I’m not talking about the banking regulatory system.
Fintech - non-bank-certified money institutes - have a lot of duplicate regulatory requirements. Things like: certify PCI-DSS for payment processing, BUT ALSO certified for some kind of local framework which matches PCI-DSS 99% but has its own certification process and expenses etc., so it’s not as simple as just “doing what’s required”.
Again, there’s a ton of regulations that are beneficial for the institutes and their customers, but there is also a lot of them that are hindrances because they’re duplicate or obsolete processes, red tape, and so on, stuff that serves little to no actual purpose but are essentially leftover regulations that have been superceded but not officially eliminated.
Fair enough, there’s nuance here as with a lot of these things. I used to work in banking IT, I’ve seen some parts of it.
It was just the blanket “regulations = bad” sentiment I reacted to, though I see now that wasn’t the intent from your side
Yeah I guess I should’ve specified that when I said “bullshit regulations” I meant specifically the regulations that are truly bullshit, not that all regulations are bullshit. Freaking English and its many ways to interpret the same sentence because why could we have specificity, amirite?
Well, at least it gives us a common language… I’m not sure the discussion would go so well if I was speaking one of my other languages to you. Enjoy your evening, or morning, or whatever it’ll be on your end
I’m not talking about the banking regulatory system.
Fintech - non-bank-certified money institutes - have a lot of duplicate regulatory requirements. Things like: certify PCI-DSS for payment processing, BUT ALSO certified for some kind of local framework which matches PCI-DSS 99% but has its own certification process and expenses etc., so it’s not as simple as just “doing what’s required”.
Again, there’s a ton of regulations that are beneficial for the institutes and their customers, but there is also a lot of them that are hindrances because they’re duplicate or obsolete processes, red tape, and so on, stuff that serves little to no actual purpose but are essentially leftover regulations that have been superceded but not officially eliminated.
Fair enough, there’s nuance here as with a lot of these things. I used to work in banking IT, I’ve seen some parts of it. It was just the blanket “regulations = bad” sentiment I reacted to, though I see now that wasn’t the intent from your side
Yeah I guess I should’ve specified that when I said “bullshit regulations” I meant specifically the regulations that are truly bullshit, not that all regulations are bullshit. Freaking English and its many ways to interpret the same sentence because why could we have specificity, amirite?
Well, at least it gives us a common language… I’m not sure the discussion would go so well if I was speaking one of my other languages to you. Enjoy your evening, or morning, or whatever it’ll be on your end