James Fry, SVP at Worldpay, Explains Why FedNow 1-Year Anniversary Is Key Milestone for Payments Ecosystem

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July 20, 2024, will mark exactly one year since the Federal Reserve announced the launch of the notable FedNow Service, which has allowed customers at participating financial institutions to make payments that can be sent and received at any time, immediately available to use. The… Read More



Financial Action Task Force (FATF) Shares Update on New Zealand’s Progress on Addressing Money Laundering

The Financial Action Task Force (FATF) has recently shared New Zealand’s progress in its efforts focused on “strengthening measures to tackle money laundering and terrorist financing.” FATF noted in a blog post that since the 2021 assessment of New Zealand’s measures to tackle money laundering… Read More

Digital Assets Custody Firm Copper Obtains TCSP License in c

Copper, a firm focused on digital asset custody, collateral management, and prime services, has secured a Trust or Company Service Provider (TCSP) license in Hong Kong. This license, granted by Hong Kong’s Companies Registry, “represents a key milestone in Copper’s global market expansion and its… Read More

Singapore: MAS Announces Additional $74m Funding for Quantum and AI Technologies

The Monetary Authority of Singapore (MAS) announced an additional commitment of S$100 million (about $74 million) under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0). This funding aims to bolster financial institutions in developing quantum and artificial intelligence (AI) capabilities and foster the… Read More

Velocity Global Expands International Presence with Entities in El Salvador and Georgia

Velocity Global, which claims to be the world’s expert on work, announced that it has successfully opened new entities in El Salvador and Georgia, “allowing customers easy and compliant access to talent in these economies.” The new entities will open opportunities for organizations and local… Read More

How High Will it Go? ETH ETFs Start Trading Next Week

The approval of spot Bitcoin ETFs helped to fuel a bull run in Bitcoin. Ethereum (ETH) ETFs will start trading next week as several spot funds have received regulatory approval. As of today, ETH is trading at around $3500 – having risen by over 10%… Read More

CFPB Proposes Interpretive Rule to Ensure Workers Know Costs, Fees of Paycheck Advance Products

The Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. The guidance will ensure that lenders “understand their legal obligations to disclose the… Read More

SEC Announces New Interagency Securities Council, Aims to Share information Between Federal, State and Local Anti-Fraud Actitivity

The Securities and Exchange Commission, Division of Enforcement, has issued a statement on the new Interagency Securities Council (ISC). This new entity aims to coordinate discussions on fraud and scams and share strategies to counter nefarious activities. The ISC is expected to meet quarterly. The… Read More

Tribe Payments MD Comments on CHAPS Failure

Yesterday, it was reported that CHAPS, or the Clearing House Automated Payment System, the system that enables real-time gross settlement payments in the United Kingdom, had gone offline, impacting some “high-value” payments and transfers. The Bank of Engaland did not reveal the cause of the outage,… Read More

Brazil’s Lift Lab Resumes Innovation Projects for the National Financial System

The Laboratório de Inovações Financeiras e Tecnológicas (LIFT), a joint initiative of Banco Central do Brasil (BCB) and Federação Nacional de Associações dos Servidores do Banco Central, announces the resumption of activities following a hiatus in 2023. Since its inception bac in 2018, the laboratory… Read More

Jared DeMatteis, Chief Legal and Strategy Officer at DailyPay, Responds to CFPB’s Proposed Interpretive Rule

Jared DeMatteis, Chief Legal & Strategy Officer, DailyPay has issued a statemenet regarding the CFPB Proposed Interpretive Rule. Jared DeMatteis, Chief Legal & Strategy Officer, DailyPay said: “We strongly disagree with the CFPB’s proposed interpretive rule. Characterizing employer-integrated Earned Wage Access products as loans or… Read More

Regtech: Prove Identity Platform to Create Seamless Experience for Verified Consumers while Boxing Out Fraudsters

In an era plagued with AI-powered impersonation and sophisticated deep fakes, accurately verifying digital identity is more critical than ever. This, according to an update shared by Prove. However, as we enter this AI era, businesses are at risk of adopting a cure that’s equally… Read More

Allium Secures $16.5m in Series A Funding to Enhance Blockchain Data Solutions

Allium, a blockchain data platform for enterprises, has raised $16.5 million in a Series A funding round led by Theory Ventures, with participation from seed investors Kleiner Perkins and Amplify Partners, according to an announcement. As part of the investment, Tomasz Tunguz, Founder of Theory… Read More

Bank of England Announces Appointment of Members of Enforcement Decision Making Committee

The Bank of England has announced the appointment of members of the Enforcement Decision Making Committee. Following an external recruitment process and consultation, the Bank of England (Bank) has appointed three new members “to its Enforcement Decision Making Committee (EDMC) taking the total to nine.”… Read More

New Frontier Funding Raises Funds to Scale AI and SMB Financing Services

New Frontier Funding, a company that uses generative AI to assist small and medium-sized businesses (SMBs) in securing credit and debt funding, has closed a substantial round of growth capital from the Homsher Family Office. The financial terms of the transaction were not disclosed. This… Read More

J.P. Morgan Backs $65m Funding in B2B Financial Solutions Provider Slope

Slope, a fintech company specializing in innovative B2B financial solutions, announced it has raised $65 million in a new funding round. The investment, led by J.P. Morgan and Notable Capital, brings Slope’s total funding to $252 million, comprising $77 million in equity and $175 million… Read More

Neobank Dave Issues Statement Regarding CFPB Proposal, an Interpretive Ruling Around Paycheck Advance and EWA

Dave Inc. (Nasdaq: DAVE), one of the nation’s neobanks, has recently issued a statement regarding a proposal from the Consumer Financial Protection Bureau (CFPB). Dave’s management has stated: “We are closely monitoring the recently proposed interpretive ruling from the CFPB around paycheck advance and earned… Read More

HKMA Announces Stablecoin Issuer Sandbox Participants

The Hong Kong Monetary Authority (HKMA) has revealed the participants of its stablecoin issuer sandbox, marking a significant step in the city’s drive to foster a regulated and sustainable stablecoin ecosystem. Earlier this week, the results of a consultation by the HKMA on stablecoins were… Read More

UK Private Equity Investment Cools in H1 2024, Rebound Expected in Second Half – Report

Mid-market private equity investment activity in the UK declined by 11% in the first half of 2024, as challenging macroeconomic conditions persisted, according to KPMG UK’s latest mid-market Private Equity analysis. The firm’s most recent M&A research study revealed “that 321 mid-market transactions were completed… Read More

UK Finance Chief Executive David Postings Comments on 2024 King’s Speech

David Postings, Chief Executive of UK Finance, comments on the 2024 King’s Speech. David Postings from UK Finance noted: “We welcome the focus in the King’s Speech on economic stability and growth, something the financial services sector will play a key role in delivering. The… Read More

Human Interest, the 401(k) Provider, Announces Key Steps Towards Public Company Readiness

Human Interest, the 401(k) provider, announced significant steps towards public company readiness with financings of $267M and key hires and board appointments, “all of whom share deep, first-hand experience taking companies public.” The funding includes a previously unannounced Series E raise “led by Marshall Wace… Read More

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