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Big banks' proposed digital wallet payment system likely to fail

Computerworld Vertical IT

A group of leading banks is partnering with payment service Zelle’s parent company to create their own “digital wallet” connected to consumer credit and debit cards to enable online or retail store payments. Bank of America, JPMorgan Chase, and four other financial services companies, according to The Wall Street Journal (WSJ).

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The Feds Wants Stablecoin Companies to Register as Banks: Report

Gizmodo

As the Biden administration wrestles with plans to wrangle the notoriously under-regulated world of cryptocurrency, some officials are apparently taking cues from the tightly-controlled world of banks. That’s according to a new report from the Wall Street Journal claiming that some members of the administration are… Read more.

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Google Just Killed Its Banking Service Before It Even Launched

Gizmodo

The Wall Street Journal reports that Google has abandoned its plan to let you open and manage a bank account through Google Pay. Google has a reputation for killing its products and this time the company has shut down a service that hasn’t even gotten off the ground yet. Read more.

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Google halts plans for Google Pay-based banking service

The Verge

Google has stopped working on its Plex service, which aimed to let you do your banking through the Google Pay app. The service was supposed to let users sign up for checking or savings accounts offered by a variety of traditional banks that the user would then manage through the app.

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Apple wants to end partnership with Goldman Sachs on Apple credit card

TechSpot

Sources familiar with the matter told The Wall Street Journal that Apple recently informed the bank and financial services company of its intent to exit their deal within the next 12 to 15 months. It isn't yet known which company would step in to replace Goldman Sachs, but several possibilities. Read Entire Article

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Equifax sent out incorrect credit scores, blames it on "coding issue"

TechSpot

The Wall Street Journal writes that from the middle of March through early April, Equifax sent out inaccurate scores on consumers applying for auto loans, mortgages, and credit cards with banks and other lenders of varying sizes.

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Q&A: Fintech expert: digital wallets need this tech 'magic' or they'll fail

Computerworld Vertical IT

Bank after bank has unsuccessfully tried to compete with the likes of Apple Pay, Google Pay, PayPal, and other established digital wallet players. And now, a consortium of US banks , including three of the largest, hopes to cash in on digital wallets again. To read this article in full, please click here

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