New digital cash, Ping Identify and Northern Rock in Banking this week
- Banks are growing concerned about the debts being amassed by universities as they try to attract students. One unnamed bank has indicated that it is so concerned about some universities’ financial strength that it has put them into special measures
- Ping Identity has been selected by Open Banking to provide the identity and access management (IAM) technology that will underpin the UK’s open banking framework. All UK banks, financial services organisations and third-party providers wanting to participate in the open banking ecosystem will need to go through an enrolment and verification process before becoming trusted identities stored in a central Ping repository
- Northern Rock’s association of small shareholders is to renew its campaign for compensation following the collapse of the bank and its nationalisation almost ten years ago. The association claims that the Treasury profited from the bailout and that it is unfair that shareholders received zero compensation when it is now known that there will be a substantial profit accruing to the Government from the nationalisation of Northern Rock
- HSBC, Barclays, Credit Suisse, MUFG, State Street and Canadian Imperial Bank of Commerce have joined a project to create a new form of digital cash for clearing and settling financial transactions over blockchain. The six have teamed up to work on the ‘utility settlement coin’, which was created by UBS to make financial markets more efficient, with the goal of launching it next year
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