Though it’s a little bit of a puff piece, this is a pretty cool concept. Final has created a credit card that allows you to create an unlimited number of virtual credit cards to provide to online merchants, e.g., Amazon, Netflix. You can have one virtual card for each online merchant. If your card gets…
Startups in the payday lending space say their use of artificial intelligence is allowing them to make better loans at lower rates with fewer defaults. “The power of artificial intelligence versus business intelligence is BI is purely retrospective, whereas AI looks forward into the future and predicts — what will this person do based on…
What goes into building a digital bank? Brian Yurcan of the American Banker looks at two case studies, EQ Bank and BankMobile, to understand how executives develop new, digital-first bank services. The “endeavor involves developing new products, new processes and entirely rethinking [banking],” he writes. “It is so much more than just creating a good mobile…
Where are the credit scores of yesteryear? Writing in the American Banker, columnist Penny Crosman examines the impact of AI and proprietary credit scoring algorithms on the lending industry and consumers. While AI “offers lenders the ability to . . . score those previously deemed unscorable,” Crosman writes, “such scoring techniques also bring uncertainty.” Edited with…
FCA paves way for blockchain-based money. The U.K.’s Financial Conduct Authority (FCA) granted a Small Electronic Money Institution (EMI) registration to blockchain firm Tramonex, making it the first DLT company to gain the EMI designation. Tramonex can now operate as money transmitter and payment facilitator, as well as “issue, distribute and redeem e-money.” Edited with BlogPad…
IBM partners with Visa on IoT payments solutions. The deal will provide customers of IBM’s Watson IoT (Internet of Things) platform with access to Visa’s payments services, “potentially turning billions of cars, fridges, sneakers and other connected devices into points of sale.” Edited with BlogPad Pro
PayPal is buying TIO Networks for $233 million to reach underserved customers, the Wall Street Journal reported. “TIO caters to consumers outside the banking system who make regular payments with cash to telecommunications companies such as AT&T Inc., utilities such as Duke Energy Corp. and other service providers. The Vancouver-based company serves 14 million consumer…
Traditional banks want to give customers the choice of using their phones to withdraw cash if they forget or misplace their ATM card, the New York Times reported. Meanwhile, companies like Alipay, Amazon, Facebook and Google “are working to cut out banks as the middlemen” by applying for licenses that allow them to provide basic financial…
Republicans blame legislation for stymying lending but figures tell another story Source: Did Dodd-Frank really hurt the US economy?
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