NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N) has tested a new blockchain platform for issuing financial instruments with the National Bank of Canada and other large firms, they said on Friday, seeking to streamline origination, settlement, interest rate payments and other processes.
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Getting updates on your bank account in augmented reality. Credit scores built on blockchain. Payment requests that involve scanning would-be recipients with facial recognition technology.
These are just some of the ideas Canadian banks have been envisioning in public patent filings, which lenders have increasingly made in recent years as banking becomes more and more dependent on technology.
Toronto-Dominion Bank, for example, used to file around one patent application a year. But after ramping up its strategy about five years ago, it now files about 40 to 50 applications annually, according to Josh Death, associate vice president, legal, intellectual property and patentable innovation at TD.
The world is gradually changing as consumers seek alternatives to traditional banking methods. Therefore, there has been an increase in the use of cryptocurrencies that offer an alternative way of paying for things. Although it may take some time for most…
After many weeks of soaring, Bitcoin price is on the descent, and with that comes the frenzy to sell off. Bitcoin, which had a price close to $ 20,000 at the end of the year is now hovering at $15,000. To add salt to this wound, Indian investors are now facing another crisis all together. Users of many Indian Bitcoin exchanges have been facing difficulty with withdrawals as Indian banks are strangling bitcoin exchanges by blocking payments and withdrawals.
Presently, regulators across the globe, including India, have been struggling to comprehend the underlying blockchain technology and to develop an appropriate response to it.One of the main victims of this crisis is cryptocurrency exchange Koinex.
“In the past few days, many of our users have faced difficulties with INR withdrawals on Koinex. A tussle between our payment service partner and their bank has caused an indefinite delay in the settlement of a large portion of deposits to Koinex in the past 2 weeks. This created a bottleneck in the cash flow of user funds, thus hamstringing INR withdrawals on the platform,” writes Koinex in a blog post.
One of the Bank of America’s wealth management divisions, Merrill Lynch, has forbidden clients to invest in Barry Silbert’s Bitcoin Investment Trust. The news comes via a memo from the financial advisory firm last December which was seen by Reuters.
The note was sent to around 17,000 brokers at both Merrill Lynch and their subdivision of independent trade managers, Merrill Edge. According to the memo dated December 8, 2017, the wealth management firm will no longer approve new orders for Silbert’s trust. This was due to uncertainty over the “suitability and eligibility standards” of the Bitcoin fund.