For Canadians, financial data has long been a walled garden, accessible only by the traditional gatekeepers – the big banks. But a major shift seems to be underway, one that promises to crack open this financial fortress and empower us to take control of our monetary destiny. Enter Canada's Consumer-Driven Banking Framework, a.k.a. open banking, poised to reshape the financial landscape with the power of secure data sharing. Here's the gist: open banking breaks down the data silos that have confined financial information. Imagine a world where you can seamlessly connect your bank accounts to a ..read more

Cryptocurrency's foundational promise of decentralization was always going to clash with centralized institutions. The latest skirmish in this ongoing battle comes in the form of the Lummis-Gillibrand Payment Stablecoin Act. This bill, dropped into a turbulent pool of crypto chaos, seeks to harness the force of stablecoins while ensuring they don't become the next financial hazard. It's a blueprint for regulating a technology born of distrust in government oversight, ironically taking center stage in a world that's reeling from the repercussions of under-regulated banking. The bill's approach ..read more

Forget sleek metal cards and futuristic biometric scanners. The future of frictionless payments might lie not in shiny new tech, but in a technology that's been around for decades – the humble QR code. Those seemingly random black and white squares, once relegated to dusty magazine ads and grainy takeout menus, are poised for a comeback, this time as the key to unlocking a faster, more inclusive payments system. A recent report by the U.S. Faster Payments Council (FPC) throws its weight behind the unassuming QR code, highlighting its potential to bridge the gap in faster payments adoption, par ..read more

UniCredit, in collaboration with Mastercard, has announced the rollout of its upgraded debit, credit, and pre-paid cards to feature the Mastercard Touch Card technology. This initiative aims to enhance accessibility for individuals who are blind or partially sighted. Card Design Supports Visually Impaired Customers The Mastercard Touch Card introduces features tailored to assist visually impaired individuals in distinguishing between their payment cards. Notably, the design incorporates side notches, facilitating card identification through tactile feedback. "Inclusion lies at the core of Mast ..read more

I've been in fintech for a number of years, and one thing has become increasingly clear: the role of data analytics in finance is not just growing, it's completely revolutionising how we make lending decisions. Traditional lending models rely on static data that is often outdated and generic, but we are now afforded the ability to be increasingly granular when making financial decisions. However, while lots of data is great, we need to understand how to effectively translate this data, action it, and embed it into a better customer experience. Our revenue-based finance (RBF) business model rel ..read more

In Latin America, Brazil leads in financial inclusion with 70% adoption of debit or credit cards. The country has recorded 55% card usage and an outstanding level of real-time payment usage. This positive trend is contributed by the elimination of barriers to payment infrastructure in the country. These are the findings of a joint study between Nubank and Mastercard, which highlighted the path individuals pursue toward financial inclusion. The study, which is based on data from 3.6 million Nubank's customers, also highlighted the impact of financial inclusion and long-term economic growth. Unl ..read more

Cash may be king, but it's a clunky monarch, weighed down by the burdens of physicality. The digital age demands a more agile ruler, one that thrives in the realm of ones and zeroes. Enter Fast Payment Systems (FPS), the fintech upstarts poised to dethrone cash and usher in a new era of frictionless finance. FPS boast a simple yet revolutionary proposition: instant transfers between bank accounts, 24/7, 365 days a year. No more waiting days for checks to clear or scrambling to find an ATM on a Sunday afternoon. This streamlined efficiency has the potential to reshape our financial interactions ..read more

The fight over Earned Wage Access (EWA) is the latest skirmish in the ongoing war for the wallets of America's working class. This seemingly innocuous service, allowing employees to access a portion of their already-earned wages before payday, has ignited a firestorm in the payments industry, pitting Democrats against Republicans and revealing a fundamental disagreement about financial empowerment versus predatory lending. On one side, a chorus of Republican lawmakers sings the praises of EWA, painting it as a beacon of financial freedom for cash-strapped workers. They envision a world where a ..read more

The realm of digital identity has always been a precarious one, a constant dance between convenience and security. In the past, a grainy webcam selfie and some hastily typed information might have sufficed for verification. But in the age of deepfakes and ever-evolving fraud tactics, the stakes have never been higher. The game of digital deception has gotten a nightmarish upgrade, and the line between real and fabricated blurs with every passing day. Companies like Socure are wielding the double-edged sword of artificial intelligence (AI) in the fight against identity theft. Their latest weapo ..read more

The clinking of coins and the satisfying rustle of bills might soon be relegated to the realm of nostalgia. Central banks around the world are whispering sweet nothings to blockchain technology, exploring the creation of Central Bank Digital Currencies (CBDCs). The latest tango is between the Massachusetts Institute of Technology's Digital Currency Initiative (DCI) and the Deutsche Bundesbank, Germany's central bank. Their focus? Designing a digital euro that prioritizes both security and, more interestingly, user privacy. This newfound love affair between central banks and cryptography might ..read more