-
PayPal
"Established as Confinity in 1998, PayPal earned praise as a user-friendly money transfer service. On the heels of PayPal came other person-to-person (p2p) payment innovations like Venmo, Popmoney and Zelle" (http://independentbanker.org/2017/10/timeline-180-years-of-banking-technology). -
Electronic Checks
"With the Check Clearing for the 21st Century (Check 21) Act of 2004, a check recipient could make a digital copy of a check and then process that check electronically" (). -
Bitcoin
An encrypted digital currency that solves the double-spend problem in electronic banking. "Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network" (https://bitcoin.org/en/). -
Mobile Point-of-Sale Devices
"Devices [that] can be plugged into mobile phones or iPads [...] to begin accepting noncash payments" (http://independentbanker.org/2017/10/timeline-180-years-of-banking-technology). -
Public Keys Invented
Public and Private key pairs created via asymmetrical encryption;
only the user accesses the private key to spend.
(http://theinstitute.ieee.org/technology-topics/computing/timeline-the-evolution-of-financial-technology). -
Facial Recognition
"Video analytics [become] a focus for banks seeking to enhance security [...] to measure foot traffic and to [...to detect...] potential threats" (http://independentbanker.org/2017/10/timeline-180-years-of-banking-technology). -
Ripple Founded
"Ripple's revenue sources include professional services provided to financial network operators being integrated with Ripple, software built to integrate legacy financial systems with Ripple and the native currency (XRP)" (https://www.earthport.com/wp-content/uploads/2015/09/Nilson-Report-January-2015.pdf). -
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Payments Solutions via Blockchain and Cryptocurrency
Ripple leads the payments revolution with its blockchain solutions, xCurrent and its digital asset, XRP. Partnered with over 100 banks, and live processing of their currency with Western Union, Money Gram, Cuallix, MercuryFX, IDT, FlashFX and more. SBI Bank Consortium announces XRP based exchange. Saves banks 33% on transactions, 60% with XRP on xRapid (http://fortune.com/2018/01/24/ripple-cryptocurrency-bitcoin-xrp-idt) (https://ripple.com/use-cases/banks). -
EMV Chips
"EMV chips make cards far more secure because the information transmitted is encrypted and tokenized" (http://independentbanker.org/2017/10/timeline-180-years-of-banking-technology/). -
Call to Action: US Faster Payments Task Force
Government creates a team to develop "a strategy to achieve ubiquitous, safe, faster payments for U.S. consumers and businesses" (https://www.federalreserve.gov/newsevents/pressreleases/other20170724a.htm).
