Banks are beginning to really feel the heat as fintech companies and nontraditional competitors angle to get into the financial services business, according to reports coming from The Clearing House Annual Conference held at the Waldorf in New York City Tuesday. The Clearing House has a 162-year tradition of addressing the interests of the commercial banking industry in the United States and helping to chart the course of America’s financial industry.
Blockchain continues to throw bankers for a loop. Everyone’s experimenting – even the Bank of England has indicated an interest in digital currency based on the technology — and no one appears sure where it may lead. In the last year, venture capitalists have funneled more than $1 billion into companies working on blockchain projects, said Bart Cant, a principal at Capgemini Financial Services NA.
“Organizations from small startups to larger companies to governments – it’s clear blockchain is posing serious disruption to current business models,” Mr. Cant said.
Blockchain buzz is growing. The momentum is there, said Cheryl Gurz, managing director of emerging technologies at Bank of New York Mellon Corp, speaking on a panel. “New vendors and fintech companies are coming at us all the time. Why blockchain? I can’t answer it yet.”
One use with potentially big payoff would be for banks to gradually adopt blockchain ledgers gradually, as replacements for internal software that comes due for upgrades, said Blythe Masters, fellow panelist and CEO of Digital Asset Holdings LLC, which makes settlement and recording technology. Ms. Masters, in the late 1990s, helped develop the credit-default swap while at JPMORGAN Chase.
Ms. Gurz wanted to hear more about that. “You’re saying IT guys should be giving us an option to pick blockchain” when upgrading or changing systems, she asked Ms. Masters, who confirmed that’s indeed what she meant.
Read article in full at the Wall St. Journal here.
- OneFeather and BlocPal to Provide First Nations with Digital Financial Services - July 23, 2019
- Government Committee Wants Total Ban on Cryptocurrencies in India - July 23, 2019
- Judge Refuses to Dismiss Historic $224 Million SIM Swap Lawsuit by Crypto Luminary Michael Terpin Against Telco Giant AT&T Mobility - July 23, 2019
- RENBDO: First ICO Approved by European Commission – 70 Percent Funding From EU - July 22, 2019
- Chinese Government Blockchain Standardized Certification Received by Lenovo, Alipay, and Aelf - July 22, 2019
- KPMG Teams Up With Tomia, Microsoft And R3 To Create A Near Real-time Settlement Network For Telecom Companies - July 22, 2019
- Blockchain-Based ‘Lunar Registry’ Launched - July 22, 2019
- Daimler launches hardware Car Wallet with RIDDLE&CODE - July 22, 2019
- Ugandan President to Explore use of Blockchain to Tackle Counterfeit Drugs - July 22, 2019
- Blockchain-Based Travala.com Teams Up with Dash For Hotel Booking Payments - July 18, 2019
- SEC And FINRA Approves First Reg A+ Token Offerings - July 18, 2019
- Tokinex Tolken Sale Sells out in 35 Seconds - July 18, 2019
- 18 Organisations Launch The Convergence Alliance To Enable A New Open Data Economy Built On The Decentralized Web - July 9, 2019
- Bittrex Acquires Tradedash - July 3, 2019
- Korea’s Cube Systems Rolls Out New Blockchain eCommerce Platform - July 3, 2019
- Clinlogix Joins ALTEN Calsoft in Launching Blockchain for Clinical Trials - July 3, 2019
- Binance Charity forms alliance with 46 companies to unveil a stablecoin for the alleviation of period poverty - July 3, 2019
- Nestlé Breaks from IBM Food Trust Blockchain Group for New Milk Supply Chain Trial - July 3, 2019
- Tokeny Solutions Digital Asset Platform Gets €5 Million Backing from Euronext - July 3, 2019
- Blockchain Venture Capital Funding Reaches $822 Million in 2019 - July 1, 2019