Some big US banks have 6 months to shape up plans

wtop.com | April 13, 2016

Five of the biggest U.S. banks have six months to get their disaster plans in shape. That’s the message regulators issued Wednesday after giving the banks failing grades for the strategies they would deploy if they tumbled into bankruptcy.JPMorgan Chase, Bank of America, Wells Fargo, Bank of New York Mellon and State Street Bank were cited by the Federal Reserve and the Federal Deposit Insurance Corp.

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FHA loans have less stringent qualifications than conventional home loans, as borrowers may qualify with credit scores as low as 580. Homeowners can refinance up to 97.75% of their primary home’s value, and new home buyers can purchase a home with a down payment of as little as 3.5%. A Quicken Loans Home Loan Expert will help you choose the FHA loan option that’s best for your personal situation.


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PAYMENTS

SAT Introduces New and Effective Measures to Combat Capital Security Issues

SAT | December 30, 2021

SAT creates an electronic cash system that meets the needs of daily life, is of justice and equity, and has a high degree of privacy. As in the digital age, when using fiat for online transactions, people rely more on third-party institutions for transaction confirmation. Perhaps the concept introduced by SAT is not the most novel, but it is the most practical one. Because they believe payment is the most frequent behavior in people's daily life, which is important for everyone's lives. People rely more on third-party institutions for transaction confirmation when using fiat for online transactions in the digital age. The present method is that banks, act as a third party, confirm the transactions, and both parties can confirm the payment through the balance change in their bank account. But there are problems such as customer data leakage, transaction inconvenience, and insecurity if confirming transactions by third parties. On the other hand, SAT uses a decentralized peer-to-peer payment system to combat the aforementioned problems. At the same time, the system also has the characteristics of security and convenience. In the beginning, when Mr. Satoshi designed Bitcoin, it was envisioned as a cryptocurrency that matched real-life applications which could be used in daily life to pay for food, clothing, housing, and transportation. It must also be safe, fast, and highly private with no worries about intervention and personal data leakage from third-party authorities. However, the price of Bitcoin has soared from 0.1 U.S. dollars to thousands of U.S. dollars, causing difficulties in micropayments. Therefore, SAT upholds Satoshi Nakamoto's intention when creating Bitcoin. SAT works as a token of Bitcoin, dividing its market value, thus enabling micropayments, accelerating block generation time, and reducing transaction time. The mission of SAT is to popularize digital currency from exchanges and to become the world's most widely used cryptocurrency. The company thrives on representing a significant step forward in adopting cryptocurrency. In addition, SAT grants control to fund owners rather than relying on the credibility of third-party institutions. Transaction security means that no third party knows the personal information of the counterparty. The cost of counterfeiting is too high. Therefore, the SAT network will be designed to return credibility to users. Each user in a node is a witness, jointly building a transparent, secure, and highly private monetary system. SAT adheres to the spirit of Bitcoin and Satoshi Nakamoto's original intention. It continues using the SHA-256 hash algorithm. On average, as the number of leading 0 bits increases, the amount of work required will increase exponentially, and only one hash operation is required for block verification. Essentially, SAT is almost the same as Bitcoin, with only improvements in supply and block generation speed to meet the needs of a transactional version of Bitcoin. As the originator of crypto-currency, Bitcoin has created a decentralized digital currency with the help of blockchain technology, which is of cross-era significance. However, its price and design make it increasingly meaningful for collection. As for transactions, investors need a token. Thus, SAT coin was created by crypto-enthusiasts. At present, SAT is a new currency. Future planning will focus on developing payment systems, including ATM & POS machines, trading platforms, and mall facilities, on maturing the whole payment ecological chain. In an environment where trust in the authority of third-party institutions is questionable and data may be leaked, SAT, inspired by Bitcoin, has a similar technical basis and mechanism to Bitcoin and will surely lead to a new currency era. SAT will perfectly solve the problems existing in the present monetary payment structure with the decentralized and peer-to-peer transfer. Due to the pandemic, people's payment habits will also shift to contactless payments. For SAT, this is a great opportunity for promotion, while the price of SAT is hovering between 0. 0012 and 0. 0013 at present. With the promotion and application scenario expansion in the next five years, its value will increase and increase the price. For cryptocurrency investors looking for currencies with strong appreciation potential, SAT will undoubtedly be the right choice. About SAT It is an emerging crypto platform with the smallest divided unit of Bitcoin. SAT can be called "the son of Bitcoin," It is optimized with the blockchain generation speed to meet daily life transaction requirements. The SAT network is open to everyone. Regardless of where deter-mined investors are in the world, they are welcome to join the team in building a blooming and truly digital economy.

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Cloudian Signs Up New A/NZ Partners and Service Providers to Meet Growing Demand for S3-Compatible Object Storage

Cloudian Inc | August 26, 2020

ASI Solutions-owned BEarena, Canberra-based Qirx, AI and robotic process automation company CU2 Global, and New Zealand specialist service provider and Fuji Xerox subsidiary CodeBlue are among Cloudian’s latest partners. The companies cited an increase in demand for highly scalable, cost-effective, S3-compatible storage as key reasons for teaming up with the object storage specialist.

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BITCOIN AND CRYPTO

SoFi Launches No-Fee Cryptocurrency Purchases for Direct Deposit Members

SoFi | March 25, 2022

SoFi Technologies, Inc. (“SoFi”), the digital personal finance company, today announced members will now be able to invest part of every direct deposit into cryptocurrency¹ with zero fees². This feature builds on SoFi’s robust offerings for Checking and Savings³ accounts, which already includes no account or overdraft fees, up to two-day early paycheck⁴ and an industry-leading 1.00% annual percentage yield (APY).⁵ Members will be able to set a recurring purchase⁶ for the cryptocurrency of their choice with each paycheck for no purchase fee, investing either by dollar amount or percentage of their deposit, into one of 30 coins. This feature is currently live to all members with both a SoFi Invest®⁷ crypto account and SoFi Checking and Savings account. Crypto investing is rising rapidly. In the last year alone, SoFi doubled the number of investors setting up automatic, recurring crypto purchases, By adding the ability for members to automate crypto purchases right from their paycheck, we’re making it easier than ever for our members to customize how they manage their spending, saving, and investing all in one place to help them get their money right.” Anthony Noto, CEO of SoFi. Alongside no-fee crypto purchasing, SoFi has launched a new online educational center to explain the ins and outs of cryptocurrency to investors. The new center is an ongoing resource to both crypto newbies and seasoned veterans alike throughout their investing journey. This product is the latest expansion of SoFi’s offerings to make it simpler to get started with cryptocurrency investing, including its offering to redeem SoFi Credit Card⁸ points directly into cryptocurrency. These features were created to allow SoFi members to invest when and how they want, all in the same app they can manage their credit card, bank accounts and investments. About SoFi SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our over three and a half million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams.

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FUNDING

FinLync Secures $16M to Support Global Expansion

FinLync | May 10, 2021

FinLync, a privately held, global fintech company transforming corporate finance and treasury offices through its world-class products, today announced that it has closed on a $16M equity funding round. Point72 Ventures led the financing and included investments from Nyca Partners, former CFO of Palantir and Founding Partner of Friends & Family Capital Colin Anderson, and Plaid Founder William Hockey. FinLync brings speed, simplicity and greater transparency and control to finance and treasury professionals globally. Through its world-class products, they provide them the infrastructure to unlock more value from their day-to-day operations. This latest funding will support the company’s continued growth, including investment in its technology and expanding the firm’s global reach and executive leadership team. By leveraging bank APIs and embedding the technology within the client’s ERP, FinLync enables corporate finance and treasury departments to have greater control and visibility over their data than legacy treasury management systems provide, while benefiting from financial institution-grade security. Equipped with FinLync’s applications, treasurers and finance professionals are now able to experience real-time payment processing, machine learning-assisted forecasting and reconciliation, all on a user intuitive platform. Leading companies, including Citrix, have chosen FinLync’s technology to integrate their bank and ERP data in real time, resulting in richer insights and more actionable data to their corporate treasury functions. FinLync’s global bank partners include J.P. Morgan and Standard Chartered, among other leading banks. “The corporate treasury function has evolved into an increasingly strategic role. FinLync is accelerating that change with its unique solution for CFOs and treasurers around the world, and think they have an opportunity to transform this area of financial services,” said Tripp Shriner, Partner at Point72 Ventures. “We are confident in the experience and industry knowledge FinLync’s executive team brings to the table and believe in their vision. We believe FinLync is uniquely positioned to make a significant impact on this area of open banking and corporate treasury and we are encouraged by the clients and partners it has secured. We look forward to supporting the business as it continues to expand globally.” While the wave of digital transformation has modernized many areas of financial services and accelerated the use of APIs, corporate treasuries have been largely left behind, still relying on static, disparate and legacy technology. In response, FinLync has created a modern solution that delivers the critical information treasury departments need to maximize cash and make better, faster decisions. Bringing the ease and sleek design of consumer banking technology to corporate treasury, FinLync provides today’s treasurers with real-time data in a simple, customizable dashboard. With FinLync, users have a single, integrated view into all of the information they need—with a reduced risk of breaches and fraud. This innovation makes the ERP the single source of truth for an entire enterprise. “FinLync’s innovative model addresses the pain points treasurers have to deal with on a daily basis,” said Hans Morris, Managing Partner at Nyca Partners. “Phillip and Peter have built a strong team with backgrounds in corporate treasury, payments and technology to create and deliver an elegant solution that will save companies money.” “We are at a critical point of growth for our firm. We’ve secured an extensive list of global bank partners and this investment will help us continue our goal of bringing open banking into corporate treasury,” said Phillip Klein, co-founder and CEO of FinLync. “With the right tools, treasurers and their teams are change leaders within their organizations. These individuals need access to real-time treasury data to manage their complex finance needs. With FinLync, corporate finance departments can become forward-thinkers and optimize cash, make better and faster decisions, all while saving time and resources. We believe that our solution is going to transform the treasury function of every global company and we are excited to have secured this growth investment to support our vision.” About FinLync FinLync is a privately held, global fintech company transforming the insights and functionality of corporate finance and treasury offices through its world-class products. FinLync’s ERP native apps and API connectivity empowers treasurers to optimize cash, make better, faster decisions, save time and reduce the resources needed to manage complex finance needs. FinLync’s largest clients include Fortune 500 and Fortune 2000 companies. The firm has employees from 18 different countries and offices in Singapore, Los Angeles, New York, and Paris. About Point72 Point72 Ventures is a global venture capital strategy led by a diverse set of domain experts with the capital and mandate to lead rounds through all stages of a company's growth, from idea to IPO. The team invests in founders with bold ideas who use the latest technologies to drive transformational change across industries. Point72 Ventures offers entrepreneurs access to expertise and insights, executive and technical talent, and hands-on support. With offices in the U.S. and Europe, Point72 Ventures is an affiliate of Point72, the global asset manager founded by Steven A. Cohen.

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Spotlight

FHA loans have less stringent qualifications than conventional home loans, as borrowers may qualify with credit scores as low as 580. Homeowners can refinance up to 97.75% of their primary home’s value, and new home buyers can purchase a home with a down payment of as little as 3.5%. A Quicken Loans Home Loan Expert will help you choose the FHA loan option that’s best for your personal situation.

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