Insights
Essays on modernization, payments, regulation and AI in financial services. Practical, specific, and written for the people who have to make the decision.
Latest essay, September 2026
The core banking replacement nobody wants to fund
Every bank knows its core has to go. Very few can explain why this year. Here is how to build a case a board will sign.
Five questions a board should ask before approving an AI model
Board oversight of AI does not require technical fluency. It requires the right five questions, asked every time.
1 minute read
ISO 20022 is not a messaging project
Treat the new payments standard as a format change and you will miss most of what it is for.
1 minute read
What I look for in the first week of a stalled program
The documents describe the plan. The people describe what is actually happening. Start with the people.
1 minute read
Technical debt belongs on the balance sheet
Financial institutions measure every kind of liability except the one slowing them down most.
1 minute read
Regtech after the hype
The promise of automated compliance was oversold. What is left is less exciting and much more useful.
1 minute read
Notes from the Ledger
One short letter a month on where finance and technology meet. Written for bankers, regulators and founders. No sales pitches, and you can unsubscribe at any time.