On The Web

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Systems

WSJ News Exclusive | Plaid Pushes Into Payments Business After Scuttled Visa Deal

October 21 2021

• in
• A2A transfer

“Financial-technology startup Plaid Inc. is making a move into the payments business, less than a year after an antitrust lawsuit scuttled its high-price sale to Visa Inc. Plaid makes software that allows banks and other fintech companies to plug into their users’ financial accounts, with their permission, and access their financial data to look up […]

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Systems

Kansas City Fed’s George Says FedNow to Be Ready in 2023 | ABA Banking Journal

October 20 2021

• in
• FedNow

“Esther George, president and CEO of the Federal Reserve Bank of Kansas City today announced that the FedNow payment system is now expected to be ready in 2023. In a conversation with American Bankers Association President and CEO Rob Nichols at ABA’s Annual Convention, George said the FedNow payment system will be delivered “sooner rather […]

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Systems

New York Orders Crypto Lenders to Close Operations in State

October 20 2021

• in
• Cryptocurrencies

“New York’s attorney general ordered two unlicensed cryptocurrency lending platforms to cease operating in the state as authorities continue to clamp down on crypto firms over fraud concerns. The names of the companies were not disclosed. In an order, the Office of the Attorney General said it had evidence that the platforms were illegally selling […]

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Systems

FinCEN Links More Than $5 Billion in Bitcoin Transactions to Ransomware – Bitcoin News

October 20 2021

• in
• Bitcoin

“FinCEN, the U.S. Financial Crimes Enforcement Network, found that more than $5 billion in bitcoin transactions were linked to payments made to the top-ten most popular ransomware variants. These findings were published by the institution in a report titled “Ransomware Trends in Bank Secrecy Act Data Between January 2021 and June 2021,” which summarizes the […]

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Regulation

Don’t Subject Stablecoins to New Rules, Crypto Lobby Tells U.S. Regulators

October 20 2021

• in
• Stablecoin

“Asset-backed stablecoins do not pose a systemic risk to the U.S. financial system and should not face a new set of rules, a major cryptocurrency lobby group told U.S. regulators on Monday, as tighter oversight of the fast-growing technology looms. Stablecoins – digital tokens usually backed by reserves of dollars or assets from gold to […]

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Systems

Facebook’s Novi Taps Paxos, Coinbase Ahead of Diem Rollout

October 19 2021

• in
• Digital currencies

“Facebook’s Novi wallet is ready to launch – but it won’t be launching with the Diem (formerly Libra) stablecoin. Novi, Facebook’s digital wallet subsidiary, will go live in the U.S. and Guatemala in a pilot program, allowing users to start trading the Paxos Dollar (USDP), the social media giant announced Tuesday. Crypto exchange Coinbase will […]

On The Wires

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Systems

TNM Mpamba and Mastercard Empower Millions of Consumers in Malawi to Make In-person and Online Payments on Global Platforms, Advancing Digital Financial Inclusion | Middle East/Africa Hub

October 21 2021

• in
• Mobile Money

“In a country-first for Malawi, mobile money service provider TNM Mpamba today launched a Mastercard debit card, enabling its customers – even those without bank accounts – to make safe and seamless in-person and online digital payments on the Mastercard network. Dubbed “Khadi Mbambande”, the new card is expected to enhance financial inclusion and improve access […]

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Systems

Federal Reserve Launches New Tools and Support to Accelerate Industry Readiness for Instant Payments

October 21 2021

• in
• FedNow

“The Federal Reserve today launched new resources for the U.S. payments industry to facilitate education, preparation and ecosystem innovation in support of instant payments, a type of faster payment that provides payees with immediate access to funds, enabled by real-time final settlement between financial institutions.”

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Systems

Interactive Brokers Introduces Request for Payment Service From J.P. Morgan

October 21 2021

• in
• Real-Time Payments

“Interactive Brokers Group (Nasdaq: IBKR), a global brokerage firm, today announced it went live with J.P. Morgan (NYSE: JPM) on Request for Payment, a real-time payment-related messaging service that is provided through The Clearing House RTP network. Request for Payment gives investors the ability to make instant deposits 24/7 to fund brokerage accounts and begin […]

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Systems

Cryptocurrency Innovators Invest in New Card Solutions, With Marqeta’s Modern Card Issuing Platform Powering Growth of New Category

October 19 2021

• in
• Cards
• Cryptocurrencies

“Marqeta (NASDAQ: MQ), the global modern card issuing platform, announced today that it is powering cryptocurrency spending and rewards products for Coinbase, Fold, Shakepay and Bakkt, with the company seeing rising interest in new card products in this rapidly evolving category. Use of cryptocurrencies has grown considerably in the United States, with data from the […]