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US banks recapitalized faster and secured more resources than those in Europe after the 2008 crisis, which has enabled them to be more proactive in the area of blockchain innovation, according to an article by Reuters.

The article supports its claim by highlighting the greater number of patents for blockchain-based products that US banks have filed, as compared with European ones. It notes that only Switzerland's UBS has filed such a patent to date, versus the "dozens" filed by Goldman Sachs, JPMorgan, Wells Fargo, and Bank of America. 

But this is not necessarily an adequate measure of progress. Arguably, European banks have been just as active in exploring blockchain-based products as their US peers, but they've taken a different approach to innovation — one based on collaboration rather than individual projects.Barclays, for example, developed a blockchain-based trade finance solution in September in partnership with fintech Wave.

Santander, a Spanish bank, tested a blockchain-based, cross-border payments app in August in partnership with Ripple, and has invested in several blockchain-based startups. And BBVA's VC fund recently invested in a blockchain-based browser. Moreover, Barclays and Credit Suisse cooperated with several other major banks to develop a complex, blockchain-based system for streamlining equity swaps, which was unveiled this week. 

US banks' approach to blockchain innovation may backfire. Reuters is likely right to suggest that European banks are struggling to free up cash for individual innovation projects to a greater degree than their US counterparts. And this is probably the reason for the two different approaches — European and US banks have had to develop approaches to blockchain development that are suited to each region's unique economic environment and hurdles.

But a different approach doesn't necessarily indicate that European banks are "lagging" — a collaborative approach to blockchain innovation may actually make more sense. By working together, and with blockchain fintechs, these banks are more likely to develop an industry-wide blockchain standard, allowing the technology to deliver its promised efficiencies. In taking a more siloed approach, US banks could end up back at square one if their individual, patented, blockchain systems cannot easily connect to one another. 

Blockchain technology, which is best known for powering Bitcoin and other cryptocurrencies, is gaining steam among finance firms because of its potential to streamline processes and increase efficiency. The technology could cut costs by up to $20 billion annually by 2022, according to Santander.

That's because blockchain, which operates as a distributed ledger, has the ability to allow multiple parties to transfer and store sensitive information in a space that’s secure, permanent, anonymous, and easily accessible. That could simplify paper-heavy, expensive, or logistically complicated financial systems, like remittances and cross-border transfer, shareholder management and ownership exchange, and securities trading, to name a few. And outside of finance, governments and the music industry are investigating the technology’s potential to simplify record-keeping.

As a result, venture capital firms and financial institutions alike are pouring investment into finding, developing, and testing blockchain use cases. Over 50 major financial institutions are involved with collaborative blockchain startups, have begun researching the technology in-house, or have helped fund startups with products rooted in blockchain. 

Jaime Toplin, research associate for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on blockchain technology that explains how blockchain works, why it has the potential to provide a watershed moment for the financial industry, and the different ways it could be put into practice in the coming years.

Here are some key takeaways from the report:

• Spending on capital markets applications of blockchain is expected to grow at a 52% compound annual growth rate (CAGR) through 2019, according to Aite Group, to reach $400 million that year.
• Banks and major financial institutions are working both collaboratively and independently to develop blockchain tech. Over 50 major financial institutions are involved with collaborative blockchain startups, like R3 CEV or Chain. And many are investing in the technology on their own as well.
• Putting blockchain to use for real-world transactions is likely not that far off. If working groups' tests are successful, firms could be using it to transact real value as early as the end of this year and we could see widespread industry application within the next few years. 

In full, the report:

• Examines the funding increases that are pouring into blockchain
• Assesses why blockchain is becoming so popular and what factors are driving up increased research and development
• Explains in full how blockchain technology work and what assets make it valuable and vulnerable
• Identifies pain points in the financial industry and profiles how various firms are using blockchain to solve them
• Demonstrates the challenges to mainstream adoption and their potential solutions

To get your copy of this invaluable guide, choose one of these options:

1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of blockchain technology.

Join the conversation about this story »

This story was delivered to BI Intelligence "Fintech Briefing" subscribers. To learn more and subscribe, please click here.

US banks recapitalized faster and secured more resources than those in Europe after the 2008 crisis, which has enabled them to be more proactive in the area of blockchain innovation, according to an article by Reuters.

The article supports its claim by highlighting the greater number of patents for blockchain-based products that US banks have filed, as compared with European ones. It notes that only Switzerland's UBS has filed such a patent to date, versus the "dozens" filed by Goldman Sachs, JPMorgan, Wells Fargo, and Bank of America. 

But this is not necessarily an adequate measure of progress. Arguably, European banks have been just as active in exploring blockchain-based products as their US peers, but they've taken a different approach to innovation — one based on collaboration rather than individual projects.Barclays, for example, developed a blockchain-based trade finance solution in September in partnership with fintech Wave.

Santander, a Spanish bank, tested a blockchain-based, cross-border payments app in August in partnership with Ripple, and has invested in several blockchain-based startups. And BBVA's VC fund recently invested in a blockchain-based browser. Moreover, Barclays and Credit Suisse cooperated with several other major banks to develop a complex, blockchain-based system for streamlining equity swaps, which was unveiled this week. 

US banks' approach to blockchain innovation may backfire. Reuters is likely right to suggest that European banks are struggling to free up cash for individual innovation projects to a greater degree than their US counterparts. And this is probably the reason for the two different approaches — European and US banks have had to develop approaches to blockchain development that are suited to each region's unique economic environment and hurdles.

But a different approach doesn't necessarily indicate that European banks are "lagging" — a collaborative approach to blockchain innovation may actually make more sense. By working together, and with blockchain fintechs, these banks are more likely to develop an industry-wide blockchain standard, allowing the technology to deliver its promised efficiencies. In taking a more siloed approach, US banks could end up back at square one if their individual, patented, blockchain systems cannot easily connect to one another. 

Blockchain technology, which is best known for powering Bitcoin and other cryptocurrencies, is gaining steam among finance firms because of its potential to streamline processes and increase efficiency. The technology could cut costs by up to $20 billion annually by 2022, according to Santander.

That's because blockchain, which operates as a distributed ledger, has the ability to allow multiple parties to transfer and store sensitive information in a space that’s secure, permanent, anonymous, and easily accessible. That could simplify paper-heavy, expensive, or logistically complicated financial systems, like remittances and cross-border transfer, shareholder management and ownership exchange, and securities trading, to name a few. And outside of finance, governments and the music industry are investigating the technology’s potential to simplify record-keeping.

As a result, venture capital firms and financial institutions alike are pouring investment into finding, developing, and testing blockchain use cases. Over 50 major financial institutions are involved with collaborative blockchain startups, have begun researching the technology in-house, or have helped fund startups with products rooted in blockchain. 

Jaime Toplin, research associate for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on blockchain technology that explains how blockchain works, why it has the potential to provide a watershed moment for the financial industry, and the different ways it could be put into practice in the coming years.

Here are some key takeaways from the report:

• Spending on capital markets applications of blockchain is expected to grow at a 52% compound annual growth rate (CAGR) through 2019, according to Aite Group, to reach $400 million that year.
• Banks and major financial institutions are working both collaboratively and independently to develop blockchain tech. Over 50 major financial institutions are involved with collaborative blockchain startups, like R3 CEV or Chain. And many are investing in the technology on their own as well.
• Putting blockchain to use for real-world transactions is likely not that far off. If working groups' tests are successful, firms could be using it to transact real value as early as the end of this year and we could see widespread industry application within the next few years. 

In full, the report:

• Examines the funding increases that are pouring into blockchain
• Assesses why blockchain is becoming so popular and what factors are driving up increased research and development
• Explains in full how blockchain technology work and what assets make it valuable and vulnerable
• Identifies pain points in the financial industry and profiles how various firms are using blockchain to solve them
• Demonstrates the challenges to mainstream adoption and their potential solutions

To get your copy of this invaluable guide, choose one of these options:

1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of blockchain technology.

Join the conversation about this story »

This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, please click here.

After a series of tough quarters, American Express beat analyst expectations in Q3.

The firm’s success was propelled by “strong operating discipline and credit quality,” according to CEO Ken Chenault. But as Amex looks to cut $1 billion in costs over the course of the next several quarters in the wake of the sale of its Costco business, the firm still has hurdles to overcome.

Despite overall gains, Amex saw mediocre results in a few key metrics, largely related to the loss of Costco’s store card portfolio, which Amex sold to Citigroup in June. Costco cardholders represented 8% of the firm’s billed business in 2015.

Here are some key results from the quarter:

• Billed business: Amex’s global billed business in the quarter was down 3% year-over-year. But excluding the Costco portfolio, it grew 7%, which indicates the impact that the Costco loss has had on the company. The firm noted that it’s on track to retain 20% of the out-of-store spend of the previous Costco cardholders that it retained, but that’s still a meager portion of the $80 billion Costco cardholders spent in 2015, In addition, loans, which the Costco portfolio represented 20% of, fell by 12% in Q3.
• Issued cards: Amex had 108.8 million cards issued globally at the end of Q3 — that’s down by 7 million from the same period in 2015, despite reports of strong new customer acquisition in earlier quarters this year. That’s likely partly due to the loss of the Costco portfolio, which had 11.6 million cardholders. 

But the firm plans to invest in initiatives that will help it grow through Q4 and into next year.The firm outlined a few key focus areas that the firm will use to grow.

• Premium cards: Amex plans to focus heavily on its Platinum portfolio, likely as a result of the intense premium rewards card competition in the market right now. This portfolio could be particularly lucrative for the firm because of the high fees associated with it, and because premium cardholders will likely have higher spend.
• Small businesses: Amex has been working to extend relationships with small businesses through its OptBlue program, which makes it easier for these merchants to accept and use Amex cards. That program has been successful, and the firm has seen growing billed business among small- and medium-sized merchants. In Q4, Amex plans to run a promotion related to Small Business Saturday in order to make it known to cardholders that their acceptance network is growing, which could help encourage customers to spend more on Amex and boost the firm’s billed business.   
• Marketing and outreach: Amex is looking to build on ongoing US customer acquisition success and ramp up in key international markets. The firm will boost digital marketing initiatives and run an extensive advertising campaign, which could help onboard younger customers or groups in key markets that will spend and provide Amex with additional transaction and card fee-related revenue.

American Express and Costco are part of the much broader payments ecosystem, which includes merchants, acquirers, processors, and more.

Evan Bakker and John Heggestuen, analysts at BI Intelligence, Business Insider's premium research service, have compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.

Here are some key takeaways from the report:

• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.

In full, the report:

• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.

To get your copy of this invaluable guide, choose one of these options:

1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.

Join the conversation about this story »

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Bitcoin activity was quiet in September, characterized by lackluster trading activity and low volatility.

Source

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Tech entrepreneurs Cameron and Tyler Winklevoss have appointed State Street as the transfer agent for their bitcoin-based exchange-traded fund (ETF), the Winklevoss Bitcoin Fund, according to their latest regulatory filing on Tuesday, the Wall Street Journal reports.

This means State Street will act as the fund's administrator. The brothers also appointed San Francisco-based Burr Pilger Mayer to act as auditor for the fund.

The Winklevoss brothers likely brought these major players on board to increase the likelihood of SEC approval for their ETF. As transfer agent, State Street will record ownership changes, calculate daily net asset values, and maintain all records for the fund. As auditor, Burr Pilger Mayer will be responsible for carrying out monthly "proof of control" exercises to ensure that all of the Bitcoin reported as held by the ETF are legitimate.

The entrepreneurs probably hope that such rigorous oversight will reassure regulators that their fund is playing by the rules, and that the reputation of these firms will add respectability to their venture — increasing their chances of SEC approval. 

The two businessmen likely want SEC approval because they think this will attract mainstream investors to their fund. The approval process for the Winklevoss fund has already dragged on for three years, according to the WSJ, and the SEC recently put approval on hold once again. We expect the brothers are persisting because success would mean they had the first Bitcoin-based ETF approved by the SEC, which could boost the attractiveness of the fund.

But first they have to convince the SEC that their ETF will not be unduly risky for investors — a hard task since Bitcoin has proven to be a very volatile currency, suffering a boom and bust from 2013 to 2014. It stabilized only recently, and its recovery is still tentative. Given this volatility, even with SEC approval, there's no guarantee that investors will be reassured or willing to use the product.

Blockchain technology, which is best known for powering Bitcoin and other cryptocurrencies, is gaining steam among finance firms because of its potential to streamline processes and increase efficiency. The technology could cut costs by up to $20 billion annually by 2022, according to Santander.

That's because blockchain, which operates as a distributed ledger, has the ability to allow multiple parties to transfer and store sensitive information in a space that’s secure, permanent, anonymous, and easily accessible. That could simplify paper-heavy, expensive, or logistically complicated financial systems, like remittances and cross-border transfer, shareholder management and ownership exchange, and securities trading, to name a few. And outside of finance, governments and the music industry are investigating the technology’s potential to simplify record-keeping.

As a result, venture capital firms and financial institutions alike are pouring investment into finding, developing, and testing blockchain use cases. Over 50 major financial institutions are involved with collaborative blockchain startups, have begun researching the technology in-house, or have helped fund startups with products rooted in blockchain. 

Jaime Toplin, research associate for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on blockchain technology that explains how blockchain works, why it has the potential to provide a watershed moment for the financial industry, and the different ways it could be put into practice in the coming years.

Here are some key takeaways from the report:

• Spending on capital markets applications of blockchain is expected to grow at a 52% compound annual growth rate (CAGR) through 2019, according to Aite Group, to reach $400 million that year.
• Banks and major financial institutions are working both collaboratively and independently to develop blockchain tech. Over 50 major financial institutions are involved with collaborative blockchain startups, like R3 CEV or Chain. And many are investing in the technology on their own as well.
• Putting blockchain to use for real-world transactions is likely not that far off. If working groups' tests are successful, firms could be using it to transact real value as early as the end of this year and we could see widespread industry application within the next few years. 

In full, the report:

• Examines the funding increases that are pouring into blockchain
• Assesses why blockchain is becoming so popular and what factors are driving up increased research and development
• Explains in full how blockchain technology work and what assets make it valuable and vulnerable
• Identifies pain points in the financial industry and profiles how various firms are using blockchain to solve them
• Demonstrates the challenges to mainstream adoption and their potential solutions

To get your copy of this invaluable guide, choose one of these options:

1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of blockchain technology.

Join the conversation about this story »