Article: Digital Currency: The Future Of Your Money

Money, Open Governance, Standards

Digital Currency: The Future Of Your Money

Digital currency has the potential to completely change how society thinks about money. The rise of Bitcoin, Ethereum and thousands of other cryptocurrencies that exist only in electronic form has led global central banks to research how national digital currencies might work.

Digital currency is any currency that’s available exclusively in electronic form. Electronic versions of currency already predominate most countries’ financial systems. In the U.S., for instance, the physical U.S. currency in circulation is only about one-tenth of the overall money supply; the remainder is held in various bank deposits in electronic form.

Read Full Article

Article: Open Banking: What It Means for Your Privacy and Convenience

Money, Open Governance

Open Banking: What It Means for Your Privacy and Convenience

At this point in your life as a consumer, you’re accustomed to having less privacy than you used to. Technology makes your life easier in myriad ways, but also far less private.

Your financial life is no exception. In the fintech industry, where financial services intersect with technology, new products roll out all the time — from robo-advisors that oversee your investment portfolios for nominal fees to third-party payment services like PayPal, Venmo and Zelle. Open banking is one of the trends making such innovation possible.

Read Full Article

Article: Open Banking Paves the Way for the Democratization of Financial Services

Money, Open Governance

Open Banking Paves the Way for the Democratization of Financial Services

Open Banking has dramatically changed the way people and businesses manage their money, leading the democratization of the financial services market. Traditionally, a select group of major banks have controlled all the financial data of their customers, making it difficult for new, innovative fintech and financial services providers to break into the market.

Now, Open Banking is putting the power of financial data back into users’ hands, transforming the financial services industry as we know it. Popular apps like Venmo, Mint and SoFi show the value Open Banking can bring to consumers when they can more easily manage and transfer funds.

Read Full Article

Article: Okta and Cloudentity partner to drive open banking

Money, Open Governance

Okta and Cloudentity partner to drive open banking

Okta is partnering with Cloudentity, an identity authorization and API governance company, to serve the growing open banking market with zero trust authorization services.

Open banking is a concept that is catching on globally. It enables third-party developers to access a consumer’s banking data via APIs, so they can provide new financial services and tools — such as the mobile payment service Venmo or the online finance tools from SoFi.

Read Full Article

Article: Open Source’s Strengths During A Global Crisis And How To Fully Leverage Them

Free, Libre, Open Software

Open Source’s Strengths During A Global Crisis And How To Fully Leverage Them

What do Airbnb, Dropbox, Pinterest, Square, Uber and Venmo have in common? First, all these dynamic digital brands got their start during the last global crisis, the Great Recession of the late 2000s. Second, open-source software is at the heart of what they do.

Flashback further to another time of upheaval, the post-9/11 downturn, and that’s when I saw Linux and other open-source software cross the chasm to acceptance as an enterprise-grade technology that would eventually power a countless array of today’s apps, devices and systems.

Read Full Article