The Securities Investor Protection Corp. said a new checking account from millennial trading app Robinhood may not be insurable. Robinhood wowed users on Friday with a blog post announcing accounts with a guaranteed 3 percent return in their checking and savings accounts. It sounded too good to be true, mostly because it actually was. By Sunday they had entirely removed the post from their website. Now Robinhood may be in trouble with the SEC of Nottingham. CEO of the nonprofit SIPC Tony Harbeck referred the matter to the Trading and Markets Division of the Securities and Exchange Commission. Asked if the SEC had already been in contact with Robinhood, Harbeck…
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Financial institutions fighting money laundering warm to blockchain technology
Storing Know Your Customer data on a secure blockchain can simplify an expensive and frustrating legal process
Enterprise blockchain software firm R3 recently completed a proof of concept test of its Know Your Customer (KYC) application built on its Corda blockchain platform, French financial institution RCI Bank and Services announced on Dec. 3. KYC requirements are part of the due diligence needed to meet Anti-Money Laundering (AML) regulations, an important but time- and money-consuming process used in the financial industry. Twenty-six firms participated in the test of CordaKYC, including insurer Allianz France and banks BNP Paribas and Societe Generale. In June, R3 announced that a group of 39 firms in 19 countries, including Deutsche Bank, ABN AMRO, and the Federal Reserve Bank of Boston completed KYC transactions…
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Flaming car wrecks may be a metaphor to describe cryptocurrencies but auto insurance claims may soon be powered by blockchain technology (via Pixabay).As industry contemplates DLT, State Farm test drives blockchain technology for auto insurance
Streamlining complex policies and processes, as well as fraud prevention, are also prime insurance uses
On Dec. 10, insurance giant State Farm announced that it is testing a blockchain-based solution to improve the speed and accuracy with which auto insurance claims are settled. In testing the solution, the largest provider of auto insurance in the United States is following up on several years of study and interest by the insurance industry in ways the distributed ledger technology underlying blockchain and cryptocurrencies can benefit various lines of coverage offered by the multi-trillion-dollar industry. Specifically, State Farm is looking into blockchain’s use in subrogation, the process by which the at-fault insurer compensates the injured party’s insurer for costs paid to settle a damages claim. “Today, subrogation is…
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Healthcare giants turn to blockchain for a joint database of doctors
The pilot project will eventually lead to securely sharing confidential information, they hope
Plans by a group of leading healthcare industry firms to create a joint database of doctors and other healthcare providers using Quorum’s Ethereum-based enterprise blockchain technology got a boost this past week when two industry giants—insurer Aetna, which was just purchased by CVS Health, and Ascension, the largest non-profit health system in the country with more than 150 hospitals—joined the project. The Synaptic Health Alliance’s overarching goal is see if blockchain’s distributed ledger technology can be used to share the burden of managing healthcare provider data while improving its accuracy, without adding another intermediary to the process. The other members are health insurers Humana and UnitedHealthcare, healthcare cost management provider…
