We had an update from the Federal Reserve on FedNow this week. There are now 400 banks participating in the instant payments network as either a sender or receiver. They launched last July with 35 institutions and have been growing steadily since then. The last public statement that I have heard was when FedNow chief, Mark Gould, […]
The importance of liveness detection was one positive development arising from the COVID-19 pandemic. It’s an essential feature of a biometric-based security strategy, iProov chief product and innovation officer Joe Palmer said. The pandemic dragged companies that rely on identity verification into the future. Palmer said customers had no choice but to complete verifications remotely […]
The long-awaited new overdrafts rule from the CFPB was unveiled today. Since Rohit Chopra took over as head of the CFPB in 2021, they have made it clear that they were going after overdraft fees and this proposed rule is the culmination of those efforts. The proposed rule gives banks two options on how to approach overdrafts. […]
As the cryptocurrency and blockchain industries mature, they must prepare for a downside to their success – patent trolls. As technology charts clear routes and more money is at stake, Dykema patent attorney Michael Word said cryptocurrencies will be the next patent battlefield. Word brings an interesting perspective to the fight. Before becoming a lawyer, […]
Enjoying our podcasts? Don’t miss out on future episodes! Please hit that subscribe button on Apple, Spotify, YouTube, or your favorite podcast platform to stay updated with our latest content. Thank you for your support! When you think of cutting-edge fintech you probably don’t think about the Caribbean. But some interesting developments are happening there that we should all […]
At some point, nearly every customer experiences a missed payment. Life is hard, something unexpected happens, and people find themselves without the funds to make ends meet. This is especially true today as 49 percent of Americans are currently overextended on their credit cards. Lenders, already in a position to ask why and to collect […]
The SEC has not had a great track record in court cases against crypto firms in the last few months. And another important case is playing out right now in a New York federal courtroom. Back in June of last year the SEC sued Coinbase arguing that it was operating illegally and that it should register as […]
I keep thinking about this column from Alex Johnson last month around financial health and savings. To me, one of the biggest disappointments around the past decade of fintech innovation is how little we are moving the needle for the financial health of consumers. There are plenty of great tools that have been developed in […]
The long-awaited new overdrafts rule from the CFPB was unveiled today. Since Rohit Chopra took over as head of the CFPB in 2021, they have made it clear that they were going after overdraft fees and this proposed rule is the culmination of those efforts. The proposed rule gives banks two options on how to approach overdrafts. […]