“First world” mobile banking has a long way to go to catch-up to “third world” developments

This week Barclays bank in the UK launched “Pingit”, a new service that allows their customers to send money via their mobile phone to third parties using just a mobile number for the recipient.

The service was launched amid much fanfare as being something “new”. However MPesa, has operated the same service very successfully, in Kenya, Tanzania and Afghanistan, since way back in 2007 (just on 5 years ago) as this short video made in 2009 shows.

Other banks in South Africa and elsewhere have been offering the same service for the past three years at least.

Which raises the question: Who really are the innovators? 

Prepaid debit cards – Take care

Prepaid debit cards have really taken on in the US.

They're popular both as gifts for teens and as a way to contain was card spend.  Their use has ballooned as more consumers look for alternatives to high bank fees on traditional cards. The convenience makes then attractive.  The money is protected if you lose the card.  And, parents like them for kids who are not yet ready for credit cards.

"Surprisingly in 2011, 409 billion dollars was uploaded on prepaid debit cards.  It was actually the fastest growing transaction method with 35 percent growth," says MyBankTracker co-founder Alex Matjanc.

And you don't need a bank account to own one.  It is why they're increasingly popular with what's known as the unbanked. Seventeen million Americans do not have bank accounts, and that makes then not eligible for traditional credit cards.

Now here is the catch.  People often assume prepaid cards are cheaper because they don't involve bank fees.  The devil is always in the detail – in this case in the fine print.

Some prepaid cards come with their own fees, a monthly service fee, ATM fees and a fee every time the card is reloaded.

Active users can find that their card fees begin to stack up.

So before you jump on the bandwagon check out the fees.

Press Release – 14 February 2012 - CITADEL & INTERFIMA Form Alliance

The International Association of Financial Management and Citadel Advantage Ltd. are pleased to announce the launch of their relationship. With this launch INTERFIMA will be offering a wider range of professional courses, certification & membership within the market.

Richard Barr of Citadel Advantage said "This new exciting association with INTERFIMA demonstrates our commitment to our clients & the market. By affiliating with INTERFIMA, we are able to offer internationally recognized certification by a well respected organization for our extremely popular range of specialist operational risk and payments training courses & workshops."

Anastasios Avranas of the International Association of Financial Management (INTERFIMA) said "Our cooperation with Citadel Advantage will allow us to further strengthen our mission statement & expand our members' areas of professional excellence. This relationship furthers INTERFIMA's goal of servicing financial markets and contributing on their progress and development."

About Citadel Advantage Ltd

Citadel Advantage Ltd. (www.citadeladvantage.com) offers a wide & comprehensive range of professional courses and training for banks, central banks and other financial institutions in the areas of; Operational Risk Management (for Basel and operational risk mitigation), Specific Operational Risk Management areas including Business Continuity Planning, Anti Money Laundering & Payment Systems, and Liquidity Management and Bank Operations Improvement. Citadel Advantage also provides back office system consultancy and specialist services, specifically covering operations risk mitigation, fraud prevention, payments, and liquidity & treasury systems.

About the International Association of Financial Management (INTERFIMA)

The International Association of Financial Management (www.interfima.org), a global organization, delivers professional training courses to individuals and organization, connects financial services professionals via networking opportunities and works towards the development and well being of people, entities and markets. Banking, Insurance, Financial Services and Corporations are among its core activities. Within its mandate, INTERFIMA provides certification & membership, allowing professionals to exhibit their knowledge and commitment to continuing professional education.

In-House Training – Do you really understand the benefits?

The benefits of in-house training are obvious yet few managers explore that option. An organization’s staff is its greatest asset. In-house training allows an organization to minimize costs while increasing its effectiveness and impact on staff. For details as to how cost-effective in-house training really is click here.

PayPal testing QR code app at Singapore metro stations

PayPal is testing a mobile application in Singapore metro stations. The app allows commuters to scan QR codes to get merchandise information and then make the purchase through their handsets.

Billboards and posters have been set up at 15 subway stations across Singapore that feature Valentine day-related offers on gifts like flowers and chocolates, from eight merchant partners.

Commuters who have downloaded the app can then scan the QR codes related to the offers and can then make the purchase through PayPal or credit cards. Purchasers can then arrange to pick up the goods at the store or have them delivered.

"Risk Management - Focus on Fraud" Athens - April 23rd & 24th

This going to sound like the beginning of a great joke but what do 4 male Ukrainians (a self-employed web designer and three from the building industry), 1 unemployed female Ukrainian, 2 male Latvian supermarket workers, 1 unemployed female Latvian, 1 unemployed male Estonian and 1 unemployed male from Belarus have in common? Give up? They made up a cybergang that robbed bushels of money from European banks.

Who are Kweku Adoboli, John Rusnak, Wang Liming and Liang Shihan? And what do they have in common? They’re just a few bank employees who defrauded their banks. Understanding Fraud & managing the risks are critical to your bank’s survival. For details CLICK HERE.

"Ops Risk Management for Non-Risk Managers" Athens - April 19th & 20th

First there was the crisis in 2007. Now there’s the sovereign crisis closer to home. With these economically trying times here in Europe, many banks have cut back on training in an attempt to cut costs. While understandable, that may be a costly mistake; And when it comes to managing operations risk, it most certainly is. In these dynamic times, understanding operations risk is critical to your bank’s survival. Too many banks in Europe will fail, simply because they didn’t understand the importance of managing their operations risk. That’s why Citadel Advantage is offering this much needed 2-day workshop in Athens. For details CLICK HERE.