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One of the greatest challenges while building out your own brand and company and traveling on the road of self-discovery is working on building other companies’ brands, foundations, and frameworks.
Where did we start and where have we firmly stood by our beliefs? Over decades in the payments space, we have collectively learned that many folks have unbelievable ideas and are set to change the world of payments. In doing so, they are heads-down, product-focused, and ready to go to market. Exciting times for sure, ones filled with water hazards, wrong-way signs, caution tape and flashing warning lights. These are the signs that so many have ignored, pushed off or thought ‘we can come back and do that later.’ Unwelcome news: you cannot come back later, you cannot ignore it, as it won’t go away. One can’t dismiss the warning signs. If we look at the same news and recent actions from the OCC, we all will see the result of avoiding the work. However, other folks laid the proper foundations and then lost their focus. In the last few years, we have witnessed the end results of not having building blocks in place, ignoring compliance, operations governance, risk controls, and ensuring that they all work in harmony. Yes, harmony is possible, absolutely essential even. Essential, for any of us in the payments space to ensure that all players are reading from the same sheet of music. Let us share our music with you and we hope you enjoy the show. The first building block to be laid and embraced like a Miles Davis trumpet solo is compliance and risk. Building a solid compliance and risk program is paramount as it safeguards an organization’s integrity, reputation, and financial stability. It ensures adherence to laws, regulations, and ethical standards, mitigating legal and financial liabilities. Moreover, it fosters trust among stakeholders, including customers, investors, and employees, and enhances the organization’s credibility. By proactively identifying and managing risks, such a program bolsters resilience and helps prevent costly crises. It not only ensures legal compliance but also bolsters strategic decision-making, enabling sustainable growth and preserving the long-term viability of the organization. The second building block to be laid down, like a track from Dr. Dre, is operational governance. This refers to the processes, structures, and practices put in place to ensure that an organization operates efficiently, effectively, and in compliance with its objectives and policies. It is a crucial aspect of overall corporate governance and involves managing day-to-day operations, monitoring performance, and making decisions that align with an organization's goals. Why do we insist on these building blocks? In the context of operational governance, we refer to the fundamental components or elements that make up the framework for effective governance. These building blocks provide a solid foundation upon which an organization can build its governance structure. Within every fully orchestrated accompaniment there are the vital blocks that support or provide background for other others to be built upon. Policies and Procedures: Clearly defined policies and procedures set the rules and guidelines for how operations should be conducted. They provide a basis for decision-making and ensure consistency and compliance. Organizational Structure: A well-defined organizational structure outlines roles, responsibilities, and reporting relationships. It helps in delegating authority and accountability, which is essential for effective governance. Risk Management: Identifying, assessing, and mitigating risks is critical for operational governance. This building block helps an organization anticipate and manage potential challenges. Performance Metrics: Establishing key performance indicators (KPIs) and measurement mechanisms allows organizations to track their performance and make data-driven decisions. Communication: Effective communication channels ensure that information flows smoothly throughout the organization. Transparency and open communication are key elements of good governance. Compliance and Ethics: Ensuring that the organization operates within legal and ethical boundaries is fundamental. Compliance with laws, regulations, and ethical standards is vital for long-term success. Here we are, with a bunch of beats, solid tracks, and ready for the conductor to step up and lead us all on the way the way with a solid go-to-market strategy. Are we all on the same page right now? Have we worked together to foster harmony and syncopation? What we often discover is when these building blocks are embraced or brushed off like a snare while painting the perfect sound. Here are the key components: Leadership Buy-In: Ensure that leadership at all levels of the organization actively supports and promotes the importance of the building blocks. Leadership commitment sets the tone for the entire organization. Integration: Integrate the building blocks into the organization's culture and values. Make them a fundamental part of decision-making processes and day-to-day operations. Continuous Improvement: Emphasize that operational governance is an ongoing process. Encourage regular assessments and reviews to identify areas for improvement in the building blocks. One piece of advice we like to sing like its our mantra – because it is – first, one should be willing to collaborate, get out of their safe space, be open to other’s critical thoughts, take these in and learn how to iterate, and grow in understanding with your team. Move from collaborating to integrating with the goal of having evergreen work product. Evergreen work product ensures that your policies, procedures, and frameworks remain relevant, compliant, and valuable to regulators, and auditors. Unlike time-sensitive or trending topics, evergreen work products continue to keep your team focused on risks in this constantly changing payments environment. We are always collaborating, iterating, testing controls and ensuring we are doing all we can to control and mitigate risk. Serio Payments Consulting is your partner for a better future in the payments industry. They offer a comprehensive approach encompassing operational governance, risk assessment, product control catalogs, and compliance with ISO 20022 standards. Their expertise extends to developing robust payment strategies, seamlessly integrating digital payment solutions, and implementing stringent security measures to prevent fraud. With a deep understanding of the regulatory landscape, they guide businesses in achieving compliance while expanding their global footprint and navigating complex cross-border payments. We can be reached at [email protected] (Founder & CEO), [email protected] (Director of Operations), and [email protected] (Director of Customer Experience and Project Implementation).
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What’s the difference between MT and MX messages?
ISO 15022 was the MT message subset, based off the FIN protocol, organized by “MT” followed by a three-digit numeric ID that indicated the message category, group, and type. For example, a single-customer credit transfer is the classic MT103. ISO 20022 is known as MX, an XML-based iteration that promises easier if not seamless integration into STP systems. The MX message is composed of four parts, with four letters indicating the message type, three alphanumeric characters for the message number, three numbers highlighting the message variant, and finally two characters for the version number. That same single-customer credit transfer will now be known as the pacs.008.001.0x in MX format. Both are SWIFT standards. Both are messaging systems. However, the MX standard has a whopping 940 fields to the relative handful that the MT standard allows. As most systems still run off the MT standard (MX was introduced in the early 2000s) they may have to update to the newer, more data-rich MX format to be complaint with ISO 20022 standards. Why the change? The MT standard, while fair for its day in 1977, has failed to evolve with the changing needs of the payments sphere, and a system upgrade is needed. It limited characters to 144, making it difficult to send the larger amounts of information often necessary in payments, while the MX standard offers a much greater degree of freedom with a more generous character limit and character pool, as MT was never designed to use most characters due to the limited nature of computers at the time of introduction. Also, the STP features will grease the wheels for internal reconciliation, invoice management, liquidity management, and numerous other functions that previously could require manual processing or systems interface adaptation. When do I need to change? The US Federal Reserve switched over in November 2023, but the old MT format will be honored until 2025, when it will be finally sunset and MX will be the global standard. There’s some time to get systems in order, but it’s never too soon to take advantage of the new opportunities the ISO 20022 standard will provide. What challenges will the transition face? Until everyone gets on the same systemic page, sending MX messages to an MT may result in some confusion, but SWIFT’s transaction manager is already capturing all the data received in the ISO 20022 format. Areas of Impact from an ISO Assessment: Compliance improvement in ISO standards (e.g., ISO 9001, ISO 14001) Enhanced operational efficiency and process optimization Reduction in operational risks and errors Improved product/service quality and customer satisfaction Strengthened information security and data protection Potential cost savings from streamlined processes Supply chain and vendor management improvements Enhanced customer trust and brand reputation Rich Data and the ROI Potential revenue growth through increased customer trust and new market opportunities Cost reduction through streamlined processes and reduced errors Improved supplier and partner relationships, leading to better terms and collaborations Enhanced brand reputation and trust, potentially increasing customer loyalty Opportunities for international expansion and market access What do I need to upgrade? Payment platforms may need to be upgraded, as the MT standard is a flat-file and MX is not. MX involves hierarchy between the fields, meaning the platforms will have to accommodate. Nuances present in an ISO Framework Approach: Specific ISO standard(s) targeted (e.g., ISO 27001 for information security) Scope and scale of the ISO implementation (enterprise-wide or department-specific) Timeline and milestones for ISO certification Required resources and budget allocation Training and awareness programs for employees Internal auditing and corrective action plans Integration of ISO requirements into existing systems and processes Advantages of SWIFT MX Driven by ISO 20022 Standard Utilization of XML Format: Simplifies Straight-Through Processing (STP) within IT systems Multilingual Capability: Accommodates non-Latin alphabets, promoting inclusivity. Data-Enriched Messages: Empowers advanced data analysis and reconciliation efforts. Compliance with Regulations: Streamlines regulatory reporting, aids in Anti-Money Laundering (AML) and sanctions checks. Enhanced Customer Service: Enhances overall customer experiences. Improved Reconciliation: Promotes automated reconciliation between invoices and payments. In summation, the transition from MT to MX messages is a significant step toward modernizing payment systems, offering numerous advantages such as streamlined processes, improved data handling, and enhanced customer experiences. Embracing ISO 20022 standards is not just about compliance but also about unlocking new possibilities in the ever-evolving world of financial transactions. For more information or consultation on ISO 20022, or questions related to the world of payments, please reach out to our Director of Operations, Daniel Saleh, at [email protected] Please watch:
https://www.youtube.com/watch?v=VawyIoUNk9k As a reminder: Actionable steps to help you lower ACH Returns, mitigate return risks, and thwart fraudulent transactions and bad actors. For the uninitiated, money movement seems simple. There is the apparent ease at which mobile apps and financial institutions can move money in today’s instant manifestation of transacting. Beneath and behind the screen on one’s mobile device or laptop, however, live multiple elements that enabled such movement of money. Inherent in all money movement is a risk that a transaction will be returned as ‘insufficient funds’ ‘unauthorized,’ ‘unknown account’ or ‘account closed’ The risk of returns of ACH transactions is segmented into three distinct categories: Administrative, Unauthorized and Overall Return Rate. Within these categories, Nacha has established thresholds; Administrative Returns 3%, Unauthorized Returns 0.5%, and Overall Return Rate 15%. For further details please see https://www.nacha.org/rules/ach-network-risk-and-enforcement-topics. At Serio Payments Consulting (SPC) we believe in demystifying ACH Returns by introducing tested and successful methodologies that will help you build out a set of controls designed to reduce your overall risk of returns. Establishing the following building blocks are key to successfully navigating ACH transactions: 1) client education, 2) understanding the funds flow and what they are looking to accomplish, 3) examining any programmatic controls in place, and 4) - most importantly - ensuring Originator’s understand Nacha’s Operating Rules & Guidelines. Implementing these four steps has in our experience helped lower the risk of returns: · Require balance checks on all debits, set an additional thresholds 1.5%-5% · Develop velocity Controls · Set transaction limits; debit attempts per 24 hours and set dollar limits · Establish Fraud Protocols Of course, the best way to see these building blocks manifest would be to hear and see the direct results of our clients’ actions and hear from them how our sound methodologies helped them succeed.  Since 2010, I have been hearing about this future technology that will add flexibility, speed and security but was not truly aware of where it would be today. When I first heard about Blockchain Technology, I immediately felt confused and honestly incapable of fully understanding the math and potential that was being explained. Once folks spoke to in terms I could grasp, I was able to come back with ideas and questions that have not stopped. I am a believer, and this is a hill I will happily die upon if I am proven wrong. Recently I have been looking at the nexus between Financial Inclusion, Cross Border Payments, and the power of Blockchain with the addition of USDC/USDT. I want to scream at times when there is the constant conflation of “blockchain/crypto bad” because of that shiny object that drives some to become blinded by the volatility trading of crypto currencies, or the misunderstanding of the DeFi space. These conversations have now become weapons against what many of us are fighting for – inclusion and making the movement of monies compliant, easy, and accessible. I can hear folks starting with ‘well you know there isn’t enough guidance, the guidance has us hitting pause, we aren’t sure if that is going to be a part of our road map or because of FTX, we can even entertain the conversation,’ but if we are collectively waiting for Congress or any regulatory body to step up and take a position, we all might as well pack it in and watch as other central banks and payment rails secure the marketplace while we stand around waiting for permission. The current correspondent bank model is not working or sustainable. We know and understand that this model is what we have and what we have always done, but it is inefficient, and honestly far too slow given the technology we already have in hand. I am no longer able to defend the time between RFQ, acceptance, USD/USDT/USDC sent to fund the FX transaction, and the customer getting their account funded. For the illiquid currencies that have central bank interventions and a longer time frame to move money, I get it and yes, there is a solution for that as well. Should we not be able to fund an account same day or even next day given that we can already look at what other central banks and pay rails are doing outside of the U.S.? Do we really want financial inclusion? Do we really want to help the unbanked, unhoused, provide access to money movement to everyone without requiring them to have their own tech stack? Then we need to lay that groundwork. Cash isn’t going anywhere, checks aren’t going anywhere, and the bar is not that high to help with effective and efficient tools. I am trying to stand up and be a voice for those that don’t have a seat at the table and to bring equity and inclusion into the payments space. I can hear some of my mentors right now reminding me to consider my audience and that there are folks out here, not on the sidelines but in the trenches with me even if on their own paths. I love that I am not alone. I am self-aware in knowing that my thoughts are not original, I am not the first person to be screaming out loud asking for help or even consensus. Where are my people at? How can I join you, help you, shout alongside of you? I am here looking for you, so please reach out and together we can make what should have already been in place a reality, and provide the equity and inclusion everyone has a right to. If you’re still here, I haven’t lost you so welcome to the team! Please see below and if you feel up to it, make comments and let us know how you feel, and what are you doing to be the change you want.  Financial Inclusion and Cross-Border Payments are critical areas within the payments industry and have seen significant developments in recent years, but there are still challenges to overcome.
Here's what we can expect to see and where there is room for improvement: Expectations for Financial Inclusion: Digital Financial Services: We can expect to see the continued expansion of digital financial services in underserved and unbanked regions, such as mobile money, digital wallets, and peer-to-peer lending. These services can provide affordable and accessible banking options to those who were previously excluded from the traditional banking system. Regulatory Innovations: Governments and regulators around the world are recognizing the importance of financial inclusion. We can expect to see more regulatory innovations that promote financial inclusion, such as simplified Know Your Customer (KYC) requirements, digital identity initiatives, and regulatory sandboxes to foster fintech innovation. Partnerships and Collaborations: Financial institutions, fintech startups, and telecom companies are likely to form more partnerships and collaborations to expand their reach and provide inclusive financial services. These collaborations can bridge the gap between traditional financial institutions and the underserved population. Financial Education: Initiatives to improve financial literacy and education will become more prevalent. Educating individuals on managing their finances, saving, and making informed decisions is crucial for long-term financial inclusion. Challenges in Financial Inclusion: Infrastructure Gaps: In many developing regions, there are still significant infrastructure gaps, including limited access to the internet and reliable electricity. These gaps can hinder the adoption of digital financial services. Security and Fraud Risks: As digital financial services expand, so do the risks of fraud and cybersecurity threats. Ensuring the security of these services is paramount to maintaining trust. Accessibility and Affordability: While digital financial services can be more inclusive, they must remain affordable and accessible to the “economically disadvantaged” to allow them to make use of the services. High fees or inadequate accessibility can exclude marginalized populations. Lack of Awareness: Many people in underserved areas are not aware of the benefits and availability of digital financial services. Raising awareness and providing education is crucial for them to reap the benefits of these services. Expectations for Cross-Border Payments: Faster and Cheaper Cross-Border Transfers: We can expect to see continued efforts to make cross-border payments faster, cheaper, and more efficient. Technologies like blockchain and digital currencies can play a significant role in achieving this. Blockchain and Distributed Ledger Technology (DLT): The adoption of blockchain and DLT in cross-border payments can provide transparency, reduce settlement times, and lower costs. Central bank digital currencies (CBDCs) may also play a role in facilitating cross-border transactions. Regulatory Harmonization: There is a growing recognition of the need for regulatory harmonization and standardization in cross-border payments. Efforts to streamline regulations and compliance requirements can reduce friction in international transactions. Challenges in Cross-Border Payments: Complex Regulatory Environment: The lack of uniform regulations across countries can create compliance challenges for businesses involved in cross-border payments. Harmonizing these regulations is a complex task. Currency Conversion Costs: Currency conversion can still be costly, especially for smaller transactions. Reducing these costs is essential for affordable cross-border payments. Infrastructure Compatibility: Legacy payment systems in different countries may not be compatible with each other, leading to delays and added costs in cross-border transactions. Lack of Transparency: Cross-border payments can lack transparency, with customers often uncertain about the fees and exchange rates applied to their transactions. In summary, while there have been significant advancements in financial inclusion and cross-border payments, challenges remain. Continued collaboration among stakeholders, regulatory improvements, and technological innovation are essential to address these challenges and ensure that financial services are accessible, affordable, and efficient for everyone, regardless of their location or economic status. Introduction Every now and then, an opportunity comes knocking, and you just can't resist saying yes. I had one such opportunity recently, and I want to extend my heartfelt thanks to Andrew Gomez, Director at Lipis Advisors, and Alaina Gimbert, SVP & Associate General Counsel at The Clearing House, for inviting me to join them at the Fall meeting of the Payments Innovation Alliance. This event turned out to be an exceptional platform for us to share insights and explore the ever-evolving world of payments.  Exploring Cross-Border Payments  One of the highlights of the event was our presentation on "Instant Cross-Border Payments: The Last Frontier?" As someone deeply invested in the realm of Cross-Border Payments, I always find it exhilarating and humbling to take the stage. What makes these occasions truly special is the opportunity to learn from fellow experts. Alaina brought a valuable regulatory perspective that made me pause and reconsider my position – a truly enriching experience. I look forward to further discussions and idea-sharing with her. I've also had the privilege of sharing the stage with Andrew before, and his insights into the UK/EU payments space have always fascinated me. Andrew, thank you once again for having me on board. Anytime my perspectives can contribute, count me in.  Networking and Reconnecting One of the most rewarding aspects of conferences is the chance to reconnect with familiar faces and establish new connections. I was delighted to meet DJ Seeterlin and finally get to meet Brian Laverdure in person. It's always a pleasure to see my friends from Good Labs, great seeing you Orlando Santos and Peter Tapling, who's something of a Jedi Master when it comes to introductions. And of course, no conference would be complete without acknowledging the remarkable work of Jennifer West and Jami Senter, the masterminds behind these fantastic events. The Bonds of Friendship: Framily Conferences offer more than just professional development; they create a platform for friendships to flourish. Over the past three years, I've encountered many of the same faces at various events, and it's led me to consider many of you as part of my road family. It might sound a bit hippie-esque, but these connections are where we find each other. Sharing meals and life experiences with these individuals is a privilege I cherish.  Room for Improvement
While conferences are invaluable for networking and knowledge-sharing, I acknowledge that there's room for improvement, especially in maintaining and nurturing these relationships. It's something I'm committed to working on because I firmly believe that these connections can only open more opportunities for growth in the payments and risk industry. My experiences tell me that I'm not alone in this, as I've observed similar interactions among my peers, particularly at Payments Innovation Alliance meetings. Not All Conferences Are Created Equal Lastly, it's essential to recognize that not all conferences in the payments sphere are the same. With the demands of a day job and the vast array of events available, constant travel isn't always feasible. Some conferences align seamlessly with our professional goals, while others might seem more focused on entrepreneurial ventures or less welcoming to consulting perspectives. Then there are those events that feel like a never-ending party, sprinkled with opportunities to network, and gain insights into the future of payments companies. In conclusion, conferences in the payments industry offer a unique blend of networking, learning, and reconnecting. These are where expertise is shared, bonds of friendship are formed, and new opportunities arise. While there's always room for improvement and not all events are identical, these gatherings remain a cornerstone of professional growth and camaraderie in our ever-evolving field. Conversations with folks within the cross-border payments space, inspiration and valued colleagues.9/11/2023  I have been having some fantastic conversations with folks within the cross-border payments space, including Xuno, Machnet, CFX Labs, friends and colleagues within the Nacha Payments Innovations Alliance, and fellow FX nerds Cole Augustine and Mark Ridley. They have all inspired me in various ways and I would like to share my thoughts and ideas.
The domestic sphere allows instant payments, RTP, FedNow, instant settlement, but at the cost of a greater degree of complexity. The cross-border and cross-currency spaces make that look easy by comparison. Instant payment systems have become a significant trend in the world of payments and financial technology, simplifying and accelerating domestic transactions. Cross-border payments have long been plagued by inefficiencies, high costs, and inherent risks. These transactions typically involve multiple intermediaries located in different jurisdictions, and often rely on complex and expensive trusted relationships to compensate for the absence of a universally accepted settlement asset and consistent rules and governance. Fellow payments nerds have been spitballing ideas for the last several years across various white papers and conferences regarding these issues, sharing a compelling vision for a multilateral platform that has the potential to revolutionize cross-border payments, including foreign exchange transactions, trade finance, treasury management, risk mitigation strategies, and broader financial contracting practices. These platforms’ vision hinge on harnessing cutting-edge technological innovations to achieve public policy objectives and address the longstanding challenges in cross-border finance. FinTech’s ability to help drive innovation and technology has been apparent in multiple aspects, and would be highly applicable to cross-border or cross-currency payments: Common Ledger: Implementing a shared, common ledger can serve as a unifying backbone for cross-border transactions. This ledger would enable the real-time tracking and validation of transactions, significantly reducing settlement times and the risk of errors or fraud. It would create a single source of truth that all parties can trust. Smart Contracts: The use of smart contracts can automate and streamline various aspects of cross-border payments and financial contracts. These self-executing contracts can enforce predefined rules and conditions, reducing the need for manual intervention and the associated costs. Encryption: Strong encryption technologies can enhance the security and privacy of cross-border transactions. By securing sensitive data and communications, encryption can bolster confidence in the system and reduce the risk of data breaches or unauthorized access. The potential benefits: Market Efficiency: By reducing friction and inefficiencies in cross-border transactions, a platform can significantly enhance market efficiency. Faster settlement times and reduced costs can benefit both businesses and individuals engaged in international commerce. Transparency: A common ledger and smart contracts would promote transparency by providing real-time visibility into transactions. This transparency can deter fraudulent activities and improve overall trust in the system. Reduced Compliance Costs: Automation and standardized processes can help in compliance with regulatory requirements, reducing compliance costs and streamlining processes for financial institutions and businesses. Foreign Exchange (FX) Considerations: Cross-border transactions often involve multiple currencies, which can lead to foreign exchange complexities. Managing FX rates, fees, and transparency in pricing are essential to ensure fairness and accuracy in cross-border payments. Settlement Mechanisms: The settlement of cross-border transactions can be intricate, involving multiple intermediaries, clearinghouses, and settlement systems. Ensuring the seamless and efficient settlement of funds is crucial to minimize delays and risks. Risk Mitigation challenges: Challenges around Sanctions Screening: Cross-border payments involve compliance with various international sanctions and regulations. Implementing effective sanctions screening processes is critical to avoid legal and financial risks associated with facilitating prohibited transactions. Legal and Policy Challenges: Developing cross-border instant payment systems requires navigating a complex web of legal and policy considerations. This includes addressing issues related to data privacy, consumer protection, and international cooperation in financial regulation. Standardizing ISO 20022: ISO 20022 is an international standard for financial messaging that aims to improve interoperability and data consistency in cross-border payments. Standardizing this format is essential for ensuring that different instant payment systems can communicate seamlessly, reducing errors and enhancing efficiency. We believe it's important to note that we have not yet begun to scratch the surface here. Financial Inclusion: By lowering transaction costs and expanding access to cross-border financial services, this platform can contribute to greater financial inclusion, benefiting individuals and businesses in underserved regions. We can think of no better representation of the need for inclusion than the nexus of Diaspora and cross border payments. Diaspora and cross-border payments are transactions that involve individuals or businesses sending money across international borders, often to support family members, invest in foreign markets, or facilitate global trade. Despite advancements in financial technology, there are still several pain points and challenges associated with these types of transactions: High Transaction Costs: One of the primary pain points is the high cost of cross-border payments. Traditional banks and money transfer operators often charge substantial fees for currency conversion and international transfers, reducing the amount of money that recipients ultimately receive. Exchange Rate Volatility: Exchange rates can fluctuate significantly, affecting the amount received by the recipient. The lack of transparency in exchange rates and hidden markups by financial institutions can lead to unexpected losses. Currency Conversion Hassles: Currency conversion can be complicated and costly. Individuals often must convert their money twice – once when sending and again when receiving – leading to additional fees and loss of value. Lack of Transparency: Tying in with the above points, many individuals sending money abroad are unaware of the fees, exchange rates, and other costs associated with cross-border transfers. This lack of transparency can lead to dissatisfaction and mistrust. Lengthy Processing Times: Cross-border transactions can take several days to clear and settle, leading to delays in receiving funds. This is especially problematic in emergency situations or for those who depend on timely remittances. Limited Accessibility: In some regions, access to financial services, including international remittances, may be limited, particularly for those without a bank account. This can exclude a significant portion of the population from participating in the global economy. Complex Regulatory Environment: Compliance with various international regulations and anti-money laundering (AML) and know your customer (KYC) requirements can make cross-border transactions cumbersome. Different countries may have different rules, making it challenging for financial institutions to navigate. Fraud and Security Concerns: Fraudulent schemes targeting diaspora and cross-border payments are a concern. Individuals may fall victim to scams, and there's a need for robust security measures to protect both senders and recipients. Limited Financial Inclusion: Some people in diaspora communities may not have access to formal financial services, making it difficult for them to send or receive money internationally. This contributes to financial exclusion. Over Reliance on Traditional Providers: Many individuals still rely on traditional banks and money transfer companies for cross-border transactions, which may not offer the most competitive rates or convenient options. Expanding instant payment systems to the cross-border and cross-currency space is a natural progression in the modernization of the financial industry. While it offers many benefits, such as increased speed and efficiency in global transactions, it also poses numerous challenges that need to be addressed collaboratively by industry stakeholders, regulators, and policymakers. Achieving a seamless, secure, and standardized cross-border instant payment system will likely be a key focus in the financial industry's ongoing efforts to modernize and improve global payments. Efforts are ongoing to address these pain points. Fintech companies, digital wallets, and blockchain-based solutions are emerging as alternatives that aim to reduce costs, increase transparency, and expedite cross-border payments. Additionally, regulatory bodies are working to streamline international regulations and promote financial inclusion. However, resolving these challenges fully will require collaborative efforts between governments, financial institutions, technology providers, and international organizations to create a more efficient and accessible cross-border payments ecosystem. Networking: the battle between what was once office politics in the new age of remote collaboration8/30/2023  It’s 1986 and I have just embarked onto a path that led me to the US Navy. Arguably my first professional job at the crisp and clueless age of 19 opened my eyes to doing everything in full view of people I didn’t know and knew nothing about. It was there that I quickly learned about making introductions, forming bonds based on the things we had in common, and sticking to those bonds to share empathy - and a few push-ups along the way. Having the ability to look back to that time today, I realize that I have always possessed the skill to walk up to folks I had never met and strike up a conversation. Fast forward to 1998 and I find myself as a clueless thirty-something working at a bank and needing to think through office politics and the importance of building a network. Like many others, I simply parroted the others around me, which sometimes was to my benefit and sometimes not. There was still a lot of Navy that I needed to brush off, and I learned through mentors how to act around other adults and to keep my head down and get the work done when needed. I served as the FX Investigations and Client Service manager at BBH&Co. When the day that I got my business cards came, I conceptually understood what they represented, but not much else. I was taught what side of my suit jacket to wear a name tag on and why, and how to properly introduce myself to others. Nice versus Kind; discovering the importance of emotional IQ and being of service to others. It’s funny to think back to the days when I would travel from NYC to Boston to meet with folks from Putnam, Scudder and Fidelity. The formality of it all, the never-ending exchanging of business cards and handshakes. To this day I have kept every single business card that was or is presented today. The process of adding them to my old Rolodex or to an Excel spreadsheet allowed me to understand the power and importance of relationship building, the exchanging of ideas, and learning who the gatekeepers were and those that would be mentors. In time, I learned the key to all of this, to the differences between nice and kind, to gauge relationships and even see them mature into friendships. I thought that being nice, polite, and engaging was the way to forge lasting relationships within my network, until I learned from a mentor about being kind, doing for others, and leading with emotional IQ as a practice and a way of living authentically. I have always been an emotional person, felt for others, had an ability to show and share empathy. Once I learned to properly utilize these skills for the betterment of others, my network grew, and those that came to rely upon me as a trusted servant grew. Being asked to mentor, guide, and help others replaced being known as a nice guy that would always show up. I enjoy being of service to others, working on common goals within organizations on a volunteer basis and when asked to step up, I always start with yes, how can I be of service.  Office environment versus remote work; networking in a virtual environment As we move forward into remote, hybrid or in-person only careers, networking has become more important, and I believe required as we collectively stumble into the new reality of fully-remote companies. Where we are today versus where I was in 1998 seems otherworldly and almost impossible, yet here we are. I have been fortunate to have others mentor me and push me to do things I hadn’t before, challenging me to step up and out of my comfort zone. Admittedly, I was not the easiest person to mentor and at times I shut down and allowed self-doubt to take over. Only a few years ago, I was at SVB on a contract traveling between Arcadia and Santa Clara on fun-filled 5-hour drives, staying with a mentor and lucky enough to have him provide a space to sleep and commuting to work together. In the 6-ish months that I traveled back and forth, I never forgot that the reason I was able to get the contract, to have a place to stay, to grow, was because I was kind to my mentor, and we had become friends. COVID changed everything for many of us, for better or worse. I had come home and luckily had been allowed to work from home for the next two weeks. Remote working has become my new default since 2020, challenging me to keep my network growing and contacting my coworkers but without the luxury of the breakroom, café, or the outdoor ping-pong table for some grueling and semi-serious (I am always serio!) play time. So, what did I and others do? We went through many virtual events on Zoom, occasionally meeting outside appropriately distanced. To my surprise, I found others in the finance and payments space that also rode motorcycles and would have a ride and stop off at a taco truck to top off the freedom of fresh air and wind therapy.  Today we have seen a return to a “new normal.” Events are back in person, some are hybrid and once again we can reconnect, share in person what we have been doing over Zoom calls and grab that cup of coffee and share in person our collective kindness. Much has changed in the last few years, but there is one constant: networking is connecting with others, sharing our authentic selves, and making each other better while holding each other responsible for being the change we want.  Serio Payments Consulting: Enabling Enterprises with FX Services and Advanced Payment Solutions.8/16/2023 Serio Payments Consulting: Empowering Businesses with FX Services and Enhanced Payment Solutions in Partnership with Payments International Inc In the rapidly evolving world of commerce, businesses face an ever-increasing demand for seamless and efficient financial transactions. As organizations expand their global reach, foreign exchange (FX) services and secure payment solutions become paramount for sustained success. This is where Serio Payments Consulting steps in, offering a game-changing synergy with Payments International Inc (PIIFX) to deliver unparalleled FX and payment capabilities to businesses of all sizes. About Payments International Payments International Inc. is a specialist in foreign exchange and international payments. With over 100 years of combined experience, our staff ensure all clients receive the highest standard of support and assistance. Through our partners, Payments International Inc. provides business and individual accounts that allows our clients to covert 30+ currencies and facilitate payments to or from over 180+ countries.  A Visionary Collaboration
Serio Payments Consulting, a trailblazing consultancy firm with a track record of empowering enterprises with innovative financial solutions, has partnered with the acclaimed Payments International Inc to further amplify their offerings. This strategic collaboration promises to revolutionize the way businesses approach foreign exchange and payment processes, driving growth, and minimizing risk in today's interconnected world. Enabling Seamless FX Services In an era of global trade and cross-border transactions, managing foreign exchange becomes a critical factor for businesses. With Serio Payments Consulting's FX services, companies can harness innovative technology and expert insights to navigate the complexities of currency exchange with confidence. Whether it's optimizing exchange rates, managing currency risk, or executing cross-border payments, Serio's FX services provide a competitive edge that drives success in the international marketplace. Enhanced Payment Solutions A seamless and secure payment process is the lifeblood of any successful business. Serio Payments Consulting, bolstered by the expertise of Payments International Inc, offers a suite of enhanced payment solutions that cater to a wide array of industries. From e-commerce to brick-and-mortar businesses, Serio's innovative payment solutions empower companies to streamline financial operations, reduce friction in transactions, and improve customer satisfaction. Customization for Your Business Needs One of the standout features of Serio Payments Consulting's collaboration with Payments International Inc is the ability to customize solutions to meet the unique requirements of each enterprise. Serio's team of experienced consultants takes the time to understand the specific challenges and aspirations of each client, tailoring their FX services and payment solutions accordingly. This personalized approach ensures that businesses can optimize their financial strategies while staying focused on their core objectives. Seizing Opportunities with Confidence With Serio Payments Consulting and Payments International Inc as trusted partners, businesses gain the confidence to expand into new markets and seize opportunities on a global scale. The partnership empowers organizations to navigate the intricacies of international transactions, adhere to compliance regulations, and minimize currency-related risks, all while providing unparalleled customer experiences. Building a Brighter Future Together As Serio Payments Consulting continues to pave the way for businesses to thrive in an ever-changing financial landscape, their partnership with Payments International Inc brings forth a new era of possibilities. Together, they offer a comprehensive approach that not only addresses the immediate FX and payment needs of enterprises but also lays the foundation for long-term success and growth. Embrace the Power of FX Services and Enhanced Payments In a world where financial landscapes are continually evolving, Serio Payments Consulting's partnership with Payments International Inc stands as a beacon of innovation and reliability. By leveraging the combined expertise of these industry leaders, businesses can navigate the complexities of foreign exchange, enhance their payment systems, and secure a prosperous future. Discover how Serio Payments Consulting and Payments International Inc can empower your business with state-of-the-art FX services and innovative payment solutions. Step into the future of finance with confidence and embrace the opportunities that await on the global stage.  As an individual with neurodivergence, including ADHD, Auditory Perception disorder, and Cross Dominant vision, navigating a professional landscape that demands reading, attentive listening, unwavering focus, and adaptability to a constantly shifting regulatory environment has been an illuminating expedition. My pursuit of equilibrium has led me to recognize that the tools required for my daily coping are always within reach. This narrative is not about seeking sympathy or empathy for my challenges, but rather an outreach to those who share a similar cognitive landscape—those whose mental terrain operates in distinct and non-conventional ways. Many of us already comprehend that our experiences, while unique, are shared by a community that knows how to find its kindred spirits.
The 90's marked my transition from the Navy, a chapter I departed with honor, to a remarkable new chapter at Brandeis University. This institution remains a recurring theme in my conversations, a constant source of gratitude and affirmation. During this transformative period, I grappled with transitioning from Sailor to Student and sought advice. I had the privilege of consulting a doctor whose name escapes me now, and she artfully unraveled the intricacies of my sensory and cognitive interactions—how my ears, eyes, and brain sometimes experienced dissonance. This moment of insight was a gift, a touch of grace that relieved me and unlocked a profound comprehension of my struggles with learning. I was endowed with a toolbox, housing insights, suggestions, and guides to enhance my learning journey. Armed with an understanding of my challenges and supported by someone who comprehended my unique nature, my journey commenced—a journey characterized by an insatiable thirst for knowledge and an urge to share my distinct worldview. The rigors of coursework gradually became more manageable, although by no means effortless. My writing abilities flourished, allowing me to convey my thoughts coherently and embrace my voice, despite my less-than-stellar editing skills. In 1998, an unforeseen opportunity arose: an interview with BBH&Co within the foreign exchange department. Despite my background in History and East Asian Studies, vastly different from the traditional requisites of economics or business majors, I embarked on the adventure. My world travels and deep-rooted understanding of FX, acquired as a consumer of diverse currencies, coupled with my adeptness at executing tasks in succession due to military training, laid the foundation. Over 25 years, my trajectory led me through diverse roles—front office trading desk, middle office communication hub, and operations troubleshooter and preventer. As I reflect on the tools that empower me, I realize they have always been at arm's length: a pencil, paper, pen, highlighter, reference manuals like the Nacha Operating Rules & Guidelines, cheat sheets, a myriad of "For Dummies" series books, and fidget gadgets that help center my thoughts. These mechanisms are my allies in traversing the day, averting stress whenever possible. While perfection in their application is elusive, they serve as reminders of a time when I lacked such tools, when I felt isolated, and struggled to articulate my feelings and grasp the material—a feeling of understanding hindered by a different cognitive approach. I don't hold a PhD or an MD, yet I am an individual who has lived with these intricate faculties, sometimes referred to as disabilities, for 56 years. This journey has granted me the knowledge of how I best learn, hone critical thinking, and even perceive mathematics from an unconventional angle. Embracing the title of a "nerd," I find pride in contributing to the “payment’s community” participating in podcasts, panel discussions or webinars, constantly learning and sharing my insights. I am at peace with the distinctive operations of my cognitive processing unit, finding solace in the mosaic of my existence. Operational governance is an integral aspect of every company, regardless of its size or industry, though it may not always be explicitly labeled as such. It refers to the strategy and structure surrounding how decisions are made and executed within an organization.
During times of rapid growth and continuous evolution to meet business needs, a well-implemented and intentional governance structure plays a pivotal role in streamlining processes. By defining how decisions are made and identifying decision-makers, operational governance accelerates the pace of progress across the organization. Governance Model: Core Areas of Focus North Star: Establishing the infrastructure to determine which initiatives should be prioritized, guiding the organization's focus. Meetings: Enhancing collaboration and communication among teams, ensuring efficient information flow. Workflow: Defining the processes through which work is conducted and establishing seamless communication channels between different teams. The Goals of Operational Governance, Focused and Coordinated Action: Prioritize, Streamline decision-making processes, ensuring the highest-impact initiatives align with strategic goals and regulatory requirements, balancing global and regional efforts. Coordinate, Facilitate smooth collaboration between teams and departments, keeping all stakeholders informed and aligned, and guiding decision-making to resolve disagreements effectively. Operationalize, Create clarity and visibility around operational changes, ensuring smooth assimilation of change throughout the organization. Clearly define decision rights and authority limits for employees and prioritize adoption and rollout strategies for effective implementation. Understanding business processes and operations facilitates the development of an approach that is fully aligned with goals and quickly adopted by stakeholders. Finally, in operational governance, communication is essential. Moreover, ongoing monitoring and evaluation are vital components of operational governance. Regularly assessing the implementation of the guidelines allows for course corrections and adjustments to be made, enhancing the overall effectiveness of the governance approach. While policies may be defined, if they aren't communicated and understood, the problem of failed execution may still exist. The final step is to share the guidelines and then monitor and evaluate whether and how well they have been completed. To summarize, a comprehensive understanding of business processes and a well-aligned approach are necessary in operational governance. However, successful implementation relies on effective communication of policies, followed by diligent monitoring and evaluation to ensure adherence and effectiveness. By emphasizing communication and evaluation, operational governance can drive positive outcomes and foster continuous improvement within the organization. |
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