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  • user 3:35 am on December 18, 2017 Permalink | Reply
    Tags: , , Currencies, , , , ,   

    Digital currencies to disrupt the payments industry 

    The US Faster Task Force received 16 proposals for faster payment solutions. Guest blogger Ginna Rodriguez takes a look at two less-traditional entries by WingCash and nanoPay. 


    The Faster Payments Task Force received 16 proposals for faster payment solutions using different approaches to increase the speed of payment in the United States. Some of the proposed solutions work similarly to traditional payment systems, while others involve significant changes to the way we think about cash and the roles that play in the payments ecosystem.

    Among the less traditional entries were proposals submitted by WingCash and nanoPay, which suggest creating that would enable consumers to conduct digital transactions without the need for a bank account or payment card.  While both involve the introduction of digital currency, one would replace the existing fiat currency for digital payments, while the other would be a digital exchange of value tied to the existing currency.


    WingCash proposes creating a digital fiat currency. Under its proposal, the Federal Reserve would own the Faster Payments Network (FPN) and issue Digital Fed Notes, similarly to its issuance of cash notes today. Each Digital Fed Note would be a unique and unchangeable URL with a single monetary value, and it would include the issuer’s URL, the current holder’s URL, a currency code and unique identifier (like a serial number). Payments would be conducted by changing the owner of the URL.

    The Faster Payments Network could be used for both in-person payments and remote payments (for example, using “digital cash” to pay for online purchases). The exchange of digital notes would occur without transfer fees, with funds immediately available, similarly to how physical notes are exchanged today.

    As with cash notes, Digital Fed Notes would not require a bank account or credit card. One of the advantages WingCash highlights in its proposal is that a digital currency solution could increase access to the electronic payments system, opening the door for users who may have been excluded from the traditional banking system. However, potential barriers to implementation include regulatory changes that would allow the Federal Reserve to issue a digital fiat currency.


    nanoPay also proposes a digital currency, but the system of value would operate outside of the Federal Reserve. nanoPay proposes a good-funds, collateralized bearer-asset transfer system in which users would exchange fiat currency (collateral) for nanoPay’s MintChip (asset). The fiat currency would be stored in a pooled account, while the equivalent MintChip amount would be stored in a Secured Asset Store (SAS). Transactions completed in the MintChip ecosystem would be a transfer of value between two SASs using Value Transfer Messages.

    In the MintChip model, an Asset Manager would protect the pooled funds of fiat currency and invest the funds in instruments where the principle is guaranteed. Depository institutions would act as brokers that pre-purchase MintChip “coins” and use APIs to provide end users access to the MintChip platform. Regulated non-bank providers and larger retailers could also participate as Brokers.

    nanoPay’s proposal does not depend on the Federal Reserve’s willingness to create new monetary policy or serve as the originator of digital currency. As a non-fiat currency, however, nanoPay could face challenges of perceived trust and security, particularly regarding the management of the pooled funds that serve as collateral for the digital currency.

    As highlighted in the two proposals, digital currency solutions could increase the speed of payments while decreasing payments system costs and expanding financial inclusion. However, WingCash and nanoPay acknowledge that their proposals could pose a threat to traditional payment card revenue streams. Despite these challenges, central banks in other countries like China, Canada and the Netherlands are exploring digital currencies, and the US may follow suit.

    Summary of faster payment solutions proposals submitted by WingCash and nanoPay

    Source: Accenture compilation of proposals submitted to the Faster Payments Task Force.

    Whether replacing fiat currencies, creating a digital exchange tied to existing currency or another idea yet unknown, payments solutions built on the faster, more efficient digital form will transform payments and banking. players need to prepare for the pending change and their role in it. To discover more about how other digital currency forms will the industry, read our report on The (R)evolution of Money.


    Ginna Rodriguez, Manager





    The post Digital currencies to disrupt the payments industry appeared first on Accenture Banking Blog.

    Accenture Banking Blog

  • user 12:19 am on September 26, 2017 Permalink | Reply
    Tags: , , Currencies, deVere, , , , , Plus, ,   

    E-Money App deVere Vault Adds 22 Currencies, Plus a New Banking Feature to its Digital Wallet 

    EXCLUSIVE &;  E-money app, , today added the Australian dollar and 21 other to its growing repertoire of now 27 currencies, as the continues to expand its products and customers since its launch a few months ago. Among the other currencies added are the Canadian dollar, Chinese yuan, Japanese yen, Mexican peso, [&;]
    Bank Innovation

  • user 10:17 am on April 25, 2017 Permalink | Reply
    Tags: AT&T, Currencies, , InCar, , ,   

    AT&T May Soon Offer In-Car Payments Via Digital Currencies 

    We’ve already seen several major carmakers jump into the IoT, showcasing in-vehicle tech. Most recently, Jaguar and Shell showcased fuel payments tech in the U.K.; Honda and Visa had their take on in-car payments at CES 2017, while GM teamed up with MasterCard and IBM last year to enable Masterpass wallet on its [&;]
    Bank Innovation

  • user 9:40 pm on July 24, 2016 Permalink | Reply
    Tags: , , , , Currencies, , , , ,   

    Ethereum Hard Fork Creates Competing Currencies as Support for Ethereum Classic Rises 

    The executed last week as a means of reimbursing investors who lost funds in the collapse of a major project has resulted in the creation of a currency on a replicating the platform’s original consensus rules prior to the fork. Announced last week, a project called Ethereum is continuing [&;]

  • user 3:05 pm on July 6, 2016 Permalink | Reply
    Tags: , , Currencies, Definition, , Evaluating, ,   

    Evaluating the EU’s New Definition for Virtual Currencies 

    Jacek Czarnecki is an attorney at Warsaw-based law firm Wardynski &; Partners, where he specializes in areas including , digital and . In this opinion piece, Czarnecki discusses a new proposal in the European Union aimed at terrorist financing, and its potential larger implications for the blockchain sector.  The European Commission this week adopted a [&;]
    fintech techcrunch

  • user 6:01 am on June 23, 2016 Permalink | Reply
    Tags: $9.6, , , Colu, Currencies, , Local, , ,   

    Colu Raises $9.6 Million to Promote Blockchain-Based Local Currencies 

    Tel Aviv-based startup has raised $ 9.6m amid a shift in its business model to currency issuance.
    fintech techcrunch

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