Coins Of The Crown: The Hidden Meaning Behind Maundy Money

Today, we’re diving into a centuries-old tradition that still sparkles with silver and symbolism: Maundy Money.

It’s Holy Week in the United Kingdom, and the Thursday before Easter is no ordinary day—it’s Maundy Thursday. 

On this day, something a little unexpected happens. The King—yes, King Charles III now—hands out special coins to elderly people in a cathedral ceremony filled with pageantry, prayers, and purpose.

What is this “Maundy Money,” and why has it been part of royal life for nearly a thousand years?

Let’s set the scene.

Let’s rewind the clock—way, way back—to the 13th century.

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QR Codes and Quishing

Today we are delving into a concerning trend that’s been making headlines (again) - the dramatic rise in QR code scams, commonly known as “quishing.”

QR codes were invented in 1994 by Masahiro Hara, an engineer at the Japanese company Denso Wave, which is a subsidiary of Toyota.

Since 1994 QR codes have become a ubiquitous part of our daily lives. From restaurant menus to parking meters, these black-and-white squares offer a convenient way to access information quickly. However, this convenience has also opened the door for cybercriminals to exploit unsuspecting individuals.

It’s 11:47 PM. I’m in a dimly lit car park that looks like it was designed using the “haunted hospital” filter on Google Maps. 

The only sounds are a distant owl, the buzz of a dying streetlight, and my own footsteps echoing like I’m in an indie horror film called "Payment Denied."

My mission?

To pay the £2.50 parking charge and escape with my dignity intact. Simple. Elegant. Foolproof.

I approach the pay station……..

Like I’m supposed to be carrying wizard money in 2025.

Today we’re talking about the Tooth Fairy.

Specifically: how does the Tooth Fairy even function in a cashless world?

Think about it—kids don’t use cash, parents don’t carry cash, and banks are closing branches faster than my willpower at a doughnut shop.

So what’s the Tooth Fairy supposed to do?

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Cheques were once the primary way people and businesses moved money around in the UK. But now? They’re going the way of the fax machine, the DVD rental store, and the telephone directory. So, what happened? And what other once-dominant things have suffered the same fate? 

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Coming, ready or not: ISO 20022 SWIFT Compliance Deadline

The November 2025 deadline for ISO 20022 compliance is fast approaching, requiring all financial institutions handling SWIFT payments to adopt the new messaging standard.

Implications of Non-Compliance

While customer transactions won't be immediately affected, non-compliant messages will incur additional processing costs for banks. The exact financial impact remains uncertain, as many institutions are still assessing their readiness for this transition.

Navigating Technological Upgrades

Technological transformations often come with challenges, and the shift to ISO 20022 is no exception. This industry-wide change carries commercial implications beyond regulatory compliance.

Engaging with the Industry

I'm keen to understand how different institutions are approaching this challenge. Do you feel prepared, or are there uncertainties that need addressing?

Are you prepared or uncertain?

In my experience, major projects in banking often come with a false sense of readiness - you are often not as ready as you are led to believe, especially when different parts of the bank have conflicting perspectives.

One team may think everything is on track, while another sees major gaps, leading to last-minute scrambles.

Additionally, the perfect path is often assumed, with little room for flexibility when things go wrong. This rigid mindset, where failures to meet all criteria aren’t accounted for, creates the potential for a deadline miss that could have been avoided with a more adaptive approach.

To make matters worse, any penalties are not well understood and therefore often not properly considered, meaning the true risks of non-compliance or delay aren’t factored into decision-making until it’s too late.

It’s a cycle that repeats unless teams acknowledge uncertainty, plan for setbacks, and truly grasp the consequences of falling short.

Are you prepared for, or uncertain about, the ISO 20022 SWIFT compliance deadline? I’d love to hear your views!

Click and let me know

or reach out directly to Vaughan Collie at Accort: [email protected]

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In this “crunchy showdown” we take two completely unrelated things and force them into a head-to-head battle for no good reason.

• Faster Payments - the system that made sending money go from “waiting three business days” to “done in a second.”

One revolutionised snack time, the other revolutionised finance. 

Let’s find out in this head to head battle of four rounds

Today’s contenders?

But which had the bigger impact?

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What Barbie teaches us about digital payments

Think about Barbie’s journey in the film. She starts off in Barbie Land—a perfect, plastic world where everything seems just right. 

But then, things start glitching, and she’s forced to step into the real world. It’s uncomfortable. It’s unfamiliar. But it’s also necessary for her growth.

Now, let’s apply that to payments……….

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Spitfire vs. Concorde: Learning from aviation’s icons

Bacstel-IP: In the room where it happened

Summary

In this podcast episode of Payments Unpacked, Mike Chambers reflects on the Bacstel IP migration, a significant technological overhaul in UK banking that took place 20 years ago. He discusses the challenges and successes of migrating over 100,000 organisations to a new internet-based payment system, highlighting the importance of collaboration among banks, software providers, and IT teams. The episode emphasizes the legacy of this migration and its impact on modern payment systems in the UK.

Takeaways

The Bacstel IP migration was a pivotal moment in UK banking.

Over 100,000 organizations migrated to a new payment system.

The project involved extensive planning and collaboration.

Bacstel IP improved security, speed, and efficiency of payments.

The migration was largely successful, with high user satisfaction.

Bacs processes a significant portion of UK salaries and payments.

The transition was largely unnoticed by the general public.

The project was part of a £100 million technology renewal program.

Key individuals played crucial roles in the migration's success.

The legacy of the migration continues to shape financial technology today.

Sound Bites

“In the room where it happened”

"It was one of those pivotal moments."

Chapters

00:00 The Bacstel IP Migration: A Historical Overview

02:59 The Impact of Technology on UK Payments

05:45 Reflections on Success and Legacy

Join Richard Ney from Lerex as he shares his thoughts on:

Money Streaming and the need for a new payment method

and

The compliance and technology gap.