Latest News on BANKING

Regulation

US Federal Regulator Says Banks Can Offer Cryptocurrency Custody Services to Customers

The US Office of the Comptroller of the Currency (OCC) has announced that states and national banks and federal savings associations can provide crypto custody services to customers.

Nicholas Otieno

Jul 23, 2020

| 3 Min Read

#UNITED STATES #COMPTROLLER #DOLLAR #CURRENCY #OCC #FEDERAL #REGULATION #CRYPTOCURRENCY #CUSTODY #BANKING #FINANCE

Finance

Microsoft and Finastra Open Cloud Solution to Exponentially Accelerate Innovation for 8,500 Banks and Institutions

Finastra and Microsoft Corp have announced a strategic, multiyear cloud agreement to help accelerate the digital transformation of financial services and help realise and open source future for finance.

Lucas Cacioli

Jul 21, 2020

| 2 Min Read

#CLOUD #AZURE #MICROSOFT #FINASTRA #OPEN SOURCE #PARTNERSHIP #ACCELERATE #BANKING #FINANCE #INSTITUIONS

Industry

Italian Banking Association Chose Decentralized Blockchain Route

The Italian Banking Association, Associazione Bancaria Italiana (ABI), chose to leverage the blockchain-based system Spunta, as they could not identify an appropriate single actor to run a centralized system.

Lucas Cacioli

Jul 09, 2020

| 2 Min Read

#BLOCKCHAIN #ABI #SPUNTA #DLT #BANCA #BANKING #FINANCE #PERMISSIONED #CORDA #CENTRAL BANK

Enterprise

Bank of America Considers Bitcoin and Crypto Transactions to be Equivalent to Cash

Bank of America is considering Bitcoin, Ethereum, and other altcoins to be cash equivalent, and will treat crypto-related transactions as cash advances. Adjustments to the fees in that category of transactions will also be made.

Sarah Tran

Jul 02, 2020

| 2 Min Read

#BANK OF AMERICA #BOA #CRYPTO #BITCOIN #CASH #BANKING #FIAT

Wiki

Decentralized Finance (DeFi)

DeFi stands for decentralized finance, which owns the blockchain advantages, thus removes trusted third parties and more. DeFi will have profound impact to traditional financial industries.

Kun Hu

Jun 19, 2020

| 4 Min Read

#DECENTRALIZED #DEFI #BLOCKCHAIN #BANKING #FINANCE #BITCOIN #ETHEREUM

Industry

Ziglu Mobile Banking App Makes Cryptocurrency Easy for Everyone

Ziglu, the first UK regulated cryptocurrency bank, has launched its platform app after successfully completing its testing phase.

Nicholas Otieno

Jun 16, 2020

| 2 Min Read

#ZIGLU #UK #REGULATED #CRYPTOCURRENCY #BANK #MOBILE #APP #EASY #MARK HIPPERSON #BANKING #ADOPTION

Analysis

Fintech not Big Tech: Square is a Greater Threat to Banks than Google and Amazon

A recent survey of 300 senior executives at US-based mid-sized financial institutions found that more than half of bank and credit union executives view Big Tech companies like Amazon and Google as significant threats to the banking industry. Meanwhile only a third believe financial technology (fintech) firms will be a threat in the future, but are they sleeping on Square, Jack Dorsey’s financial technology venture whose stock price recently recorded a 20 month high.

Lucas Cacioli

Jun 09, 2020

| 3 Min Read

#BANKING #FINTECH #SQUARE #AMAZON #GOOGLE #PPP #LOANS #STIMULUS #BITCOIN #BITCOIN NEWS #UTILITY

Technology

Ripple (XRP) Check Feature May Soon See the Light of Day

The long-awaited Ripple Check may soon be launched as the margin for the needed votes by the network's validators narrows. With the Check feature, institutions and users will find flexibility in money exchange and adherence to compliance.

Godfrey Benjamin

Jun 04, 2020

| 2 Min Read

#BLOCKCHAIN #RIPPLE #XRP LEDGER #BRAZIL. INSTITUTION #BANKING #REMITTANCE #PAYMENTS

Industry

JP Morgan Chase Approves Major Crypto Exchange Clients Coinbase and Gemini

JPMorgan Chase, the largest bank in the United States, has set the ball rolling by accepting crypto exchanges Gemini and Coinbase as banking customers. This is a sign that Bitcoin and other cryptocurrencies are being embraced in the American financial landscape and Wall Street. The bank gave Coinbase and Gemini accounts the green light in April, and transactions are just kick-starting. Reportedly, JPMorgan Chase is offering cash-management services to the exchanges, as well as dealing with dollar-based transactions for their US-based clients.

Brian Njuguna

May 12, 2020

| 2 Min Read

#JPMORGAN CHASE #GEMINI #COINBASE #CRYPTOCURRENCIES #BITCOIN #BANKING

Technology

WeBank Blockchain Patents Filings Rank Third Highest Globally for 2019

China’s WeBank is leading the global banking community in banking technology patents jumping ahead of US giants JP Morgan Chase and Bank of America with 632 filed patents in 2019.

Lucas Cacioli

Apr 26, 2020

| 2 Min Read

#WEBANK #TENCENT #SMART CONTRACTS #BLOCKCHAIN #PATENTS #CHINA #GLOBAL #BANKING

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