A library of snippets
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Forty percent of foreign exchange transactions worldwide – worth nearly $9 trillion every day – are not subject to netting, creating exposures and settlement risk for the market participants.footnote [3] Cross-border payments between businesses can take several days, with six out of ten such payments requiring manual intervention to process.
From The road to enhanced payments – speech by Victoria Cleland | Bank of England:
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those who need support the most, especially during the current cost of living crisis, are faced with paying significantly more for financial services
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Morningstar analyst Nathan Zaia said the neobank business model had been challenged from the start. “I don’t think the offerings are that differentiated to be able to win enough customers to get to that scale. They essentially relied on their marketing and attracting depositors with some pretty good rates, and that’s not really sustainable,” he said.
From Neobank Volt to shut down, return deposits to customers after funding struggles:
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The Federal Trade Commission (FTC) is suing Walmart, alleging that the retail giant “turned a blind eye” while fraudsters used its money transfer service to fleece consumers of hundreds of millions of dollars.
From FTC sues Walmart for facilitating money transfer fraud:
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From abortion to climate change to guns, larger banks face the prospect of a growing backlash from Republican-led states over their stances on environmental and social issues… On one side, banks are under pressure from outside activists, including some shareholders, as well as many of their own employees, to take progressive stances on climate change, gun control and abortion rights. On the other side, conservative officials in GOP strongholds are testing banks’ willingness to step into such debates by threatening to hurt their bottom line.
From Red states’ pushback on guns, abortion, climate puts banks in bind | American Banker:
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A total of over £1.3 billion was stolen through fraud and scams in 2021: unauthorised fraud was £730.4 million and APP fraud was £583.2 million, with nearly 40 per cent of APP losses due to impersonation scams.
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Bank customers in China’s Henan province say the health code system is being abused: when they tried to withdraw their savings, their health codes spontaneously turned red. It came after three local banks in the central province froze as much as $1.5 billion worth of deposits, causing hundreds of clients to travel to the city of Zhegzhou to try to retrieve their money. They found that when they tried to scan their health QR code at the city’s shops and public transport stations, their code turned red — indicating they had been infected with the virus. Some were then forced into quarantine or detained by local authorities. On Wednesday, five officials were punished for abusing the system, according to state media.
From Pediatricians rally to dispel medical misinformation on TikTok – Coda Story:
This is such an interesting story on so many levels.
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EVE Online, the long-running sci-fi MMO best-known for its sprawling, expensive space battles will soon get… integration with Microsoft Excel. EVE developer CCP Games announced the collaboration with Microsoft today at its annual fanfest event, saying that the Javascript tool would allow players to “seamlessly” transfer data from the game to a spreadsheet in order to “help players access and calculate everything from profit margins to battle strategy.” CCP says more detail on the collaboration will be available later in the year.
From Sci-fi virtual world EVE Online is getting Microsoft Excel support – The Verge:
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Gary Gensler, the chairman of the Securities and Exchange Commission, has stated that Bitcoin (BTC) is the only cryptocurrency he considers outside the SEC’s regulatory purview.
According to the SEC’s Chairman, the world’s largest cryptocurrency by market capitalization is the only digital currency believed to be a commodity, which is subject to be regulated by the Commodity Futures Trading Commission (CFTC).
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And seeing Eve Maler, the Venn Queen, give her keynote at Identiverse and say that IS-A-PERSON is the most important credential of all (she is 100% correct, as you would expect) but also note the importance of wallets gave me an idea
Snippings