AltFi takes a look into the future at what the new Payment Services Directive will mean when it takes effect in 2018; companies will learn a great deal by trial and error as this is a new market and new markets need time to grow; client on boarding using KYC and AML requirements will be a key test for global banks who need to comply with the directive; open banking might also allow for banks to come across new customers that they might not have had access to in the past; ultimately client value is the biggest takeaway and open banking has the ability to deliver more to the client. Source
As the financial world has moved to digital it is has created challenges for those institutions that relied on physical...
The startup PointCard's new charge card ignores applicants' credit scores, instead weighing their cryptocurrency holdings and other investments to determine ability to repay.
Mark Williamson, chief operating officer of FX cash trading and risk management, said the bank’s blockchain system helped them to...
MoneyGram is testing XRP for reducing both the cost of transferring money and the settlement times; Both MoneyGram and XRP traded higher on the news; Ripple has signed on about 100 banks as customers, but is also targeting remittance companies; Ripple CEO Brad Garlinghouse also tweeted that three of the five largest money-transfer companies would begin to use XRP this year. Source
The lending partnership with allow small and medium sized businesses who sell products eBay to access capital; it is made...
With continued low bank rates Chinese consumers have flocked to new fintech firms that offer better returns; lower income individuals use Yu’E Bao money market fund and high net worth individuals use wealth management products; this has helped younger more savvy investors to abandon stocks and real estate, though regulations in China can always change quickly. Source.
Leading Dutch bank ING is looking to take advantage of the possibilities of open banking with two new initiatives; in...
In this week’s PeerIQ Industry Update they cover the troubling data of millennial delinquency rising significantly higher than older borrowers;...
Edward Jones has announced a multi-year partnership with St. Louis based venture fund SixThirty; SixThirty invests in eight to 10 fintech startups annually with each startup receiving an investment of up to $100,000 along with support from a business development program that includes mentoring and networking; Edward Jones will be involved in numerous aspects of the venture fund's investing and Frank LaQuinta, a general partner with Edward Jones, will join SixThirty's investment committee. Source