About
Co-founder of Fourdotzero, revolutionising digital payments with @Richard…
Articles by Jeremy
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The Flaw in Retail Central Bank Digital Currencies
The Flaw in Retail Central Bank Digital Currencies
By Jeremy Light
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The Risks to Society of Central Bank Digital Currencies (CBDC)
The Risks to Society of Central Bank Digital Currencies (CBDC)
By Jeremy Light
Contributions
Activity
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It was a pleasure to attend our Graypen & Jamar Falmouth Reception this week, an excellent event for us and a great time was had by all #graypen…
It was a pleasure to attend our Graypen & Jamar Falmouth Reception this week, an excellent event for us and a great time was had by all #graypen…
Liked by Jeremy Light
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Last December I wrote an article about how the growth in UK open banking payments is slowing – from 171% (by volume of transactions) in 2022, to 90%…
Last December I wrote an article about how the growth in UK open banking payments is slowing – from 171% (by volume of transactions) in 2022, to 90%…
Shared by Jeremy Light
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Just had a productive meeting with the Governor of the Bank of Ghana - Dr. Ernest Addison, a key member of the PAPSS Governing Council, and a strong…
Just had a productive meeting with the Governor of the Bank of Ghana - Dr. Ernest Addison, a key member of the PAPSS Governing Council, and a strong…
Liked by Jeremy Light
Experience
Education
Publications
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Distributed Consensus Ledgers for Payments
Accenture
The global rise of Bitcoin has introduced the world to cryptocurrencies, distributed consensus ledgers (DCLs) and blockchains. DCL technology has the potential to enhance efficiency, trust, transparency, reach and innovation in the financial markets. And while there are many other use cases – including in securities and capital markets – payments is one of the areas where DCL may prove most valuable.
This report explains in clear terms where DCLs may benefit the world of payments, and…The global rise of Bitcoin has introduced the world to cryptocurrencies, distributed consensus ledgers (DCLs) and blockchains. DCL technology has the potential to enhance efficiency, trust, transparency, reach and innovation in the financial markets. And while there are many other use cases – including in securities and capital markets – payments is one of the areas where DCL may prove most valuable.
This report explains in clear terms where DCLs may benefit the world of payments, and separates the practical reality of using DCLs from the hype. -
Faster Payments New Access Model
Accenture and Faster Payments
In this paper, we examine the opportunity for creating a competitive market in access services for real-time, 24/7 payments in UK
Other authorsSee publication -
Immediate Payments: seizing the customer opportunity
Accenture
Our customers are not asking for it” has been the standard reaction to immediate payments of many banks for many years. Even in the UK, the world leader in mass real-time payments since 2008, it was government pressure on the banking industry, not market demand or a desire to innovate that led to the creation of the Faster Payments system.
However this mindset is changing rapidly. Consumers expectations and tolerances have been transformed by the smartphone and the services they provide…Our customers are not asking for it” has been the standard reaction to immediate payments of many banks for many years. Even in the UK, the world leader in mass real-time payments since 2008, it was government pressure on the banking industry, not market demand or a desire to innovate that led to the creation of the Faster Payments system.
However this mindset is changing rapidly. Consumers expectations and tolerances have been transformed by the smartphone and the services they provide – always on, ubiquitous, real-time with instant transactions. Any banking service that enables, for example mobile payments with real-time notification to the beneficiary, but with delayed availability of funds is not an innovation, it is a dud. Immediate inter-bank payments are therefore a core requirement of any banking system today, which is why initiatives are appearing globally – from Sweden and Finland, to Singapore and Australia. Even in the USA where bank payments are little changed since the Jurassic era (in stark contrast to those provided by its non-bank technology sector), there are stirrings towards immediate payments.
As seen in the UK, although bank customers may not demand for immediate payments, once they have it, they find creative ways to use them to make their lives easier and more efficient. The benefits range widely and include ability to instantaneously transfer money to cash-strapped friends and family, immediate payment for time-dependent services, improved cash-flow management for both individuals and businesses, just-in-time inventory management leading to reduction in working capital.
You will be glad to know that at Accenture, in collaboration with VocaLink, the provider of the UK Faster Payments system, we have written a Point of View, “Immediate Payments” which explores the importance of real-time payments to banks.
Other authorsSee publication -
Payments for Growth: fixing the core
Accenture
Payment services have emerged as a key point of competitive differentiation for corporate banks, serving both as a significant revenue generator and an ‘anchor product’ for other offerings.
However, changing market conditions across a wide array of dimensions—including regulation, international trade, customer needs, and information technology—are now challenging banks
to get their house in order if they are to seize the payments opportunity.The leaders in the payments industry are…Payment services have emerged as a key point of competitive differentiation for corporate banks, serving both as a significant revenue generator and an ‘anchor product’ for other offerings.
However, changing market conditions across a wide array of dimensions—including regulation, international trade, customer needs, and information technology—are now challenging banks
to get their house in order if they are to seize the payments opportunity.The leaders in the payments industry are responding to pervasive change in two interrelated ways.
First, we’re seeing banks ‘fix the core’—industrializing payments and building the capabilities necessary for differentiation. This effort, described in this point-of-view paper, involves banks establishing fit-for purpose operating models and, where necessary, building ‘hub’ architectures to streamline banking operations and transaction management.
These efforts lay the groundwork for the second area of response that we’re seeing, ‘market differentiation’, which is described in a further Accenture paper in this series.Other authorsSee publication -
Payments for Growth: fixing the core
Accenture
Payment services have emerged as a key point of competitive differentiation for corporate banks, serving both as a significant revenue generator and an ‘anchor product’ for other offerings.
However, changing market conditions across a wide array of dimensions—including regulation, international trade, customer needs, and information technology—are now challenging banks
to get their house in order if they are to seize the payments opportunity.The leaders in the payments industry are…Payment services have emerged as a key point of competitive differentiation for corporate banks, serving both as a significant revenue generator and an ‘anchor product’ for other offerings.
However, changing market conditions across a wide array of dimensions—including regulation, international trade, customer needs, and information technology—are now challenging banks
to get their house in order if they are to seize the payments opportunity.The leaders in the payments industry are responding to pervasive change in two interrelated ways.
First, we’re seeing banks ‘fix the core’—industrializing payments and building the capabilities necessary for differentiation. This effort, described in this point-of-view paper, involves banks establishing fit-for purpose operating models and, where necessary, building ‘hub’ architectures to streamline banking operations and transaction management.
These efforts lay the groundwork for the second area of response that we’re seeing, ‘market differentiation’, which is described in a further Accenture paper in this series.Other authorsSee publication
Patents
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Customer initiated payment method using mobile device
Issued US US 8756161 B2
A mobile payment method paying directly of bank accounts (or other accounts) to the merchant.
The invention concerns a method of making a payment transaction by a customer including steps of receiving, by a mobile device, merchant data; transmitting, by the mobile device to a remote server, a payment transaction request including the merchant data; determining, by the remote server, the identity of the customer based on the request and the identity of the merchant based on the data; and…A mobile payment method paying directly of bank accounts (or other accounts) to the merchant.
The invention concerns a method of making a payment transaction by a customer including steps of receiving, by a mobile device, merchant data; transmitting, by the mobile device to a remote server, a payment transaction request including the merchant data; determining, by the remote server, the identity of the customer based on the request and the identity of the merchant based on the data; and implementing the payment transaction between bank accounts of the customer and the merchant.Other inventorsSee patent -
Dynamic electronic money
Filed EU EP20110305821 20110627
Payment by transferring a unique, digital token between two devices without using a central clearing system.
The invention concerns a method of making an electronic payment by an electronic payment device comprising: transmitting from said electronic payment device (206) to an electronic receiving device (208, 210) a first money token (204) comprising at least data indicating an identifier of said first money token and an amount indicating a payment sum of said first money token, wherein…Payment by transferring a unique, digital token between two devices without using a central clearing system.
The invention concerns a method of making an electronic payment by an electronic payment device comprising: transmitting from said electronic payment device (206) to an electronic receiving device (208, 210) a first money token (204) comprising at least data indicating an identifier of said first money token and an amount indicating a payment sum of said first money token, wherein said first money token further comprises an electronic watermark.Other inventorsSee patent
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🚀 Delighted to be part of the speaker line-up for the Middle East Banking Innovation Summit 2024 in Dubai. Looking forward to an engaging debate in…
🚀 Delighted to be part of the speaker line-up for the Middle East Banking Innovation Summit 2024 in Dubai. Looking forward to an engaging debate in…
Liked by Jeremy Light
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After more than 30 years today is my first post-Accenture day. I’ve had a wonderful career with the firm, with so many great experiences. It’s been…
After more than 30 years today is my first post-Accenture day. I’ve had a wonderful career with the firm, with so many great experiences. It’s been…
Liked by Jeremy Light
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For those who have travelled around the United Kingdom, have you wondered why Northern Ireland and Scotland have their own sterling bank notes? Some…
For those who have travelled around the United Kingdom, have you wondered why Northern Ireland and Scotland have their own sterling bank notes? Some…
Shared by Jeremy Light
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🌍PAPSS It with UBA Group and Trade across Africa! 🌍 Transact across Africa with ease, speed, and security. #PAPSS enables real-time cross-border…
🌍PAPSS It with UBA Group and Trade across Africa! 🌍 Transact across Africa with ease, speed, and security. #PAPSS enables real-time cross-border…
Liked by Jeremy Light
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