Financial institutions increasingly depend on large tech companies such as Google and Apple for infrastructure, said the group that runs the Davos conference, stopping well short of recommending regulatory changes.
The National Association of Federally-Insured Credit Unions defended the credit union tax exemption and called for other financial reforms during a meeting Tuesday with Treasury Secretary Steven Mnuchin.
Contrary to the view of some, technology has not rendered the Community Reinvestment Act obsolete. But everyone seems to agree that it should be reformed.
Dubbed Intelligent Receivables and created in partnership with a fintech company called HighRadius, the service seeks to help companies match incoming payments with invoices.
Where existing money and payment systems are wanting, mutually consenting adults are resourceful in finding ways to transact, notwithstanding government restrictions.
Hackers are stealing enthusiasts’ phone numbers, then changing the passwords to clean out their financial accounts; bank makes pledge to human rights groups.
For high-value, low-volume transactions, that is. Big Blue formally launched the platform Tuesday, but the custody bank has been using it for months, as has a group of Canadian institutions.
