Punjab National Bank in India recently was the victim of a fraud that cost the bank more than $2bn; some have argued that if the system in which the bank used was on the blockchain the fraud would not have happened or it would have been detected quickly; banks still operate on systems that don’t always connect or still involve a lot of paper; enlisting blockchain will help to make the process more efficient, transparent and safe; when this could be implemented is a different question as banks have started testing the new technology, it has yet to be widely adopted across the globe in banking. Source.
While financial institutions are starting to progress on sustainability, there are several ways that progress can be accelerated.
Circle, for example, aims to funnel "billions of dollars" of USDC dollar-denominated reserves into minority depository institutions to aid underserved communities, CEO Jeremy Allaire told lawmakers Wednesday.
The offering streamlines Web3 business' ability to maintain KYC compliance in the US as they navigate the regulatory landscape.
Gary Cohn, former Director of the U.S. National Economic Council, writes in the FT that the current crisis could help...
The British Business Bank has added fintechs OakNorth Bank and Starling Bank to the more than 40 lenders in the...
While the government shutdown continues, the impact on federal workers is painfully evident; it is also starting to create serious...
Hope is the author of Open Banking and the rise of Banking-as-a-Service, a recent Temenos whitepaper that dives into these issues.
Lending Times reports on LendIt USA 2017's panel discussion on "The Future of Financing and Vehicle Purchases,"; auto financing is one lending category undergoing transformation with increased lending options online to make the car buying process easier; panelists from AutoFi, AutoGravity, Blinker, RouteOne and DriverUp discussed their solutions. Source