Frank Bisignano has said that his old employer, Fiserv, handled $2.5 trillion a day in transactions. There are about 8.2 billion people on the planet. If I remember correctly a trillion is a thousand billion. If my math is correct that means that Fiserv handled about $3,000 in transactions per day for each man, woman and child on the planet. Does that sound plausible? What basis would that be for big-timing Social Security employees even if it's true? Fiserv wasn’t trying to determine disability or administer a needs based benefits program, among other things. For that matter, even if Bisignano had some reasonable claim to big-time Social Security employees, is that a smart thing to do as a manager even if it does fit in with the Trump Administration ethos.
If Bisignano really wants to impress me and others with Social Security experience he should use Elon Musk’s all stars to solve Social Security’s problem with the windfall offset. Great gobs of time are now wasted on manual, yes manual, calculations. There’s got to be a better way. How complicated could it possibly be? It’s only Social Security. However, the odds are that Bisignano won’t even understand the problem by the time he leaves office.
12 comments:
JP Morgan CEO Dimon siad it did 30 trillion per day, fyi
I said it before that the transactions that Fiserv handles are only similar to the last part of a Social Security payment, the part where Social Security tells Treasury what to send out. That part is nearly always accomplished via a computer protocol that is repeated 70 million times a month. There probably is an error here and there but any such errors can be quickly detected and corrected.
What Social Security also has to do is determine the amount of the transaction and to where it is to be sent and this is something that Fiserv never ever has to do.
Comparing the volume of transactions is an utterly meaningless comparison.
Frank is a moron.
Most of that is simple buy/sell orders between computer algorithms. It's not remotely comparable to SSA.
Once Frank finishes emptying the trust fund. We will see NSF responses to transactions.
The fact windfall offsets are so manual is why they are often rife with errors. Sadly the number of people that ACTUALLY know what they are doing with this workload is heading for the exits. The majority of people hired in the last 20 yrs have no understanding of how it works and even less how to do one.
The guy lies through his teeth - seems to be a compulsive liar. Like his claim to have had to google cluelessly for information about the Commissioner job - when he knew exactly what the job was. He's not fooling anyone - except himself.
Windfalls are just one of many workloads that should have been automated 20 years ago. SSA is so far behind technologically wise, most wouldn't believe it. It's a shame, we had some momentum with eDIB, but just seemed to slow down after that. Obviously CCE and many other initiatives have been duds, or at least created more work than they save.
And the erroneous payment rate would be a full zero if the GOP hadn’t created such a byzantine maze of rules designed to do nothing but terrorize poor people.
The real question is, "Does this guy have the balls to fix the benefit shortfall?"
Is this a joke? Frankie could care less since he’s got 800 million in the bank.
Some offsets weren't that complicated but since you're an attorney your apt to not see initial claims offsets. The longer the retroactive period, the more complicated they can be. The idea is simple. Putting it into place isn't.
Post a Comment