JPMorgan Chase & Co.’s blockchain-based information network for payments is drawing the greatest interest in Japan, a country long blamed for weak measures against money laundering.
The market was upended because the largest banks hold more liquid assets in Treasuries than at the Fed, limiting their ability to supply repo funding on short notice, according to a new analysis from the Bank for International Settlements.
Many lenders are establishing a firm bottom on variable interest rates amid intense competition for commercial credits, rising deposit costs and the possibility that the Fed could take rates to unprecedented lows.
The Clearing House is pushing contract terms that would give fintechs quicker access to consumers' financial information, but one large upstart has taken issue with the proposal's language.
Earlier this decade, a boom in low-cost prepaid cards undercut the firm's business model. Now the fiercest competition is coming from venture capital-backed startups that offer accounts with no overdraft fees.
An e-wallet in development would give tech companies the ability to provide millions of customers virtual bank accounts and to offer perks such as car loans or discounts on home rentals to those who keep money stashed there.
