This analysis & opinion piece dives into new regulations for digital currency transactions, the status of checks as a payment method, analyzes the case study of Starling Bank product integration, explores why global investors are fleeing the Chinese tech market, shows what banks should focus on during Covid-19, presents 7 fintech trends for 2021, and finds out whether we are we ready for the iPhone NFC Chip.
Enjoy the material!
New requirements for digital currency transactions…new territory…
FinCEN’s New Proposed Rule Rushes The Inevitable (Forbes)
According to Yaya Fanusie, an Adjunct Senior Fellow at the Center for a New American Security (CNAS), the U.S. Treasury’s Financial Crime Enforcement Network (FinCEN) has in plan new regulations for digital currency transactions, based on the evolution of crypto assets. As main frameworks, FinCEN will require businesses that deal with crypto trading to file a report with Treasury whenever customers transact at a $10,000 threshold with any unhosted wallet. In addition, for transactions with unhosted wallets at or above $3,000, firms must record the name and addresses of the counterparty unhosted wallet owners, but this information, however, does not have to be reported to FinCEN, except under subpoena. Read more
Are checks still a thing? Fintech says so…
The Decline of Checks: How Digital Payment Innovation is Turning Checks into a Dead Technology (Finextra)
Sava Ruljic, Director, Treasury AscendantFX, explains the future of checks for the North American users, and the rapid decline of this old fashion payment method. Checks require higher costs than electronic payments, more time to require fraudulent activities, additional costs are usually associated, are a time consuming process, and have higher risks due to cross-border transactions. However, many businesses believe that electronic payment options do not always provide enough remittance information for efficient transaction reconciliation. Read more
Starling Bank case study: product integration
Starling provides “road map” for future in-app integrations (Bobsguide.com)
Aoife Morgan, writer at Bobsguide.com, pinpoints the case of Starling Bank’s newest collaboration with iZettle, a product offered by PayPal, as part of its new strategy for deeper integrations. Gareth Towler, a marketplace product analyst at Starling Bank, explains the benefits of integrating iZettle: “With this particular integration, there is more information being shared between the top third parties involved. It’s a lot deeper, which we’ve found to be more effective, so it can generate as much value as possible.” Read more
Investors are fleeing Chinese tech stocks…
Global investors flee from Chinese tech stocks after the government crackdown on Ant and Alibaba (TechCrunch)
Alex Wilhelm, Senior Editor at TechCrunch, and Jonathan Shieber, editor at TechCrunch, present the aftermath of the Alibaba and Ant Group case, which left global investors avoiding Chinese tech stocks. With Alibaba, Tencent, JD.com and Meituan losing around $200 billion in value during a handful of trading sessions, other tech companies are seeing their fortunes rise, boosted by newfound interest from the central government in Beijing, especially for the chip industry. Read more
What should banks focus on during Covid-19?
Banks and bad actors: the race to digitally adapt (FinTech Futures)
Monica Spigner, executive vice president at Teleperformance, shows why the second wave of Covid-19 will force banking leaders to focus on customer experience and fraud. Front-facing digital tools such as AI are now being used to detect, manage, and remove threats posed to customers at the same time as enhancing the customer experience. Banks that implemented AI are now able to know their customers better, and furthermore, with predictive tools, fraudulent activities can be much quicker detected, by scanning for irregular behaviours, anomalies, or unusual activity by pushing proactive alerts. Read more
7 fintech industry voices: 2021 trends
Fintech predictions for 2021: Seven experts have their say (Verdict)
Ellen Daniel, a senior reporter for Verdict, highlights seven opinions from fintech experts on what’s to come in 2021. As main trends, 2021 is expected to be a tough year for fintechs, which will still struggle for profitability, identity controls will increasingly focus on frictionless experiences, financial models will need to be updated for the post-Covid-10 world, AI will take a top spot as a solution, open banking will continue to develop and influence mobile app technology, new partnerships will be seen between fintechs, and the digital corporate bank will become the norm. Read more
Are we ready for the iPhone NFC Chip?
Is It Time For Apple To Allow Others Access To The iPhone NFC Chip? (PYMNTS)
Karen Webster, CEO of Market Platform Dynamics, shows in this analysis the shift in consumer behavior towards digital methods of working, shopping, and banking. As the digital-first puck is heading to using smartphones, like the iPhone, and other connected devices to pay, consumers are not needed to interact with terminals at the physical point of sale or being physically in a store. Innovations that give consumers touchless payments options are experiencing popularity and have become prominent over the last period. One expected solution is for Apple to open up the NFC chip to others, which would support more apps for physical payments — even ones that consumers could use with the billion iPhones that Apple would like to turn into contactless mobile terminals. Read more
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