Banking – Page 3 – Impact Lab

Banking, Bitcoin, Blockchain, Money Talk, Science & Technology News

The next FinTech: Global “Open Finance” Infrastructure

May 1, 2019

“Open Finance “ — open-source financial services infrastructure built on public blockchains — may be the next major digitization narrative after Fintech. Driven by the transformation of analog liquidity (deposits in a bank account) to digital liquidity (tokens in digital wallets), the playing field can be leveled for offering financial services. As a result, new profit motives are introduced encouraging innovations not previously feasible.

Technology disrupting finance is a narrative that’s existed for a long time. The dream has always been for tech to digitize financial services, increase competition/access, reduce concentration risks, and improve customer experience. Many sales-pitches have tried to achieve this: from FinTechs, TechFins, API / Open Banking, to Permissioned Blockchains.

Continue reading… “The next FinTech: Global “Open Finance” Infrastructure”

Banking, Bitcoin, Money Talk, Science & Technology News

JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business

February 17, 2019

JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business
Engineers at the lender have created the “JPM Coin,” a digital token that will be used to instantly settle transactions between clients of its wholesale payments business.
Only a tiny fraction of payments will initially be transmitted using the cryptocurrency, but the trial represents the first real-world use of a digital coin by a major U.S. bank.
While J.P. Morgan’s Jamie Dimon has bashed bitcoin as a “fraud,” the bank chief and his managers have consistently said blockchain and regulated digital currencies held promise.

Continue reading… “JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business”

Banking, Finance, Future, Latest Trend

Banking’s worst nightmare is here

January 22, 2019

We’ve seen enough. We’re going BIG on the death of big banking.

If you’ve ever had to spend time at a bank opening a simple checking account, or even worse—closing a bank account—you won’t be surprised to hear that Americans are abandoning traditional branch banking by the millions.

Even bank executives concede the massive shift in their business.

Deloitte reports that 3 out of 4 banking executives agree that their work is going to drastically change over the next 3-5 years due to digital business trends.

But even they aren’t prepared for what’s coming…

Continue reading… “Banking’s worst nightmare is here”

Banking, Crime Prevention, Law Enforcement

US Secret Service is probing how crooks use smart credit cards for fraud

January 18, 2019

Credit card thieves have been using Fuze Cards, according to a Secret Service memo.

Credit card thieves have been taking advantage of smart card technologies to avoid getting caught, according to Krebs on Security. The US Secret Service offices in New York and St. Louis have apparently been working on a criminal investigation involving fraud rings using Fuze Cards to store stolen card data. Fuze Cards allow you to store up to 30 credit card details, and you can switch between them using the small screen on the front. It makes the data of the card you want to use available to merchants via a magnetic stripe and an embedded chip. You can also use them to withdraw money from ATMs.

Continue reading… “US Secret Service is probing how crooks use smart credit cards for fraud”

Banking, Bitcoin, Blockchain, Business, Money Talk

At least 15 central banks are serious about getting into digital currency

December 26, 2018

Digital cash may soon start replacing the physical kind.

The market for digital currency is down, but it’s certainly not out. Even if private cryptocurrencies are falling in popularity, it appears likely we are headed toward an era of national digital currencies that are backed by central banks.

Central banks are the institutions that set monetary policy for a nation, manage inflation, and act as the “lender of last resort”—such as the Bank of England in the UK and the Federal Reserve in the US. In fact, no fewer than 15 such central banks around the world are taking the idea seriously, and many others are at least exploring it, according to a recent report from the International Monetary Fund (IMF).

Continue reading… “At least 15 central banks are serious about getting into digital currency”

Banking, Credit, Money Talk

Update: Petal’s no-fee credit card for the credit score-less is now open to the public

October 11, 2018

Petal, the startup credit card company that’s offering a no-fee credit line to people without a credit history, is now publicly available.

Launched earlier this year by co-founders Jason Gross, Andrew Endicott, David Ehrich, and Jack Arenas, Petal has received a $34 million credit facility from Jeffries and Silicon Valley Bank to bring its consumer lending product to the masses.

That money will take Petal beyond the few thousand customers that have trialed the company’s credit card in a pre-release to broad distribution for applicants.

Continue reading… “Update: Petal’s no-fee credit card for the credit score-less is now open to the public”

Analysis, Banking, Business, Money Talk, Science & Technology News

Ten years after Lehman’s collapse, these ten risks could cause the next crisis

September 17, 2018

On Sept. 15, 2008, a credit crunch turned into a full-blown crisis when New York-based investment bank Lehman Brothers collapsed. The global recession that followed is still too fresh in many people’s memories to be considered history. But 10 years on, the state of the financial system suggests that the crisis has been relegated to the history books for many in the industry.

In 2018, Wall Street is enjoying another heyday. Bonuses for bankers have returned to pre-crisis levels, profits for commercial banks are at a record high, the stock market is in its longest bull run in history, the US economy is humming, and deregulation and tax cuts rule the day in Donald Trump’s administration.

Continue reading… “Ten years after Lehman’s collapse, these ten risks could cause the next crisis”

Banking, Bitcoin, Corporate Manipulation, Money Talk

Dutch central bank warns about the rise of the cashless society

June 8, 2018

No cash here.

The Dutch central bank DNB said on Tuesday it had concerns about the decline in the use of cash, saying the lightning-fast rise in digital payments could lead to vulnerable groups having limited access to goods and services.

While apps and other digital methods of payment are rising in popularity, ‘there is a risk that certain groups of consumers could be left behind and cut out of the payment systems,’ the bank said in a new report.

‘To make sure that everyone can continue to participate, paying in cash must remain an option. At the same time, the accessibility and ease of electronic payment systems should be improved.’

Continue reading… “Dutch central bank warns about the rise of the cashless society”

Banking, Bitcoin, Money Talk

World’s first cryptocurrency bank opened in Singapore

April 30, 2018

The co-Founder of Nuo, Varun Deshpande announced on twitter that they are opening a bank in Singapore. This is not just a normal bank but a virtual bank for cryptocurrencies. He also stated that they will open an ATM for virtual digital money as well.

They are also introducing a new technology- Advanced Robotic Account Managers (AARAM). What so fascinating about this bank is that this bank doesn’t need a real manager or a banker. Customers will be personally managed by AARAM at their branch. AARAM can give answers to the queries of users of the bank regarding cryptocurrency prices, private keys, decentralized loans, etc. Also, users can book their own AARAM by installing bank app and signing up for the app. It is a completely automated and decentralized bank which ensures no queues at all times. All users from around the world can avail services at no extra cost by visiting the branch.

Continue reading… “World’s first cryptocurrency bank opened in Singapore”

AI, Automation, Banking, Employment, Robotics

Artificial intelligence will wipe out half the banking jobs in a decade, experts say

April 23, 2018

Advances in artificial intelligence and automation could replace as many as half the nation’s financial services workers over the next decade, industry experts say, but it’s going to take a big investment to make that happen.

James D’Arezzo, CEO of Glendale-based Condusiv Technologies, says that’s where things are headed. And the process will be complicated.

“Unless banks deal with the performance issues that AI will cause for ultra-large databases, they will not be able to take the money gained by eliminating positions and spend it on the new services and products they will need in order to stay competitive,” he said.

Continue reading… “Artificial intelligence will wipe out half the banking jobs in a decade, experts say”

Banking, Bitcoin, Blockchain, Business, Money Talk

Mastercard will support cryptocurrencies – as long as they’re backed by governments

March 27, 2018

It seems Mastercard is gradually softening its stance on cryptocurrency, after CEO Ajay Banga downplayed non-government mandated digital currencies as “junk” back in October last year.

In a conversation with Financial Times, Ari Sarkar, Mastercard co-president for the Asia-Pacific region, said the company is open to explore cryptocurrencies created and backed by governments.

Continue reading… “Mastercard will support cryptocurrencies – as long as they’re backed by governments”

Banking, Big Problems, Business, Energy, Science & Technology News

The World Bank is no longer supporting the oil and gas industries

January 22, 2018

The World Bank is starting to phase out its support for the oil and gas industries.

The move is part of efforts to address climate change and reinforce the Paris Climate agreement.

It also suggests that the Bank intends to play a leading role in the battle against climate change as the US turns its back on global environmental leadership.

Continue reading… “The World Bank is no longer supporting the oil and gas industries”