Published
- 06:00 am
Identity is the new money. New Blockchain project Usechain is becoming the first-ever Blockchain Ecosystem to achieve self-sovereign identity for individuals and institutions. Usechain aims to fuse innovative technologies with off-chain identities to create a public Blockchain ecosystem based on real identity, addressing the issue of distrust due to anonymity in current Blockchain projects, while maintaining uncompromised security.
When being asked "How do you sustain a business model in which users don't pay for your service?" on the early Congress hearing, the Facebook CEO Mark Zuckerberg replied after a five-second pause, "Senator, we run ads." The question may sound like a joke to heavy Internet users as increasingly, people realized that there is no such thing as a free lunch.
When you are not paying for services Google or Facebook provided, you are paying for it with your data, and user data is what running ads is based on. Paying with data for services is the most common business model in the Internet era; for normal users, there are few things you can do to make a change to it.
According to a 2014 study from CTRL-Shift, the cost of identity assurance processes exceeds £3.3 billion per annum in the UK alone. Signaling reputation is very costly in current financial industry and any other place that requires identity assurance.
Could we have something better? In the Blockchain era, the answer is "Yes!"
Usechain Empowers Identity
"Usechain, the self-sovereign identity Blockchain, is aiming to solve the trust issue in this society. Also, our Mirror Identity Technology solves the problem of privacy and technical performance," says Usechain CEO and Cheung Kong Graduate School of Business (CKGSB) Professor Huining Cao.
While 99% of Blockchain projects are anonymous, Usechain aims to create a more transparent Blockchain built on real identities. Real identity makes the revolutionary Identity consensus technology come true with high security; Usechain also uses Mirror Identity Technology to protect privacy in Usechain public chain system.
"KYC is important to the financial industry. We have come up with a new concept that maps every person, every business and every asset to the Blockchain," says Professor Cao. "Every person and every business will have a real account. We then transfer these assets through smart contracts to build deeper trust." By identity mapping, it will allow Usechain to meet the critical Know Your Customer (KYC) standards of traditional financial institutions, shifting the focus on "Who you are" to "What can you do", making it more compliant to applications outside of its own ecosystem. It will greatly reduce the cost of identity assurance and reform financial industry.
Engineered by a world-class technical team, Usechain will achieve a balance between scalability and security by fusing their unique "Randomized Proof of Work" (RPOW) consensus-building mechanism built on identity with a multi-tiered, sharded network to make transactions safe and efficient. Real identity information will be encrypted for privacy, but mapped for legal assurance and only made available to governments for investigations against criminal actions.
What's worth mentioning is that Usechain's founder-Professor Cao entered the well-known gifted class of Univ. Sci. Tech. China at the age of 13 as a gifted teenager, had earned his PhDs at both Yale and UCLA in Pathology and Finance, and now is a Finance Professor at Cheung Kong Graduate School of Business, member of the Finance Society of America.
In addition, Usechain also has the founder of PinFu Fund, Ex Managing Director of Morgan Stanley, Feng Zhang, Professor of Finance and Economics at Columbia University, Ex Chief Economist of Asian Development Bank, Shang-Jin Wei, as well as founder of Cybermiles, Lucas Lu as Usechain's advisors.
The solid academic background makes Usechain rigorous in designing and developing blockchain ecosystem, and the business school resources make a great potential to fully utilize blockchain technologies in business scenes.
Usechain project is currently at the alpha stage. The beta version will be launched soon. Visit www.usechain.net.
- 02:00 am
ITG, a leading independent agency broker and financial technology provider, today announced the addition of trading in New Zealand equities to the POSIT and POSIT Alert crossing platforms.
“The addition of New Zealand to our Asia Pacific market coverage makes POSIT Alert’s liquidity offerings even stronger,” said Michael Corcoran, CEO for ITG in Asia Pacific. “Alert is a valuable source of quality block liquidity for institutional traders, reducing average trade impact in Asia Pacific by more than 45 basis points and delivering average price improvement of 9 basis points,” he added.
POSIT Alert provides block crossing opportunities for equities in 38 countries across the Americas, Europe and the Asia Pacific region, seamlessly connecting the trade blotters of more than 2000 traders. In the first quarter of 2018, POSIT Alert averaged more than $90 billion in indicated global liquidity per day, including more than $12 billion in Asia Pacific, with average Asia Pacific crossing sizes of $1.2 million
- 04:00 am
More than 200,000 of DBS’ corporate and SME clients will now be able to benefit from better cashflow visibility through real-time cross-border payment tracking.
Navinder Duggal, Group Head of Cash Product Management at DBS said that cross-border payments are becoming more commonplace as Asian businesses spread their wings and grow their supply chains globally.
Duggal said, “When it comes to processing cross-border payments, corporate treasurers tell us that they want faster and more efficient payments. The DBS SWIFT gpi solution gives companies online visibility when tracking payments across more than 48 gpi banks across the globe and this is set to increase as more banks come on board.”
“Corporate cross-border payment volumes have increased by 25% in the last 12 months. Today one in four of all cross-border transactions are received by their beneficiaries in less than two hours, and we expect these volumes to rise,” Duggal added.
A SWIFT survey found that 86% of treasurers are looking for efficient payment processes and effective customer support when choosing a bank for cross-border payments. While there has been much technological innovation, the survey also found that businesses wanted underlying challenges of payment tracking and speed with cross-border payments solved without the need to deploy expensive solutions and resources.
With the new DBS SWIFT gpi solution, customers can now track the status of their cross-border payments instantly, online without the need to call the DBS corporate call centre. By logging into DBS IDEAL, the Bank’s corporate online banking platform, clients will be able to find out whether funds have been received by the beneficiary, where the funds are in the cross-border payment chain.
Today, one in four cross-border USD payments made by corporate and SME clients from Singapore and Hong Kong are benefitting from end-to-end visibility of their cross-border payments from origination to the receipt of funds by the beneficiary.
Dai Kai, Chief Financial Officer, PetroChina International (Singapore) Pte. Ltd said that their business has benefitted from having a real-time cashflow position. “This is an example of an innovative initiative that gives corporates like us complete transparency of cross-border payments settlement online and helps make doing business easier,” said Dai.
Hong Kong’s TCC Group[3] Tony Lam, General Manager, Finance and Treasury Division said that the group is using the solution to help them stay on top of their cash management needs. “Efficient cash management has become much more important than in the past to shipping groups like TCC. By pioneering this new online initiative, DBS has enabled us to keep constantly ahead in the global marketplace,” said Lam.
Associate Professor Ng Wai Hoe, Medical Director, National Neuroscience Institute said that NNI appreciated the flexibility of online tracking without the need to call DBS’ corporate hotline. “NNI is benefitting from operational efficiency and productivity. We are now also able to have greater visibility on each transaction, and this benefits our vendors as well,” said Ng.
DBS business clients making cross-border payments to other DBS accounts across its network benefit from instant transfers in six markets, leveraging DBS’ Asian connectivity. Called DBS PriorityPay, the value of transactions through this service has increased year-on-year by 60%.
- 09:00 am
FactSet, a global provider of integrated financial information, analytical applications, and industry-leading services, and Quantopian, a crowd-sourced asset manager and creator of the open-source quantitative finance platform, today announced a new strategic relationship and a plan to launch a pioneering data analysis solution called Quantopian Enterprise that allows quantitative financial analysts to research and test their investment strategies faster and more effectively.
“New data sources are growing rapidly, but the tools needed to capitalize on them are not coming to market at the same pace,” said Rich Newman, SVP and Global Head of Content and Technology Solutions, FactSet. “Our work with Quantopian will give clients a powerful platform that addresses the need for better quantitative resources. Access to data alone is simply not enough.”
"With Quantopian Enterprise, quants now have the opportunity to research, craft, and test their investment strategies with even more speed and flexibility," said John Fawcett, Founder and CEO of Quantopian. “We are providing them with the tools, the data, and the environment they need to help reshape how data is used in the investment industry."
FactSet’s alliance with Quantopian follows the successful launch of the Open:FactSet Marketplace and continues the company’s expansion into open data solutions. It will also benefit Quantopian’s 195,000 community members who will have access to FactSet's pre-integrated data in the Python-based research environment in order to explore hypotheses, evaluate factors, and backtest strategies.
- 07:00 am
ACA Compliance Group (“ACA”) announced that it will acquire Cordium, a provider of governance, risk and compliance (GRC) services. The transaction is expected to close this summer, subject to regulatory approvals. The financial terms of the transaction will not be disclosed.
Robert L. Stype, CEO of ACA Compliance Group, said: “Cordium’s expertise, technology strengths and shared culture will greatly expand how we service and deliver our solutions to clients. By blending the delivery of innovative technology, depth of knowledge, and exceptional client service, we can help our clients further enhance their approach to GRC. As two leaders in the space, working as one will allow us to innovate faster and deliver more value to clients.”
Doug Morgan, Group CEO of Cordium, said: “With the existing strengths and capabilities of Cordium and ACA, the market can expect an unprecedented level of GRC support, built by integrating the resources, expertise and technology of both companies. GRC has never been higher on the agenda of the financial services industry, especially given the current pace of technology innovation. Through this partnership, we will be able to provide guidance and efficiencies to firms of all profiles and strategies.”
Following the closing, Cordium’s compliance, cybersecurity, software, regulatory hosting, tax and regulatory reporting offerings will be integrated into ACA’s operations to create a combined organization employing nearly 700 people and servicing over 4,000 clients worldwide.
- 05:00 am
DasCoin, the Currency of Trust and the store of value within Das ecosystem, will begin publicly trading on several cryptocurrency exchanges from today.
The launch, taking place in central London, represents the culmination of a two-year journey of preparation and strategic activity to develop its business platform.
Confirming its position as the Currency of Trust, DasCoin will only be traded on public exchanges that operate the same strict “Know Your Customer” authentication protocols that underpin DasCoin itself.
Michael Mathias, CEO of DasCoin, said: “Public trading is a significant milestone in the DasCoin story, and listing on these initial exchanges is a testament to the interest in our unique blockchain solutions model. It fulfils the promise of a huge amount of work by DasCoin and continues to build upon the launch of our proprietary blockchain in March last year.
Mathias continued, “We are pleased to be partnering with three exchanges, some established and other new innovative market entrants as we continue on this journey. We look forward to announcing many more as we continue to expand our blockchain alliance.”
- 03:00 am
More than 500 attendees are scheduled to meet in Chicago for the Connected Claims USA Summit, run by Insurance Nexus on May 21st & 22nd at the Sheraton Grand.
The only conference dedicated to claims technology and innovation, keynote speakers include Ken Rosen, EVP and Chief Claims Officer, Allstate; Keith Daly, EVP and Chief Claims Officer, Farmers Insurance and BJ Treese, Managing Director for Emerging Property Products, Travelers.
“With new technologies enabling both operational efficiency and a superior customer experience, from artificial intelligence to drones and mobile customer communication methods, it is a critical time for claims executives to explore opportunities to innovate their processes” says Emma Sheard, Head of Strategy, Insurance Nexus.
Senior attendees from Allstate, Amerisure, Chubb, Co-operators, COUNTRY Financial, CSAA, Farmers, Intact Financial, Manulife, Metlife, Munich Re, Penn National, PMA, Progressive, Protective Insurance, Sentry Insurance, SGI Canada, TD Insurance, The Hartford, Tokio Marine, USAA, and many more have already confirmed to attend.
Sheard confirms “with so many senior claims executives representing carriers at this event it’s a fantastic chance to network with peers facing the same challenges as you in achieving seamless claims. Ultimately, you’ll find out how to improve efficiency and the customer experience across the claims lifecycle.”
With the Claims Innovation Awards Ceremony, a ClaimsTech SharkTank and Tech Spotlight session, the InsurTech community comes together with claims. Plus, over 40 speakers will be sharing cutting-edge case studies demonstrating claims transformation, including how to:
- Meet and Exceed Customer Expectations: deliver a seamless, easy to use claims customer experience, incorporating dynamic customer communication across digital and traditional channels, utilising customer data to reduce duplication and increase claims resolution speed
- Reduce Costs Through Efficient Processing: design strategies and implement technology and systems that streamline the claims process, from removing duplication to achieving greater accuracy at each stage, including damage assessment and repair estimates
- Build the Necessary Foundation to Achieve Seamless Claims: understand the tools required to redesign claims, such as internal and external data, effective data management and storage, integrated technology systems, advanced analytics capabilities and trusted partners and suppliers
For more information, including a detailed agenda and the attendee list, visit the event website: http://bit.ly/2F7JUSp
Contact:
For more information, please contact Gabriel Blaazer (Marketing Manager, Insurance Nexus) on gblaazer@insurancenexus.com
- 04:00 am
On June 20, Tbilisi will host the main crypto event of Georgia – Blockchain & Bitcoin Conference Georgia 2018. Participants and partners of the event are founders and promoters of the blockchain industry in the country.
Program and partners
The conference will feature Georgian and foreign crypto experts: entrepreneurs, investors, founders of blockchain companies, developers, representatives of state authorities, lawyers and economists.
Partners of the event are founders of blockchain industry in Georgia: Association Blockchain Georgia, Bitcoin Embassy Georgia and Blockchain Systems Institute. These organizations became the most active propagandists of blockchain and digital assets in the country.
Guests will enjoy discussions on topical issues: specifics of mining in Georgia, state regulation and state administration, prospects of ICO holding in the country.
Exhibition area will include well-known companies representing the international blockchain industry: suppliers of mining equipment and farms, ICO projects, blockchain platforms, integrators, developers and organizations providing technological and financial services.
Venue
The event will be held in the upmarket hotel Radisson Blu Iveria Hotel in the center of Tbilisi. Address: 1 Rose Revolution Square.
Organizer
The event is held by the international company Smile-Expo, which created a network of blockchain events in 20 countries. For 12 years of its activity, it has established itself as the organizer of large-scale industry events in Europe, Asia and even in Australia.
Follow the news on the official website of Blockchain & Bitcoin Conference Georgia.
- 01:00 am
NYMBUS®, the world’s most advanced revenue and technology solutions company, today introduced SmartLaunch. The company’s latest solution enables financial institutions to stand up a turnkey digital brand under their existing charter in as few as 90 days. Built on NYMBUS’ modern SmartCore® platform, this new model eliminates the need to undergo a conversion or hire additional staff. NYMBUS provides all of the operational and technical resources required, including 24/7 support and targeted digital marketing and website services, so that financial institutions can quickly generate sustainable new deposits and revenue.
“The race is on to capture today’s digital banking customers, but legacy technology, operational risk, and a lack of resources and expertise make it difficult for financial institutions to deliver the exceptional Amazon-like experience consumers have come to expect,” said NYMBUS President David Mitchell. “SmartLaunch accelerates the goal by removing those barriers, while also leveraging a largely untapped brand approach for engaging loyal new customers and revenue opportunities.” Financial institutions can use their established market brand for introducing a digital bank with SmartLaunch or choose to create a separate digital-only brand that strategically targets a niche consumer audience. For example, by working with affinity partners or within specific occupational fields of membership, SmartLaunch can establish a standalone digital brand that leverages those alliances. Founded upon loyalty and with an advanced understanding of its clients, a digital-only brand provides substantial benefits to participating organizations by expanding digital consumer reach and cross-sell opportunities.
“Digital banks are a profitable strategy, but NYMBUS recognized that a new model was needed to eliminate operational risk while also attracting more of today’s digitalsavvy consumers,” Mitchell said. “SmartLaunch makes this all possible without needing a core conversion or hiring additional staff, and operates under the institution’s existing charter. Ours is truly a ‘sign and recline’ alternative.” The impact of digital disruption within the banking industry continues to intensify. According to a recent Wall Street Journal report, U.S. banks shuttered more than 1,700 branches in the 12 months ending June 2017, which marked the fastest decline on record. Meanwhile, most organizations underestimate the time and work required to transform into a digital-first organization.
Recognizing that innovation has to happen immediately for financial institutions to compete and stay relevant, NYMBUS designed SmartLaunch as a low-risk digital brand alternative that can be up and running in record time to affordably accelerate business growth. Key products and resources provided include:
• Full outsourced operations for account opening, checking and savings accounts
• Debit card issue and management
• AML/BSA compliance
• Workflow management for complete process audit and control
• Complete digital marketing support
• 24/7/365 support
For more about SmartLaunch and how to get started, visit NYMBUS.com
- 04:00 am
Elavon, a global payments provider and PPRO Group, a cross-border e-payment specialist, today announced a partnership to offer international alternative payment methods (APMs) to Elavon’s customers across Europe to expand their global reach.
The partnership with PPRO strengthens Elavon’s existing European acquiring proposition, allowing its customers’ shoppers to choose their preferred local payment method when shopping online including direct debit, bank transfers, cash-based e-payments, and e-wallets. Elavon provides a single integration and customer service experience for both domestic and international payments processing. Elavon’s customers will now be able to add more than 50 preferred local and international payment methods to ensure they get the best transaction conversion rates.
Boston Consulting Group estimates that by 2025, annual global cross-border eCommerce revenues could increase to between $250 billion and $350 billion—up from about $80 billion in 2014. PPRO Group’s recent research, conducted in cooperation with Edgar, Dunn and Company, reveals that in many markets 50 percent or more of existing online transactions use local payment methods, sometimes even unfamiliar to Western and global companies. In the UK, for example, consumers are very card centric with cards accounting for 52 percent of all eCommerce transactions in 2017, but this isn’t the case for e-commerce markets overseas. In Germany, card payments only account for 12 percent of eCommerce payments with 51 percent of consumers preferring bank transfers, whereas in China 49 percent of eCommerce payments are via e-wallets.
Hannah Fitzsimons, General Manager for Elavon Europe comments: “Global cross-border eCommerce revenues are increasing rapidly, and alternative payment methods are becoming a must have for retailers as they strive to compete. Taking local payment trends into account is vital for our customers as they need to ensure their shoppers can pay using their preferred local payment method to get the best payment conversion rates. We are excited to be partnering with PPRO, an expert in APMs, to provide the largest selection of payment options for our customers so their customers can shop seamlessly online across borders.”
Ronnie d’Arienzo, PPRO’s Chief Sales Officer comments: “Merchants must be aware of the local payment preferences in different countries to meet their customers’ needs and reap the rewards of cross border sales. There is life beyond credit cards. Customers want to use their preferred payment methods, otherwise they will simply shop elsewhere. We are really pleased to be in partnership with Elavon to help its customers provide local and international payment methods to their cross-border customers and ultimately become global retailers.”
