Financial Firms Join Project Agora to Develop Cross-Border Payments Standard
Project Agora, the cross-border payments project proposed by the Bank for International Settlements (BIS), has received the backing of 41 private financial institutions. Announced earlier this year, the project has now reached the design stage. The objective of Project Agora is to examine how tokenized commercial bank deposits can be integrated with central bank digital […]
In Europe, a New Regulatory Framework for Crypto Emerges
The rationale behind cryptocurrencies is that they are created and distributed outside the control of national governments. However, this doesn’t mean the industry wouldn’t benefit from some regulation. The upcoming European Union’s Markets in Crypto Assets (MiCA) regulation, set to take effect in December, will establish a comprehensive legal framework for the issuance, investment, and […]
California Upgrades EBT Cards to Include Chips for Fraud Protection
Low-income recipients of cash aid or Supplemental Nutrition Assistance Program benefits are especially vulnerable to crime. Since their benefits are usually loaded onto cards that rely on a simple magnetic stripe, thieves can use skimming devices at ATMs, grocery stores, and gas stations to steal card information when the cards are swiped. This allows them […]
FDIC to Regulate Fintech and Bank Partnerships After Synapse Failure
The Federal Deposit Insurance Corporation has proposed a rule that would require financial institutions to hold their fintech partners accountable for managing consumer banking data. The FDIC was prompted to take action after the failure of fintech company Synapse, which cost banking customers millions. At the crux of Synapse’s collapse was its inability to keep […]
Claiming the Customer Interface in the Future of Payments
Payments serve as essential conduits in the financial landscape, mirroring the critical nature of services like plumbing, they facilitate the seamless flow of money. Disruptions in this flow are as impactful as interruptions to utilities like water, immediately felt and significantly disruptive. Positioned atop this financial “plumbing” is the customer interface, often taking the form […]
Will Louisiana’s Crypto Initiative Be a Model for Other States?
A citizen of Louisiana recently paid a fine to the state’s Department of Wildlife and Fisheries. While that’s not necessarily news, the fact that the fine was paid using Bitcoin’s Lightning Network is. Louisiana has become the first state to accept crypto payments for all of its state services. The state has been positioning itself […]
UniCredit’s Commerzbank Purchase Could Prompt More Cross-Border Bank Mergers
Italy’s UniCredit has acquired a 9% stake in Germany’s Commerzbank and indicated its intention to seek a merger between the two financial institutions. UniCredit purchased its shares from the German government, which had been a stakeholder in Commerzbank since the financial crisis. There has been some pushback against the unexpected move by observers who deemed […]
Youth Banking Accounts Should Cater to the Voice of the Parent
Youth banking accounts have grown in popularity, and many financial institutions have conducted extensive research to understand kids’ opinions on banking. However, these studies are frequently inaccurate because they overlook the most important factor in kid’s lives: their parents. In his latest report, Youth Banking That’s Built for Parents, Dylan Lerner, Senior Digital Banking Analyst […]
Walmart Dips Its Toes into Instant Payments
Walmart’s expansion into personal finance continues with the announcement of its upgraded pay-by-bank offering, set to roll out next year. The service will allow Walmart customers to make instant transfers directly from their bank accounts for online purchases, sidestepping card networks and their processing fees. Pay-by-bank isn’t new for Walmart shoppers. The existing system, offered […]
Solana Unveils its New Crypto Phone
After selling out its first crypto phone, Solana will release its highly anticipated follow-up, Seeker, next year. Seeker is expected to feature a lighter build than its predecessor, Saga, along with an improved camera and longer battery life. It will also include advanced crypto capabilities like an integrated wallet designed to streamline crypto transactions. “I’ve […]