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City National Bank, Extend Team On Virtual Corporate Cards

PYMNTS

City National Bank has enlisted New York City FinTech Extend to enable the bank’s clients to offer virtual corporate cards to employees, vendors and other business partners, the companies announced in a press release. With Extend, City National is the first issuer in the U.S. Replacing them is much easier than replacing plastic cards.

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US Treasury Proposes Sweeping New Disclosure Rules On Bitcoin, Other Cryptos 

PYMNTS

Treasury Secretary Steven Mnuchin said in a prepared statement that the new proposed rule “addresses substantial national security concerns in the CVC market and aims to close the gaps that malign actors seek to exploit in the record-keeping and reporting regime. The comment period ends Jan.

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Figure CEO: Figure Pay, National Bank Charter Will Boost Financial Inclusion

PYMNTS

As for easing the path toward financial innovation, there’d always been some consideration of seeking a national banking charter, noted Cagney, especially as the company began building blockchain and blockchain applications over the past few years. “As Looking Toward The Blockchain . The Charter Advantage .

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Bitcoin Daily: US Regulators Join Global Financial Innovation Network; Colorado Explores Crypto Banking For Cannabis Firms

PYMNTS

The Commodity Futures Trading Commission ( CFTC ), Federal Deposit Insurance Corporation ( FDIC ), Office of the Comptroller of the Currency ( OCC ), and the Securities and Exchange Commission ( SEC ) have announced that they are joining the Global Financial Innovation Network ( GFIN ). Jack Tate told CoinDesk.

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Bitcoin Daily: Cubans Use Cryptocurrencies For Remittances In Wake Of US Sanctions; Swiss National Bank, BIS Test CBDC Integration

PYMNTS

The proof-of-concept was run in partnership with BIS’ Innovation Hub Swiss Centre, the Swiss National Bank and financial infrastructure operator SIX, according to the announcement. Berlin-based Kapilendo will manage the fund’s secure asset storage.

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US Inches Toward Open Banking With CFPB Notice

PYMNTS

The solution, which secured about 20,000 SMBs to pilot the technology in the last year, provides deposit account and payment solutions that aim to compete with traditional banks that, as CEO and Co-founder Eyal Lifshitz described, "nickel-and-dime" businesses. That’s a critical advantage in the new normal.". TrueLayer Launches in Australia.

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OCC Comptroller Offers Regulatory Guidance Toward AI

Perficient

Toll Gates Are Needed To avoid repeating such scenarios, of that rather dire history, Hsu advocated for regulators and the industry to proactively identify points where growth and development should pause to ensure responsible innovation and build trust. The evolution of electronic trading provides a valuable case study to consider.