Financial Innovation Coalition

 Amazon, Apple and Google Unite Behind Financial Innovation Coalition

 I saw this coming some time ago in the history of this blog.  It obviously takes a tech coalition and these are the usual suspects.  Each brings a triad leg to the table platform.  When a IT type looks at money and finance they must throw up their hands and call for a clean sheet.

What kind of a system emerges from the clean sheet is going to be very interesting.  Although the legacy finance/money system deals with an information structure it is Industrial Age and driven by banking.  Information Age information structures are based on a broad base of Information Systems Rules and Methods.  Should be the name of a book.  Maybe is.  The point being that there are Information Industry best practices for systems design that is a shoe the Legacy Banking and Finance System will have to fit its foot into.  The legacy system was the foot that Finance previously made the shoe to fit.

Shoe is on the other foot!

Financial Innovation Now  "Recoding the Future of Commerce"  That is something I would like to do and have a few ideas about!

I hope so.  Start with OOD, Implement with OOP.  Borrow the concepts of Information Systems from Internet/WWW design.

It is described as a "battle" at this American Banker link. 
"The group will advocate for financial technology companies and has no plans to add financial institutions as members, said Peters, who previously served as director of government relations for BlackBerry."

Bankers not invited to the party?

Good.

No turds in the punch bowl.

Banks are crying unfair, its not a level playing field.  Tech does not have to play by the same rules that oppress us!

Banks cry foul on the playing field?

Where is the stakeholder Representative called Government in this fracas?

What is not seen as big players are all the companies waiting in the wings that participated in a big system build out of the NSA and everything that it does with Information Age tools.

Banking and Finance is a security domain problem involving mediums of exchange to be designed controlled and monitored and mined.  The big Tree or Five might create the vision of the structure for all "Information All The Time" but it will be a gold rush for second tier participation and implementation.

As Financial Innovation Now (FIN) develops I can foretell all the big name second and third tier partners when you click on their "Our Partners" link at their website.

Bankers have used technology at low level programming and quants to apply their sub-optimized financial  management schemes and designs.  They would never call in a high level Information Engineer because I think that the first thing he would tell them in the Big Scheme of Things is that their Balance Sheet Accounting concept and implementation is really just a sub-system component.

The best system design is probably based on a Positive Money system rather than Debt Based.  Transition to Positive base has already been documented as to how to do it.  Loans would still be a big matter but the source for them will be pre-existing Positive Money simply re-introduced again as Currency to circulate in the Active Money System.

The check sum control over all Currency in all Accounts as a total of all total on hand balances in all Accounts in the banking system....

would be:

 The total of all unit of one digital dollars each with a unique identifier (IP) in the circulating Currency System.

The grand total of each system would be exactly equal at all times.

NSA as a silent partner?  (pssst...NSA is good at that)

Paypal and Intuit are two of five players in FIN.

Intuit/NSA connection:   The link states the trickle down from the NSA.  Trickle down of products delivered to the NSA, I would take a Wag they are the same enterprises that sold the same parsing systems to Intuit and Paypal.  All the others have NSA connections as well.

http://www.crowdfundinsider.com/2015/11/76732-apple-google-amazon-band-together-to-lobby-dc-on-future-financial-services/

Will the matter of Capitalism be addressed?  At what level will the Recoding start?