ST Payment Recruitment

ST Payment Recruitment STPR your recruitment partner for Payment and Fin-Tech businesses. Global search company based in London.

Legally speaking, is digital money really money? (1 minute read)Close to 80 percent of the world’s central banks are not...
25/01/2021

Legally speaking, is digital money really money? (1 minute read)

Close to 80 percent of the world’s central banks are not allowed to issue a digital currency under their existing laws according to research conducted by the International Monetary Fund.

The IMF paper reviewed the central bank laws of 174 IMF members, and found out that only about 40 are legally allowed to issue digital currencies.

"Any money issuance is a form of debt for the central bank, so it must have a solid basis to avoid legal, financial and reputational risks for the institutions," states the paper.

"To use digital currencies, digital infrastructure — laptops, smartphones, connectivity — must first be in place," notes the paper. "But governments cannot impose on their citizens to have it, so granting legal tender status to a central bank digital instrument might be challenging. Without the legal tender designation, achieving full currency status could be equally challenging."

An important design feature is whether the digital currency is to be used only at the wholesale level, by financial institutions, or could be accessible to the general public.

"The creation of central bank digital currencies will also raise legal issues in many other areas, including tax, property, and insolvency laws; payments systems; privacy and data protection; preventing money laundering and terrorism financing," the paper concludes. "If they are to be the next milestone in the evolution of money, central bank digital currencies need robust legal foundations that ensure smooth integration to the financial system, credibility and broad acceptance by countries’ citizens and economic agents."

SWITZERLAND LAUNCHES GREEN FINTECH NETWORK (30 seconds read)Switzerland is setting up a Green Fintech Network to help th...
08/12/2020

SWITZERLAND LAUNCHES GREEN FINTECH NETWORK (30 seconds read)

Switzerland is setting up a Green Fintech Network to help the country take advantage of the "great opportunity" presented by sustainable finance.

The network was launched by the State Secretariat for International Finance (SIF) alongside industry players, including green fintech companies, universities, and consulting and law firms.

Members will identify areas in which the conditions for green fintech in Switzerland could be improved, offering concrete proposals to both the government and the private sector.

The results of the Green Fintech Network's initial activities will be recorded in an action plan, which is due to be published in spring 2021.
The move was welcomed by those in the sector.

“We are excited about the increased focus on sustainable financial services,” said Katka Letzing, co-founder and chief executive of Kickstart Innovation, a Swiss innovation organisation that focuses on fintech.

“One challenge is to help bring about an increase in impactful investments in Switzerland’s financial sector and beyond,” she added. “We hope that can change.”

CYBERSECURITY: HOW TO PROTECT YOUR DATA. (30 seconds read)When COVID-19 struck, cybercrime rose by unprecedented levels....
30/11/2020

CYBERSECURITY: HOW TO PROTECT YOUR DATA. (30 seconds read)

When COVID-19 struck, cybercrime rose by unprecedented levels. Remote desktop protocol (RDP) attacks grew by 400% while the number of email scams soared by 667%.

These five tips will help you stay on top of a secure system.

1. BUILD IN ANALYTIC PROCESSES
Digital payments are on the rise and with them comes cybercrime. The keyword in the cybersecurity industry is vigilance, and a truly vigilant approach requires an approach built with analytics and review in mind.

2. MAKE A CYBERSECURITY SCHEDULE
While protections should be active across a network at all times, other elements of cybersecurity management require check-in periods and scheduling. Building a schedule around cybersecurity can help maintain the security of any site, e-commerce or financial.

3. RUN ANALYSIS DURING TRANSITIONS
Throughout the COVID-19 pandemic, a vast amount of employees transitioned to remote work. This created opportunities for hackers in the form of brute force RDP attacks, but it also represented a moment for businesses to take a step back and address cybersecurity concerns.

4. BROADEN CYBERSECURITY AWARENESS
Dedicating time and personnel towards promoting cybersecurity awareness can mean a world of difference for any institution looking to protect itself from cybercrime. Since new attacks and malware are emerging all the time, your team needs evolving security awareness training — especially for a remote workforce.

5. CONSTANTLY REVIEW
Because of the rapidly evolving nature of cybercrime, even the best cybersecurity platforms do not remain secure for long. Protection requires frequent updates and constant awareness. By consistently reviewing your cybersecurity policies and effectiveness, you can better stay up-to-date on these developments. In turn, financial data will be kept safer.

WHAT ARE PROBLEM-SOLVING SKILLS? (30 seconds read)When employers talk about problem-solving skills, they are often refer...
26/11/2020

WHAT ARE PROBLEM-SOLVING SKILLS? (30 seconds read)

When employers talk about problem-solving skills, they are often referring to the ability to handle difficult or unexpected situations in the workplace as well as complex business challenges.

Problem-solving skills help you determine the source of a problem and find an effective solution. Some key problem-solving skills include:

• Analysis
• Research
• Team-building
• Decision making
• Communication

1. DEFINE THE PROBLEM
What are you trying to solve? First, define the problem to establish a goal for what you want to achieve. Then you must find out what caused it. Your analytical skills will help you understand problems and effectively develop solutions.

2. BRAINSTORM SOLUTIONS
What are some ways to solve the problem? The goal is to research a list of possible solutions to choose from. Sometimes this involves teamwork since two (or more) minds are often better than one.

3. PICK A SOLUTION
What are you going to do? The ideal solution is effective (it will meet the goal), efficient (is affordable), and has the fewest side effects (limited consequences from implementation).

4. IMPLEMENT A SOLUTION
What are you doing? The implementation of a solution requires planning and ex*****on. The focus should be on short implementation cycles with testing and feedback.

5. REVIEW THE RESULTS
What did you do? To know you successfully solved the problem, it’s important to review what worked, what didn’t and what impact the solution had. It also helps you improve long-term problem solving skills and keeps you from re-inventing the wheel.

CHINA IS THE ONLY ECONOMY EXPECTED TO GROW IN 2020 (30 seconds read)The Chinese economy grew 4.9% between July and Septe...
25/11/2020

CHINA IS THE ONLY ECONOMY EXPECTED TO GROW IN 2020 (30 seconds read)

The Chinese economy grew 4.9% between July and September 2020, according to government data, as China becomes the first major economy to recover from the Covid-19 pandemic.

The year-on-year expansion represents a dramatic reversal from the first quarter of this year when the economy shrunk by 6.8%.

China’s central bank governor Yi Gang said on Sunday that officials predict annual growth of about 2%. “The Chinese economy remains resilient with great potential. Continued recovery is anticipated, which will benefit the global recovery.” he said.

China is expected to be the only G20 economy to grow this year. The global economy is expected to decline by 4.4%, according to the International Monetary Fund, the steepest downturn since the Great Depression.

While most Chinese cities have returned to normal with schools and offices reopened, data showed industrial production in September rose 6.9% compared to the same period last year. Retail sales were up 3.3%. Auto sales for the month also increased 12.8% while domestic air travel exceeded pre-pandemic levels. Consumer spending has begun to pick up again during a week-long public holiday in October known as Golden Week.

The Chinese leadership are pursuing a new strategy known as a “dual circulation economy.” The concept, first proposed by Xi Jinping in May is aimed at reducing the country’s reliance on overseas markets. “Globalisation is facing a reversal, with rising protectionism and unilateralism. The world economy is weakening. We are forming a new development pattern with the internal economic cycle playing a leading role.” he said.

MOTIVATE YOUR MONDAY (1 minute read)Mondays always seem like the hardest day at work while it’s only a perception. With ...
23/11/2020

MOTIVATE YOUR MONDAY (1 minute read)

Mondays always seem like the hardest day at work while it’s only a perception. With these simple tips your Mondays will be better!

1. EARLY TO BED EARLY TO RISE
One of the things that can get you excited to work on a Monday is by having between 7-9 hours of sleep on Sunday. This enables you to wake up rested and start your day early. Get into the office earlier gives you a sense of pride that you are winning. Therefore you will have more time to prepare your day and to get yourself ready for the success that you want.

2. PLAN YOUR SCHEDULE AHEAD
A lot of us have no idea what to do on a Monday. Plan the schedule for the entire workweek before you leave the office on Friday. You’ll be able to walk into the office confident about what you need to get done.

3. REMEMBER YOUR PURPOSE AND GOALS
If you want to jumpstart your Monday with motivation, you must remember your purpose and your goals. This is also a great way to prime yourself for motivation. When you have a clear vision or goal, you become proactive and start to make things happen.

4. DETOX FROM WORK DURING THE WEEKEND
One of the reasons why you don’t recover from a stressful work week is because you don’t give yourself a break. Having personal time to recharge is essential to maintain your motivation and quality of work.

5. FIND THE RIGHT ATTIRE FOR WORK
It has been proven that people change their attitudes depending on what they dress. When you dress up properly, you are directly telling your mind that you are ready for work. Then why not choose your favorite outfit that gives you a sharp look?

9 TIPS TO SUCCEED IN A JOB INTERVIEW. (1 minute read)Job interviews can always be nerve-wracking, but there are several ...
20/11/2020

9 TIPS TO SUCCEED IN A JOB INTERVIEW. (1 minute read)

Job interviews can always be nerve-wracking, but there are several steps you can take to prepare yourself to succeed.

1. EXAMINE THE JOB DESCRIPTION
You should use the employer’s posted job description as a guide. The job description is a list of the qualifications, qualities and background the employer is looking for in an ideal candidate.

2. WHY SHOULD WE HIRE YOU?
Prepare an elevator pitch about who you are. You should be prepared to explain your interest in the opportunity and why you’re the best person for the role.

3. RESEARCH THE COMPANY
Researching the company you’re applying to is a fundamental part of preparing for an interview to have a basic understanding of the main products or services the company offers.

4. CONSIDER YOUR ANSWERS TO POTENTIAL QUESTIONS
There are a few common questions you can plan answers for. Here are a few examples: ‘What interests you about the role?’ ‘Where do you see yourself in five years?’ ‘What are your salary requirements?’

5. SCORE A SUCCESS IN THE FIRST FIVE MINUTES
Some studies indicate that interviewers make up their minds about candidates in the first five minutes of the interview. So come in with energy and enthusiasm!

6. CONDUCT MOCK INTERVIEWS
Practicing interviews is the best way to relieve anxiety and help you to give the right impression. You can conduct mock interviews with trusted friends or family or in front of a mirror.

7. DRESS APPROPRIATELY
Before choosing an interview outfit, research the company to determine how formal their workplace is. Wear comfortable, neat and professional clothes.

8. RESPECT THE SCHEDULE
Plan to arrive for your interview 10-15 minutes before the appointment time. If the interview is online, make sure you’re ready 10 minutes before the call starts. Arriving late creates a bad impression and lack of professionalism.

9. FOLLOW UP AFTER THE INTERVIEW
After your interview, you should prepare to follow up with the employer. This shows your strong interest in the company, your sincerity and attention to detail.

GOOGLE LAUNCHES REDESIGNED GOOGLE PAY APP. (30 seconds read)Google Pay has launched its redesigned app, growing from a s...
19/11/2020

GOOGLE LAUNCHES REDESIGNED GOOGLE PAY APP. (30 seconds read)

Google Pay has launched its redesigned app, growing from a simple payments tool to a real financial management service.

Available now in the US on Android and iOS, this new version of Google Pay app focuses less on the user's cards than their relationships with friends and businesses.

Americans can make P2P, contactless and e-commerce payments, see past transactions, and find offers and loyalty info around conversations.

For example, if a user needs to split dinner, rent or other expenses with more than one person, they can create a group, split the bill, and keep track of who’s paid in a single place.

The app can also understand and automatically organise spending - enabling users to search over categories to find the relevant transactions and get in-app spending summaries via an Insights tab.

“What we're trying to do with the new Google Pay is bring three things together in one app,” Woodward told Webster. “The first thing is paying friends and businesses. The second thing is helping you explore offers and rewards so you can save money. And the third thing is: How can you get insights on your spending so you can stay on top of your money?”

Google Pay will not sell data to third parties or share transaction history with the rest of Google for ad targeting, he said. "We know that when it comes to money, security and privacy are absolutely critical. And you'll see us take a very strong privacy-forward design approach,” Sengupta noted.

How will established banks respond to these changes?

BITCOIN MANIA IS BACK. (30 seconds read)The digital currency reached a high of approximately $17,860 on Tuesday, Novembe...
18/11/2020

BITCOIN MANIA IS BACK. (30 seconds read)

The digital currency reached a high of approximately $17,860 on Tuesday, November 17 in New York trading. This event occurred for the first time since just after the burst of the cryptocurrency bubble almost three years ago.

It has risen by over double in 2020, bringing back memories of a massive 1,375 percent jump in 2017 that came before a 70 percent drop the year after.

Crypto fans have been watching Bitcoin tick higher all year, with many setting their sights on 2017’s record. While some of them have stuck with it through its ups and downs, others have become newly enchanted by it amid the pandemic.

Investors argue the cryptocurrency can act a safe haven during times of turbulence and can be a hedge against rampant central-bank money printing. Still others have been attracted by its spectacular advance this year — the digital coin is up more than 135 per cent in 2020 though it is still about 12 per cent off its all-time high.

“There’s a lack of an alternative in real assets that can show a comparable return. If you’re going to diversify your portfolio anyway, this is a good place to go.” Rogers said.

Will this trend continue?

BRAZIL LAUNCHES PIX INSTANT PAYMENTS PLATFORMS. EXPECTS WHATSAPP TO RETURN SOON. (30 seconds read)Instant payments capab...
17/11/2020

BRAZIL LAUNCHES PIX INSTANT PAYMENTS PLATFORMS. EXPECTS WHATSAPP TO RETURN SOON. (30 seconds read)

Instant payments capabilities are expanding around the globe and Brazil is the latest adopter.

On Monday Brazil's central bank launched PIX, an instant payments platform and hinted that WhatsApp will soon get the greenlight to relaunch its own P2P payments service in the country.

PIX lets citizens, companies and government entities make instant payments 24/7 through mobile phones, online banking and ATMs, using QR codes or recipient information such as phone numbers, emails and taxpayer identification.

Since Monday the service has already seen 72 million registrations from individuals and businesses.

PIX runs in a Instant Payment System, operated and managed by the Banco Central do Brasil and is designed to foster competition in a market dominated by the big five banks.

One new player set to make their move is WhatsApp. The firm launched its P2P payments service in Brazil in June but the central bank suspended it within ten days of its roll out.

At a press conference to mark the PIX launch, central bank president Roberto Campos Neto revealed that "WhatsApp will start doing P2P soon. We are making good progress." according to Reuters.

NEXI BUYS NETS IN $9.2 BILLION DEAL (30 seconds read)Italian payments processor Nexi SpA agreed to buy private equity-ow...
16/11/2020

NEXI BUYS NETS IN $9.2 BILLION DEAL (30 seconds read)

Italian payments processor Nexi SpA agreed to buy private equity-owned rival Nets A/S, creating the Europe’s biggest payments company by volume, number of customers and earnings before interest, tax, depreciation and amortisation. The deal values the Copenhagen-based Nets at 7.8 billion euros.

The two firms wrapped up weeks of talks with a deal that will generate about 170 million euros of synergies per year.

Nexi Chief Executive Officer Paolo Bertoluzzo has rapidly expanded the company through acquisitions. The transaction, finalized just a month after the acquisition of Italy’s SIA SpA for 4.6 billion euros, will extend the Italian company’s reach across Europe. “The strategic rationale of the deal is appealing, extending Nexi’s growth runway beyond Italy.” analyst Paul Kratz said in a note.

Nexi rise as much as 3.6% in Milan trading, giving the firm a market value of 9.45 billion euros.

In third quarter Nexi’s revenue increased 1% to 276 million euros. Volumes recovered in the period, with acquiring transactions on Italian cards back to pre Covid-19 growth levels, but the company said it has seen a new slowdown in volumes since October due to the second wave of the virus.

Can we expect more consolidation in the market?

REAL TIME PAYMENT (30 seconds read)The mass adoption of real-time payment systems around the globe has contributed to an...
13/11/2020

REAL TIME PAYMENT (30 seconds read)

The mass adoption of real-time payment systems around the globe has contributed to an environment in which many consumers, merchants, and financial institutions expect to be able to pay friends and customers, settle bills, and transfer money instantly.

Ever since money was invented it has generally been the most convenient way to pay in real-time for every day purchases. However cash is an expansive instrument requiring printing storage, circulation logistics and costs.

Most existing real-time payment systems offer an instant, 24/7, interbank electronic fund transfer service that can be initiated through one of many channels: smart phones, tablets, digital wallets, and the web.

Real-time payments can benefit financial institutions, merchants, consumers and society by offering enhanced visibility into payments, by enabling better cash management and by helping businesses better manage day-to-day operations by improving liquidity, creating a positive impact on their cash flow and daily sales outstanding.

What is driving the growth of real-time payments?
• Technology innovation
• New players and business models
• Merchants’ expectations
• Consumers’ expectations
• Regulatory pressure
• Globalisation

The outcome for an improved payment system are speed, security, efficiency, international and collaboration.

Will RTP adoption affect card payment schemes or complement users’ experience?

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