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Payments Views from Glenbrook Partners Views and Opinions about the World of Payments 2016-06-21T13:22:27Z http://paymentsviews.com/feed/atom/ WordPress PaymentsViewshttps://feedburner.google.com George Peabody http://glenbrook.com/about/george.html http://paymentsviews.com/?p=6643 2016-06-21T13:22:27Z 2016-06-21T13:18:47Z

Chargebacks are one of the card system's great consumer benefits. If fraud happens, the merchant doesn't deliver on what was promised, or you're charged six times for something you bought just once, the chargeback mechanism returns your money or restores your credit. What's not to like? Well, if you're a merchant, a lot. While there are plenty of legitimate chargebacks, there are also consumers who take advantage of the system through "friendly fraud," the "I didn't do it" chargeback category abused by all too many.

Chargebacks are expensive for merchants. There's a chargeback handling fee from the acquirer. There's the cost of disputing the chargeback. There's the cost if, at the network's discretion, the merchant loses the chargeback. And then there's the small matter of the cost of the goods or services. Take a listen to this audio primer on chargebacks with Glenbrook's George Peabody and Chargeback.com's CEO Dave Wilkes. Hear how they work, what the trends are, and how Chargeback.com assists merchants in the chargeback dispute process.

 0 Allen Weinberg http://www.glenbrook.com/about/allen.html http://paymentsviews.com/?p=6635 2016-06-14T00:11:37Z 2016-06-13T09:18:40Z

Over the past several years, my colleagues and I at Glenbrook have been working on a variety of projects focused on bringing low-cost financial services to the poor in developing countries. While there has been a lot written on how mobile or eMoney payments systems such as M-PESA in Kenya have grown in many developing countries—and how they have brought much-needed electronic payments to the poor and underserved—there's a critical missing piece that demands attention.

Specifically, few are talking about the criticality of merchant acceptance of eMoney payments. At Glenbrook, we believe this is a problem, that the lack of widespread acceptance has both inhibited growth in these systems and remains a roadblock to "digital liquidity" in even the more successful of implementations.

Without exception in the developing world, the vast majority of transactions in mobile payment systems are person-to-person (P2P). That's fine since poor people, those at the bottom of the pyramid, derive meaningful benefits from the shift of cash to mobile transactions. Those benefits include reducing the theft risk of carrying cash—which can be very dangerous—and the efficiency of being able to send money to someone without losing half a day of work to travel across town. For someone able to afford it, the mobile eMoney service can also provide a safe place to store value but few poor people have the luxury of idle balances in their mobile money accounts.

However, since most merchants don't accept eMoney as payment, their customers must "cash out" their mobile monies in order to spend, a relatively expensive conversion. Those cash-out costs work against the goal of providing low-cost payment services to the poor.

We are fortunate to be part of an ongoing working group on digital financial services at the ITU, the United Nations agency for information and communication technologies[1].  One of our working group's findings is that "digital liquidity" and the associated network effect are critical to the overall goals and growth of any electronic payment system. Keeping electronic money "in the system" creates transaction volume and velocity that keeps costs low, true not just within the processing system itself but also when calculating the "all in" costs of cash-out conversions. In short, digital liquidity reduces the expense of cash-out services.

A shift to fully electronic commerce to achieve those savings won't be easy. Based on our experience in these developing economies, and affirmed by numerous studies, we have concluded that there just isn't a silver bullet or a "waive the magic wand" solution to eMoney merchant acceptance.

In developed markets, merchants are happy to "pay to be paid" for a variety of reasons. While each merchant has its priorities—and many complain about the cost of accepting electronic transactions—merchants also realize that electronic payment acceptance produces incremental sales. And that they risk losing sales if they don't. Incremental sales are driven by the expanded purchasing power made available by credit-based products and services, sales that would not have been made had customer spending been limited to the cash in their pockets. Other merchants understand they could lose sales to competitors if they don't accept the customer's preferred payment method (think rewards cards). And of course, merchants selling to online buyers rely almost entirely on electronic payments.

To merchants in the developing world these benefits aren't compelling, neither for small sellers (who may be poor themselves) or larger ones, for a range of reasons:

Their consumers are largely unbanked and don't have access to credit products

Cash is the traditional payment method. Everyone is used to it. Cash is "good enough"

There aren't enough merchants accepting eMoney to warrant concern of lost sales to competitors who do accept it

eMoney transactions are often viewed as costly to accept

Merchants usually incur costs of cashing out themselves since there isn't a robust B2B ecosystem in place, i.e., for supplier payments. The alternative costs of transferring funds from mobile operators' eMoney systems to a traditional bank account—if the option is even available—are high

Remote commerce, our online or mobile commerce model, doesn't exist or isn't on anyone's radar screens

It costs a lot of money to develop a merchant ecosystem with uncertain economics

Merchants may be concerned that revenues would now be visible to tax authorities

Many merchants would have to buy equipment dedicated to eMoney acceptance, such as a dedicated phone for the store or at each checkout till

It's a tough problem, so where do we go from here? Is there hope?

I believe that it's critical that eMoney systems develop a robust merchant business. I also believe it's achievable if done right. But it's important to understand that, while merchants will pay to garner new customers or generate more visits and revenue from existing customers, there isn't a single factor that in itself will be sufficiently compelling to drive merchant adoption. In my opinion, success will be driven by a combination of factors:

Credit History Development. By accepting eMoney payments, merchants can create a "digital history" that enable prospective lenders to extend all-important working capital and other forms of credit to merchants. Recognizing that traditional credit bureaus simply don't exist in most of the developing world, coupled with the fact that many small merchants don't have access to credit, we are starting to see an explosion in alternative credit decisioning, of which eMoney transaction history is an important factor. In addition, some lenders could be more likely to extend credit given access to an electronic settlement stream they could tap into for regular or ad hoc loan repayments

Contextual Ecommerce. The notion of remote payments is hitting more and more radar screens and it doesn't need to look like traditional developed-world web and app-based ecommerce. Remote transactions for bottom of the pyramid customers could be a merchant taking payment for goods now that will be picked up or delivered later

Merchant-provided Credit. Merchants could increase sales by extending small amounts of credit to their own customers, knowing that repayment isn't necessarily tied to when the customer happens to next visit the store

Embedded Payments. As in the developed world, payments will eventually become an embedded part of commercial or community relationships, providing benefits to payment acceptors

Cash Reduction. Reduction of cash on hand to reduce theft and loss risk

Light Regulation. Government entities are viewing a robust eMoney systems as a priority, often under the financial inclusion umbrella. Relaxed or grandfathered tax policies could go a long way in the critical, early years of building a robust merchant ecosystem

Social Messaging and Payments. Social networks with commerce-enabling capabilities using eMoney are turning toward the developing world and could quite conceivably enable merchants of all sizes

Broad Payment Method Acceptance. There is increasing focus on the notion of interoperability at the payment acceptor level, the ability to accept multiple forms of electronic payment. Open payment platforms based on standards, APIs, etc. are key components to not only help achieve digital liquidity, but also to help ensure payments providers compete on both price and innovation

System Interoperability. Some eMoney players are increasingly open to cooperating – pursuing the notion of working together to bring up a merchant business by sharing the cost of some non-strategic functions, creating merchant joint ventures, etc. The network effect could build ubiquity, benefiting all participants in the ecosystem

My colleagues at Glenbrook and I will continue to participate in many developing world projects, helping to bring affordable financial services to bottom of the pyramid people and businesses. We do this with incredible optimism and enthusiasm. It doesn't get much better than this for "payments geeks" like us!

[1] See http://www.itu.int/en/ITU-T/focusgroups/dfs/Pages/default.aspx

 0 George Peabody http://glenbrook.com/about/george.html http://paymentsviews.com/?p=6628 2016-05-17T22:46:49Z 2016-05-17T22:43:01Z

This episode of Glenbrookâs Payments on Fire podcast comes from the Shoptalk conference, mid-May 2016. Focused on the entire customer engagement cycle, the attendees are all about influencing consumer behavior, the processes of moving customers through that cycle, about making some portion of enterprise IT work more smoothly, or, yes, even about payments.

Take a listen to my conversations with start-ups Tuku (in-store digital content delivery), Belly (in-store loyalty), Bold Financial Technologies (payout management for Treasury) and established fintech provider  ACI Worldwide.

 0 George Peabody http://glenbrook.com/about/george.html http://paymentsviews.com/?p=6623 2016-05-11T15:58:02Z 2016-05-11T15:52:06Z

Payments industry professionals naturally have a hard focus on the industry's own dynamics. So, it's not uncommon to lose sight of who the customer is and who pays the freight. In retailing, yes, the consumer pays, but payments is a direct cost to the merchant. With all of the changes underway in the U.S. payments landscape, merchants now address payments as a complex, strategic element of their business, both as a way to drive new sales as well as a cost component to be tightly managed.

To learn whatâs top of mind for a large scale retailer, take a listen to Dean Sheaffer, SVP of Financial Services at Boscov's Inc., the U.S.'s largest family-owned department store. In this Payments on Fire podcast, Dean addresses payments as a sales tool (Dean and his team have upped usage of the Boscov private label card to 40% of tender!), payments and data security, and the potential of Faster Money.

 0 Carol Coye Benson http://www.glenbrook.com/about/carol.html http://paymentsviews.com/?p=6617 2016-05-04T13:50:46Z 2016-05-04T13:40:47Z

I'm back from two days at Consensus 2016 in NYC, and reporting as promised into my investigation of the Five Big Questions.

1. Bitcoin technology: will the problems (versions, processing time, scalability) be resolved?

Yes. My belief that we are all writing this off too soon in favor of "all things blockchain" was reinforced. Glenn Hutchins of Silver Lake Partners drew a parallel between private blockchains and intranets in the early internet days: important for enterprises but not radical or transformative in and of itself. He headlined his talk "Blockchain good, Bitcoin better". Balaji Srinivasan of 21 spoke persuasively about how Bitcoin is the mechanism which will "free API's to be API's" and interact with other machines (my paraphrasing…)

2. Big banks: will they join hands in a single (or several) new blockchain-based networks? Will there be a new SWIFT? Will it be SWIFT? One of the currently formed consortia? Someone new?

Hard to tell. David Rutter of R3 bragged about 46 large financial institutions, and Chris Larsen of Ripple talked about the opportunity, but I didn't hear from SWIFT, and there are other players out there…

3. Central banks: will they issue digital versions of fiat? Other digital currency? Support Bitcoin?

Yes. Fabulous panel with David Andolfatto of the St. Louis Fed (I've been reading his blogs on "Fedcoin", MIT Media Lab, others – the energy on the topic is strong and clearly central banks of all kinds and stripes are thinking about it… but perhaps the most fascinating thought is that we could go back 100 years to a pre-central bank world, with central banks, commercial banks and other players issuing their own currencies…

4. Private blockchains: how many are there going to be? Thousands? Millions? Just how different is a private blockchain from a plain old secure database?

Millions. See above re: intranet. Not that different…

5. Interledger – incredibly cool, but how will it play out?

Not clear at all, but multiple private blockchains (or non blockchain ledgers) may need to interconnect. Interledger was referred to but not in detail; other options (Chain, Hyperledger) were more visible but we're still in theory-land here. I wish there had been more on this.

 0 George Peabody http://glenbrook.com/about/george.html http://paymentsviews.com/?p=6609 2016-05-01T18:30:48Z 2016-05-01T18:21:42Z

Extension of credit to people in developing markets has been a long time challenge. Banks, of course, look to repayment history to make such determinations but in much of the world, banking relationships and repayment track records are few. But history has demonstrated that extension of credit in developing markets can be effective and profitable. Just look at the Grameen Bank's high micro-loan repayment rates.

To address this repayment data dearth, Lenddo.com built a lending data set in multiple developing countries, having gone into the lending business just to generate the data it needed to tune its machine learning capability. Lenddo then built its algorithms
 that examine some 1,000 characteristics in the data drawn from social, mobile, and other sources. This Payments on Fire podcast with Lenddo.com's founder Jeff Stewart takes a look at lending in developing countries, social and mobile data sources, and examines the algorithmic "black box" that is at the heart of the company's approach to making credit decisions in "thin file" markets.

 0 Carol Coye Benson http://www.glenbrook.com/about/carol.html http://paymentsviews.com/?p=6603 2016-04-28T18:10:48Z 2016-04-28T18:09:06Z

I'm headed to New York next week for the CoinDesk Consensus conference…"Making Blockchain Real". I'm going because I'm trying to get my head around some big questions. I normally have a sense, even with new things, of the path forward. Not in this case!

Here are the questions I'm thinking about:

Bitcoin technology: will the problems (versions, processing time, scalability) be resolved?

Big banks: will they join hands in a single (or several) new blockchain-based networks? Will there be a new SWIFT? Will it be SWIFT? One of the currently formed consortia? Someone new?

Central banks: will they issue digital versions of fiat? Other digital currency? Support Bitcoin? Support big bank blockchain networks? Is what is happening going to fundamentally change the role of central banks in the economy? Do we go back to pre-central bank economies?

Private blockchains: how many are there going to be? Thousands? Millions? Just how different is a private blockchain from a plain old secure database?

Interledger – incredibly cool, but how will it play out? Is this just a small (albeit important) bit of infrastructure, or does it fundamentally change the way payments systems work? The whole Bitcoin/blockchain conversation over the past few years has made everyone think about what money is – and realize that often (not always!) it is a ledger balance representing a claim on someone (bank, carrier, store…). An electronic transfer is simply an instruction that tells one ledger to go up, and the other down, in a way agreed upon by the ledger owners (and their accountants!) A settlement transaction is another version of the same thing. Can this all be restructured? What about the business rules? Do they need to migrate from their three ring binders into the transfer message itself?

I promise I'll report back if I discover the answers to any of these questions….

 0 Sam Levitt http://paymentsviews.com/?p=6591 2016-04-22T20:30:08Z 2016-04-22T19:06:22Z

I spent the weekend in Indio, California at the Coachella Music and Arts Festival (often referred to as the "Modern Day Woodstock" for you Boomers). Over the few weeks leading up to the event, Square and Apple advertised quite a bit about how every single vendor on the festival grounds would have a new contactless Square reader to accept Apple Pay and payment cards.

In the past at Coachella, paying for a bottle of water or a slice of pizza could only be done with cash. The ATMs at the festival grounds were hard to find, charged high fees, and often broke down. A news release from Square a couple of weeks ago explained that there was going to be no reason to bring any cash to the festival or even a wallet. Hearing such news is a dream come true for festival goers who want to keep track of as few personal belongings as possible.

For the first half of Friday, I was able to easily buy anything I wanted using my chip-enabled credit card and it was a painless process. I simply asked for a bottle of water and the seller took my card and proceeded to insert it into the EMV slot. I chose to abstain from using Apple Pay because smartphone battery life is an extremely precious commodity at the festival—which makes me wonder how those relying on the NFC"Pays"alone got along.

The vendors had their staff swipe or insert the cards, rather than having us do it ourselves, because many people still get confused over when to swipe or dip. With over one hundred thousand people attending this festival, even the smallest hold-up can cost a lot in time and money. Beyond that bottle of water, I also purchased chicken strips and a beer with ease that afternoon.

By early evening on Friday, however, some vendors began stating that the "system was down" and they could no longer accept cards – only cash. I asked a few more of those nearby vendors throughout the day and was met with the same issue. By Saturday and Sunday, I had given up asking altogether and simply came with cash on hand.

Driving home with friends on Monday morning, I asked how they paid for food and beverages throughout the weekend. They all responded that they used their cards whenever they could, but were met with some resistance by certain vendors here and there.

Now, none of my friends are nearly as fascinated by the payments industry as I am, so they were not paying (no pun intended) very close attention. But after digging a little deeper, we realized that we heard "the Square system was down" excuse at only the small tents that exclusively sold bottled water. Those tents get a tremendous amount of traffic, with people of all ages pushing and shoving to get to the front (it is very hot out there!) I imagine those vendors all agreed to abandon the Square readers in order to boost throughput. I highly doubt that there were actual technical difficulties at just those tents while all the others selling food, beer or merchandise were unaffected. Since these tents sold only one product at one price, it is much faster to collect cash $2 at a time because, let's be honest, dipping an EMV card can be a tad slow.

All in all, Coachella and Square teamed up to offer a much easier payment experience than in the past. Although I ended up using cash the rest of the weekend at all vendors – water or not – many people throughout the festival grounds were able to buy their meals, merchandise or beer with their cards.

And despite having to carry cash in my pockets, I was still able to enjoy some of the best acts of the weekend—from hard-hitting rapper Ice Cube to soft-spoken singer BORNS to DJ duo Disclosure. Who knows what incredible new artists and different forms of payment acceptance will be there next year!

 0 George Peabody http://glenbrook.com/about/george.html http://paymentsviews.com/?p=6587 2016-04-25T23:55:42Z 2016-04-20T19:14:12Z

The world of moving money is changing. And faster is the theme. Domestic real time payment systems are showing up across the planet. Today's discussion is full of bitcoin, open and permissioned blockchain approaches to speed asset exchange. But the competitive balance between proprietary and open systems is in flux.

The view that moving money is or should be an internet-wide capability is a guiding principle for Jeremy Allaire, founder and CEO of Circle. Take a listen to Jeremy on how Circle is connecting US dollars to British pound sterling, his plans for the euro, and how multiple technologies – blockchain and machine learning among them – enable money movement for Circle's customers.

Read the transcript below.

George: So welcome, everyone, to another Payments on Fire podcast. It's my pleasure today to be with the founder and CEO of Circle Internet Financial. Is that right, Jeremy?

Jeremy: That's right. The corporate name is Circle Internet Financial.

George: Otherwise, Circle.com with Jeremy Allaire. Welcome, Jeremy, glad to have you here.

Jeremy: Thanks so much.

George: The reason I wanted to reach out with you, Jeremy, besides the fact that it's been a long time since we've spoken, is I've seen some recent activity around your business that I thought our podcast listeners would benefit from. You've really, over the last year or so I'd say, and I'm sure you've been planning some of these changes long since, you've really made a lot of changes in how Circle goes to market. Is that a fair statement?

Jeremy: Yeah, I mean, when we founded the company 3 years ago, we had a vision that money should work the way that the internet works, and that there would be new services and apps that would emerge that allowed people to use money the same way we're using Skype right now, or the same way we use email or browse the web – global, instant, free, fun – and that kind of model that's worked for how media works on the internet, how communications works on the internet, and how content publishing works. Really, we thought that model could come to money and, at the time, there were a number of technologies that we saw that made that possible. Bitcoin and block chain tech was one technology that would be a kind of protocol layer that would be important, the admin of machine learning and artificial intelligence at scale made it possible to automate things that are traditionally done by humans in banks, like risk.

George: AML.

Jeremy: Yeah, everything involved in sort of the movement of money; I'll come back to the question in a sec. The movement of money is really just synchronizing data in a risk managed fashion. We can have protocols that make the movement of money work the way that content and communications works on the internet, and we need technology like financial AI to deal with intelligence and decision making that goes along with it on the way. Other things like cloud platforms and smart phones becoming viable as payment instruments, all that kind of happening at the same time made us think that we could build a global consumer internet company that really tries to reconceptionalize what consumer spending account is and that made money work the way we experience a lot of other things. That was the vision from day one. Now, in starting the company, in order to build that product, unlike other products that are built that Shawn and I have built in the past, we needed to get permission from the government to do that, from lots of governments to do that. Our vision was always what we called hybrid digital economy, where people use their own currency, but they get all the benefits of digital currency and open platforms and open protocols to move around and transmit value.

George: So that's really moving away from being a bitcoin exchange and making bitcoin seamless.

Jeremy: Yeah. So if you look at the product we launched in 2014, it was positioned as a consumer payment app. It was positioned as a way to share value and move value the same way that we use email and things like that. We never thought of ourselves at a bitcoin company, any more than Amazon thought of themselves as an HTTP company or Google as an SMTP company. I think what's critical to understand though is that to actually offer a product that mainstream users would want, we needed to have that fusion between the traditional financial world and this new digital currency world. That required getting licensed across the whole US; that required getting licensed to be an e-money company throughout the European Union.

George: Money service business licenses in 48 states, or something like that?

Jeremy: That's right. We didn't just want to go stealth for 2 and a half years. We decided to make a product available that sort of introduced some of the concepts of digital money, but we knew a product that was only interesting to early adopters and early enthusiasts that kind of cared about bitcoin itself, and it was very good for that, but we didn't really ever market that product. We never broadly tried to promote it for consumer adoption, because it was an early adopter product. Now, with the launch that we did late last year with the US dollar and now with the European launch through the UK first, and eventually across Europe, we're now really starting to market the product and a lot of that vision of how do you combine all these things together and how do you create new user experiences for how people use money led to where we are today with the social payment app, and it's doing really well; it's a product that people really like.

George: Tell us a little bit about how you actually put that into place with the connection of US dollars and pounds to Circle – I think it's better to put it that way. How does that work?

Jeremy: Yeah, sure. Circle is licensed as an e-money company in the UK, a money transmitter in the US; those licenses give us the ability to hold value on behalf of customers, they give us the ability to handle payments between consumers and between consumers and businesses, they give us the ability to do currency exchange, and the ability to do international or cross-border payments. They don't give us the ability to directly store central bank money, so we have to synchronize to another database to store central bank money, and they don't give us the ability to use customer assets for investing and lending and things like that, so we don't have a charter to do those business activities. We do have a charter to really provide that core consumer spending account payment experience, etc. In order to offer this product in any market – the US or Europe, we need to have those licenses and we need to have an underlying banking partner who provides a segregated client money account where we can synchronize central bank money and store central bank money, and likewise a set of capabilities or infrastructure to access the interbank settlement networks in any given currency zone or market. That's what Barclays, for example, in the UK is providing to Circle, and that's at a high level.

George: So you have a pooled account then at Barclays on behalf of your customers. Does Barclays provide the connectivity to the faster payment system in the UK?

Jeremy: Underneath the Circle app is accounts that allow us to settle transactions across the UK banks, whether that's through card networks or other protocols; so we have access to all those kinds of protocols.

George: Great. So we are tracking here, at Glenbrook, the development of the increasing and expansion of these faster payment systems. Of course, we have a lot of interest happening here in the US, but it strikes me that you've got a way for someone here in the States to send money to a friend or family member or I suppose a business in the UK, and actually have that money show up in their bank account in a very short order.

Jeremy: Yeah, it's a unique thing. We've launched something that's sort of not existed before, which is a seamless experience to send and receive value instantly without fees across currencies, as well as across the block chain. It's very powerful and useful. It's important to know that we don't really make a distinction between a cross-border payment or versus a domestic payment. These are sort of artifacts of the legacy that we live with today. The question I always like to ask is "When's the last time you sent a cross border email or had an international web browsing session?" These concepts don't exist, money is data, and movement of value is synchronizing databases. Those databases are administered; banks are regulated database operators, and increasingly, as we move to open protocols for transmitting value and settling transactions, like block chain, we have a way to move value in the same way that we move other kinds of data on the internet. Again, we don't really make a distinction between that, it falls out of the kind of architecture that we have, we can seamlessly move that value, and there are underlying things we need to do in our own treasury and trading operations to ensure that there's that instant liquidity, so that when you send dollars, even though it might be coming from your debit card, we don't get that money from you for days, actually, if not weeks. We're making an intelligent or AI is actually making a risk decision on are you good for that? Are you who you say you are? Are you likely to be committing fraud? Are you a whole host of other things? We have dollars on hand, of course to handle that, and then likewise, that gets transmitted and we make that sterling available to the recipient instantly – milliseconds basically, and they can cash that out straight away. So we have to have pools of liquidity in all the currencies that we operate in, including digital currency for any transmission you want to make with dollars or sterling over the block chain, we need to always have enough bitcoin on hand just to be able to settle that transaction over the open internet.

George: Got it. Are there new FinTech fraud management tools that you've brought in over the last year or so? There's so much activity and machine learning today.

Jeremy: Yeah. When we built Circle, we built a number of things. What you see as the consumer is sort of the tip of the iceberg in terms of the software we created. We think of ourselves, fundamentally, as some sort of an engineering software company, and the majority of our investments are in creating software. I like to say we're 90 people with laptops. That's it, literally, 90 people with laptops, and we create everything as software, we run our entire operation on software, our entire consumer product is software, the way we reach customers, service them, everything we do is through software. That includes a sort of reconceptionalized transaction banking platform that could work with traditional currencies, digital currencies in a multi-currency way that could handle cross-currency settlement really easily. We also developed our own machine learning and AI's and risk engine from scratch. We certainly use third party data, because we don't have a database of every government issued ID – that's not an asset we have as a company. So we use third party data for different things; we take advantage of third party services that pool anonymized data after detecting fraudulent activities, so we can get some network effects from other consumer companies that interact with lots of consumers and have signals that we can share with each other. Fundamentally, we built our own financial AI, it's a risk decisioning platform, it's a rules engine, there's a whole suite of tools that our own risk analysts, the humans that sit behind the machine, can interact with, can make judgments with, and ultimately train that AI. That's a core part of our intellectual property in how we make all of this work as well.

George: Well you're taking on risk then on each of these transactions.

Jeremy: Yeah.

George: You're not charging fees on either end. How does Circle make its money?

Jeremy: On this product, we don't generate real revenue. I think it's useful to kind of understand at least the philosophy we have around this. When we look at what we're building, we think about it in the context of retail banking more broadly, or consumer finance more broadly, and when you look at what retail banks do today, there's really 2 big buckets. One bucket is a place to store value, supposedly securely, and utilities that they provide to you allow you to move value in and out of that storage. Historically, those have been paper tokens, then it moved to plastic tokens with electronic transmission, now we're actually moving into an era of actual digital money, but nonetheless, essentially that storage and value transfer mechanism is what we call the payment utility component of retail banking. We think that, for a lot of the reasons that we saw it was possible to do this today, that we can use block chain technology, we can use AI, we can use cloud software, we can use smart phone apps, as all that software powered experience allows us to operate the equivalent of a spending account (a global spending account) at a very low cost. So we do have fees that we consume, and those are variable in nature, and some are fixed and so forth, but we're able to maintain a customer at a fraction of the cost of a traditional bank would have. So we think that sort of spending account / payment utility, that just becomes a free service on the internet all around the world, not just from Circle, but from lots of other companies. It's going to be very hard to charge for moving value around, just like it's hard to charge for moving email or having a video call. That's sort of a fundamental belief, and so right now the company is focused on scaling out that product and scaling out its adoption and making social payments a more every day behavior as it is today already in China. AliPay and WeChatPay, which are really cutting edge social payment apps, really lit up a whole new consumer behavior that hundreds of millions of people use daily now, and that hasn't happened in the West, that hasn't happened in the US, it hasn't happened in Europe. There aren't really significant social payment apps that have anywhere close to the scale that you've seen in China. Right now we're just trying to establish a social payment app that is able to provide a great experience for people to exchange value instantly and securely without fees; whether it's across the table, across the pond, across the planet, and do that in an open way that's operable with other digital wallets, other merchant services, other financial institutions increasingly that are adopting block chain technology.

George: So that interoperability is really one of the differentiators you're going to have versus the likes of PayPal, Venmo Property, and Facebook Messenger, which is starting to get into this space now.

Jeremy: I think we're, as I like to say, we're in the early days of the internet, where you had online services, and you had AOL, and CompuServe, and Microsoft got in, and these were walled gardens, as we used to say. If you wanted to send an email to someone, if they had an AOL account you could send them an email, and if you wanted to access content, well if they had done a deal with AOL you could get to that content. That's the equivalent of PayPal today, of Venmo, or any of these others, they are closed networks. The internet and the global network affects you get from the internet, really happen when you have these open protocols. The core, core concept and the fashionable phrase is "public block chains". We need public block chains, we need public block chains that anyone can plugin to and use, these global trust machines can be used to settle currency transactions, they can be used to settle estate transfers, lots of other use cases for these public block chains. They are really a critical lying infrastructure that we never wanted end consumers to have to see, just like you don't format your SMTP message headers yourself; you don't know what that is, but when you send an email, it works. If the person on the other end doesn't use the same email service as you, it still works. We want to see that kind of experience for value happen, it's a key, key concept, and certainly, a competitive differentiation. We're also really the only social payment app that's multi-currency. There is no other social payment app that's multi-currency, and not only multi-currency but allows for cross-currency transmission value without fees, which is a break through.

George: I'm hearing that you clearly have got a robust set of APIs for partners to be able to exploit down the line, it wouldn't just be your user interfaces that are taking advantage. I mean anyone can take advantage of the bitcoin rails, but it's that machine AI that you talked about and the other risk management functions that you bring that could be of real value to partners.

Jeremy: The instant liquidity across currencies without fees is really helpful. We don't have an API right now, we're a consumer company, and so, if we ever do have an API for partners, it would certainly be to integrate Circle in interesting ways into other apps and services, but we always want the Circle customer identity, customer relationship to be important. Twitter has an API and lots of products integrate Twitter in really cool ways, but it all sort of feeds into that core Twitter experience and we'll explore some of those things over times, probably.

George: Got it. Couple of other questions for you before we wrap up. One of the things I've always respected about Circle, you entered this market with an absolutely scrupulous approach to regulatory requirements and transparency, and you were the first firm to actually conform and get a New York state bit license, which I know is no trivial accomplishment. Are there other regulations they have that concern you?

Jeremy: Not so much. We've gone through some major milestones in terms of getting regulators comfortable that we can operate this business and manage the risks for consumers, the risks to society, and we do that extremely well. Regulators and our bank partners and our auditors and our insurers, all these kind of institutional fiduciary trust organizations have really pressure tested that, and we've built great controls and we manage it well. I think in terms of the road map on regulatory, it's an interesting time. We spend a lot of time with government agencies here in the US, in the UK, in Japan, and in other countries as well, and you're really seeing an acceleration in financial regulators in particular to figure out how to, not just how to regulate, but how to embrace FinTech, embrace new software powered companies, AI powered companies that are changing the underlying value proposition in economics, distribution models and financial products, and increasing those as we all discover money is just data and so there's a lot we can do with software and software technology to really change that. So I think governments are getting savvier, I think you're going to see more and more regulatory regimes that stand different currency activity, that stand P to P lending, marketplace lending, activity, digital insurance products, all kinds of new kinds of products. They will come under the regulators, but I think that's all very reasonable, and we had that with digital currency very early on – there are more risks. It's helpful to have some level of control and have good teams, have sufficient capital, manage financial commerce; all these things are I think important.

George: And reasonable.

Jeremy: And reasonable; yeah. There's nothing that concerns me; in fact, I think the regulatory environment for financial technology or internet and finance companies is opening up in a really interesting way, and I think there are certainly companies who's view is do as much as possible without having to deal with regulation or sort of act first ask for permission later. I think that's a huge mistake in this sector. I think that it's critical to work with and collaborate with government, because they're important to making this all happen globally.

George: Well, you are touching someone's money, which either directly or indirectly, puts you in a fiduciary role, and that stuff really matters. Let me close with one question, which is less to do with Circle and more to do with your thoughts about bitcoin itself. Looking at particularly the governance evolution of the bitcoin protocol, as I look at it, we've got a crew of contrary developers who have a philosophical split right now, and it's impacting even the performance of the bitcoin itself as a transfer capability. Are you seeing that? Do you see any way through and resolution?

Jeremy: Yeah. There's a few themes there, and we've shared some of this publically. I think first, in terms of the operational impact for Circle, there's really no impact for us. In our system, when you want to send dollars to a block chain address, we instantly convert those dollars into bitcoin behind the scenes. You don't know that that's happening, but that's what's going on. And then we dynamically set fees based on the real time fee marketplace, what's happening in terms of clearing and settlement, and we do that on the customer's behalf, and we actually take that cost ourselves. We typically don't see an impact, because we're dynamic and adaptive in terms of how we deal with transaction throughput and setting the right incentives, but that's not desirable.

George: Have those costs gone up for you in the last few months?

Jeremy: You know, they might spike for a day and then drop. It's not a generalized issue, it's sort of specific. There is a real issue to technology wise in terms of creating more scalability, and obviously, the kind of fault line here has really little to do with the technical issue. The technical issue is trivial in my opinion, and there are very straightforward fixes to it which I think would be great. The real issue is a governance issue. If you step back and you look at public block chain technology, bitcoin being the most noteworthy, it's the public block chain that has the most scale, security, liquidity, et cetera; really, really important stuff. If we wanted to be as foundational as the World Wide Web or as internet email or as voice and video over IP or other things that we just sort of take for granted now, we have to have real governance. So we have to break the type control over the technology away from a small team that is ideologically motivated, and we need to have an actual standards body with an actual standards process, with specifications, with compatibility tests, suites, with real open discussion amongst engineers, computer scientists, academics, others, and iterate the technology and do it in an open way. That's what's actually necessary. So I think we'll get to that place with bitcoin specifically, but the same time, when we think about this over the long run, it's very likely that in 5 years or 10 years, none of us are using bitcoin or something called bitcoin. It might actually be a derivative of the original bitcoin technology, but how many of us use MCSA Mosaic? The web technology specifications themselves have evolved dramatically over that period of time. So I think we'll see competing public block chains; Therium is a very compelling, competing public block chain. It's not proven at scale, it's not proven in security, it's not proven in its liquidity – it's much thinner than bitcoin's, but it's very compelling. So I think we're going to see multiple competing public block chains, and we'll ultimately see governance models emerge, similar to what we've seen for other major internet technologies.

George: Well, if money has become a utility as email has embedded into the internet, without standards as you say, it can't happen. So I couldn't agree more

Jeremy: Absolutely.

George: Right. Well, Jeremy, first of all, thank you very much; great to catch up. I really appreciate your thoughts and update on Circle. I look forward to talking to you again soon.

Jeremy: Thanks, George. Take care.

George: You too.

 0 Elizabeth McQuerry http://glenbrook.com/about/elizabeth.html http://paymentsviews.com/?p=6581 2016-04-18T17:50:23Z 2016-04-18T17:41:29Z

It's been just over two years since we first reached out and asked for your views on the question of faster payments. There have been a number of interesting developments in that period – the launch of FAST in Singapore, the announcement of the New Payments Platform in Australia, development of an instant payment scheme in Europe, a new platform in Kenya as well as multiple initiatives in the United States, among others.

We also have several different adjectives in use to describe how payments should be: faster, real time, immediate, and instant. By any name, decreasing the end-to-end time to execute a funds transfer has become a top discussion in the industry.

We invite you to take the survey and add your voice to the evolving industry discussion. At Glenbrook, we are keenly following the issue and will host our second Insight Workshop on Faster Payments on May 12. We'll breakdown the key concepts and look at case studies of how the concepts are being implemented around the world. And we'll also share our views on how faster payments fits in other industry dynamics underway. The workshop will also be the first opportunity to discuss these survey results in depth.

Click here to take the survey now. Many thanks!

 0


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0 of 1 people found the following review helpful
This book is a stroke of heart warming genius.,
By A Customer
This review is from: Chicken Soup for the Soul: 101 Stories to Open the Heart and Rekindle the Spirit (Chicken Soup for the Soul (Paperback Health Communications)) (Paperback)
Just when you might have thought that all the good books are done, this classic book, the first in a long line of heart warming books, comes through. To listen to these stories on line, come to [...] and follow the links to Chicken Soup for the Soul.
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2 items from 2012
17 December 2012 5:18 AM, PST | The Backlot | See recent The Backlot news »
Aw. Oz is always showing up after Willow's found someone to love.
One of the people who inspired The Wire's Omar Little, Larry "Donnie" Andrews died last week. Andrews went from stealing from drug dealers, to working as a killer for drug kingpins, to being an informant for the police. Much like Omar, he had his own code for who he would refuse to hurt in his crimes. He worked as a consultant on The Wire and eventually appeared on the show as one of Omar's crew. After his release from prison, Andrews worked to help inner-city youth find opportunities out side of gang crime through his Why Murder foundation.
Shameless creator Paul Abbott is bringing another one of his UK shows to the states. He's working with Alex Borstein (who came to fame on Mad TV and also wrote scripts for Shameless) to adapt Linda Green for U. »
- LyleMasaki
16 December 2012 9:47 AM, PST | Vulture | See recent Vulture news »
It's Sunday afternoon — your last chance to read all that stuff you meant to read last week before Monday brings a new deluge of things you will want to read. Below, some of our recommendations: "The Cat's Meow" by David Kamp (Vanity Fair): Exploring the enduring greatness — and possibly genuine niceness — of Martin Short. "Twelve Gigs on a Boat" by Laura Barton (Intelligent Life): For the last year, a boat balanced on top of a building has been one of London's premier concert venues, because who wouldn't want to perform on a boat balanced on top of a building? "Inside the Greatest Writers Room You've Never Heard Of" by Nell Scovell (Splitsider): Recalling shortest-lived late-night network show of all time: The Wilton North Report. "A Soap Opera on the High Seas" by Charles Homans (New York Times Magazine): On the reality TV empire of Thom Beers, »
- Andre Tartar,Caroline Bankoff
2 items from 2012
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April 17-23 is National Spring Stress Less Week! Take a moment to breathe deep, go for a stroll, do some stretches, or play a game (donŌĆÖt forget, we have some at the Library Service Desk!).
We know that this time of year can be overwhelming, so┬ĀHirsh Library is here to help!
We're hosting a study break on Wednesday, 4/20 at 2:30pm. Stretch your legs and head down to the desk to enjoy a cup of tea and a snack. We'll also have this giant roll of bubble wrap available so you can pop your frustrations away:
In addition, the Wellness Advisor is hosting three great events that you'll want to check out:
Benefits of Meditation:┬ĀWednesday, 4/20 from 2-4pm in Sackler 114
Learn about the benefits of meditation and practice┬Āsome techniques with Dr. Christina Pastan
Scream for Ice Cream and Therapy Dogs:┬ĀThursday, 4/21 from 2:30-4:30pm in┬Āthe Jaharis Courtyard
Take an ice cream break and relax with some canine companions
Wellness Advisor Drop-In:┬ĀFriday, 4/22┬Āat 2:30pm in the alcove with the black couches on SK4
Take a study break and enjoy some healthy snacks, coffee or tea, and a chat with the Wellness Advisor
Don't have time to attend any of the events? Create your own study break! We'll have origami paper and some relaxing coloring pages available down at the Library Service Desk all week.
Celebrate Balance in Copyright Law: Fair Use Week!
Monday, February 22nd marks the beginning of Fair Use Week, a time to celebrate the balance in copyright law that addresses freedom of speech and accelerates advancement in education, the arts, science ŌĆō you name it!
If you use other peopleŌĆÖs work, such as images, and/or create content yourself, fair use is an important aspect of copyright law you should know about.┬Ā Before you add those images, tables, and figures to your next paper or load those excerpts up on TUSK and Trunk or post that content to your website, consider whether or not copyright law allows it.┬Ā Fair use may just be the reason you can.
But how do you know??┬Ā Never fear, Hirsh Health Sciences Library is here to help!┬Ā We provide information about fair use, including the factors to weigh when determining if you can reuse a work.┬Ā You can also send us your specific questions for some guidance on making a decision.
Lastly, join us for a workshop on using images next week.┬Ā WeŌĆÖll survey and search image collections licensed by Tufts and in the public domain.┬Ā We will also discuss options for storage, display, and citing sources.┬Ā The session will be repeated.┬Ā Attend in Sackler 510, either on Wednesday, February 24, 2016, 4-5pm or Friday, February 26, 2016, 9-10am.
Post contributed by Judy Rabinowitz
Take a study break! Wintry Crafts Thurs 12/10 and Fri 12/11 starting at 12pm
You're hard at work preparing for finals, but that doesn't mean you have to miss out on holiday cheer!┬ĀTake a break, stretch your legs, and head down to the library service desk on Thursday or Friday afternoon. We'll have the supplies for graham cracker gingerbread houses, coffee-filter snowflakes, and more!
Image by Dean Michaud (originally posted to Flickr as Gingerbread House) [CC BY 2.0], via Wikimedia Commons
Sweet Talks @ Hirsh: Enjoy brownies with Dean Berman at 12pm on 10/21!
Join us Wednesday, 10/21 at 12pm┬Āin Sackler 516 for our┬Āinaugural Sweet Talks @ Hirsh event featuring Dean Harris Berman.
Bring your lunch and enjoy hearing about Dean Berman's career path, the choices he made along the way, how his field has changed during his career, and advice he has for the next generation of professionals that we are educating here at Tufts–all in a casual, conversational manner with time for a Q&A.
Coffee, tea, and dessert will be provided by the library. We hope to see you there!
This Day in History: FDA Approves 1st Oral Contraceptive and Title IX is Passed
June 23 marks the anniversary of two events┬Āof┬Āgreat cultural and political┬Āsignificance to the┬ĀUnited States and, in particular, American women.
In 1960, the FDA formally approved Enovid for use as an oral contraceptive, making it the first approved birth control pill in the world. Enovid┬Āhad been prescribed┬Āsince 1957 as a treatment for menstrual disorders, but the FDA's official recognition and approval of its contraceptive properties ushered in a new era of freedom and debate about reproductive rights. You can┬Āread more about the development of The Pill in Jonathan Eig's The Birth of the Pill┬Ā┬Āand about its┬Āimpact on American society in America and the Pill┬Āby Elaine Tyler May; we have both in our collection.
Twelve years later,┬Āon June 23, 1972,┬ĀCongress passed Title IX as part of the Education Amendments of 1972. It stated, in part that:
ŌĆ£No person in the United States shall, on the basis of sex, be excluded from participation in,┬Ābe denied the benefits of, or be subjected to discrimination under any education program or activity receiving federal financial assistanceŌĆØ
By banning sex discrimination in schools, Title IX has helped to expand educational and athletic opportunities to women.┬ĀFor Title IX's┬Ā40th anniversary in 2012, The National Women's Law Center collected a series of stories to honor the breadth its impact. Perspectives come from those┬Āwho grew up before┬ĀTitle IX, like┬ĀAlexa Canady, the first African-American woman neurosurgeon, as well as after, like┬ĀShree Bose, a prodigious teenage cancer researcher.
You can find the rest of the stories at┬Ā"Faces of Title IX".
Study break today at 3pm! There will be cookies…
April is National Stress Awareness Month
It's National Stress Awareness Month!
Take a moment to breathe deep, go for a stroll, do some stretches, or play a game (donŌĆÖt forget, we have some at the Library Service Desk!).
You could also do this, but we donŌĆÖt recommend it:
Here at Hirsh Library, weŌĆÖll have some activities throughout the month to help you de-stress, so stay tuned!┬ĀIn the meantime, check out some of the stress-reduction and relaxation tools up on the┬ĀTuftsŌĆÖ Counseling & Mental Health Services website.
Unwind with games and crafts this Friday 12/12 @ 2pm on Sackler 4
Need a break this Friday afternoon? Stop by the Library Service Desk from 2-4pm to unwind!
We have a number of games, puzzles, and decks of cards for you to borrow and have added dreidels to our collection for some holiday fun. Feel free to grab a table and play away!
We will also have a number of craft supplies out so you can create some wintery decorations for your apartment or study carrel.
Hope to see you there!
TEDMEDLive 2014 Streaming @ HHSL: Sept 10-12 in Sackler 510
HHSL is┬Āpleased to announce that we will be live streaming some of the TEDMED 2014 sessions in the Sackler 510 computer lab.
Wednesday, September 10
1pm-2:45pm:┬Ā"We Just Don't Know"
4:45pm-6:15pm: "Flat Out Amazing"
Thursday, September 11
8:30am-10:10am: "Stealing Smart"
4:30pm-6:05pm: "Play is Not a Waste of Time"
Friday, September 12
11am-12:40pm:┬Ā"Weird and Wonderful"
2:30-4pm: "I Was Just Thinking Too Small"
Session descriptions can be found here.
If there is enough interest in a session that we were unable to broadcast live, we may be able to arrange an on-demand viewing at a later date. Please contact email@example.com if you would like to request a session or have any questions.
Book Talk "The Boston Floating Hospital: How a Boston Harbor Barge Changed the Course of Pediatric Medicine" September 5th @ 12pm in Sackler 604
Join us this Friday, September 5th at 12 noon in Sackler 604 for our first book talk of the academic year.┬ĀBring your lunch and enjoy coffee and cookies courtesy of the library!
Copies of the book will be available for purchase at a discounted price of $15.00, cash or check, for those with a Tufts University or Tufts Medical Center ID.
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TRIPLE TREAT | Saturday delivered three entertaining #NRL matches, with amazing tries, enterprising ...
87 mins ago
Rovers have completed the signing of prop Ben Gledhill on a dual registration from Wakefield Wildcats, and back Nicky Saxton from Dewsbury Rams until the end of the season.
Head coach Daryl Powell welcomed the signings saying;
We are delighted to be able to strengthen the team with two quality additions. I'm thankful to Wakefield for allowing Ben to work with us on a dual registration, and I think it will be a mutually beneficial agreement, that will enhance Ben's playing career and our depth, when we have a number of injuries.
He continued;
Ben trained with us yesterday and it's clear he has a lot to offer our club and I look forward to work with him in the coming weeks.
Of Saxton he said;
Nicky has been in and out of the game for a number of reasons, but has a lot to offer. He is quick and strong and similarly good on his feet to his brother Tommy. He will offer increased options in our backline. I welcome both Nicky and Ben to our club.


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No falling out of cabs here! Fresh-faced Tess Daly and Sam Faiers lead celebrities on their best behaviour leaving the Pride Of Britain awards
Most award ceremonies end with a small group of celebrities falling out of cabs after indulging a little too much in the free alcohol on offer.
But, for the Pride Of Britain Awards in London last night, all the celebrities were on their best behaviour as they made their way home.
The Only Way Is Essex star Sam Faiers and TV presenter Tess Daly looked fresh-faced as they smiled for the cameras while leaving the Grovesnor Hotel following the ceremony.
Good girls: The Only Way Is Essex star Sam Faiers led the celebrities on their best behaviour leaving the Pride Of Britain Awards last night
Fresh-faced: Tess Daly smiled for photographers as she got into her waiting car and headed home following the emotional ceremony
Wearing a chic black dress, brunette Sam made a dignified exit to her waiting taxi, but it wasn't home time for the reality television star, as she then had to head to Nottingham for a job.
She wrote on her Twitter page: 'Had an amazing night at the pride of Britain awards tonight...
'Now on route to nottingham for a pa ! Can't want to see u all guys.'
Glamour girls: Cheryl Cole and Kimberley Walsh appeared to have enjoyed their evening
Ready to head home? Elle Macpherson looked stony-faced as she left
Meanwhile, mother-of-two Tess looked in great spirits as she headed home from the event, looking stunning in her unusual black and blue zig-zag sequinned dress.
The 42-year-old presenter is clearly enjoying her return as host of Strictly Come Dancing judging by her spangly outfit, which she teamed with a pair of black strappy shoes.
Tess and Sam weren't the only stars to choose an early night over an eventful afterparty.
Smiles all round: The Saturdays singers Mollie King and Una Healy, who is expecting her first child, called it a night relatively early on
Early start: Rochelle Wiseman and Vanessa White also left early, as they have a busy few weeks promoting The Saturdays' new album, released on November 21st
Cheryl Cole, who had wowed her fans as she worked the red carpet in a stunning pink Victoria Beckham dress, looked happy and relaxed as she headed home.
The Girls Aloud singer had earlier expressed her nerves about the event, but seemed happy enough with her performance for photographers as she left.
She was joined by her close friend, and fellow Girls Aloud star Kimberley Walsh, who is no doubt enjoying a few early nights before making her debut in Shrek: The Musical tomorrow night.
Still pouting: Abbey Crouch continued posing for photographers even as she called it a night
Enjoy yourselves? Tom Felton and girlfriend Jade Olivia appeared to have had fun
The 29-year-old singer will be be starring as Princess Fiona in the show, taking over from pregnant Amanda Holden in the role.
The Saturdays, who looked stunning as they posed on the red carpet earlier in the evening, also called it a night fairly early on - perhaps due to the influence of pregnant bandmate Una Healy.
Rochelle, who had worn a gorgeous Project D dress for the awards, tweeted fans this morning saying how much she had enjoyed the evening.
Dancing on home: Holly Valance and Nick Candy left the ceremony hand-in-hand
Dressed to impress: TOWIE star Jessica Wright and Stacey Solomon grinned for photographers as they headed home
What a good-looking pair! Robbie Savage was accompanied for the event by his stunning wife Sarah
She wrote: 'Had a great evening last night, a very inspiring one...too many amazing people under one roof was very overwhelming, so pleased to be there!'
The only person who appeared to have over-indulged at the ceremony was Myleene Klass, who looked slightly bleary-eyed as she made her way home.
Perhaps it was the emotion of the evening which had left the mother-of-two looking weary after her evening out, as she tweeted earlier in the evening: 'Off to #PrideofBritain with pocket full of tissues.'
Had a bit too much? Myleene Klass looked as if she had indulged a bit too much
Posing up: Coleen Nolan met a fan and posed for a photo after the awards
Suited and booted: Adrian Chiles and Gethin Jones looked smart for the occasion
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We'll be in Seattle at the end of April/early May for a work conference for me. Here's what seems to make sense:
- Arrive at SeaTac Saturday noon-ish - rent car and go to Whidbey Island for two nights. Plans are wandering, scenic drives, shopping, maybe some light hiking.
- Monday morning ferry from Anacortes to Sidney, overnight in Victoria. We want to see Butchart Gardens and then just wander, probably the Royal BC Museum. We initally planned two nights here, but I think one night might do.
- Tuesday midday ferry back to Anacortes; return rental car and in to Seattle to conference hotel.
- Tuesday night to Saturday midday in Seattle. We'll do Pike Market, Chihuly, etc. when I'm not at conference functions, along with maybe seeing a baseball game. During the times I'm tied up, dh can wander, do some food tours (I'm a picky eater, so those are wasted on me), scout out places and eat and things to do when we're together, and hopefully tour the two stadiums.
Thoughts, suggestions?
We were in Seattle and Victoria once before, but it was 25 years ago, so this is like a first-time trip.
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Itinerary draft for Seattle/Whidbey/Victoria
We'll be in Seattle at the end of April/early May for a work conference for me. Here's what seems to make sense:
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Perfect! I can usually find a little something to tweak, but your itinerary sounds great for your time and what you want to do. Do you have a place to stay in Whidbey Island yet? suze (in seattle)
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I have reservations at the Boatyard Inn. It's more than I want to pay for the Saturday stay, but better to have some place for sure than lose out later.
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|Name: _________________________
|Period: ___________________
This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.
Multiple Choice Questions
1. Who does Pluck claim is the murderer?
(a) The narrator.
(b) Fox.
(c) O'Corky.
(d) Himself.
2. What does Fox say he used the omnium for?
(a) To wallpaper his police station.
(b) To fix his shoes.
(c) To stick up posters.
(d) To fix a door.
3. Why does Divney claim the narrator can't be there?
(a) He died of cancer.
(b) He can't walk.
(c) He killed him.
(d) He set him to America.
4. Who does Pluck say wants to die?
(a) The narrator.
(b) Fox.
(c) Dilaney.
(d) MacCruiskeen.
5. Who does the narrator see through the window of his house?
(a) Pluck.
(b) Diviney.
(c) Pegeen Meers.
(d) Fox.
Short Answer Questions
1. Who does Fox look like?
2. What does the narrator do when Divney says he killed him?
3. What does MacCruiskeen lose when Gilhaney sends him flying?
4. What do the police have in Mathers' house?
5. Who does the narrator say goodbye to in this chapter?
Short Essay Questions
1. Where does Pluck take the narrator in this chapter?
2. What does de Selby say about heaven?
3. How have the one legged men disguised themselves?
4. How does the narrator describe the map Pluck shows him?
5. Why does Pluck think all modes of transport are dangerous?
6. How does the narrator get the builder to help him?
7. Why is de Selby's Codex impossible to decipher?
8. Summarize the novel.
9. How does the narrator get a reprieve?
10. Why does the narrator think the police cannot hang him?
This section contains 673 words
(approx. 3 pages at 300 words per page)


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On 24 June 2016, the JRC and Central European University (CEU) signed a Memorandum of Understanding (MoU) that establishes the basis for future collaboration in a series of areas of common interest.
On 24 June 2016, the JRC and Central European University (CEU) signed a Memorandum of Understanding (MoU) that establishes the basis for future collaboration in a series of areas of common interest.
The JRC and the US-based International Food Policy Research Institute (IFPRI) have signed a collaborative research arrangement on building up the resilience of vulnerable and poor populations, and improving the livelihood of smallholder farmers in developing countries.
On 10 June 2016, the Commission adopted a new and comprehensive Skills Agenda for Europe. The aim is to ensure that people develop a broad set of skills from early on in life and to make the most of Europe's human capital, which will ultimately boost employability, competitiveness and growth in Europe. Critical thinking, entrepreneurship, problem solving or digital competences are just some of the competences enshrined by the New Skills Agenda. These skills emerge today as key to allow people to develop good-quality jobs and fulfil their potential as confident, active citizens.
The Official Journal of the European Union published today the Best Available Techniques (BAT) conclusions for Common Waste Water and Waste Gas Treatment/Management Systems in the Chemical Sector. These BAT conclusions address a number of issues relevant for all chemical installations covered by the Industrial Emissions Directive (IED):
Multinational companies choose to locate to countries with greater market potential, head-start opportunities, and openness to trade, but worry less about taxes or the costs of starting a business.
On 2 June during the Smart Regions conference, the European Commission launched the Smart Specialisation Platform for Industrial Modernisation.
The European Commission presented its vision on how European standard setting should evolve in the light of technological developments, political priorities and global trends.
This year's open day was celebrated in parallel with the Commission open day in Brussels, where thousands also visited the JRC stand.
The European Commission has presented a three-pronged plan to boost e-commerce by tackling geo-blocking, making cross-border parcel delivery more affordable and efficient and promoting customer trust through better protection and enforcement.
According to the JRC's new study, the success of ICT-based social initiatives relies on the catalytic effect of technology to unleash the potential of social innovation. The study was released on 17 May 2016 to coincide with the World Telecommunication and Information Society Day, dedicated to ICT entrepreneurship for social impact.


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I thought she was the love of my life, but it ended up being just another relationcanoe.
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Clarksville's Old Chicago Pizza and Pasta — Supreme!
Clarksville, TN – Lunch at Old Chicago Pasta and Pizza at 2815 Wilma Rudolph Boulevard in Clarksville has a menu that should give everyone a favorite selection. Our waiter, Wesley, gave perfect service even as we chose the fantastic buffet that featured several thick crust pizzas, thin crust pizzas plus bread sticks and sauces.
My lemonade was just right as was my lunch partner's iced tea. Other drink choices included refreshers like red berry sparkle, ginger-pomegranate sparkler, energy drinks, root beer, sodas, juices and a full range of beers, ales, lagers, cocktails and wines.
Clarksville Weekly Market Snapshot from Frazier Allen for the week of June 19th, 2016
Clarksville, TN – The Federal Open Market Committee left short-term interest rates unchanged, as expected.
In its policy statement, the FOMC noted that "the pace of improvement in the labor market has slowed while growth in economic activity appears to have picked up." At the same time, "growth in household spending has strengthened" and "the drag from net exports appears to have lessened."
The dots in the dot plot drifted a bit lower (that is, expectations of future rate increases become even more gradual).
Clarksville-Montgomery County Hosts Successful Red Carpet Community Tour Event
Clarksville, TN – The Clarksville-Montgomery County Industrial Development Board (IDB) hosted its sixth annual "Red Carpet Community Tour" for site selection and economic development consultants.
The event, scheduled around the Nashville-based CMT Awards Show, is an excellent opportunity for attendees to gain first-hand knowledge of the assets that Clarksville-Montgomery County and the surrounding area have to offer.
Clarksville-Montgomery County Economic Development Council hires Michelle Dickerson
Economic Development Council Taps Michelle Dickerson to Lead Marketing & Communications Efforts
Clarksville, TN – The Clarksville-Montgomery County Economic Development Council (EDC) announces the hiring of Michelle Dickerson as Marketing and Communications Director.
In this role, she will manage the marketing, public relations, advertising and communications efforts of the Economic Development Council and its member entites, the Industrial Development Board, Chamber of Commerce and Convention & Visitors Bureau.
Frazier Allen: The Sharing Economy Matures
Clarksville, TN – The sharing economy – made up of peer-to-peer, access-driven businesses – is growing up quickly.
Just seven years ago, Airbnb began an online platform connecting people with extra space with travelers looking for a room; now it's a juggernaut recently valued at $25 billion with an average of 425,000 guests per night, 22% more than Hilton Worldwide.
Frazier Allen: Ten Financial Tips for First Time Job Seekers
Clarksville, TN – Timing is everything when it comes to taking the right steps toward a secure financial future. For recent grads new to the workforce, it's not always clear what those first steps should be. Most college graduates enter the real world as financial planning rookies. This can be daunting, as your 20s are an important time to lay a foundation for financial stability.
Making smart decisions at this age can have a powerful positive impact on your fiscal future. As the next generation enters the working world, here are 10 tips to get them started on a bright financial future.
Clarksville Weekly Market Snapshot from Frazier Allen for the week of June 12th, 2016
Clarksville, TN – Fed Chair Janet Yellen said she was "cautiously optimistic" in her speech on the economy and monetary policy. She expects that further gradual increases in the federal funds target rate will be warranted, but she also stressed a number of near-term uncertainties.
This week, the mid-month economic data releases will be important, especially Tuesday's retail sales figures, but the focus will be on the Fed.
Frazier Allen: Multigenerational Memory-Making
Clarksville, TN – With the help of multigenerational vacations, two or three generations of a family – perhaps those spread across the country in today's mobile society – have a chance to develop special bonds as they share traveling experiences.
A 2014 poll by the American Automobile Association found that 36% of American families planned holiday trips involving at least three generations in 2015, up 4% from the previous year. Also, a network of high-end travel agencies last year named mutigenerational travel the industry's leading trend for the fourth year running.
Clarksville Weekly Market Snapshot from Frazier Allen for the week of June 5th, 2016
Clarksville, TN – The economic data reports were mixed, but mostly on the soft side of expectations. The ISM Manufacturing Index surprised (modestly) to the upside, boosted by a lengthening in supplier delivery times (anecdotally, many firms had trimmed inventories in anticipation of softer demand, but sales surprised and they are now scrambling a bit to restock).
The Conference Board's Consumer Confidence Index slid. Unit auto sales were strong, but were supported by an increase in fleet sales (rental cars, etc.). The ADP estimate of private-sector payrolls was moderate strong, with continued hiring at small and medium-sized firms.
Frazier Allen: Will Retirement Require a Passport?
Clarksville, TN – Retirement means different things to different people. Some envision their next chapter taking place abroad. Some want to stay at home for as long as possible. Others worry they may not have saved enough, so retiring elsewhere represents a way to stretch their dollars in areas with lower costs of living, as well as a way to experience other cultures.
Still others may see a retirement move as a new adventure. Whatever the reason, there are many things to consider when deciding whether to unwind in another country or right here in the States.


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Widespread Adoption of Biomarkers Has Been...
The Epigenetics Field Is Granular and...
Constant Innovation and Translation of Scientific...
Focused Genetic Analyses Seek To Improve...
Question: Why would anyone spend his/her time looking at so-called "ugly bugs"? Answer: Because they're pretty cool. The Oklahoma Ugly Bug Contest is a contest for Oklahoma elementary students, allowing each school to submit an insect specimen that will subsequently be subjected to scanning electron microscopy (SEM) to produce a close-up view of the bug's head. The resulting images are then judged and the "ugliest" are crowned the winners. The contest's website features the SEM images for all of the applicants, so the site itself is pretty interesting for anyone who enjoys looking at highly magnified insect specimens. The website also includes a "bug prep" page that describes (in general terms) how the insects are prepared and analyzed by SEM. Site visitors can browse all of the past winners in the archive, which amounts to a fairly sizable image collection. However, there is redundancy in the species that are featured in the contest. (For instance, three of the ten winners for 2012 were antlions.)
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