Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Bank of Ireland ponders major IT overhaul Irish eyes are smiling… or at least weighing up their options. MSB and FDH Bank to merge on Temenos’ T24 core system The die has been cast. Neptune’s Rubikon crossed out. […]
EdgeVerve Systems, a product subsidiary of Infosys, has launched a blockchain framework targeted at the financial services sector. Called EdgeVerve Blockchain Framework, it is a permissioned ledger that allows banks to deploy blockchain-based services for “varied” business areas. EdgeVerve says it can “scale to the levels needed to support international, cross-border transactional business”; and therefore […]
Morgan Stanley has brought blockchain back to earth, calling it a “double-edged sword” because while it helps banks reduce clutter, profits could fall or shift to new players. In its 31-page report, “Global Insight: Blockchain in Banking: Disruptive Threat or Tool?”, the company predicts blockchain’s “widespread potential to disrupt financial intermediaries” but says there are […]
Blockchain is a revolution in reconciliation but not in payments, is one of the messages coming out of the Swift Business Forum London 2016. For the sixth edition of the show, more than 1,300 delegates were rammed and jammed into Tobacco Dock, London. This morning’s (20 April) sessions were dominated by warm-up speeches that praised […]
Distributed ledger specialist Digital Asset Holdings has acquired a small Swiss start-up, Elevence Digital Finance. Elevence’s niche is a modelling language for determining rights and obligations in blockchain collaboration agreements. Its takeover provides Digital Asset with a new, verifiable way for parties involved in a transaction to independently prove updates to a distributed ledger while […]
The European Commission (EC) wants to update the fourth Anti-Money Laundering directive so that it also covers virtual currencies, such as Bitcoin. In the UK, the Treasury has followed suit by announcing plans to subject virtual currency exchanges to the same regulations as banks. This isn’t surprising. Gunnar Nordseth, CEO and co-founder of Signicat, muses over the possible […]
Chain, a provider of blockchain technology infrastructure, has teamed with Mitsubishi UFJ Financial Group (MUFG) to build blockchain solutions for Japan’s financial sector. Satoshi Murabayashi, CIO, in charge of digital innovation, at MUFG, says it wants to “explore the application of next-generation financial infrastructure that we believe could significantly enhance the experience for our clients”. […]
The blockchain (and bitcoin) industry welcomes regulations, but has to share the limelight with other digital currencies, as regulators look to deal with its rise and implications. At yesterday’s (4 April) afternoon session, “Blockchain and digital currency: Regulatory perspectives” at Money 20/20 in Copenhagen, a panel discussed the burning issues of the day. Present were […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
“I’ve forgotten – woe is me! What the magic word may be.” Johann Wolfgang von Goethe, The Sorcerer’s Apprentice (1797) How smart is your code? So-called “smart contracts” are science fiction realised. Executable pieces of code stored on a mutual distributed ledger for future execution bind people and payments to actions and outcomes. Computer scientist […]
The Depository Trust & Clearing Corporation (DTCC) and Digital Asset Holdings have teamed up to develop and test a distributed ledger (blockchain) solution for repurchase agreement (repo) clearing. Blockchain will be used to manage the clearing and settlement of US treasury, agency, and agency mortgage-backed repo transactions. Mike Bodson, president and CEO of DTCC, says: […]
De Nederlandsche Bank (DNB), the Dutch central bank, is looking to develop an internal blockchain prototype called “DNBCoin”. In its recently published annual report for 2015, DNB says this year it will aim to use blockchain to improve its business and mentions DNBCoin as an experiment with its own digital currency. The bank doesn’t go […]
Bitcoin is a cryptocurrency, but the blockchain protocol behind it can be used for a variety of non-currency purposes. People are using the blockchain to develop everything from ride-sharing services to voting applications to cloud storage. This nifty infographics sums up how the blockchain protocol works and how it’s being used. Source: Who is hosting this?
The United Services Automobile Association (USAA), a financial services group, has partnered with Coinbase to give Bitcoin usage a timely boost. Late last year, USAA launched a Coinbase pilot program, which allowed select USAA employees and members to view their Coinbase accounts on the USAA website and mobile app. Following the successful pilot, all account […]
ICAP, a UK-based financial services firm, says its post trade risk and information (PTRI) division has completed a proof of technology test case for blockchain. Jenny Knott, CEO of ICAP’s PTRI division, says it has demonstrated one of the “first real world applications of distributed ledger technology that has the ability to significantly transform the […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! MasterCard mulls VocaLink acquisition There are some things money can buy. US to move to shorter T+2 settlement cycle by September 2017 Make a note, industry target has been unveiled. Big US banks to fight for instant payments […]
Mizuho Bank, Fujitsu and Fujitsu Laboratories have jointly conducted a three-month operational trial using blockchain, which makes it “practically impossible” to tamper with transaction histories. The trio says this shortens the processing time for cross-border securities transactions, from the current three days to same-day settlement. For the trial, they built a system that “almost instantly” […]
New York-based R3 CEV has finished its trial of five distinct blockchain technologies in parallel in the “first test of its kind”. The trial represented the trading of fixed income assets between 40 of the world’s “largest” banks across the blockchains, using cloud technology providers within R3’s Global Collaborative Lab. The banks, including Barclays, Deutsche […]
With challenges across the board, banks will have their work cut out to keep up with the changing world of payments in 2016. It is shaping up to be a pivotal year for the payments industry as regulation, new technology, major infrastructure overhaul projects and security issues combine to reshape the landscape. According to a […]
Korea Exchange (KRX), the securities exchange operator in South Korea, plans to launch a platform powered by blockchain to liven up the off-board trading market. According to The Korean Times, KRX has started “preliminary steps” to introduce the new platform connecting sellers and buyers to trade securities directly. “Though many steps remain before the system’s […]
A quiet revolution powered by the force of data science has begun to deliver significant improvements in many areas including national security, business intelligence, law enforcement, financial analysis, healthcare and disaster preparedness. But are we ready to use the force in banking? Standard Chartered’s global chief innovation officer, Anju Patwardhan, explores the topic. Digital data […]
Mizuho Financial Group and Cognizant have teamed up to develop a blockchain solution for the “secure” record-keeping of documents among Mizuho Financial Group companies around the world. The agreement is the beginning of Mizuho’s programme to use blockchain for building new work processes for transactions and digital interactions. This engagement will initially focus on New […]
Blockchain gets another boost as IBM has made nearly 44,000 lines of code available to the Linux Foundation’s open source Hyperledger Project to help developers build secure distributed ledgers. IBM has also made a range of announcements spanning technology and business consulting to “rapidly advance the use of distributed ledger technology across multiple industries”. These […]
Chainalysis, a New York-based cyber security start-up, has signed a memorandum of understanding (MoU) with Europol’s European Cybercrime Centre (EC3) on collaborating to fight online crime. Chainalysis aims to change “negative headlines where digital currencies have been connected to fraud and cybercrime” and is tracking digital identities on the blockchain. The start-up says its software […]
From the very first coins changing hands in 700 BC, through to the Bank of England pioneering the first use of a pre-printed form – or cheque – in 1717, and the emergence of credit cards in the mid 20th century, how we pay for goods and services has continued to evolve. We now face a cashless society
Blockchain has the potential to further disrupt banking in the way that we know it today, transform traditional interbank and even peer-to-peer payments, open up opportunities to replace existing mechanisms for the exchange of financial information, and how customer records are stored and processed.
The value of all cryptocurrency transactions will more than half this year, falling from $71 billion in 2014 to just over $30 billion. The decline was attributable to the combined impact of exchange collapses, Bitcoin theft and regulatory concerns.
Bitcoin market Netagio has launched credit and debit card payment options, as part of a push to make it easier to buy and sell Bitcoin with pounds, euros and US dollars. The exchange, which was founded in 2013, is seeking to popularise the alternative currency and improve its controversial public image.
Digital and alternative currencies, including Bitcoin, can now be used for transactions in California, following the implementation of bill AB129 on 1 January 2015. The new bill is a step forward for cryptocurrencies which have faced tough opposition and scrutiny from global regulators. However, serious doubts about the safety of digital currencies have been voiced by banks.
Following its success during the Black Friday and Cyber Monday shopping frenzy this year, alternative currency Bitcoin is gaining popularity and could be poised for major growth in 2015. But the currency still has a long way to go before it catches up with rivals such as PayPal, Visa and MasterCard.
Earlier this month, the Ecuadorian Government announced its plans to introduce a digital currency, the first of its kind globally. In a country where 40% of citizens don’t have a bank account according to The Economist, this has the potential to transform banking and allow companies to gain access to those without a bank account for the first time
Besides mounting enthusiasm for Bitcoin and other crypto currencies, momentum is gathering to develop the infrastructure needed to turn what some see as a technology into a universally accepted currency.
When a new payment system such as Bitcoin arises it tends to be successful “in areas where a need is not being met”, Gottfried Leibbrandt, Swift chief executive told delegates yesterday. He said his fascination with Bitcoin – “both a currency and an innovation” – had not changed in the past 12 months.
Bitcoin is the poster child of the cryptocurrency world, but it’s not alone. Michael Mainelli and Bob McDowell take a look at the real-world implications of the rise of AltCoins
Despite the high profile media scandals surrounding the demise of the Mt Gox exchange and the Silk Road trading website, Bitcoin is evolving rapidly and will soon present a better, more stable and accountable alternative to the fiat currencies most of us trust and use every day, according to Mark Lamb, chief executive of London-based Bitcoin exchange Coinfloor.
With a revolution in consumer payments happening at the point-of-sale, online and increasingly through the mobile channel, there is a need and an appetite for change across every aspect of the payments industry.
Bitcoin, gamification and Personal Financial Management are “generating more heat than light” in debates about the future of retail banking and banks should not be distracted from other major challenges including digital channels and legacy transformation.
There are two sides to every coin, but with Bitcoin those sides simply could not be farther apart. Its promise is extraordinary: for those afraid of inflation, it is gold redux, while for those who hate exchange rates, it is a way to pay internationally. For merchants it is a way of avoiding high transaction fees and for former Presidential hopeful Ron Paul, it is the destruction of the US Dollar.
A digital currency called Ven is poised to give alternative currency poster child Bitcoin a run for its virtual money.
Bitcoin is here to stay and will continue to grow, according to experts speaking on separate panels at Money2020 in Las Vegas.
