The government’s set a steep learning curve for crypto compliance

April 22, 2019 at 05:01AM The SEC and other regulators are taking a closer look at ICOs and mergers involving cryptocurrencies and distributed ledgers, which requires careful diligence for payment companies and dealmakers, according to Will Turner, a partner in the blockchain and cryptocurrency practice at Steptoe & Johnson. via PaymentsSource: Feed Continue reading The government’s set a steep learning curve for crypto compliance

ICE’s Bakkt has issues. A N.Y. crypto license might fix them.

April 18, 2019 at 03:22PM Intercontinental Exchange Inc. has been facing resistance from federal regulators over a key part of its ambitious plan to bring Bitcoin to the masses. Now, the owner of the New York Stock Exchange is turning to state watchdogs to get the project over the goal line. via PaymentsSource: Feed Continue reading ICE’s Bakkt has issues. A N.Y. crypto license might fix them.

Accuity Launches AI-Powered Financial Crime Compliance Screening to Detect and Prioritise Highest Risk Individuals

April 17, 2019 at 08:59AM Accuity, the leading provider of financial crime compliance, payments, and Know Your Customer (KYC) solutions, has announced its AI-driven account screening capability, ‘Firco Automated Alert Reduction’, which increases the level of accuracy in detecting and evaluating screening matches during the KYC process. It has also been optimised to integrate seamlessly with WorldCompliance data to expand its visibility into sanctions, politically exposed person (PEP) and adverse media lists, in support of compliance requirements. This new module augments existing financial crime filters and alleviates a significant burden for organisations with large-scale compliance operations that rely heavily on … Continue reading Accuity Launches AI-Powered Financial Crime Compliance Screening to Detect and Prioritise Highest Risk Individuals

A pause is needed before humans are fully removed from payments

April 16, 2019 at 05:01AM Machine-to-machine payments and AI are paving the way for dynamic and rapidly adapting ecosystems, and it’s an exciting time to be in the payments industry. However, with all the transformation, financial institutions and regulators should be aware of the latest developments to adequately shift their strategies, writes Martin Amend, a senior consultant at Capco. via PaymentsSource: Feed Continue reading A pause is needed before humans are fully removed from payments

Credit Cards, Auto Loans Drive Better Than Expected Earnings For Wells

April 12, 2019 at 05:49PM Wells Fargo came through with a better than expected earnings report on Friday morning (April 12) before the market opened. Revenue came in at $21.609 billion, ahead of the $21.012 billion forecast, while earnings was $1.20 per share, well above the $1.09 analysts had been expecting pre-release. “Our financial results included continued strong credit performance and high levels of liquidity,” CFO John Shrewsberry said in a statement. “In addition, our continued de-risking of the balance sheet and consistent level of profitability have resulted in capital levels well above our regulatory minimum.” Consumer transactions and auto … Continue reading Credit Cards, Auto Loans Drive Better Than Expected Earnings For Wells

Boosting The Good Growth And Killing The Weeds

April 12, 2019 at 04:00PM As flowers are blooming in real gardens for spring, innovative ideas are blooming metaphorical gardens in payments and commerce. Things are getting faster and easier to purchase across channels, there’s active interest in making financial services more accessible and diverse. But with good growth comes bad – and in payments and commerce, fraudsters are the weeds, and the advance of AI is what many hope to be the weed killer. Data: $365 billion: Estimated size of the global online food delivery market by 2030. $36 billion: Size of Bank of America’s SMB lending portfolio. $1.7 … Continue reading Boosting The Good Growth And Killing The Weeds

Sen. Warren Proposes 7 Percent Corporate Tax Law

April 12, 2019 at 01:00PM Democratic presidential hopeful Sen. Elizabeth Warren announced her vision for a revamped corporate tax law, The Wall Street Journal reported Thursday (April 11), an initiative that could raise $1 trillion over 10 years. Reports said Warren announced her Real Corporate Profits Tax, proposed legislation that would include a 7 percent tax on the largest U.S. corporations and heighten overall corporate tax collections by 30 percent over a decade. “We need corporate tax reform, but we also need to recognize that enormous companies with armies of lawyers and accountants will always try to exploit any deductions and … Continue reading Sen. Warren Proposes 7 Percent Corporate Tax Law

The Cybersecurity Threat Of GDPR

April 12, 2019 at 01:00PM The General Data Protection Regulation (GDPR) represented a new phase in data security and EU regulators’ approach to it. Designed to safeguard consumers with greater transparency into how, when and by whom their personal data is collected, GDPR, though based in EU, has a global reach and is likely to act as a blueprint for upcoming data security regulations in other markets. But the legislation also comes with some big question marks. Nearly one year since GDPR came into effect, there remain uncertainties about issues like accountability in cases of data breaches at data sharing … Continue reading The Cybersecurity Threat Of GDPR

Bitcoin Daily: WikiLeaks Bitcoin Donations Spike; Harvard Backs Crypto Co

April 12, 2019 at 12:10PM A new survey shows that most companies are not using blockchain technology. Stack Overflow’s annual developer survey asked around 48,175 developers about blockchain’s adoption within their organizations, with 80 percent saying they are not using the technology at this time. In addition, 12.7 percent revealed that their company was leveraging non-currency applications of blockchain, while 4 percent said they were implementing crypto-based products and 2.1 percent are currently accepting bitcoin or other coins as payment methods. In other news, WikiLeaks has seen a boost in bitcoin donations after its leader, Julian Assange, was arrested in the U.K. WikiLeaks … Continue reading Bitcoin Daily: WikiLeaks Bitcoin Donations Spike; Harvard Backs Crypto Co

Ant Financial’s Health Plan Has More Than 50M Participants

April 12, 2019 at 12:10PM Ant Financial Services Group, the payment affiliate of Alibaba, launched a health aid plan in China that has landed more than 50 million users. According to a report in Reuters citing Ant Financial, the plan called Xiang Hu Bao, which means mutual protection in English, gives participants basic medical coverage with the risks and expenses shared by all the members. The plan is marketed on Alipay, its mobile payment app. It is extremely popular among China’s poor citizens who can’t afford medical services in the government’s healthcare system and aren’t served by traditional commercial insurers because … Continue reading Ant Financial’s Health Plan Has More Than 50M Participants

Nonbank Lending Hits $52T, With US Assets At $15T

April 12, 2019 at 11:56AM Nonbank lending – also known as “shadow banking” – has seen its assets hit $52 trillion, despite the fact that the sector poses significant risks. As CNBC reported, these companies, which have been subjected to less regulation than traditional banks, have seen a 75 percent jump from 2010, the year after the financial crisis ended. The nonbank sector played a large part in the crisis because it gave loans to underqualified borrowers, while also providing financing to many of the investment instruments that collapsed at the same time as subprime mortgages. Data has also shown … Continue reading Nonbank Lending Hits $52T, With US Assets At $15T

Payments Execs On 2019’s Payments Innovation Watershed

April 12, 2019 at 09:03AM One decade draws to a close, the next one looms. Only a few months into 2019, the year is already shaping up to offer a bit of a watershed in how we pay and how we get paid. The headlines may trumpet the size of multi-billion dollar deals, as Fiserv links with First Data, and FIS gathers Worldpay into its fold. As the 2010s roll off into the 2020s, the fact remains that technology is blurring the lines that used to exist before the (continuing) digitization of commerce. Along with this trend, as transactions between … Continue reading Payments Execs On 2019’s Payments Innovation Watershed

Uber Rival Didi Debuts FinServ For Car Lease Firms

April 11, 2019 at 11:01PM Chinese ridesharing company Didi Chuxing is diversifying its business amid massive regulatory changes in China that make it harder for riders to work for the company, according to TechCrunch. The company is launching an online financial system targeted toward car leasing and fleet management outfits. The new service will try to make Didi’s partners lives easier by providing them with risk-control tools built from the heaps of driver data the company has on its workers.  “The ability to monitor a ride-hailing vehicle’s operation, performance and maintenance in real-time is a tremendous asset for drivers and … Continue reading Uber Rival Didi Debuts FinServ For Car Lease Firms

India Google Pay Users Can Now Buy 24-Karat Pure Gold

April 11, 2019 at 10:03PM Google has joined forced with gold bullion refiner MMTC-PA to let Google Pay users in India purchase and sell gold on the app, according to reports. The service is already offered in the region through companies like Paytm, Mobikwik and PhonePe. MMTC-PAMP is India’s only LBMA accredited refinery, and through the partnership, users can buy 99.99 percent 24-karat gold. “Gold is core to Indian culture and tradition, making India the world’s second largest consumer of gold. Indians buy gold to mark auspicious occasions each year be it Akshaya Tritiya, Dhanteras or Diwali,” Google Pay India … Continue reading India Google Pay Users Can Now Buy 24-Karat Pure Gold

IMF Head Sees Cryptos ‘Shaking’ The System — But Will Banking Stay Shook?

April 11, 2019 at 08:52PM To quote a rock ‘n’ roll poet (Jerry Lee Lewis): Whole lotta shakin’ going on. Depending on how you look at it, cryptocurrency is either the next big thing, or the thing with feathers — that would be hope, to quote another poet (non-rock ‘n’ roll, and that would be Emily Dickinson). One notable voice has chimed in to say that cryptocurrencies are among the next big things in finance. Per CNBC’s interaction with IMF Managing Director Christine Lagarde on these and other new technologies: “I think the role of the disruptors and anything that … Continue reading IMF Head Sees Cryptos ‘Shaking’ The System — But Will Banking Stay Shook?

Dutch Antitrust Agency To Investigate Apple Over App Favoritism

April 11, 2019 at 08:21PM Apple is being investigated by the Netherlands’ Authority for Consumers & Markets (ACM) over accusations that it gives precedence to its own apps over competitors, according to a report by Bloomberg. The news comes after Spotify recently requested the European Union also look into the issue, which its powerful antitrust department is doing. The ACM is looking into whether Apple takes advantage of its position by “by giving preferential treatment to its own apps.” “At first, the investigation will focus on Apple because, at the moment, the most detailed reports have been received about Apple’s … Continue reading Dutch Antitrust Agency To Investigate Apple Over App Favoritism

Deep Dive: With Contactless mPOS, SMBS Find The Magic Touch

April 11, 2019 at 03:30PM Consumers want to be able to use their smartphones to scan or look products up and make payments — even when they are shopping at their neighborhood markets. Mobile point-of-sale (mPOS) solutions have emerged to help them do just that, enabling convenient and frictionless experiences at small to medium-size businesses (SMBs) and keeping transactional costs under control. Contactless mPOS adoption is also likely to increase in the coming years, with more consumers looking for checkout experiences that are both seamless and secure. The following Deep Dive delves into why small merchants could see big changes when they adopt such solutions, and how … Continue reading Deep Dive: With Contactless mPOS, SMBS Find The Magic Touch

Aussie Lawmakers Want Stronger Recourse For SMB Bank Disputes

April 11, 2019 at 01:00PM Lawmakers in Australia are pushing for legal assistance for small businesses that find themselves in dispute with banks, reports in The Sydney Morning Herald said Wednesday (April 10). The Senate’s Legal and Constitutional Affairs Committee released a report earlier this week on its analysis of dispute resolution in the banking industry as the nation continues to crack down on misconduct against small businesses in the industry. Policymakers concluded in the report that consumers and small businesses continue to face barriers in dispute resolution despite efforts by a royal commission to shed light on the matter. … Continue reading Aussie Lawmakers Want Stronger Recourse For SMB Bank Disputes

Lawmakers Seek New Regs Aimed At Tech Algo Biases

April 11, 2019 at 11:14AM U.S. lawmakers have proposed a bill that would make tech companies detect and remove any discriminatory biases found in their technologies. The Algorithmic Accountability Act of 2019 would give new power to the U.S. Federal Trade Commission (FTC), as well as require tech companies with annual revenue above $50 million to study if race, gender or other biases are embedded in their computer models. The rules would also apply to data brokers and businesses with over a million consumers’ data. “Computers are increasingly involved in the most important decisions affecting Americans’ lives — whether or not … Continue reading Lawmakers Seek New Regs Aimed At Tech Algo Biases

Online Liquor Sales Are Booming – Can Digital ID Keep Up?

April 11, 2019 at 09:03AM Securing alcohol is one of the grand adventures of life, especially if a person is younger than the legal age to buy. That’s not to put a romantic spin on an illegal and often dangerous activity, but how many of us have stories from high school about swiping some schnapps from Daddy’s basement bar, or fooling the liquor store clerk with a fake ID? Well, digital commerce and payments present a new opportunity for such stories and memories – and new challenges and dangers for beer, wine and liquor merchants looking to grow and thrive. … Continue reading Online Liquor Sales Are Booming – Can Digital ID Keep Up?

Bitcoin Daily: NY Reg Denies Bittrex’s Crypto License; Bitcoin Fraudster Steals $365K

April 10, 2019 at 11:37PM The New York Department of Financial Services has denied a virtual currency license for Bittrex, an American digital asset exchange. The DFS cited deficiencies in capital, according to Reuters, and “failure to demonstrate that it will conduct its business honestly, fairly, equitably, carefully, and efficiently.” Bittrex was ordered to stop operating in New York and close shop within 60 days. Bittrex said it “fully disputes the findings” and that the decision “harms rather than protects New York customers.” “Corporate responsibility is in our DNA and our commitment to regulatory and compliance guidelines is second to … Continue reading Bitcoin Daily: NY Reg Denies Bittrex’s Crypto License; Bitcoin Fraudster Steals $365K

Lyft Stock Dips On News Of Uber’s $100B Valuation

April 10, 2019 at 08:47PM Shares in the ride-hailing company Lyft dropped 7.3 percent on the news that rival Uber was looking for a valuation of between $90 billion and $100 billion ahead of its initial public offering (IPO), according to reports. When it officially goes public on Thursday (April 11), Uber reportedly plans to sell $10 billion in stock. Uber was previously looking for a valuation of $120 billion. Lyft, however, has a market cap of just below $20 billion. The company raised $2.69 billion when it went public last month. Lyft stock has moved a lot since the … Continue reading Lyft Stock Dips On News Of Uber’s $100B Valuation

Study Shows Hotels Often Leak Guests’ Personal Info

April 10, 2019 at 07:19PM A study by Symantec, a cybersecurity company, showed that two out of every three hotel sites have leaked personal data, which could include credit card and passport information, according to a report by Reuters. The data is being shared with third-party sites, as well as advertisers and analysis companies. Symantec studied upwards of 1,500 hotel sites in 54 countries, from two-star to five-star establishments. The information includes personal details like full names and email addresses, along with payment information, and could be hacked by criminals or used for espionage purposes. Especially, the report said, by … Continue reading Study Shows Hotels Often Leak Guests’ Personal Info

Amazon Go Stores Prepare To Accept Cash

April 10, 2019 at 03:48PM Cashless retail, to a point, and then cashless and cash, too. Reports came Wednesday (April 10) across a variety of financial news conduits, among them CNBC, that Amazon will add “additional payment mechanisms” to its Go stores – and among those would be cash. Steve Kessel, who as a senior vice president helms the physical store operations for Amazon, reportedly said last month that the expansion of payment options would take place at the stores, but no timeline was available as of this writing. Kessel’s statement, which was made at an internal meeting, was confirmed … Continue reading Amazon Go Stores Prepare To Accept Cash

Uber Aims To Raise $10 Billion Via IPO

April 10, 2019 at 12:10PM Uber, the ride-hailing app that is eyeing an initial public offering in May, is looking to raise $10 billion via the offering. The Financial Times, citing a person familiar with the matter, reported Uber is expected to make its IPO registration documents public Thursday (April 11) and launch a roadshow on April 29. If Uber files for a $10 billion IPO, it will be the largest this year and could surpass Facebook, which holds the current record for the biggest IPO of a U.S. technology company. When Facebook went public back in 2012 it raised … Continue reading Uber Aims To Raise $10 Billion Via IPO

Wells Fargo CEO Search Could Hurt Turnaround

April 10, 2019 at 12:10PM Wells Fargo, the embattled national bank that is still reeling from a 2016 fake account scandal, is having a hard time recovering and rebuilding its reputation, leaning on cost cuts amid declines in revenue. Just how bad it is at the bank will be on display when Wells Fargo reports quarterly earnings Friday (April 12). Citing analysts, The Wall Street Journal reported that an ongoing search to find a new chief executive after Timothy Sloan resigned in March is going to make it hard for Wells Fargo to create a plan to boost revenue in the … Continue reading Wells Fargo CEO Search Could Hurt Turnaround