On November 8, 2016, India cancelled 86% of its currency in circulation with a four-hour notice and the move pushed India into a severe currency shortage. In a country where 98% of all consumer payments are in cash, this prolonged currency shortage carries risks:...
Business evolution—whether it’s automotive, bioscience, or in the payments industry—proceeds along a predictable path of incremental improvements and optimization. Until it doesn’t and a step function takes effect. Last year was sleepy compared to what we can...
Given the high rate of press releases and articles on fintech applications of blockchain technology - and the growing number of financial institutions expressing interest in its potential - I’ve been considering this high signal to noise ratio. A few thoughts: Hype...
One of the truly interesting presentations at this year’s Money2020 was the speech by Ben Lawsky, superintendent of New York’s Department of Financial Services. Lawsky’s remarks focused on his department’s BitLicense proposal and demonstrated the struggle Lawsky...
A great friend of Glenbrook’s is Broox Peterson, formerly Senior Vice President and Assistant General Counsel at Visa International and currently in private practice. Earlier we posted his article So You Want to Start a Payments Company? which has helped many...
Last year was, of course, the break out year for Bitcoin. Incubating in geek-nurtured obscurity during its first few years, 2013 saw the international media, global investors, entrepreneurs, and even a few just plain citizens jump onto the math-based currency...
A new wave of payment capabilities is hitting shores around the world. This wave is made up of better, faster, and cheaper “credit-push” systems. That means that transactions enter the payments systems from the sender’s bank (like a wire transfer) rather than from...
The NACHA membership has reportedly turned down the concept of "Same Day ACH". This was a request for comment, put out about a year ago by NACHA staff, to -- get ready for this -- not move the ACH to same day, but simply allow originating banks the option of...
A great friend of Glenbrook's is Broox Peterson, formerly Senior Vice President and Assistant General Counsel at Visa International and currently in private practice. In 2006, Broox wrote a very popular article that we shared on PaymentsNews.com. He's just updated...
Two related announcements out of Canada work to reduce currency in circulation. Last week the Canadian government announced the demise of the penny. The cost to produce a penny has surpassed its value. The coins in circulation will still be considered legal...
