On The Web

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Regulation

IRS Sending Warning Letters to More Than 10,000 Cryptocurrency Holders

July 26 2019

• in
• Cryptocurrencies
• Financial regulators

“The Internal Revenue Service has begun sending letters to more than 10,000 cryptocurrency holders, warning about penalties for failing to report income and pay tax on transactions involving virtual currencies. The agency expects its mailing to be completed by the end of August. It is sending three variations of one letter, depending on the information […]

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Companies

Apple and Goldman Sachs Credit Card Targeting August Launch Date

July 26 2019

• in
• Apple
• Cards
• Goldman Sachs

“Apple and Goldman Sachs ’s hotly anticipated new credit card is now just weeks away from launch, according to a person familiar with the companies. The release will be the culmination of an intense, high-stakes development process for the Silicon Valley giant and the Wall Street stalwart.  The Apple Card is targeted to launch as early […]

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Regulation

Democrats Try to Force Fed’s Hand on Faster Payments

July 24 2019

• in
• Real-Time Payments

“A group of House and Senate Democrats have introduced a bill that would require the Federal Reserve to create a real-time payments system. The Payments Modernization Act, introduced in the Senate by Sen. Chris Van Hollen, D-Md., said the central bank has been moving too slowly to determine whether to develop its own payments system, […]

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Global

Indian Panel Proposes Fines and Jail Time for Cryptocurrency Use

July 24 2019

• in
• Cryptocurrencies
• India

“A panel reporting to India’s Finance Ministry suggested the country’s regulators have an “open mind” about a governmental cryptocurrency and, at the same time, proposed fines and up to ten years in prison for general use of crypto in the country. The panel, created by the Ministry of Electronics and Information Technology, the Securities and Exchange Board […]

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Systems

Zerocard Aims to Reduce Overspending With “Debit-style” Credit Card and Rewards

August 1 2019

• in
• Cards

“Fin-tech company Zero announced on Tuesday, July 30, the public release of Zerocard, a credit card providing a “debit-style experience” issued by WebBank and backed by Mastercard. Zerocard aims to be an alternative to credit cards from big banks that make money off cardholders who fall into debt.   Zerocard is a credit card, but […]

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Systems

Jerome Powell: Fed ‘Seriously Considering’ Faster Payments System

August 1 2019

• in
• Real-Time Payments

“Federal Reserve Chairman Jerome Powell has informed lawmakers that the central bank is “seriously considering” moving forward with the development of a faster payments system that would compete with a network built by the nation’s largest financial institutions. In a letter to senators that was obtained by POLITICO, Powell gave his most forceful defense yet […]

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Systems

Speech by Governor Brainard on Delivering Fast Payments for All

August 5 2019

• in
• Faster payments

“Through the FedNow Service, we will provide a foundation for the future—a modern payment infrastructure that allows innovation and competition to flourish and delivers faster payments safely and securely for all. To ensure fast payments are available to everyone, FedNow will be accessible to all banks, no matter the size. Given our long-standing service connections […]

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Systems

Fed Wants Workers to Get Pay Faster

August 5 2019

• in
• Faster payments

“Community groups, smaller banks and advocates for low-wage earners have been calling for the Fed to limit the delay and to create a public sector option for real-time payments. But some in the banking industry, particularly large banks, have pushed back against the effort over concerns that the Fed’s involvement will compete with their products […]

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Companies

Walmart Wants to Patent a Stablecoin That Looks a Lot Like Facebook Libra

August 2 2019

• in
• Cryptocurrencies
• Walmart

“Retail giant Walmart has applied for a cryptocurrency patent that bears some similarities to the Libra token proposed by Facebook in mid-June. In its application with the U.S. Patent and Trademark Office, Walmart touts the concept of a digital currency “tied to a regular currency” – that is, what’s commonly known as a stablecoin. Libra […]

On The Wires

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Systems

BHMI Selected to Support Back-Office Functionality of the Zelle Network®

August 6 2019

• in
• Faster payments

“Baldwin Hackett & Meeks, Inc. (BHMI) , a leading provider of enterprise software applications and creator of the Concourse Financial Software Suite™ , announced that Early Warning Services, LLC, the network operator behind the Zelle® fast payments network, has selected Concourse to support disputes management for payment transactions processed by the Zelle Network®.”