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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The Crypto Brat Pack Just Earned Themselves Regulation
Gonzobanker
NOVEMBER 22, 2022
Well, Gonzobankers, the smart, idealist and self-declared revolutionary crypto kids just bought themselves a future of regulation — intricate, overbearing, and frustrating regulation, and regulation that the market will now demand. The blockchain is here to stay – learn it, know it, live it. What’s Next?
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FinCEN and OCC address cryptocurrency: responsible innovation and pervasive hype
CFPB Monitor
MAY 31, 2022
On May 19, 2022, the Associate Director of the Enforcement and Compliance Division of the Financial Crimes Enforcement Network (“FinCEN”), Alessio Evangelista, spoke at the Chainalysis Links Conference in New York City on the topic of “The Intersection of Cryptocurrencies and National Security.” Responsible Innovation “.
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Bitcoin Daily: American Express Ventures Invests In FalconX; Malta's Banks Skeptical Of Blockchain
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. regulators have not shied away from using long arm jurisdiction to go after exchanges and protocols allowing investments or participation by U.S.
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5 Startups Rebooting Regulation
Bank Innovation
APRIL 24, 2017
The rise of insurtech is running parallel to the rise of regtech, as financial firms and startups apply artificial intelligence, blockchain, and other technologies to the dizzying world of financial regulation.
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Is ‘Embedded Regulation’ The Key To Stablecoins’ Success?
PYMNTS
NOVEMBER 25, 2020
The age of digital currencies might be fully upon us, but key questions swirl about how to issue and regulate cryptos – especially stablecoins. Regulators and lawmakers, however, can latch onto digital currency efforts as they must monitor and also supervise such stablecoins. In a paper that debuted Tuesday (Nov. The Value Of CBDC .
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CULedger, IBM To Bring Blockchain-Based Services To Credit Unions
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.
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Advancing Innovation in the Global Financial Services Industry
Insights on Business
OCTOBER 3, 2018
IBM RegTech Innovations. Advances in artificial intelligence (AI), blockchain, and cybersecurity are poised to transform the financial services industries. New hybrid cloud platforms will offer unprecedented scalability, agility, and security, optimized for enterprise AI and blockchain.
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Bitcoin Daily: IRS Offers $625K For Help Cracking Cryptocurrency Secrecy; Kuala Lumpur's IBF Net Eyes Blockchain For Recurring Payments
PYMNTS
SEPTEMBER 14, 2020
As for why it's using the unusual procurement method, the agency wrote in today's release: "The federal government struggles at times with identifying ways to test, purchase and deploy innovative technology solutions. The controls concerned vehicles already on the market and, as such, the entire compliance process needs to adjust now.
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South Korea Examines Blockchain For Shipping
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.
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DMG Blockchain Targets Cannabis Supply Chain Traceability
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.
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Switzerland Eases Blockchain Firms’ Access To Corporate Bank Accounts
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.
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How Do Countries Decide How to Regulate Cryptocurrency?
Bank Innovation
SEPTEMBER 12, 2017
Joshua Klayman, who heads the Blockchain + Smart Contracts Group at International Law Firm Morrison Foerster, points out in an interview with Bank Innovation that, so far, all governments that have issued statements on cryptocurrencies […].
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247 The ‘Peril And Promise’ Of Blockchain
PYMNTS
MARCH 14, 2018
.” Oliver was discussing cryptocurrencies and blockchain on his show, highlighting the massive potential the world of FinTech has touted for the last year or so. This balance of optimism and realism is taking over the blockchain space as of late. But the segment also warned to temper the hype with healthy skepticism.
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Bitcoin Daily: Swiss Firm Is First To Get Approved For Blockchain-Based IPO; BCB Group Crypto Firm Granted License In UK
PYMNTS
JANUARY 29, 2020
Swiss company Overfuture has been approved to incorporate for an initial public offering (IPO) that offers tokenized shares on a blockchain, according to a report Wednesday (Jan. The prospectus said that the company is offering 8,399,000 “common equity share security tokens” on the ethereum blockchain. 29) by Coindesk.
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Will AI Lead to Open Banking in North America?
Bank Innovation
APRIL 30, 2018
EXCLUSIVE— As open banking sweeps through Europe with the launch of PSD2, GDPR, and other regulations focused on transparency, North American financial institutions might want to consider looking to blockchain or artificial intelligence for their own compliance challenges.
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Decoding The Alphabet Soup Of Compliance
PYMNTS
OCTOBER 13, 2016
Regulation and compliance can be a tough space for many to wrap their heads around. As technology advances, the threat to digital security and identity protection becomes greater, forcing regulations to quickly adapt. Compliance Decoded. Why Compliance Is Going Social.
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The Architecture of Stablecoins
Perficient
JUNE 10, 2022
One of the greater concerns, in both the crypto community as well as financial regulators and government, is the value stability of the crypto asset. Regulators must therefore balance the need for stability and regulatory control with the need to allow innovation in the crypto marketplace. Separability. Stablecoin Issuer.
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A Family-Owned European Bank on Banking the Blockchain Community
Bank Innovation
SEPTEMBER 27, 2018
While legacy banks are establishing digital-only offerings alongside existing services, Mauro Casellini, Bank Frick’s head of blockchain and payment service providers, told Bank Innovation that […]. In the last year, the number of employees has increased from about 60 to more than 130.
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Figure CEO: Figure Pay, National Bank Charter Will Boost Financial Inclusion
PYMNTS
NOVEMBER 23, 2020
Blockchain and a bank charter might do much to boost financial inclusion. While many digital-first companies springboard from payments into lending, Figure Technologies , a FinTech focused on home improvement, debt consolidation and retirement products that leverage blockchain protocols, is branching out from lending into payments.
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215 Northern Trust Trusts Blockchain for Private Equity
Insights on Business
FEBRUARY 22, 2017
So when Northern Trust (NT) was looking for an innovative way to modernize private equity, it brought together all the relevant parties: the asset manager, investment managers, general partners, limited partners, fund administrators, auditors, the local government, even the primary regulator.
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RegTech: what is it and what are the benefits?
Accenture
FEBRUARY 22, 2017
Following on from my previous blog introducing the new year in the Fintech Innovation programme, I wanted to turn the focus onto the emergence of RegTech—technologies that address the challenge and cost of regulatory compliance. RegTech has two aims: increasing the effectiveness and the efficiency of compliance.
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150 RegTech: what is it and what are the benefits?
Accenture
FEBRUARY 22, 2017
Following on from my previous blog introducing the new year in the Fintech Innovation programme, I wanted to turn the focus onto the emergence of RegTech—technologies that address the challenge and cost of regulatory compliance. RegTech has two aims: increasing the effectiveness and the efficiency of compliance.
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BOE Gov: Facebook’s Libra Will Need Regulation
PYMNTS
JUNE 20, 2019
Unlike social media … the terms of engagement for innovations such as Libra must be adopted in advance of any launch.”. One thing he wants to do right away is to enhance the coordination between financial regulators in the country. “To The Bank of England approaches Libra with an open mind but not an open door,” Carney said.
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The Blockchain Companies Poised To Transform Capital Markets Infrastructure
CB Insights
OCTOBER 29, 2020
This massive market, which includes a broad range of financial “plumbing” services, could be poised for a blockchain shake-up. Currently, complex processes are needed to ensure regulatory compliance and enable secure, trustworthy trades. Submit your application here before November 25. Please click to enlarge.
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Blockchain Tracker: How Blockchain Impacts Instant Cross-Border Payments
PYMNTS
MARCH 10, 2017
Blockchain technology is often used as the go-to source to enable faster and safer transactions, especially for smaller players in the retail market. With the advent and implementation of utilizing blockchain technology, funds can be verified in real-time to help avoid this issue. and China alone was approximately $660 billion.
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Regulation, Data Management Top Industry Concerns
Bank Innovation
JANUARY 6, 2017
Professionals in the financial services industry are focusing their energy on regulation and data management, according to a survey from consulting firm and technology services provider Synechron.
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A Look Inside Switzerland’s Plans To Bank Crypto Businesses
PYMNTS
OCTOBER 18, 2018
The global regulatory framework of cryptocurrencies and blockchain remains either fragmented, vague or simply nonexistent. However, Swiss officials recently took steps to get ahead of the regulatory uncertainty surrounding the world of blockchain, focusing on a particularly large hurdle for companies in the industry.
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Commander In Chief: Mitek Systems’ CEO Innovation Download
PYMNTS
JUNE 27, 2017
He also offers advice for how to innovate in the field. Here is an excerpt of the conversation: PYMNTS: How would you define your company’s approach to innovation? PYMNTS: Where do you look for innovative ideas, and why? PYMNTS: What is the most innovative thing you’ve ever done? JB: Innovation often means taking a risk.
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Bitcoin Daily: ID Verification Rules Coming To Crypto Companies; Spring Labs To Expand Blockchain Verification Network
PYMNTS
JUNE 13, 2019
According to John Roth, chief compliance and ethics officer at Seattle-based exchange Bittrex, it will be costly and difficult for companies to follow these regulations. The company is developing the Spring Protocol, which is a blockchain-based platform designed to transform how information and data are shared globally. “We’re
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Stellar Leaves The Biggest Blockchain Challenges To The Banks
PYMNTS
JULY 11, 2016
There are a few schools of thought when it comes to the projected role and impact of blockchain technology on the global financial services space. On one side, some believe blockchain will disrupt the traditional banking system to the point of fracture, enabling the movement of money without the involvement of a financial institution.
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The Corporates Betting On Blockchain To Reshape Capital Markets Infrastructure
CB Insights
NOVEMBER 5, 2020
Distributed ledger technology (DLT) — which uses tech like blockchain to verify transactions without the need for a centralized authority — is gaining traction as a way to revamp capital markets infrastructure by making it more streamlined, improving transparency, and reducing associated fees. Submit your application here before November 25.
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Bitcoin Daily: New Data Set To Help Flag Illicit Crypto Transactions; MIT Study Finds Only 2 Pct. Unlawful
PYMNTS
AUGUST 4, 2019
Cryptocurrency compliance company Elliptic has released the Elliptic Data Set, which aims to identify crypto transactions associated with money laundering. A big problem with compliance, in general, is false positives. And Busan has issued a “regulation-free” zone for blockchain development by South Korea’s national government.
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Solving For The Unknowns In Small Business Banking
PYMNTS
APRIL 3, 2018
But an increased focus on innovation means the path to understanding what actually constitutes “better” is unclear. That means risks for innovators (and banks) — but a massive opportunity too. Of course, it seems FinTech innovators cannot have a conversation about disruption without mentioning blockchain too.
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Accelerating Blockchain Transformation
Insights on Business
OCTOBER 20, 2016
In March of 2016, I testified on the revolutionary nature of blockchains before the U.S. Since that time, blockchains have continued garnering interest across multiple industries from banking to health care, and have been explored for quite a few additional use cases. And let’s not forget blockchain’s nature as a disruptive technology.
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70 Calling the true innovators: Venture into the future of financial services
Insights on Business
FEBRUARY 23, 2019
Two years ago, they were appointing chief innovation officers to dip their toes in with proof-of-concept projects or in-house incubators. They are reorganizing around agile, cross-functional teams that surface the best ideas and implement them in record time—all while promising privacy, security and compliance. Now, they are all in.
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125 For Banks, A Lesson On Blockchain From The Age Of Internet Startups
PYMNTS
MARCH 23, 2016
The whispers have grown to loud chatter when it comes to blockchain technology and the impact it might have on the financial services sector. The latest research from PwC found that banks are no longer taking blockchain technology as an easily ignored fad. For FIs, it’s better to be friend instead of foe with the disruptor.
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Explaining China’s ICO Ban
Bank Innovation
SEPTEMBER 6, 2017
EXCLUSIVE – China just jumped on the bandwagon of governments regulating ICOs… by banning them. Joshua Klayman, an expert in the legal aspects of blockchain technology, confirms that new regulations are already changing the global cryptocurrency ecosystem. Klayman, a founding partner and head of […].
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236 Is blockchain ready to transform the finance industry?
NCR
NOVEMBER 11, 2016
If recent forecasts from the World Economic Forum (WEF) are to be believed, blockchain – the technology behind bitcoin – is set to become “the beating heart of the financial system” But some in the industry might not be entirely clear about what blockchain even is, let alone the impact it could have on how banks do business.
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ING Bags Unlimited Corda Licenses From R3
PYMNTS
JANUARY 23, 2019
22) a five-year agreement with blockchain company R3 allowing the financial institution to access an unlimited number of licenses from the Corda Enterprise platform. The agreement signals a significant push within blockchain for ING. ING Bank announced Tuesday (Jan. In another statement, R3 CEO David E.
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128 It’s A Wrap: Innovation Project 2016 Recap
PYMNTS
MARCH 18, 2016
” Innovation Project 2016 — where hundreds of leaders across the payments, commerce, tech and security ecosystems joined together under one roof with one mission: navigating the balance between the leading and the bleeding edge. Especially when your talking innovations in payments. So, how did Day 2 end up?
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100 Blockchain Forces A New Conversation About The Trade Finance Shortage
PYMNTS
FEBRUARY 20, 2018
Regulators, banks, customs, shipping, logistics and FinTech companies need to work together to inform new regulatory, legal and technical standards.”. There are a number of reasons behind the shortage in financing, one of them being the impact of regulatory and compliance requirement since the financial crisis,” Ramadurai explained.
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Top banking and financial markets blogs in 2018
Insights on Business
JANUARY 25, 2019
As Marc Andrew’s notes in his blog, Demystifying AI for risk and compliance , in 2018, we saw AI tackle exhausting regulatory requirements. Blockchain is another technology area that is helping banks and large financial institutions in regard to regulatory change.
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79 Onboarding Tech Taps Into Banks’ KYC Burden
PYMNTS
DECEMBER 28, 2018
It has been a busy year for the world of bank regulations, particularly Know Your Customer (KYC). Financial services regulations are notorious for their complexity and ever-changing demands for financial institutions and corporates, but another fuel for development in the KYC space was the FinTech community.
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