Join me now for another trip into the beyond, to the world of international mystery, art, crime, computers and (probably) robots. Did I mention crime? The latest head scratcher has come in the form of Non-Fungible Tokens (NFTs). Out of nowhere come reports of individuals (Elon Musk’s girlfriend Grimes for instance), who are using NFTs to sell digital art. Though new, the value of these “tokens” is jaw-dropping. [Continue]
Criminals have become increasingly sophisticated at money laundering, creating a flourishing industry that costs banks around the world a great deal of money in fines each year. Illegal funds flow in ever-greater volumes through the global financial system; fraud is the most common crime in the digital world, and criminal capabilities outpace the industry’s ability to respond. [Continue]
Decentralized financing (DeFi) is now part of the cryptocurrency ecosystem. Jason Wu, CEO of Minneapolis-based DeFiner, a crypto bank fintech that facilitates savings and loans using cryptocurrency, weighs in on whether its service is a tool for traditional banks — or their new competition. [Continue]
The walls between great ideas and real fintech products and services are crumbling. Application programming interface-based connections for data sharing are making it easier to innovate — but it’s time for truly open banking to be embraced by the entire financial services ecosystem. [Continue]
Consider a test run by the U.S. Department of Homeland Security in 2011. Thumb drives were scattered around the parking lots of government and private buildings. In this test, curiosity led to 60 percent of the devices being plugged into office computers, giving DHS access to systems and entire networks. If a company or government logo was on the drive that level hit 90 percent. [Continue]
Episode Six is an Austin, Texas-based firm that develops software for financial services companies and others that use payment products. Chermaine Hu, CFO, talked to BankBeat about choosing tech that is adaptable for the long haul, but also stays in tune with the needs of commercial customers. [Continue]
Remote meeting technology can be dressed up, or clothed as business casual. David Gurlé is founder and CEO of Symphony Communication Services, a remote team platform for business, launched in 2014. Gurlé explains why enterprise-level technology is necessary for remote teams and how COVID-19 has accelerated the evolution of this technology. [Continue]
CardX, a Chicago-based company that passes the fee for credit card transactions on to consumers and away from merchants, considers itself both a fintech and a regtech. Michael Tomko, chief operations officer, explained how redirecting this fee helps small businesses and their banking partners. [Continue]
It’s been 12 years since the world was introduced to the technology that launched cryptocurrencies like Bitcoin. The revolution was here! Once a mere curiosity, this tech has gotten a breakout session or two at banker conventions ever since it hit the scene. Its insistence for attention has persisted, and has never been more warranted than right now. Blockchain is on the verge of doing much shaking. [Continue]
2020 was a year like no other in recent memory. For years, regulators have required that annual risk assessments include rating the risk of pandemics … now we know why. Banks, like all businesses were largely caught by surprise with minimal plans in place when the shutdown happened. Banks are required to provide essential services to their communities, but also required to protect the health of their employees and customers. [Continue]