Weekly Ledger 34: Top Stories in Accounting and Finance

February 21, 2017 Ralph Perdomo

Weekly Ledger 34: Top Stories in Accounting and Finance

See what's trending this week

Banks Look to Cellphones to Replace A.T.M. Cards — The New York Times

Ever pull up to the ATM and realize you've left your card at home? To eradicate that stomach sinking feeling, Chase is rolling out cardless ATMs at select locations. But other banks aren't resting on their laurels—Stacy Cowly (@StacyCowley) of The New York Times reports. Both Bank of America and Wells Fargo are introducing their cardless ATMs by year's end. “It's about having the choice," said Jonathan Velline, Wells Fargo's head of A.T.M. and branch banking. “If you've lost your card or left home without your wallet, chances are you still have your smartphone in your hand."

 

Atlanta's ATDC Offers 2017 Fintech Hack Winners More Than Money — Forbes

From Hotlanta to Hacklanta—fintech hackers in Atlanta are blazing a new path for the banking industry to follow. Moira Vetter (@MoiraVetter) contributor for Forbes highlights the events at this years' ATDC. The common thread this year: integration through APIs. "In this Fintech hack, the competitors had to demonstrate how well they integrated the sponsor company’s APIs into their applications," Vetter begins. "Having access to the core processing technology, and creatively working to extend the possibilities in a sandbox environment, is key to inventing something that has real commercial application."

 

Amazon Buying Capital One? Fat Chance, but Fun to Ponder — American Banker

Rumors abound of Amazon acquiring Capital One. Before you waste a click on that link, consider Kristin Broughton (@kcbroughton) of American Banker—as she squashes that rumor faster than you can "Buy Now with 1-click." Simply put, "there is a longstanding and firm barrier between banking and commerce," said Karen Shaw Petrou, managing partner at Federal Financial Analytics. "The legal principle is designed to prevent various conflicts of interest, such as the flow of deposits into a company's own enterprises."

 

As Goldman Embraces Automation, Even the Masters of the Universe Are Threatened — MIT Technology Review

Even professional, white-collar jobs aren't protected from the automation revolution. Nanette Byrnes (@nanettebyrnes) of MIT Technology Review opens in her article: "At its height back in 2000, the U.S. cash equities trading desk at Goldman Sachs's New York headquarters employed 600 traders, buying and selling stock on the orders of the investment bank's large clients. Today there are just two equity traders left."

 

Mexican Remittance Tax Could Lead to Bitcoin Boom — Axios

Could pending legislation soon draw hordes to bitcoin? That may be the case if Representative Mike Rogers' new bill makes its way across the floor. Dan Primack (@danprimack) editor of Axios reports. The legislator from Alabama's new bill could impose a 2 percent tax on all remittance payments to Mexico—and that squeeze could push more people to use Bitcoin for remittance payments. "Immigrants could still conduct individual (and untraceable) transactions via cryptocurrencies," Primack says. "Just look at the recent uptick in Bitcoin volume in Venezuela, which is in the midst of a currency crisis."

About the Author

Ralph Perdomo

Ralph is a Research Analyst at Nvoicepay. He's passionate about marketing technology and creating engaging content that delivers value to the consumer.

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