I, I don't have all the details of this, Dave, but I, I thought it was a pretty interesting story.

It, it-- Yeah, it was really interesting.

I suppose it's the, you know, y- you're buying your own lunch by using fraud to buy more tokens to then do more fraud.

Um, yeah.

Um, but, uh, yeah, it, it was inter-- For me, the, the interesting part of this was what it shows is the sort of traditional approach that a lot of retail banks take around, around some of the, the sort of, particularly on the, the sort of card payment world of fraud is, is about trying to just spot transactions as opposed to looking at You know, more personalized behavior of customers and understanding actually what is, what is normal for a customer versus a particular customer rather than is normal as a pattern for all of their customers in, in blocks and types of customers.

And I've actually tried to get more sophisticated around going to a very personalized fraud models, I think is the route that, that everyone's gonna have to take.

You know, particularly as, as, you know, these models are only gonna get more sophisticated.

Um, what do you think's going on? Is this, is this simplification? Um, or is this something else?

What was it like for the actual recovery? Wa- was that a major mission to get that one out of the Solent and the one off the mountainside?

The Solent recovery, uh, fortunately, like I say, the, the, um, National Grid had a, a floating barge, uh, a recovery barge tracking its way across the Solent ahead of the, the cable laying process.

So, uh, parts of shipping containers, old fridges, um, wrecked cars which have fallen off a ferry over the years.

Who knows? Goodness knows what was down there on the seabed as junk, bits of old boat anchors, you know, all sorts of stuff littering the seabed.

They were-- had a, they had a dive team working ahead of them, lifting all of that up in, um, undersea recovery baskets.

So, you know, they could, they could get stuff floated into a basket, lifted up, lifted away, and that's largely how the Barracuda came up onto the dive barge and then got transferred to land.

So we were very lucky there with a dive barge with a huge crane on board and a full recovery team, not just picking up Barracuda, but anything else which was in the way on the seabed.

How, uh, this network's very, very small, isn't it? It's amazing how I'm talking to somebody about aviation archeology, and DP872 comes up.

I'm interested, what was your reaction when you, you read this story?

Yeah, it was, uh, obviously it was a couple of things.

It was slightly, you know, slightly cynical head of mine that went, well, some of this is about keeping money in their platform.

If you're in a remittance platform, you know, it, it tends to be money going through.

Um, and, you know, they're, they're not necessarily holding, you know, cash assets within their world.

Um, and then, you know, that, that remittance is a hard world.

It's, it's, you know, it, it's a competitive world.

I know this is something you've been looking at for a little while, but what's your reaction? What's your experience?

And what is its current role, and how is, how does its role today, big picture, change from what it would've been when we were, we remember in the '90s, early 2000s?

I don't, I, I think overall right now the NCAA is still the...

It's, it hasn't changed.

It's a, look, if you're gonna play, right, you're gonna, you got, like, I got a college, and we have this team, and in order to have a team you have to play somebody, right? So every soccer parent knows this.

You can't play without another team, and you gotta have some US Soccer, you know, US Club Soccer, ECNL, um, the w- Raleigh, Raleigh Durham Association of Soccer Clubs.

Whatever it is, you gotta have somebody who says, "Okay, look, all the teams are gonna operate in a way that's fair, and we're gonna, this is how we're gonna adjudicate that." The NCAA is that for most colleges.

It used to be the NAIA was the big one, and the NCAA was just the big schools and the really high academic schools.

Yeah.

You know, your customer, your anti-money laundering and everything else is all sorted out.

Yeah, it does take time.

Not four years normally.

Obviously, there was a lot of flags early on about some of the accounting practices and other things that have been flagged by some of the European regulators that I think slowed it down.

But...

It shouldn't have taken as long as it did.

There was all of the pressure and the fight between the Bank of England and the Chancellor about political pressure on this earlier last year and things.

Dave, what do you make of this

Administration.

Administration to actually get to it.

You've got your own, it's all in your own hands.

You're in control of it if you've got your, it is your license.

And I think you don't have any of the worry about partnerships and things.

And they're a behemoth.

They're such a monster organization, NewBank, you know.

But do you think the foreign entrants tend to win out or do the domestic firms manage to respond? I mean, what will some of the UK firms or European firms be thinking about Robinhood coming in?

Given, I suppose, that comment from Jason and kind of what we've seen play out with this announcement from Plaid and JP, what's your take on this? Are they successfully diminishing the competition?

I'm very much with Jason.

I think a lot of this is about trying to kill the market.

For JP, they want the entire ecosystem in their world.

They want people to be doing everything on know the chaser world and other parts of their recap system and so you know for them open banking hurts them um you know this is you know for me is totally against the open banking approach and what things should be there the idea to call this unnecessary um as assessor of the way this is happening and it feels very punitive and it does feel you know the big boys trying to kick the fintech world and stop this happening I don't think there's much that can be done to stop this.

Cloud clearly have rolled over and accepted that they're going to have to pay for this.

I suspect other people will end up doing that as well, but this isn't a good news story from my perspective.

Dave, obviously you're in a, could you describe FoundryOS as a startup? I don't know, but you are in a sort of in build mode, right? So do you, can you sort of see how this sort of offering could help?

Is that an alternative explanation for this? I think

there's a bit of both for me.

Certainly, you can't ignore the impact that sort of where a lot of these cyber attacks are coming from.

It's very clear.

You can't hide from that Russia-centric in a lot of this.

And if it is coming from Russia, it's likely to be state-sponsored.

And so you have to keep that in mind.

Dave, what do you think? Right strategy too early?