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FinovateFall 2017, Jamie Dimon, Apple Pay: Essential Banking News

Last week was all about Finovate Fall 2017 in New York City. Click below on the article for a recap of the conference. 

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The Best of Fintech: Finovate Fall 2017 Recap

There is little doubt that Finovate is one of the most important conferences in the industry. People will come from all over to listen to demos of the latest technology and functionality in the financial realm. Jon Ogden of MX was there and recaps every topic that was discussed in New York. He writes, "Ultimately, Finovate was once again a delight to attend and a very effective way to quickly get up to speed on what's happening in the industry right now." Whether you were there or not, you can get caught up here.

Read more at MoneySummit


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JPMorgan CEO Jamie Dimon says bitcoin is a 'fraud' that will eventually blow up

Over the years, the CEO of the largest bank in the United States has left us certain of his opinion as it relates to Bitcoin. Jaime Dimon took yet another shot at the cryptocurrency last week calling it a "fraud." In an interview with CNBC, he didn't back down from those comments saying "he'd "fire in a second" any JPMorgan trader who was trading bitcoin, noting two reasons: "It's against our rules and they are stupid."

Read more at CNBC


Face ID will work with Apple Pay, third-party apps

In perhaps the most anticipated announcement of last week, Apple unveiled a variety of new products with improved functionality including an expansion into financial services. In a previously announced plan to open up a P2P payment functionality within imessages, it was additionally revealed that you can now use the new facial recognition feature to approve payments with Apple Pay. Sarah Perez takes note of the details, "One of the more notable advantages to this facial recognition system is that it will also work with Apple Pay. That means you’ll be able to look at your phone in order to make a payment at a supported terminal. This won’t require retailers to upgrade their terminals, to be clear, if they support Apple Pay (NFC payments) it will work. The difference is in how you kick off the payment process itself – instead of a touch, it’s a look." 

Read more are TechCrunch


Piraeus Bank hails automated 'e-branches'

Almost a year ago, Piraeus Bank in Greece opened "e-branches" hoping they would be of greater convenience for their customers. Since that opening they have seen a large portion of their overall transactions take place in these "e-branches." Finextra reports, "The bank says that the e-branches have proved popular, with more than 37,000 users per month making over 32,000 transactions. After seven months of operation the new outlets are processing 84% of the volume of transactions undertaken in nearby traditional branches."

Read more at Finextra


IBM and UBS team on blockchain payments for cars

As blockchain payments find ways to be implemented in more daily and universal transactions, IBM and UBS team up to build a blockchain-based payments system that automatically collects fees for things such as parking and power charging. Finextra has the details: "The partners say that their Car eWallet will act as a digital assistant, enabling secure and convenient payments on the go. The system is likely to become increasingly useful as driverless cars become a reality, providing a way to independently authorize payments without the owner or user having to be active themselves."

Read more at Finextra