems and Issues: Develop robust payments systems, manage liquidity, and optimize treasury management. We cover structured IT operations, operations procedures and controls, SWIFT, and clearing houses.

Operations/Back Office Management: Ensure optimal efficiency in managing cash flows, operations, and processes based on sound principles.

Securities Settlement Systems: Address the critical aspect of processing, clearing, and settling investment instruments within the financial system.

Experienced Leadership

Our senior staff comprises skilled bankers with a comprehensive understanding of banking and bank operations at all levels, from strategic policy making to detailed daily operations.

Contact us to discuss how we can assist you. Find our contact information on our Contact page.

Challenge of Real-Time Payments for Legacy Banks

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.

Store-branded Credit Card Usage in the Past 12 Months

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.

Why Payment Apps Are Targeting More Teens Now

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.

The Lazarus Heist - Jackpotting - A massive attack on ATMs worldwide

Millions of dollars are stolen from ATMs at the same time in 28 countries. An army of money mules stuff the cash into bags. Do they know who they are really working for? In just over two hours, the thieves take nearly $14 million - all from the accounts of Cosmos Bank in India. The hackers are back!

Listen to this fascinating story from the BBC HERE.