Automation and the future of money in 2023
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The introduction of innovative technologies brings exciting new opportunities—as well as the potential for unforeseen consequences.
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Fintech News Stories
Solving payments ops headaches with DataSeers
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Adwait Joshi, DataSeers’s Founder & CEO, started the company after years working in consulting, and realizing that he could only scale his solutions through software. “Everything I was doing as a consultant I am trying to do as a software,” he said.
Read MoreThree regulatory questions shaping fraud in 2023
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Learn how crypto, conflict, and compliance will shape fraud and cybersecurity in the coming year.
Read MoreSolving for cybersecurity operations with AuthID
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AuthID’s CEO, Tom Thimot, says a move to Human Factor Authentication is rooted in security needs. Eighty-two percent of data breaches are rooted in passwords, Thimot says, which validates a need for more rigorous and secure protection measures.
Read MoreRussian sanctions and compliance in 2022 with Payoneer
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Micheal Sheehy, Chief Compliance Officer at Payoneer, framed the company’s decision to remain in Ukraine in both pragmatic and moral terms. The payments giant has a significant presence with employees in the country, and, as a major freelance hub, Ukraine is a key market.
Read MoreWhat Wave’s future means for payments challengers
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Wave, a payments platform in Senegal, is in a price war with incumbent platform Orange Money. Wave offers a 1% fee on money transfers, while Orange Money has dropped its rates from 5% to 0.8%.
Read MoreWhy Bank of America is training high schoolers
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Bank of America has partnered with the Liberty Science Center in Jersey City, New Jersey, to launch educational programs in local high schools. Students who complete the course will be extended job offers for positions related to emerging technologies by Bank of America.
Read MoreIs P2P fraud approaching a turning point?
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In a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, Democratic lawmakers asked Chopra to clarify whether consumers who are defrauded into making a financial transfer on peer-to-peer (P2P) payment apps like Zelle are “errors” or “unauthorized electronic fund transfers.” This shift could make financial institutions liable for repaying consumers who have fallen victim to fraud on P2P platforms.
Read MoreInvesting in fintechs with Information Venture Partners
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In an interview with The Financial Revolutionist, Jane Podbelskaya, Principal at Information Venture Partners, suggests economic fundamentals will help early-stage fintechs weather upcoming volatility, and will make them capable of sustained growth under any economic conditions.
Read MoreWhat’s the financial sector doing post-Roe?
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The Supreme Court overturned Roe v. Wade on Friday, ending the federally protected right to an abortion. In response, banks and financial institutions like JPMorgan Chase, Wells Fargo, and Goldman Sachs said they would cover travel costs for employees seeking an abortion in other states.
Read MoreA crypto gaming company crashed. Nobody will be held accountable.
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Axie Infinity, a “play-to-earn” video game in which users receive tokens for playing on the platform and trading characters as NFTs, has seen the value of its tokens decline by more than 90%. Hackers also robbed Axie’s creators of more than $620M in cryptocurrencies.
Read MoreDigitizing bank security with old-school practices
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The Royal Bank of Canada announced that it will combat fraud by combining card and biometric authentication with a PIN authentication via mobile apps. Canadians lost more than $300M to fraud in 2021, as compared to $80M in 2020.
Read MorePlaid ups the ante against Stripe
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Plaid announced that it’s launching products that offer identity verification, which hopes to make account linking and identity verification a simultaneous process. The company is also moving into ACH payments.
Read MoreE.U. to outlaw anonymous crypto transactions
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European Union lawmakers have voted to apply AML regulations to crypto, while also requiring ID verification for payers and recipients of any amount of cryptocurrency. The E.U. may also cut off unregulated crypto exchanges from financial systems if they fail to comply.
Read MoreBank of Italy bans N26 onboarding
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Italy’s central bank has banned N26, the Germany-based neobank giant, from onboarding new customers or offering new products. Italian regulators have flagged N26 for its weak AML procedures.
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