The New York Fed launched a new fintech advisory group dedicated to providing Bank leaders with industry insights; Bank of America announced that its Erica virtual assistant now has six million users; IBM rolled out its World Wire real-time global payments network; Amazon partnered with Worldpay to allow the latter’s merchants to pay with Amazon Pay during checkout; Australia outlined a national strategy for blockchain development and implementation; and FIS will purchase Worldpay for $35B.
Federal authorities arrested the leaders of OneCoin on charges including money laundering and securities fraud; Congress held hearings on whether and how to create a federal privacy law; the Bank of England plans to take supervisory action against Visa for a 2018 European data center outage; Philadelphia became the first major U.S. city to ban cashless stores; Ant Financial unveiled a new banking platform; and MasterCard dropped its bid to acquire Earthport.
The Fed is considering adding a bitcoin crash to stress test scenarios; British banks published outage details; Facebook is testing its own cryptocurrency; the European Commission weighs a regulatory push for the TIPS payment system; and JP Morgan is testing a new ethereum-based platform that could mitigate privacy concerns.
The DOJ filed charges for an alleged SEC hack which generated $4.1M in profits; HSBC has used distributed ledger technology to settle over $250B in FX transactions; Square has launched a debit card for businesses; SWIFT has published ‘Pay Later’ API standards for instant loans at point of sale; VC funding for cybersecurity firms topped $5B in 2018; the Canadian government has opened a consultation on open banking; and Fiserv is to acquire First Data for $22B.
The SEC plans to release “plain English” guidance on ICOs; American Express became the first foreign card provider to be approved to enter the Chinese card market; Credit Karma acquired Noddle and entered the U.K. market; HSBC disclosed a data breach affecting some of its U.S. retail customers; and Vox profiled Initiative Q, a new cryptocurrency and payments network.
The CSBS refiled suit against the OCC; the FDIC is creating an office of innovation; Coinbase was approved to be a NY qualified custodian; Apple CEO Tim Cook decried the “data-industrial complex”; Cathay Pacific and British Airways both disclosed new data breach details; and IBM is acquiring Red Hat for a reported $33B.