Insights

Financial infrastructure in practice.

Cases and analysis connect documented events to the permanent knowledge pages that explain the underlying mechanisms.

Evidence-led analysis Case StudiesNamed companies, events, failures→Architecture AnalysisRecurring system design patterns→

Operating consequences Regulatory AnalysisOperational effects of regulation→Practitioner NotesFocused execution and control questions→

Contributor

Philipp Shvedov

Philipp Shvedov is the founder of Delcos and the author of its Insights commentary. My work focuses on the operational layer of corporate and institutional finance — the systems through which money, payments, and capital actually move inside organizations. lainers Interesting in: Treasury, precious metals, cross-border payments, financial infrastructure Research

Publications

Recent work

Case Studies
The Synapse Collapse: How a Banking-as-a-Service Ledger Failure Trapped Customer Deposits at Solvent Banks
In May 2024, more than 100,000 people opened their banking apps and could not move their money. They had downloaded fintech products — savings apps, small-business banking apps, yield accounts — and had been told their funds sat in FDIC-insured accounts at partner banks. The funds were there. The banks were solvent. Transfers stopped completing…
06.05.2026

How instructions and value move through financial systems.

How institutions identify risk and evidence decisions.

Financial infrastructure in practice.

Philipp Shvedov

Recent work

The Synapse Collapse: How a Banking-as-a-Service Ledger Failure Trapped Customer Deposits at Solvent Banks