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2019

Andrew's long read archive

2023 (2) 2022 (3) 2021 (10) 2020 (5)

Andrew Smith

Founding CTO at RTGS & ClearBank

Message Posts: 0 Comments: 155

Bio Brining the worlds first liquidity network, RTGS.global to financial institutions globally Career History Started as a software developer and have moved through IT for over 20 years. Founded a number of technology and FinTech start-ups, and am a founding member of both RTGS & ClearBank

Long reads

How blockchain can be used for improving security

21 Mar 2023

At the heart of security within the financial services industry is the good old centralised Public Key Infrastructure (PKI). Every central bank, financial market infrastructure (FMI), payment system, Banking-as-a-Service (BaaS) provider, embedded finance provider, even the way in which we all connect to secured websites goes through a centralised ...

Agile Series: Avoid management speak

16 Mar 2023

One of my pet peeves, and I think a common source of hatred across most engineering teams, is using old cliché management terms that really do not apply. Or, worse still, they are fundamentally wrong within an agile environment. Engineering teams are full of uber smart individuals, and I don’t mean the people that cut code, no - I mean your stakeho...

Agile Series: SAS Rogue Heroes - the original agile team

23 Nov 2022

Currently airing on the BBC is a superb series that takes you through the origins of the SAS (Special Air Service). Though some of it has been made for our viewing, the vast majority of the storyline and characters is very much true. If you have not watched it, I highly recommend you look out for SAS Rogue Heroes. But how is this in any way shape ...

Agile Series: Getting out of the way

04 Aug 2022

As a leader in more than just technology, we must know when to get out of the way of our teams and colleagues. All too often, I see leaders who want to build high functioning teams and yet they micro-manage; impose far too many decision-making restrictions and place too much value in their own beliefs and experiences. The following tips will direc...

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Andrew is Commenting on

Ex-TSB CIO fined £80k over bungled IT migration

I'm curious as to why it would be just the CIO. There would have been others involved under SMR. Key decision makers are also captured, these would have reported into the CIO, so how are they not also being fined, or were they found to have done everything correclty?

14 Apr 2023 Reply Read article

2023 – the year of the digital ID wallet

Some of this is over complex. For example, we dont need an open policy framework where my wallet knows what jurisdiction I am in. For identity to work, I need to have an ID that is accepted in the US and an ID that is acceptable in the EU. This doesn't mean its the same ID, rather it could be from a different set of identity credentials i hold, some that can be shared. If we keep things simple, by following a Self-Sovereign Identity (SSI) model and its principles, then most of the challenges are mitigated. Digital ID should be SSI simply because a) its my identity I should own it, no third party ever does, and only with SSI can I really control it, and b) because it solves so many of the challenges associated if data isn't self sovereign. Where governments really need to start looking is at privacy and security of digital ID solutions - and thats not just the wallet, thats the TYPE of credentials that are stored and how capable they are with regards to zero knowledge proofs (ZKP) and selective disclosure. Then if I move between jurisdictions it is a technology thing, if the US supports AnonCreds for example, and the EU does, then all challenges are solved.... A good post here explains the issues with credentials and why we need to ensure that a minimum bar is met with regards to privacy for most identity based solutions. If that bar is consistent, then policy becomes a matter of what types of credentials are trusted and supported primarily. A call for trust, a call for privacy, a call for AnonCreds – ID Crypt Global News and Blog

04 Apr 2023 Reply Read article

Central banks conclude cross-border CBDC experiment, Project Icebreaker

A few points stand out here... Bridge currencies add in friction, cost and additional levels of risk. In addition, we know that a hub and spoke model also adds in costs over time. So while the concept seems to solve challenges, it introduces yet more. The solution is always to have better bi-lateral relationships. The reason why we don't have these is because of the troublesome admin and security challenges associated with Corespondent banking as it is. However, there are new correspondent banking models out there. 2.0 using intermediary platforms, and more importantly Correspondent Banking 3.0 when coupled with solutions like RTGS.global. If we want to solve these challenges then we must remove friction points, we need to remove "hops", "intermediaries" and add in choice of providers and improve access...

06 Mar 2023 Reply Read article

The Bank of London scores $40 million Series C extension

It's always good to see new entrants into the banking sector. It was always going to be the way that banks like Monzo, Starling and in this case ClearBank lead the way for others to follow. Banking is changing fast, very fast. When i first spoke of Banking-as-a-Service in 2015 I didnt know exactly where it would lead, but I had an idea that the concept was big. Fast forward 7 years and BaaS is really a global proposition that is shaping the world we live in. Fast forward a few more years, and I predict Settlement Fabric will be the same .... Congrats to the Bank of London team, fab raise and to do it at that valuation in these economic conditions shows the power of BaaS....

13 Feb 2023 Reply Read article