For Blockchain Adoption, FIs Have to Solve Compliance First
Bank Innovation
MAY 26, 2017
The next big thing in financial services won’t make it very far off the ground if FIs don’t innovate with an eye towards compliance.
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Bank Innovation
MAY 26, 2017
The next big thing in financial services won’t make it very far off the ground if FIs don’t innovate with an eye towards compliance.
Perficient
MARCH 17, 2023
Blockchain Is A Permanent Record In the last series of articles published by members of Perficient’s Digital Assets Team, we wrote about the improved visibility of blockchain-based supply chains assisting all supply chain transaction partners to share data through permission-based Blockchain solutions.
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CFPB Monitor
MAY 3, 2022
On April 28, 2022 the New York Department of Financial Services (“NYDFS”) issued its Guidance on Use of Blockchain Analytics , a document directed to all virtual currency business entities that either have a NYDFS Bitlicense or are chartered as a limited purpose trust company under the New York Banking Law.
PYMNTS
NOVEMBER 4, 2020
Morgan ’s Onyx , told Karen Webster that peer-to-peer (P2P) private blockchain networks can help streamline information flows tied to cross-border payments and remove the complexities tied to legacy systems. Morgan said it had established Onyx, a new business unit dedicated to blockchain and digital currencies. Liink, J.P.
Bank Innovation
APRIL 27, 2018
EXCLUSIVE - Technology services provider Synechron launched a regtech program focused on helping its financial services clients on regulatory compliance issues. Although it is called an accelerator, the model of the program is based on Synechron's blockchain project (also called an […].
Payments Source
AUGUST 26, 2019
Blockchain and distributed ledger technology offer many of the basic elements that are essential components for PCI DSS compliance, writes Doug Wick, chief product officer at ALTR.
Banking Exchange
JANUARY 18, 2022
Pseudo-anonymity and decentralization are main characteristics of cryptocurrencies Compliance Compliance Management Compliance/Regulatory Feature3 Feature Bank Performance Cryptocurrency Bitcoin Blockchain Cyberfraud/ID Theft Security.
PYMNTS
MARCH 11, 2020
The alliance, a Libra competitor, provides an avenue for developers to create decentralized apps based on Celo blockchain technology as well as U.S. According to reports, the biggest element that sets Celo’s network apart from other blockchains is that Celo Dollar stablecoin payments can be sent to phone numbers instead of complex addresses.
PYMNTS
JULY 30, 2019
Blockchain-based payment system PumaPay has announced the launch of a new cryptobilling solution which has secured PCI (payment card industry) compliance. PullPayment Protocol will enable multiple payment scenarios and all the familiar billing methodologies used with credit cards.
PYMNTS
FEBRUARY 13, 2020
Wells Fargo Strategic Capital (WFSC) is backing the London-based blockchain analysis firm Elliptic with a $5 million investment, bringing the startup’s Series B round to $28 million, Elliptic announced in a press release on Thursday (Feb. WFSC joins existing investors SBI Group and Santander InnoVentures.
Bank Innovation
JUNE 27, 2018
Blockchain‘s future in banking is bright, but right now, the industry is not prepared to take advantage of what the technology offers, according to a new McKinsey report on blockchain’s viability across various industries.
PYMNTS
NOVEMBER 19, 2020
Plus, blockchain makes new inroads in the B2B arena. The partnership supports Payment Canada's need for RTR to enable ISO 20022 messaging standards and remain in compliance with the Bank of Canada 's risk management standards for payment systems, an announcement revealed. TOMIA and Clear Embrace Blockchain for Telecom B2B Payments.
PYMNTS
OCTOBER 17, 2018
Blockchain company DMG Blockchain Solutions is rolling out a new supply chain management solution designed for the legal cannabis market. “The emerging cannabis industry demands product management solutions and blockchain is the most logical choice,” said DMG CEO Dan Reitzik in a statement.
PYMNTS
JANUARY 22, 2020
Accenture has a blockchain solution that just went live, according to a press release. With increased supplier demand, Accenture buyer teams need to move quickly and effectively,” said Shane Marshall, the company’s managing director of Global IT and Blockchain.
Payments Source
MAY 24, 2018
The rules that govern data are changing rapidly, creating confusion for the companies that use blockchain to support payments, as well as potential investment opportunities for third parties that can ensure compliance.
Bank Innovation
APRIL 7, 2017
Blockchain Capital, the first venture capital firm to focus exclusively on DLT technology is offering digital tokens that represent a stake in the firm’s third fund. The tokens are held on the Ethereum blockchain […].
PYMNTS
NOVEMBER 10, 2020
The emergence of the “network of network” strategies on the parts of Visa and Mastercard have opened the door for faster payments, for the electronification of payments — and for blockchain to underpin it all. Blockchain remains a key driver of cryptos’ future, both as unit of currency and store of value.
PYMNTS
DECEMBER 10, 2018
Social media giant Facebook is looking to grow its blockchain team, according to a report. The company posted on its careers page that it’s looking for data engineers and scientists, software engineers and a product marketing lead for its blockchain team. Do you like working with data?
Insights on Business
JULY 26, 2018
Consider, for example, the blockchain space. While blockchain’s decentralized, distributed-ledger technology is most popularly known as the basis for cryptocurrencies such as bitcoin, among the thought leaders with whom I work this is only scratching the surface of the potential of blockchain for business. Customer Experience.
PYMNTS
FEBRUARY 22, 2019
Office of the Comptroller of the Currency (OCC), over deficiencies that the OCC identified in the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The office recently examined the branches for BSA/AML and Office of Foreign Assets Control (OFAC) sanctions compliance. On Wednesday (Feb. On Wednesday (Feb.
PYMNTS
SEPTEMBER 18, 2019
To that end, the Bank for International Settlements (BIS) said in a paper titled “Embedded supervision: how to build regulation into blockchain finance” that distributed ledger technology (DLT) could be a part of bank infrastructure and could be used to automate supervision.
PYMNTS
AUGUST 23, 2019
Blockchain firm Pundi X has announced that Venezuela’s largest chain of department stores will implement the XPOS, the blockchain-powered point-of-sale device, across its 49 stores around the country. It is the first compliance alerts solution available across 15 cryptocurrencies.
PYMNTS
SEPTEMBER 14, 2020
French multinational auto manufacturer Groupe Renault is looking to revolutionize compliance of vehicle parts via blockchain, a press release says. The new program, entitled XCEED (eXtended Compliance End-to-End Distributed) blockchain program, will cover the entire process of compliance from design to production, the release says.
PYMNTS
MARCH 13, 2019
The New York Times newspaper posted a job called “Lead, Blockchain Exploration” on Wednesday (March 13), and later took it down, according to reports. The posting said the organization was looking for someone to “design a blockchain-based proof of concept for news publishers.”.
PYMNTS
OCTOBER 16, 2019
Mastercard has outlined its intentions with blockchain after its high profile exit from the Libra Association, a coalition of many successful companies meant to help guide and foster oversight of Facebook’s proposed cryptocurrency. We believe in the transformative power of blockchain.
PYMNTS
JANUARY 18, 2019
Betting On Blockchain. For Inxeption, one of the most promising innovations to achieve this leap is blockchain. The company is also deploying blockchain to create a digital business identity for its users, a mechanism that Dibachi said will instill trust in the buyer-supplier relationship.
PYMNTS
NOVEMBER 6, 2020
Figure says it has already built out the capacity to reduce the time it takes to originate a loan by a significant amount, and has sizably cut expenses in financing, origination, servicing and capital services market execution with blockchain technology. Financial services firm Figure Technologies, Inc. 6) announcement.
PYMNTS
DECEMBER 19, 2018
Blockchain has been steadily making inroads in the B2B realm as a way to help boost supply chain transparency and efficiencies. To that end, in South Korea, a number of government ministries are looking into blockchain, eyeing the potential boost distributed ledger technology can give to marine logistics.
PYMNTS
DECEMBER 16, 2020
Meanwhile, banks in Malta are skeptical of jumping on the blockchain bandwagon, according to Cointelegraph. users to avoid running into potential compliance issues. It is very difficult to be AML-compliant in the United States,” Dmitri Laush, CEO of GetID , an identity verification provider, told Cointelegraph.
PYMNTS
JULY 30, 2019
Amazon Web Services (AWS) recently partnered with blockchain software firm Digital Asset to improve the latter’s Digital Asset Modeling Language (DAML) interoperability. The collaboration will allow DAML to work with several different blockchain networks, including Hyperledger Fabric and Corda. The developer raised $18.5
Bank Innovation
NOVEMBER 11, 2016
Blockchain is at a bit of a critical point, because it’s running up against the one universal enemy all new technologies have to face eventually: reality. In reality, how will banks use the blockchain? “To To do the real thing, it takes time, effort and expertise,” says Alex Wolff, head of Read More.
PYMNTS
MARCH 11, 2019
CULedger , a credit union, has inked a partnership with IBM to create blockchain services geared toward credit unions. According to a report in Fintech Futures , the idea behind the project is to use permission-based blockchain technology so credit unions can reach more members that don’t have access to financial services.
The Paypers
MAY 5, 2023
Netherlands-based Crystal Blockchain has made its compliance and investigations tool, Crystal Expert, available to universities around the world.
PYMNTS
SEPTEMBER 21, 2018
Switzerland is reportedly exploring ways to make it easier for blockchain companies to open corporate bank accounts as the government moves to prevent those innovators from leaving the country. Experts said blockchain innovators struggling to access the traditional financial services sector have been pushed out because of it.
PYMNTS
JUNE 5, 2018
The first baby born on the blockchain is expected to enter the world at a small clinic in rural Tanzania this week. What does that mean – to be born on the blockchain? AID:Tech uses digital identity and blockchain tech to create a new, more transparent way for governments, enterprises and NGOs to deliver digital entitlements.
CB Insights
OCTOBER 13, 2021
UK-based Elliptic captures the blockchain sector’s analytical data to provide anti-money laundering and risk resiliency services to fintech firms, government agencies, and cryptocurrency organizations. This round drew participation from SoftBank Group, AlbionVC, Digital Currency Group, and Evolution Equity Partners, among others.
Chris Skinner
AUGUST 26, 2016
I can’t finish writing my blockchain and DLT dialogue without wrapping up the missing bits. There are others such as syndicated loans, compliance and more … The post How much is being invested in blockchain start-ups?
PYMNTS
MARCH 20, 2019
The idea that blockchain can be divorced from the crypto realm and used to trade and store assets is quickly gaining, well, currency. Blockchain for Trading . Trading protocols that operate across the blockchain, he said, are non-custodial, which means “sovereignty over your assets.
PYMNTS
MARCH 17, 2017
Blockchain technology has the potential to impact nearly every industry involving money. This gives those insurance companies involved in the trial the ability to communicate more effectively via blockchain technology’s ability to automate these pertinent aspects of the insurance process. SR: Impact is slow but expansive.
Perficient
FEBRUARY 22, 2023
In the banking industry, RPA is being used to automate a wide range of processes, from loan origination and account opening to back-office processes, such as compliance and accounting. Perficient will also bring insight surrounding the banking industry’s growing use of blockchain to the Summit.
Bank Innovation
FEBRUARY 15, 2018
EXCLUSIVE- Global technology company IBM is involved in more than 400 blockchain projects, according to its vice president of blockchain technologies, Gennaro “Jerry” Cuomo, who testified before Congress yesterday.
PYMNTS
APRIL 21, 2019
JPMorgan Chase is planning to expand its use of blockchain technology to improve the banking industry’s payment system, as well as get FinTechs to experiment on developing the platform. The platform allows banks to quickly resolve compliance issues that can delay payments by weeks.
PYMNTS
OCTOBER 1, 2018
In the age of blockchain, all manner of physical assets are making the leap to bits and bytes. Blockchain can track transactions of all sorts and create a connected record — and that blockchain is rapidly cleaving from the cryptocurrency clamor to which it was once inextricably linked. percent pure.
PYMNTS
JUNE 1, 2017
Cross-border B2B payments company PayCommerce is strengthening its compliance position through a new partnership with Dow Jones. PayCommerce said Wednesday (May 31) that it is working with Dow Jones Risk & Compliance to add enhanced screening and compliance features to its global corporate payments offering.
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