Morning Brief 3.25.20: Apple Card to give more anonymized data to Goldman Sachs
The information you need to start your day, from PaymentsSource and around the web:
That's designed to make it easier to assign credit, thus theoretically expanding Apple Card access to a wider market of consumers, reports TechCrunch. Users can also share more data on an "opt in" basis with Goldman, TechCrunch reports.
There will be more details on Apple Services purchase inside the technology company's wallet. Apple may also use the information for internal research.
The coronavirus recovery package in the House briefly included a proposal for a "digital dollar," or a central bank-supported automated currency that would fuel publicly available digital wallets as a financial inclusion strategy.
The language was removed from the House version, but other House proposals remain, as do state efforts to build public P2P networks. U.S. Sen Sherrod Brown (D-Ohio), has proposed a digitized version of the current dollar.
Brown's version would be similar in concept to the House version, enabling the Federal Reserve Banks to build a "pass-through" wallet for U.S. residents.
Alipay has received several patents that suggest it will play a key role in China's central bank digital currency, part of the country's competitive response to Facebook's Libra.
The payment app will be a third party operating agent for secondary issuance, a rule similar to commercial banks, meaning the banks won't have a monopoly, reports Cointelegraph.
Alipay will also monitor secondary issuance and payment transactions, a role similar to a node in a blockchain, according to Cointelegraph.
Russia is deemphasizing banknotes as part of its coronavirus mitigation program, limiting paper cash in circulation and cleaning bills before recirculation.
The central bank is also holding banknotes for 14 days before redistribution and is asking other Russian banks to do the same, reports Finextra.
Banks have also been asked to limit refilling ATMs, and distribute masks and gloves when handling cash in branches.
Corporate card company Brex has acquired three San Francisco technology companies in an attempt to bolster its engineering and production talent.
The company has purchased Neji, a startup that builds blockchain and networking technology. Brex will use this deal to improve its privacy and risk capabilities. Brex also bought Compose Labs, a firm that supports video experiences, and will use that deal to expand its e-commerce technology.
The third company, Landria, builds databases for third party firms. At Brex, Landria will work on search and navigation experience. Terms of the three deals were not disclosed.
From the Web
British Fintech Revolut Launches Banking App in U.S.
THE NEW YORK TIMES | Tue March 24, 2020
British fintech firm Revolut on Tuesday launched its banking app and debit cards for customers in the United States as it seeks to expand beyond its base in the UK and Europe.
Banks, regulators move to protect customers from wave of coronavirus scams in UK, U.S.
REUTERS | Tue March 24, 2020
UK banks are stepping up fraud prevention measures to protect customers from scammers eager to exploit the coronavirus pandemic with a whole range of new tricks.
UK cash usage halves within days as shops close due to coronavirus
THE GUARDIAN | Tue March 24, 2020
Cash usage in Britain has halved in the past few days, according to Link, which operates the UK’s biggest network of ATMs.
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