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Tidbits

Wirecard: A novel approach to payments

The age old saying holds true: If it sounds too good to be true, it probably is. See video below from the FT:

FT’s Dan McCrum on Wirecard’s missing€1.9b

Wirecard is a case in point. I had never heard of the firm before news of the fraud broke, nothing too strange there. That said, many had brought up the strangeness the company and its actions.

Wirecard’s motto is/was: Beyond Payments. Their novel approach certainly goes beyond the business of processing payments straight into massive fraud.

The bad faith actions by BaFin described by Dan McCrum in the video above puts the German reputation for following rules to shame.

Winners:

  • The Financial Times, and Dan McCrum in particular
  • Stripe (for showing how real payment processing should be done)

Losers (apart from Wirecard):

  • BaFin (Showing same level of competence as Swedish Finansinspektionen, FI)
  • E&Y (Though when fraud goes all the way to the top, it is really tough for auditors to detect)
  • The EU’s dream of building Big Tech Companies in Europe.

Patrik


Learn more about Chrono.se. If you want to get in touch, feel free to reach out on Twitter or email me at Patrik[at]chrono.se

Categories
Tidbits

National Returns day

That is, a few days after Christmas when everyone starts returning unwanted gifts.

Below from @jmj on Twitter:

E-commerce is fantastic for consumer but but the cost and environmental impact of all these deliveries and subsequent returns are just out of this world.

Returns will always be a fact of life, especially in Fashion. It is hard to predict of something will fit your or not and that makes returns unavoidable. The key is to make sure that number is as low as possible.

My belief is that we will see retailers incentivising customers to return less, by offering benefits to customers who do not return as frequently.

/P

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Tidbits

Happy Birthday Larry Ellison

The ever witty Corey Quinn wishes Oracle founder a happy 75th birthday.

A bit mean perhaps but Oracle is an interesting company. The databases are great for some purposes but their main objective is usually not to provide the best solution for the customer, rather increase Larry’s wealth.

Getting richer is not bad per se but a more customer centric view would be a benefit for both Oracle and their customers in the long term.

/P