Is Stupid Money Chasing Blockchain?

Bank Innovation

There seems to be a profound conundrum facing blockchain and its implications for financial services. While it is true that blockchain seems to have the potential to “transform” financial services, it also faces steep challenges.

Fintech and Blockchain: Where Silicon Alley Meets Hyperconverged Infrastructure

Bank Innovation

Cryptocurrency Daily Post 4 Exclusive Operations Sponsored Blockchain cloud banking NutanixYou may not have heard of the term “Silicon Alley,” but I am sure you are aware of the game-changing financial technology that is emanating from it.

Facebook’s Blockchain Team Is Assembling Its Own Mini-PayPal Mafia

Bank Innovation

s blockchain team are still shrouded in secrecy, but it’s staffing up, according to people familiar with the group. Launched last May, Facebook’s blockchain unit now counts 50 […]. The inner workings of Facebook Inc.’s

Top News In Payments: China Allows PayPal To Operate; Mastercard Outlines Blockchain Intentions

PYMNTS

In today’s payments news, China has allowed PayPal to operate in the country with its purchase of a majority stake in GoPay. Also, Mastercard has outlined its intentions with blockchain following its high-profile Libra Association exit. China has allowed PayPal to operate in the country with its purchase of a majority stake in GoPay. Mastercard Outlines Blockchain Principles After Leaving Libra.

Blockchain Won’t Kill the Banks (Banks Say)

Bank Innovation

Exclusive Operations Technology Virtual Currency BlockChain BNY Mellon CME Group Ethereal Summit virtual futuresDecentralizing banking processes won’t actually kill financial service companies — at least according to those financial service companies.

JPMC Adds Deutsche Bank To Blockchain Roster

PYMNTS

Deutsche Bank , Germany’s largest bank, is joining the 320 banks in the JPMorgan Chase -led blockchain initiative, the Financial Times reported Sunday (Sept. More than 65 banks are live on the JPMorgan blockchain, and 255 are in the process of joining.

FIs Look Inward For Faster Blockchain Deployment

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Though the manic blockchain hype of 2018 has died down somewhat, FinTechs, banks and corporates continue to collaborate and innovate as they develop distributed ledger technology solutions for a range of use cases, including faster cross-border transactions.

Mastercard Blockchain Patent Would Support Multiple Currencies

PYMNTS

Mastercard has been awarded a patent for a proposed blockchain system that would support multiple types of currency. So Mastercard wants to implement a method to create a blockchain that enables different blocks that can store different types of information.

BNY Mellon Hires for Blockchain as More Firms See It as a Priority

Bank Innovation

Bank of New York Mellon has named Subhankar Sinha as Head of Blockchain. Sinha’s blockchain […]. Cryptocurrency Exclusive Operations Premium AWS Blockchain BNY Mellon Deloitte JPMorgan Chase K&L Gates Microsoft Microsoft Azure Quorum

Blockchain for KYC: Game-changing RegTech Innovation

Insights on Business

Consider, for example, the blockchain space. Innovators such as Alex Carmichael, COO of Promontory Financial Group Australasia, are expanding the frontiers of blockchain innovation into areas such as risk and compliance, anti-money laundering and know-your-customer (KYC).

JPMorgan Says Blockchain Is Making Progress Outside Crypto

Bank Innovation

It may take a few years for blockchain’s impact to be felt meaningfully, but it will provide some advancements in certain areas even as cryptocurrencies falter, according to JPMorgan Chase & Co.

Brexit A Boon For Blockchain?

PYMNTS

Late this month, a study from Nexus found that across 200 businesses surveyed, more than half of large and mid-sized companies queried are looking to adopt blockchain in an effort to mitigate operational risks in the wake of Brexit. That would leave room for blockchain.

Blockchain, Ready For Bank Supervision?

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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.

Accelerating Blockchain Transformation

Insights on Business

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. Permissioned blockchains can provide value to customers through their ability to establish consensus between parties, provenance of assets, immutability of ledgers, and finality of transactions.

For IBM, Blockchain as ‘Team Sport’

PYMNTS

In the ongoing move to embrace blockchain, Facebook may have its allies. IBM has said it is “willing” to work with Facebook on blockchain, as noted by an IBM executive. IBM, for its part, has been developing blockchain known as Stellar, focused on cross-border payments.

Blockchain Is Coming to the Auto Industry, and Not Just for Financing

Bank Innovation

Hyperledger Project – the cross-industry effort for the advancement of blockchain technology – enlisted a new member, but it’s not your usual bank or tech firm this time. Operations Payments Technology auto finance BlockChain Daimler Hyperledger R3

Blockchain, Not APIs, Is Key to Faster Payments, Report Says

Bank Innovation

Cryptocurrency DataBank Exclusive Innovations Lending Online Open Fintech Operations Payments Premium Retail Risk APIs open banking Bank of America Blockchain distributed ledger technology HSBC PNC td bank

Deloitte Taps Blockchain Startups to Build New Core Banking System

Bank Innovation

The accounting giant Deloitte partnered with five blockchain startups to build a new core banking system, and offer blockchain solutions to companies worldwide, the company announced this morning.

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In India, Dialing Up Blockchain Via Telecom

PYMNTS

Blockchain efforts — on a large scale — got a boost this week when Reliance Jio, the India-based mobile network operator, said it would set up one of the largest blockchain networks in the world. Blockchain, Taking Flight (Literally)?

Wells Fargo And Mastercard On Blockchain: Oversold?

PYMNTS

Blockchain has long been in the process of being divorced – operationally as well as conceptually – from its crypto connection. Indeed, headlines have trumpeted blockchain as a way to trade bonds and stocks, send money and execute contracts, and yet….

Notable Startup: Blockchain Firm Symbiont Raises $20 Million in Nasdaq Ventures-led Round

Bank Innovation

Coming off a year of high growth, enterprise blockchain startup Symbiont on Wednesday closed a $20 million Series B funding round led by Nasdaq Ventures, with participation from new investors including Galaxy Digital, Citi Ventures, and Raptor Group.

In Switzerland, Regulators Eye Payments Over Blockchain

PYMNTS

As reported by CoinTelegraph , Switzerland ’s Financial Market Supervisory Authority (FINMA) this week unveiled guidance on the regulatory requirements that govern payments done over blockchain. Blockchain will integrate BitPay’s payment architecture into its wallet service.

3 Not-So Futuristic Blockchain Applications

Bank Innovation

Blockchain – or the distributed ledger technology – is rushing out of test labs, and into real-life applications. Experts foresee that blockchain will take over money transfers, and will […]. SAN JOSE, Calif.

A Family-Owned European Bank on Banking the Blockchain Community

Bank Innovation

Bank Frick has grown its operations and staff while shrinking its physical footprint. 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 […].

JPMorgan To Expand Blockchain Use For Payments

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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. Blockchain banking developers FinTechs jpmorgan News payment Platform What's Hot

Blockchain Banking, In NY And Done In Real Time

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Banking in blockchain – with real-time payments as a kicker? CoinDesk reported this week that Signature Bank , which is based in New York, is debuting a digital payments platform that is built on blockchain – and geared toward real-time transactions.

We Have Passed Peak Blockchain Investment

Bank Innovation

As the summer heats up, blockchain hype may (finally) be cooling down. 2016 will likely see less investment in bitcoin and blockchain technology, but that is true for many other areas, as well.

Target Tests Blockchain For Supply Chain Tracking

PYMNTS

Retailer Target is developing an open source blockchain solution to boost transparency within supply chains , the company revealed. “This also gives us an instant use case in determining which data to share and how to govern a multi-enterprise, blockchain-backed distributed ledger.”

 Blockchain Rx For Drug Supply Chains

PYMNTS

Libra may have dominated the news so far this week — and, of course, the new cryptocurrency announced by Facebook is underpinned by blockchain. The activities are being coordinated by the San Francisco blockchain technology company known as Chronicled. Target Targets Blockchain, Too.

CLS Exec Says Blockchain Not Essential To FX Trading Tool

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CLS Group, a financial institution providing foreign exchange settlement solutions, has acknowledged that blockchain is not necessarily critical to improving FX trading, despite having invested heavily in the technology. Is that because of blockchain?

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Twelve Banks Join Blockchain Consortium R3 to Create Open-Account Trade Finance Network

Bank Innovation

EXCLUSIVE – Twelve major banks joined blockchain consortium firm R3 and trade finance technology provider TradeIX on Tuesday in an initiative to develop an open account trade finance business network.

Why Blockchain Holds Promise For Cross-Border Payments

PYMNTS

Blockchain has caught the attention of several FIs, especially for B2B and cross-border payments, even if there’s not yet consensus on how to best deploy it in real-world situations. Canadian payments network Interac has experimented with blockchain for consumer payments.

Banks Are ‘Dipping Their Toe’ into Public Blockchains, Says Chain CEO [VIDEO]

Bank Innovation

Blockchain technology has been talked about in banking for so long that readers here can be excused for being a bit jaded on the subject. Compliance Corporate Cryptocurrency Exclusive Innovations Operations Payments Videos Bank Innovation 2018 BlockChain Chain VisaThe technology has been touted as solving just about every problem bankers face, but as Adam Ludwin, CEO of Chain, told us in San Francisco at Bank Innovation 2018 earlier.Read More.

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Blockchain Startup BitPay Raises $40M for Asia Expansion

Bank Innovation

BitPay, a blockchain payments company, closed a Series B of $40 million yesterday, the company announced. The money, as previously mentioned by the startup, will go towards expanding its international operations.

Overstock Talks Up Its Blockchain-Based Future

PYMNTS

Overstock may be best known as an eCommerce business, but these days its CEO and Founder Patrick Byrne is much more interested in talking about the power of cryptocurrency and blockchain, and how it will be the real future of both the firm and the economy in general.

China’s Blockchain Network Taps WeBank For Technical Infrastructure

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Tencent’s WeBank , which is a digital bank in China that provides loans to individuals and small businesses, will be the technical infrastructure provider for China’s national blockchain network, according to a report by Coindesk. Following that, it expanded into blockchain services.

WeBank Will Provide Technology For China’s Blockchain Network

PYMNTS

Tencent’s WeBank , which is a digital bank in China that provides loans to individuals and small businesses, will be the technical infrastructure provider for China’s national blockchain network, according to a report by Coindesk. Following that, it expanded into blockchain services.

BBVA, Porsche Complete $170 Million Loan With Blockchain

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One of the largest banks in Spain, Banco Bilbao Vizcaya Argentaria (BBVA), has completed a $170 million (€150 million) loan with Porsche Holding using blockchain technology, according to a report. In April, BBVA said it became the first global bank to do an entire loan using blockchain.

The Enterprise Headache Of A Decentralized Blockchain

PYMNTS

For blockchain technology, the crux of many of its purported benefits for the enterprise is its decentralized nature, which, proponents of distributed ledger technology (DLT) have said, promotes visibility and makes it more difficult for data to be manipulated.

Walmart Develops Blockchain Freight Payment Network

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Walmart Canada has developed a blockchain-based network to facilitate logistics operations and payments, the company announced in a press release Thursday (Nov. The network will support logistics operations across Walmart Canada ‘s more than 400 retail store locations in the country, the company said, adding that the network aims to launch in February of next year.

Blockchain Technology Not Suitable for Visa’s Core Business

Bank Innovation

Visa doesn’t see much use for blockchain in its core business, which is transactions at scale, according to CEO Alfred Kelly. At the JPMorgan Technology, Media and Communications conference in Boston yesterday, Kelly said: Remember blockchain actually is not very good about facilitating low-value high-volume scale transactions, which is the core of what we do. […].

JPMorgan Moves Forward With Blockchain Vehicle Tracking System

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The wholesale car financing arm of JPMorgan Chase is putting together a plan to finance the creation of a blockchain-based automobile inventory system, The BlockCrypto reported on Friday (Nov.

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Alipay In X-Border Blockchain Pact

PYMNTS

The new year has dawned with a number of cross-border payment pacts, done across blockchain and other means. That blockchain technology, in turn, had been developed by Ant Financial Services Group.