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JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business

February 17th, 2019 at 1:22 pm » Comments Off

JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business Engineers at the lender have created the “JPM Coin,” a digital token that will be used to instantly settle transactions between clients of its wholesale payments business. Only a tiny fraction of payments will initially be transmitted using the cryptocurrency, but […]



Banking’s worst nightmare is here

January 21st, 2019 at 12:14 pm » Comments Off

We’ve seen enough. We’re going BIG on the death of big banking. If you’ve ever had to spend time at a bank opening a simple checking account, or even worse—closing a bank account—you won’t be surprised to hear that Americans are abandoning traditional branch banking by the millions. Even bank executives concede the massive shift […]



US Secret Service is probing how crooks use smart credit cards for fraud

January 18th, 2019 at 1:10 pm » Comments Off

Credit card thieves have been using Fuze Cards, according to a Secret Service memo. Credit card thieves have been taking advantage of smart card technologies to avoid getting caught, according to Krebs on Security. The US Secret Service offices in New York and St. Louis have apparently been working on a criminal investigation involving fraud […]



At least 15 central banks are serious about getting into digital currency

December 26th, 2018 at 12:01 pm » Comments Off

Digital cash may soon start replacing the physical kind. The market for digital currency is down, but it’s certainly not out. Even if private cryptocurrencies are falling in popularity, it appears likely we are headed toward an era of national digital currencies that are backed by central banks. Central banks are the institutions that set […]



Update: Petal’s no-fee credit card for the credit score-less is now open to the public

October 11th, 2018 at 1:42 am » Comments Off

Petal, the startup credit card company that’s offering a no-fee credit line to people without a credit history, is now publicly available. Launched earlier this year by co-founders Jason Gross, Andrew Endicott, David Ehrich, and Jack Arenas, Petal has received a $34 million credit facility from Jeffries and Silicon Valley Bank to bring its consumer […]



Ten years after Lehman’s collapse, these ten risks could cause the next crisis

September 17th, 2018 at 9:48 am » Comments Off

On Sept. 15, 2008, a credit crunch turned into a full-blown crisis when New York-based investment bank Lehman Brothers collapsed. The global recession that followed is still too fresh in many people’s memories to be considered history. But 10 years on, the state of the financial system suggests that the crisis has been relegated to […]



Dutch central bank warns about the rise of the cashless society

June 8th, 2018 at 9:20 am » Comments Off

No cash here. The Dutch central bank DNB said on Tuesday it had concerns about the decline in the use of cash, saying the lightning-fast rise in digital payments could lead to vulnerable groups having limited access to goods and services. While apps and other digital methods of payment are rising in popularity, ‘there is […]



World’s first cryptocurrency bank opened in Singapore

April 30th, 2018 at 3:22 pm » Comments Off

The co-Founder of Nuo, Varun Deshpande announced on twitter that they are opening a bank in Singapore. This is not just a normal bank but a virtual bank for cryptocurrencies. He also stated that they will open an ATM for virtual digital money as well. They are also introducing a new technology- Advanced Robotic Account […]



Artificial intelligence will wipe out half the banking jobs in a decade, experts say

April 23rd, 2018 at 3:21 pm » Comments Off

Advances in artificial intelligence and automation could replace as many as half the nation’s financial services workers over the next decade, industry experts say, but it’s going to take a big investment to make that happen. James D’Arezzo, CEO of Glendale-based Condusiv Technologies, says that’s where things are headed. And the process will be complicated. […]



Mastercard will support cryptocurrencies – as long as they’re backed by governments

March 27th, 2018 at 10:27 am » Comments Off

It seems Mastercard is gradually softening its stance on cryptocurrency, after CEO Ajay Banga downplayed non-government mandated digital currencies as “junk” back in October last year. In a conversation with Financial Times, Ari Sarkar, Mastercard co-president for the Asia-Pacific region, said the company is open to explore cryptocurrencies created and backed by governments.



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