852. News: The first American bank failure of 2024, as Visa launch US open banking
May 6, 2024
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Jonathan Vaux and Scott Abrahams discuss Visa's US open banking launch. The podcast covers Republic First Bank's 2024 failure reasons. They also talk about EU AML regulations, Australian keystroke tracking case, and fintech deal trends.
Visa launches US open banking with Tink to enhance financial tasks and user experiences.
Mastercard's Click2Pay expands in Europe for secure online payments without passwords.
European Union strengthens AML regulations for better cryptocurrency compliance and reporting.
Q1 of 2024 sees 500 Fintech deals with focus on InsureTech, crypto, and blockchain investments.
Deep dives
Visa Launches Open Banking in the United States through Tink
Visa has launched a new open banking service in the United States in partnership with Tink platform. The service enables users to perform various financial tasks, including confirming bank account details and retrieving transaction information across the US. This move aligns with upcoming open banking rules and aims to enhance consumer financial experiences.
MasterCard and PrestaShop Deploy Click2Pay in Europe
E-commerce provider PrestaShop is rolling out MasterCard's Click2Pay in countries like France, Spain, Italy, and the UK. Click2Pay allows customers to make online payments without inputting card details or passwords by using tokenization for enhanced security. If successful, Click2Pay could expand to other regions worldwide.
EU Strengthens Anti-Money Laundering Regulations for Cryptocurrency
The European Parliament has approved new laws to bolster anti-money laundering measures with a focus on cryptocurrency compliance. Banks and cryptocurrency asset managers will have to adhere to stricter customer due diligence and report any suspicious activities. The aim is to enhance financial intelligence analysis and combat money laundering and terrorist financing effectively.
Strong Quarter for Fintech Deals with Focus on InsureTech and Cryptocurrency
The first quarter of 2024 witnessed nearly 500 Fintech deals, with a significant emphasis on InsureTech, crypto, and blockchain investments. Despite a slight dip compared to the previous quarter, the total financing amounts to 7.8 billion dollars. Additionally, mergers and acquisitions, including a major deal between Capital One and Discover, contributed to a dynamic quarter in Fintech.
Employee Fired After Company Monitors Keystrokes for Work from Home Productivity
An Australian woman was dismissed from her job after her employer used keystroke technology to monitor her work from home productivity. The company found that she exhibited low work output, starting late and finishing early on numerous days. Despite claiming data inaccuracy, the employee filed for unfair dismissal, reflecting challenges in remote work monitoring and privacy concerns.
Cultural and Geographic Variances in Data Privacy Attitudes Highlighted in Keystroke Monitoring Case
The analysis of the keystroke monitoring case reveals cultural and geographic differences in data privacy attitudes. While some regions view data monitoring as necessary, others raise privacy concerns. The incident exemplifies ongoing challenges in navigating remote work monitoring, raising questions about employee trust and privacy boundaries.
Discussion on the Impact of Regulatory Shifts on Crypto and Future Business Practices
The conversation delves into the repercussions of regulatory shifts on crypto industries and future business strategies. As regulations tighten, businesses must adapt to compliance requirements, sparking a shift towards prioritizing trust and compliance as competitive advantages. The evolving regulatory landscape presents challenges and opportunities for industry players to enhance trust and address compliance needs.
Our expert host Benjamin Ensor is joined by some great guests to talk about the most notable fintech, financial services and banking news from the past week, including Ramp's recent $150m funding, which it will use to enhance its AI capabilities, and Goldman Sachs selling its Marcus Invest accounts to Betterment. Plus, UniCredit roll out Mastercard's Touch Card to 12 markets, and ComplyAdvantage purchase American company Golden.
This week's guests include:
Jonathan Vaux, Head of Partnerships and Propositions at Thredd
Scott Abrahams, Executive Vice President, Global Channel Partners at Mastercard
We cover the following stories from the fintech and financial services space:
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