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Another week, another top-tier bank turns to blockchain. Telis Demos (@telisdemos) of Wallstreet Journal reports on J.P. Morgan Chase's new project named Quorum; piggybacking off the Ethereum code to create “private" transactions—only those parties involved in the transaction would be able to see the transaction. Quorum aims to resolve “long and expensive settlement times, system breakdowns and lack of clarity about risk exposures," says Demos.
Philippe Gelis (@Pgelis) shares his thoughts on his LinkedIn blog about the future of the banking marketplace. As “platformification" in banking changes the landscape, Gelis weighs in on how fintech companies and banking incumbents may partner up. The greatest takeaway: “like many traditional banks, Amazon [...] started out as a very linear model. After a period of time, though, they ended up becoming 'Amazon Marketplace' in which external sellers could meet Amazon's customers through the Amazon Platform." An interesting, and possibly prescient, read on how data may become the biggest money-maker for the banking industry.
And the last horse crosses the finish line. American Express joins the ranks of Visa and MasterCard in providing a centralized place for developers to access their APIs. Previously, only select merchant partners had access to specific API calls. “With the launch of Amex for Developers, we are expanding access to our APIs to additional partners," said Marc Gordon, Executive Vice President and Chief Information Officer. “[This will create] new opportunities for business growth, both for our partners and for American Express." This just goes to show that it's no longer money that makes the world go 'round. Rather, it's the APIs.
In a move that will certainly alleviate some frustrations while traveling, U.S. Bank enables geolocation to verify credit card transactions. This mobile location confirmation (coined as Visa MLC) process works by comparing a smartphones' GPS coordinates and the location of the transaction. This opt-in only feature is expected to reduce the likelihood of declined transactions due to suspected fraud. “Geolocation is an example of the focus U.S. Bank has on enhancing the customer experience for our customers," said Dominic Venturo, Executive Vice President and Chief Innovation Officer at U.S. Bank.
Blockchain to stabilize the financial system? That was just one of the topics discussed at this years' central banking seminar in New York. Laura Shin, (@laurashin) contributing writer for Forbes, reports on Adam Ludwin's discussion. “It looked at first like Bitcoin didn't have any relevance to this world," said Ludwin. “It's slowly but surely working its way back to the same objective, which is financial system stability. In particular, blockchain networks increase transparency — giving policy makers real-time visibility into transactions of all kinds."
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Ralph is a Research Analyst at Nvoicepay. He's passionate about marketing technology and creating engaging content that delivers value to the consumer.More Content by Ralph Perdomo