Facebook is inching closer to threatening traditional processors and financial institutions with its own digital currency by adding staff with expertise in the underlying technology.
Spring Labs is spearheading a group of prominent fintech lenders to use a blockchain-based, peer-to-peer network to share consumer information to help with ID verification on loan applications.
Canada needs to embrace digital identification to "unlock the full potential" of banking and the economy, Canadian Bankers Association Chief Executive Officer Neil Parmenter said.
The bank missed expectations although profit rose 67%; with the California Democrat leading the House Financial Services Committee, deregulation could slow.
Its early days yet, but decentralized apps will democratize finance, says Andrew Keys, cofounder of ConsenSys Capital, the financial services arm of ConsenSys.
The industry has largely avoided added federal oversight after the Equifax hack; the product has created a “financial albatross” as consumers game the system.
The year saw anxiety over how banks would respond to record consumer debt, disruptive glitches at TD Bank and SunTrust, ongoing scandal at Wells Fargo, and much, much more.
