On Wednesday the American Office of the Comptroller of the Currency (OCC)* followed up on its promise last December to introduce a national bank charter for Fintech bank startups by issuing a white paper on how to apply for a licence, the evaluation process and what will be involved. It’s a massive move towards allowing…
Things we’re reading today include … Wall Street bonus pool boosted by Trump rally Bank of America shareholders revive chairman debate Wells Fargo CEO receives pay bump despite sales scandal Exclusive: London gold rush – ICE to launch clearing before banks are ready Government to set up new anti-money laundering watchdog How the world’s central…
I’ve just been alerted by friend Gijs Boudewijn to the release of a fascinating white paper by BIS, the Bank for International Settlements (the guys who do Basel stuff and are big cohonez in banking circles). Their Committee on Payments and Market Infrastructures released Distributed ledger technology in payment, clearing and settlement: an analytical framework…
Things we’re reading today include … How’s your online bank security looking? The Dutch studied theirs and… yeah, not great Come to France post-Brexit, banks urged HSBC faces FCA probe into anti-money laundering controls as profits plunge Bank of England ‘has improved’ its economic forecasting Australia is the most popular country for the world’s millionaires,…
From the origins of the internet in 1990, the end of the 1990s saw the emergence of e-commerce and a plethora of payments services and commercial websites. Then not a great deal happened until the internet became social. Blog platforms like WordPress and Typepad emerged in 2003; Facebook launched in 2004; and YouTube a year…
Web 1.0 – the network begins As mentioned yesterday, almost half a century of developments in technology led to the launch of the web as we know it today, following Tim Berners-Lee’s paper detailing HTML and URLs. This was in 1990 and, consequently, the internet morphs almost every decade. This makes our decade – the…
The last chapter of ValueWeb talks about what comes after the third generation internet: the internet of value. This is the internet being built today, based upon shared ledgers, cloud, apps, APIs and analytics. Of course, the next generation is the internet of things. But what comes after that? There is an answer, but you…
Things we’re reading today include … Is Italy’s financial future resting on UniCredit? Paris calls on London’s bankers to move to France for the food, culture – and even romance Germany not ‘exploiting’ euro, says S&P MPs press Lloyds to compensate HBOS fraud victims Are other analysts as bullish on the pound as Bank of…
A bank has to make a regulatory change every 12 minutes. That’s some task. A bigger question must also be: how can a regulatory check that a bank is compliant with their regulatory changes, if their regulations change every 12 minutes are run to 1,000’s of pages? The answer is they can’t, but they don’t…
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