American Banker takes a look at the new blockchain-based system for identity verification from Spring Labs; while 16 online lenders have signed up for the Spring Protocol no banks have agreed to join yet; they will take longer to get on board as Mike McCrary, EVP of Emerging Technology at Lincoln Savings Bank says, “If someone comes up with a new way to verify an address, for instance, you’re going to have to understand that deeply to explain it to a regulator, and that’s what slows down progress on the banking side”. Source.
