Blockchain lags behind other technologies in finance adoption for now, says Broadridge

Global fintech firm Broadridge Financial Solutions has released a new report on next-gen technology adoption amongst financial services firms.

It finds that, of the four ABCDs of innovation (AI, blockchain, cloud, and digital), blockchain technologies are currently being implemented the least.

Of the 1,000 C-suite executives and direct reports that were surveyed, only 15% are currently at mid to advanced stage implementation of blockchain technologies. This compares to...

25 February 2021 | Banking

KPMG, BitGo, and Coin Metrics launch combined offering for public blockchains

Global accounting firm KPMG has announced the launch of a suite of products and services designed to enable increased adoption of cryptoassets and public blockchains in a combined offering with digital asset firms BitGo and Coin Metrics.

The collaboration seeks to bring KPMG’s Chain Fusion services, capabilities and accelerators; BitGo’s custody technology; and Coin Metrics’ data and intelligence products to market through a deeply integrated offering.

The...

24 February 2021 | Banking

Assessing the rise of DeFi – and how data will drive fintech in 2021

2020 saw a notable increase in the need for and availability of fintech solutions across various industries, such as personal banking, transportation, and food service, with many apps already utilising data aggregation techniques to make one-touch purchases and payment options the new standard. Companies like Uber and Amazon use frictionless data aggregation to curate a unique user experience while realising new revenue opportunities.

The success of these and similar applications...

24 February 2021 | Banking

Mastercard to begin supporting payments in cryptocurrencies

Financial services giant Mastercard has announced that it will begin supporting a select number of cryptocurrencies on its payment network later this year.

In a recent blog post, the company stated that it is ‘preparing… for the future of crypto and payments’ as it becomes the latest major corporation to embrace the use of cryptocurrencies.

This innovation, which will facilitate direct payments of certain cryptocurrencies through the Mastercard network, will allow...

15 February 2021 | Banking

Visa partners with neobank First Boulevard for new crypto API initiative

Visa has chosen First Boulevard, a neobank with a focus on financially empowering the Black American community, as a partner for its new crypto API program anticipated to launch later this year.

First Boulevard will be the first to pilot Visa’s suite of crypto APIs which will allow the neobank’s customers to purchase, hold, and trade digital assets held by Anchorage, a federally chartered digital asset bank.

For Visa, this marks an important step in expanding the...

9 February 2021 | Banking

BIS survey explores central banks’ ongoing plans for digital currencies worldwide

The Bank for International Settlements (BIS) has found in a new report that more and more countries are moving into advanced stages of development for central bank digital currencies (CBDCs) - with the likelihood of implementation within the next decade growing globally.

CBDCs are central bank-issued digital money denominated in the national unit of account. They differ from existing forms of cashless payments, such as credit transfers and direct debits, as they are a direct claim...

8 February 2021 | Banking

JP Morgan completes successful blockchain-based repo transaction

JP Morgan has announced a successful blockchain-based repo transaction - with the potential to reduce such payments to hours rather than days.

The intraday repo transaction, between JP Morgan's broker dealer and banking entity, was settled on both ends through blockchain technology. The cash leg used JPM Coin, a digital coin designed for instantaneous payments, to facilitate the transaction.

"The repo market provides a widely used form of secured financing, however...

14 December 2020 | Applications

Standard Chartered and Northern Trust team up for cryptocurrency custodian

Standard Chartered's ventures unit, SC Ventures, is working with asset servicing provider Northern Trust to launch Zodia Custody, an institutional-grade custody solution for cryptocurrencies.

The goal of Zodia is to enable institutions to invest in emerging cryptocurrency assets. It 'combines the traditional custody principles and expertise of a bank with the agility of a fintech company to provide an infrastructure that meets the high standards and expectations of institutional...

10 December 2020 | Banking

Enterprise blockchain bytes: R3 and IBM collaboration and Calastone acquisition

Blockchain technologies for the enterprise continue to see various updates. IBM and R3 have announced a collaboration to bring the latter's enterprise blockchain platform to IBM, while the acquisition by The Carlyle Group of a majority stake in Calastone has put a focus on its distributed market infrastructure (DMI).

R3 has announced a new open beta program to bring Corda Enterprise to IBM LinuxONE, delivered via IBM Cloud Hyper Protect Services, with general availability expected...

30 October 2020 | Banking

JP Morgan rebrands blockchain payment network and adds new features

JP Morgan has announced the launch of Liink, a rebadging of its blockchain-based Interbank Information Network (IIN), alongside new applications around payment information validation.

Liink, originally launched in 2017, is aimed at utilising blockchain technology to alleviate delays in cross-border payments. The company says more than 400 financial institutions have signed up to participate, as well as more than half of the world's top 50 banks across 78 countries.

The...

28 October 2020 | Banking