“Firms could find a better way to do AML thanks to the recording of transactions on the blockchain”
David Birch, the director of innovation at Consult Hyperion, talks with Arturo Pallardo of Kantox about the potential of blockchain, to foster new tools and markets, and bring down traditional barriers to innovation. “The applications are limitless, which means that there are some students in a basement somewhere that are coming up with something new,” Birch said. “And that’s precisely one of the things that excite me more about blockchain.”
Risk-wary banks chill bitcoin market
As international banks pull back from sectors they see as being too risky, several bitcoin exchanges have been unable to process bitcoin transactions in dollars, Gregor Stuart Hunter and Julie Steinberg report for The Wall Street Journal. The slowdown has lead for customers on some exchanges, including those on Hong Kong-based Bitfinex, to be unable to withdraw or deposit any currencies.
Ripple vs. Swift rivalry heats up; banking may be the ultimate winner
Following Ripple’s announcement of 10 new bank customers, SWIFT announced plans to add modern technology components to its messaging network, which is now being used by 11,000 banks, Penny Crosman reports for Paymentssource. Of course both institutions, despite their ongoing competition, share the same goal: to help banks run more efficiently.