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Banking for all bill
In response to the COVID pandemic and to ensure that all Americans receive monetary relief from the government, a U.S. Senator has introduced a bill that, if passed, will require banks to maintain "digital dollar wallets" to enable America's unbanked consumers to access stimulus payments for coronavirus relief. The "Banking For All Act" would let consumers set up free FedAccounts at local banks and post offices that would provide accountholders with debit cards, online account access, automatic bill pay, mobile banking, and ATM access. Get the details at: Tech Talk.
Secure communication in a crisis
In a matter of weeks, our nation has been forced to move to a remote workforce across all industries, including the financial sector in some cases. Many businesses have resorted to communication apps like Slack and Zoom to communicate with staff and vendors. The financial sector, however, must comply with the Dodd-Frank Act and other regulations that require banks to record all trades-related communications. To remain in compliance, remote finance work, such as banking, hedge fund management, and brokerage work must be conducted over secure collaboration tools and platforms. Get the details at: Tech Talk.
Digital currency coming soon to China
While the United States has scrubbed its recommendation to create a digital dollar from the proposed Coronavirus relief bill, China is accelerating its plans to launch a Central Bank Digital Currency (CBDC). The Chinese central bank teamed up with several companies, including Alipay – the financial wing of Alibaba – to complete development of the CBDC that will reportedly launch sooner rather than later and could help stabilize the country's economy. Get the details at: Tech Talk.
Bank fintech provider breached
For nefarious characters seeking to pilfer data for illicit use, the next best thing to targeting a bank is targeting a firm that supplies banks around the world with technology solutions. London-based fintech firm Finastra, which services over 9,000 customers across 130 countries – including many of the world's largest banks – found itself on the receiving end of a ransomware attack last week that prompted the firm to shut down key systems. Get the details at: Tech Talk.
Beware: bank trojans in the wild
While the FBI and security firms have been warning the public about COVID-related phishing emails and fraud schemes, attackers are leveraging a new functionality of the infamous Ginp banking Trojan to profit from the pandemic. Banks and mobile banking customers should also be on the alert for a tricked-out version of the TrickBot banking trojan that is bypassing the popular 2FA (two-factor authentication) security method used by many banks. Get the details at: Tech Talk.
Building video banking connections
With social distancing guidelines and state shutdown requirements across the country (and the world) impacting every sector, banks are essential and remain open for business even when their lobbies are closed. Leveraging the power of technology, banks can connect with customers via video banking that provides one-on-one interaction with tellers. Whether it's video access at drive-thrus, video kiosks in branches, cameras connected to ATMs, or video chats through mobile or online banking, making that connection can provide a valuable customer experience through these uncertain times. Get the details at: Tech Talk.
Fintech task force for SMEs
Banks and fintech firms across the globe are doing what they can to provide relief for individuals and businesses who are impacted by the COVID-19 pandemic. A group of lending fintech firms has joined forces to form a fintech task force to help SMEs get the funding they need during the Coronavirus crisis. The task force will provide a lending platform for banks, alternative lenders and private debt lenders to virtually and digitally deploy funds to SMEs who are experiencing cash flow challenges during this critical time. Get the details at: Tech Talk.
Fintech merges closer to banking
Fintech unicorn Brex has set its sights on becoming an alternative bank for startups to provide them with the funds they need and services that are unique to their businesses. The credit card startup is moving closer to that goal with its acquisition of three companies to bolster its security, core technology, and e-commerce product to help push them to the finish line. Get the details at: Tech Talk.
Revolut lands on U.S. shores
Despite rumors circulating on social media channels that challenger neobanks are facing financial difficulties as a result of the Coronavirus outbreak, British fintech startup has launched its neobank services in the United States. Offering FDIC-insured deposits, Revolut has partnered with Metropolitan Commercial Bank for its banking infrastructure. In addition to account openings via their app, the challenger bank offers users currency conversion based on interbank rate with a low fee and the ability to receive their direct deposit salary in advance. Get the details at: Tech Talk.
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