Bank Service – Left Bank http://left-bank.org/ Tue, 14 Sep 2021 20:06:26 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://left-bank.org/wp-content/uploads/2021/07/icon-2-150x150.png Bank Service – Left Bank http://left-bank.org/ 32 32 Cumberland County Bank sells branch to New York company https://left-bank.org/cumberland-county-bank-sells-branch-to-new-york-company/ https://left-bank.org/cumberland-county-bank-sells-branch-to-new-york-company/#respond Tue, 14 Sep 2021 18:32:58 +0000 https://left-bank.org/cumberland-county-bank-sells-branch-to-new-york-company/ A Camp Hill financial institution that provides banking services to banks sold a subsidiary. Atlantic Community Bankers Bank, which provides correspondence banking, lending, investing and cash management services to community financial institutions, sold ACBB-Bits LLC, the subsidiary of the bank’s telecommunications and network service provider. , at New Era Technology Inc. “This sale will allow […]]]>

A Camp Hill financial institution that provides banking services to banks sold a subsidiary.

Atlantic Community Bankers Bank, which provides correspondence banking, lending, investing and cash management services to community financial institutions, sold ACBB-Bits LLC, the subsidiary of the bank’s telecommunications and network service provider. , at New Era Technology Inc.

“This sale will allow us to focus more on our core correspondent banking competence and fuel the next phase of our mission to be the premier partner of community financial institutions,” said Craig Howie, President and CEO. management of Atlantic Community Bankers Bank in a statement. Release.

New Era provides managed services, cloud solutions and professional services to more than 8,500 clients in financial services, healthcare, technology and many other markets. The company is headquartered in New York City and has approximately 2,100 employees across the United States, United Kingdom, Australia, New Zealand, Canada, Europe and Asia. The company has forty-eight offices.

Atlantic Community Bankers Bank was established in 1983.

The transaction closed on August 26. Terms of the deal were not disclosed.

Business buzz

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B2B Payments Today: CFOs Driving Change https://left-bank.org/b2b-payments-today-cfos-driving-change/ https://left-bank.org/b2b-payments-today-cfos-driving-change/#respond Fri, 10 Sep 2021 18:25:07 +0000 https://left-bank.org/b2b-payments-today-cfos-driving-change/ Today, in B2B payments, Nuula scores $ 120 million in fundraising and Banking-as-a-Service is now a $ 1 trillion industry. In addition, eBay and bidadoo team up for B2B e-commerce for trucks and equipment, “Time to yes” drops 90% with ScotPac and CFOs play an important role in digital transformation. Commercial Lender Uses Technology to […]]]>

Today, in B2B payments, Nuula scores $ 120 million in fundraising and Banking-as-a-Service is now a $ 1 trillion industry. In addition, eBay and bidadoo team up for B2B e-commerce for trucks and equipment, “Time to yes” drops 90% with ScotPac and CFOs play an important role in digital transformation.

Commercial Lender Uses Technology to Reduce “Response Time” by 90%

A local transport company recently applied for funding through ScotPac, Australia and New Zealand’s largest non-bank lender to small and medium-sized enterprises (SMEs), knowing that the average approval time can take up to ‘to several weeks.

In this case, however, it only took 30 minutes, as ScotPac was able to sync all of the application data and provide formal approval on the same day, with funds for a $ 1 million limit facility available on the day. the following day.

The role of today’s CFO: driving change and ensuring resilience to change

CFOs have much more of a say in directing their digital transformations, according to airbase CFO Aneal Vallurupalli. While CFOs have traditionally had a more administrative role, today they are much more involved in strategic decision-making within the companies they serve.

Vallurupalli said the rush to digitize the business has created a new role for CFOs, who must prioritize which processes to automate, especially in high-growth companies.

Bank as a service provides B2B solutions for businesses of all sizes

The global Banking as a Service (BaaS) market has quickly grown into a $ 1 trillion industry, but new projections suggest this upward trend will continue – and accelerate – over the next decade. , with almost quadruple demand that could take absorption to $ 3.6 trillion. by 2030.

More than 12,000 financial startups are vying for a slice of this growing BaaS pie, PYMNTS reports, including legacy lenders who could get a cut for their oversight and regulated contributions. US lenders who offer BaaS have already generated 200 to 300% higher returns on assets than other banks by offering these back-office services to their professional clients.

eBay, bidadoo team on B2B e-commerce for trucks, equipment

eBay has partnered and invested in the truck, equipment and fixed asset remarketing and auction company bidadoo with the goal of combining eBay’s global reach and platform with the specialist selections of bidadoo agricultural, construction and transportation equipment, trucks, parts and accessories.

Bidadoo’s participation will allow a wider range of equipment available from manufacturers, governments, rental companies, contractors and financial institutions, according to a press release.

Small FinTech Nuula Secures $ 120 Million Funding

Small-business-focused Toronto-based FinTech Nuula recently raised $ 120 million in new funding, according to a company press release on Thursday, September 9, which says the money comes from equity funding. of $ 20 million led by Edison Partners and a credit of $ 100 million. facility managed by Ares Management Corporation.

Nuula’s mobile app, launched in June, offers real-time tracking of cash flow, personal and business activities, as well as ratings and reviews on social media.

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NEW PYMNTS DATA: TODAY’S SELF-SERVICE PURCHASE JOURNEY – SEPTEMBER 2021

On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.


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PNC faces USAA mobile filing patent applications, Texas court says https://left-bank.org/pnc-faces-usaa-mobile-filing-patent-applications-texas-court-says/ https://left-bank.org/pnc-faces-usaa-mobile-filing-patent-applications-texas-court-says/#respond Tue, 07 Sep 2021 19:34:00 +0000 https://left-bank.org/pnc-faces-usaa-mobile-filing-patent-applications-texas-court-says/ Summary Companies Law firms Related documents Court rejects PNC’s initial arguments that its system does not infringe Tech previously involved in $ 300 million dispute between USAA and Wells Fargo The company and law firm names listed above are generated automatically based on the text of the article. We are improving this functionality as we […]]]>

  • Court rejects PNC’s initial arguments that its system does not infringe
  • Tech previously involved in $ 300 million dispute between USAA and Wells Fargo

The company and law firm names listed above are generated automatically based on the text of the article. We are improving this functionality as we continue to test and develop in beta. We appreciate comments, which you can provide using the comments tab on the right of the page.

(Reuters) – PNC Bank is facing allegations that its mobile banking technology infringes the patents of the military-focused financial services group United Services Automobile Association, a federal court in east Texas has ruled.

U.S. District Judge Rodney Gilstrap in Marshall, Texas said on Friday that PNC couldn’t show early in the case that its technology of using a cell phone to make bank deposits works differently from the USAA patented technology.

The USAA previously sued Wells Fargo in the same court for infringement of related patents, winning two jury verdicts totaling more than $ 300 million before the parties settled an undisclosed amount in February.

PNC declined to comment on the decision. USAA and its attorney Jason Sheasby of Irell & Manella did not immediately respond to a request for comment, neither did PNC attorneys Gregory Stone of Munger Tolles & Olson, Lionel Lavenue of Finnegan Henderson Farabow Garrett & Dunner, or Melissa. Smith by Gillam Smith.

The San Antonio-based USAA, which provides financial services to the military, first sued PNC last year for violating four patents related to a remote check deposit system using devices. mobile.

One of the patents was also at issue in the USA’s $ 200 million jury victory over Wells Fargo in 2019.

In a separate case, the USAA sued PNC in March, alleging infringement of two other mobile banking patents. Those patents were previously the basis for the second USA jury victory over Wells Fargo last year for $ 102 million.

Pittsburgh-based PNC decided to dismiss the USAA’s allegations in the case last year, arguing that its mobile deposit system does not work the same way as patented technology.

Gilstrap denied the PNC’s request on Friday, believing at this point that the USAA’s claims were plausible.

PNC had argued that one of the USAA patents requires the use of a single system with both a “customer’s mobile device” and a “bank computer”, and that it does not infringe. because it does not manufacture, use or sell mobile devices. . PNC also stated that he could not violate because customers, and not PNC, “complete” the PNC system using their mobile devices.

Gilstrap said the PNC’s arguments “involve questions of fact and law that are not ripe for ultimate resolution” and that the USAA’s claims – which cite, among other things, the PNC’s own videos on the functioning of his system – were sufficient to support his cause.

PNC’s arguments that he did not infringe the other three patents “generally suffer from the same shortcomings,” Gilstrap said.

Gilstrap also rejected PNC’s argument that he could not have infringed the patents indirectly because he had no knowledge of them prior to trial, holding it plausible that PNC was aware of the patents based on the argument. of the USAA that they were widely disseminated in banking industry publications. , among others.

PNC sued the USAA in June for allegedly infringing four of its m-banking patents.

The case is United Services Automobile Ass’n v. PNC Bank NA, US District Court for the Eastern District of Texas, No. 2: 20-cv-00319.

For USAA: Jason Sheasby of Irell & Manella

For PNC: Gregory Stone of Munger Tolles & Olson, Lionel Lavenue of Finnegan Henderson Farabow Garrett & Dunner, Melissa Smith of Gillam Smith

Read more:

Wells Fargo Received $ 200 Million East Texas Patent Verdict

Wells Fargo Loses Pre-Trial Challenge on USAA Mobile Check Deposits Patent

Blake brittain

Blake Brittain reports on intellectual property law, including patents, trademarks, copyrights and trade secrets. Contact him at blake.brittain@thomsonreuters.com


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United States ends tax evasion case of Zurich bank ZKB https://left-bank.org/united-states-ends-tax-evasion-case-of-zurich-bank-zkb/ https://left-bank.org/united-states-ends-tax-evasion-case-of-zurich-bank-zkb/#respond Fri, 03 Sep 2021 18:57:00 +0000 https://left-bank.org/united-states-ends-tax-evasion-case-of-zurich-bank-zkb/ The company and law firm names shown above are generated automatically based on the text of the article. We are improving this functionality as we continue to test and develop in beta. We appreciate comments, which you can provide using the comments tab on the right of the page. NEW YORK, Sept. 3 (Reuters) – […]]]>

The company and law firm names shown above are generated automatically based on the text of the article. We are improving this functionality as we continue to test and develop in beta. We appreciate comments, which you can provide using the comments tab on the right of the page.

NEW YORK, Sept. 3 (Reuters) – The US government is ending criminal action against Zuercher Kantonalbank for helping wealthy Americans evade taxes after the Zurich lender paid $ 98.5 million and s ‘is under a three-year deferred prosecution agreement.

In a case filed with Manhattan U.S. District Court on Friday, a federal prosecutor said “the government will not now sue ZKB” because of the lender’s “full compliance” with the August 2018 agreement.

ZKB had admitted to helping US-based clients hide hundreds of millions of dollars from the Internal Revenue Service using undeclared Swiss bank accounts.

Prosecutors said more than 190 U.S. taxpayers conspired to cover up bank accounts between 2002 and 2009.

The case was part of a broader US crackdown on overseas tax evasion by wealthy Americans.

Two ZKB bankers each pleaded guilty to a related misdemeanor conspiracy charge and were sentenced to one year probation.

The payment of $ 98.5 million included a fine of $ 35.1 million, as well as restitution and forfeiture, according to court documents.

Reporting by Jonathan Stempel in New York Editing by Marguerita Choy


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Banks open for limited services at Timaru CBD https://left-bank.org/banks-open-for-limited-services-at-timaru-cbd/ https://left-bank.org/banks-open-for-limited-services-at-timaru-cbd/#respond Tue, 31 Aug 2021 21:40:00 +0000 https://left-bank.org/banks-open-for-limited-services-at-timaru-cbd/ Chris Tobin / Tips This customer uses an ATM in Timaru on Tuesdays outside of bank hours. Banks along Stafford Street in Timaru have opened cautiously as some life begins to return to the CBD. “We just opened a few branches across the country to see how much use they are,” BNZ spokesperson Sam Durbin […]]]>
This customer uses an ATM in Timaru on Tuesdays outside of bank hours.

Chris Tobin / Tips

This customer uses an ATM in Timaru on Tuesdays outside of bank hours.

Banks along Stafford Street in Timaru have opened cautiously as some life begins to return to the CBD.

“We just opened a few branches across the country to see how much use they are,” BNZ spokesperson Sam Durbin said.

BNZ, ASB and ANZ were open in Timaru Tuesday from 10 a.m. to 2 p.m., SBS Bank from 10 a.m. to noon, while Kiwibank in Strathallan St is open on Monday from 10 a.m. to 2 p.m. and will be open at the same times on Wednesday and Friday.

Westpac will open Wednesday from 10 a.m. to noon.

Strict physical distancing measures were in place at banks, with controlled entry at entrances and service staff wearing masks.

“Customers are strongly encouraged to wear a mask and are required to register on the NZ Covid tracer app,” Durbin said.

BNZ services were limited to withdrawing or depositing cash for customers that could not be used at a smart ATM, setting up or changing a PIN code identity, Eftpos, Flexi Debit cards Visa and mobile banking.

Customers were encouraged to use digital or telephone banking options instead of going to a branch if possible, Durbin said.

BNZ opened 30 branches on Tuesday with, besides Timaru, the only others in the South Island being Alexandra, Ashburton, Greymouth, Nelson, Papanui, Riccarton and Wanaka. Five were open in Auckland and Northland.

Hours of operation were subject to change, and Durbin said customers should check BNZ’s website or contact BNZ before going to the branch.

ASB has posted its schedules and Covid-19 requirements on the doors of its Stafford St.

Chris Tobin / Tips

ASB has posted its schedules and Covid-19 requirements on the doors of its Stafford St.

ASB Bank at 242 Stafford St opened Tuesday from 9 a.m. to noon, with 12 more around the South Island, and will open at the same times on Thursday.

ANZ spokeswoman Kristy Martin said they had reopened their Timaru and 63 other branches across the country with strict Covid-19 controls in place and at limited times. At this point, ANZ would also only open on Tuesdays and Thursdays.

“Customers are asked not to visit a branch if they are unwell or while awaiting the results of a Covid test, if they have visited a place of interest or if they are in a position to ” perform their banking transactions through one of ANZ’s self-service options. “

She said internet banking, 24/7 automated telephone banking and ATMs were available to help customers with their regular banking transactions.

On its website, SBS Bank said branches will be open on Tuesdays and Thursdays from 10 a.m. to 2 p.m.


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Dole upgrades its supply chain solutions https://left-bank.org/dole-upgrades-its-supply-chain-solutions/ https://left-bank.org/dole-upgrades-its-supply-chain-solutions/#respond Fri, 27 Aug 2021 19:52:13 +0000 https://left-bank.org/dole-upgrades-its-supply-chain-solutions/ Today in B2B payments, BaaS foreshadows the future of B2B payments and Sensibill and Free Agent are teaming up on receipts. Additionally, Dole tries to solve the supply chain quagmire, Snyder raises $ 2 million in fundraising round, and Plate IQ and Foodbuy reunite. Snyder accounting platform closes $ 2 million funding round The Snyder […]]]>

Today in B2B payments, BaaS foreshadows the future of B2B payments and Sensibill and Free Agent are teaming up on receipts. Additionally, Dole tries to solve the supply chain quagmire, Snyder raises $ 2 million in fundraising round, and Plate IQ and Foodbuy reunite.

Snyder accounting platform closes $ 2 million funding round

The Snyder accounting platform raised $ 2 million in a funding round aimed at attracting new clients and improving the visibility of the company.

Snyder is a software subscription-based accounting platform for e-commerce services that includes a free trial and then allows users to purchase additional services.

Originally founded as CloudBusiness in 2016, when it focused on automating accounting and financial management for small and medium-sized businesses (SMBs), the company has since turned to help retail businesses to shift to omnichannel sales.

Deep Dive: How banking as a service for consumers could foreshadow the future of B2B payments

Consumers are not the only ones who benefit from the Bank as a service. With the shift to mainstream e-commerce and the growing demand for digital payments, there is an equivalent transformation of B2B financial services. Businesses of all sizes will directly benefit from using APIs to tailor offerings to their business and consumer customers.

BaaS-based transactions also offer data that can be analyzed to provide businesses with increased financial transparency and control as well as an improved user experience.

Dole Food & Beverages Group Adopts New Supply Chain Solutions To Avoid Growing Challenges

Dole Food & Beverages Group has renewed its partnership with Blue Yonder, the Arizona-based digital supply chain and omnichannel commerce execution specialist.

The new tech investment comes after 18 months of global supply chain disruption and stress from the COVID-19 pandemic, prompting Dole and other consumer packaged goods companies to reassess their systems.

Sensibill, FreeAgent partner on receipt automation

Customer data platform Sensibill has partnered with cloud accounting software provider FreeAgent to help businesses manage business expenses such as receipts, according to a press release.

The companies are looking to help small businesses automate and organize their finances, accounting and taxes, the release said.

Through the use of Sensibill technology within the FreeAgent solution, automatic retrieval technology can be used to capture, organize and categorize receipts and attach them to corresponding bank transactions, the statement said.

Plate IQ teams up with Foodbuy Foodservice on discounts

Foodservice supply and supply chain company Foodbuy Foodservice announced a partnership with hospitality-focused automation and expense management (AP) company Plate IQ, according to a press release on Thursday. August 26.

According to the statement, Plate IQ customers will now receive discounts on restaurant supplies through the Foodbuy foodservice manufacturers rebate program.

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NEW PYMNTS DATA: 58% OF MULTINATIONAL COMPANIES USE CRYPTO-CURRENCY

On: Despite price volatility and regulatory uncertainty, a new study from PYMNTS shows that 58% of multinational companies are already using at least one form of cryptocurrency, especially when transferring funds across borders. The new Cryptocurrency, Blockchain and Global Business survey, a PYMNTS and Circle collaboration, probing 500 executives about the potential and pitfalls that crypto faces as it becomes part of the mainstream financials.


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Jim Cramer says “run with the bulls” and buy those winning stocks https://left-bank.org/jim-cramer-says-run-with-the-bulls-and-buy-those-winning-stocks/ https://left-bank.org/jim-cramer-says-run-with-the-bulls-and-buy-those-winning-stocks/#respond Wed, 25 Aug 2021 22:29:41 +0000 https://left-bank.org/jim-cramer-says-run-with-the-bulls-and-buy-those-winning-stocks/ CNBC’s Jim Cramer on Wednesday offered investors a basket of stocks that he says can continue to thrive regardless of the Federal Reserve’s policies. “Forget the big picture. There are two things you need to keep track of when choosing stocks right now: the industry and the company, which includes the people who run it,” […]]]>

CNBC’s Jim Cramer on Wednesday offered investors a basket of stocks that he says can continue to thrive regardless of the Federal Reserve’s policies.

“Forget the big picture. There are two things you need to keep track of when choosing stocks right now: the industry and the company, which includes the people who run it,” said the host of “Mad Money”.

The bottom line, Cramer said, is that investors have two choices. The first is to listen to “Fed-obsessed experts,” he said. The second is to “forget about the money supply or the central bank and run with the bulls. It’s not like they’re hard to find in this fabulous market.”

Semiconductors

A sign is displayed outside NVIDIA’s corporate headquarters on May 10, 2018 in Santa Clara, California.

Justin Sullivan / Getty Images

Cramer said he believed the entire chip industry was “in bull market mode” with a number of companies doing well, such as NXP Semiconductors, Marvell Technology and Qualcomm.

“But I prefer AMD and Nvidia because they make amazing products and have fabulous leadership,” Cramer said, noting that AMD, under CEO Lisa Su, is looking to complete an acquisition for Xilinx. .

Nvidia, similarly, is trying to strike a deal for Arm Holdings, Cramer noted. If it overcomes the necessary regulatory hurdles, Cramer said Nvidia “will become the most important semiconductor company of our time.”

Finance

Many of the country’s largest banks offer investors “the best deals” compared to the rest of the stock market, Cramer said. This is especially true when you consider that they “could be months away from another round of rate hikes,” Cramer said. Banks benefit from higher rates.

Cramer said his favorites right now are Morgan Stanley and Wells Fargo.

“Morgan Stanley is no longer a bank: it’s a wealth advisory service that does parallel investment banking. It means it’s a lean bank. I like it,” Cramer said.

Wells Fargo, on the other hand, offers a “story of recovery” after years of scandals, Cramer said, adding that he believed CEO Charlie Scharf to continue to make improvements.

“One day I expect Wells Fargo to return to the top of $ 50 [per share], where it was when all hell broke loose. Until then, stay the course, ”Cramer said.

Retail

A medical worker wears a face mask outside Best Buy in Union Square in New York City.

Noam Galai | Getty Images

Cramer said he believes it is not too late to buy shares in Best Buy and Bed Bath & Beyond. The former’s digital transformation and technological membership program is expected to lead to further success, Cramer said, while the latter is another example of a turnaround story.

“They have all the tech you need to shop and buy,” Cramer said of Bed Bath & Beyond. “But what they really have is something I like to call ‘fancy’, something you could only really find at Costco until recently. I think CEO Mark Tritton will take Bed Bath for it. a race of several years. “

Agriculture

Cramer said the “most unknown bull market” is agriculture.

“I’ve been an AGCO fan for a long time, but this Deere conference call last week [was] gorgeous, ”Cramer said. “I made fun of Cathie Wood, the best fund manager of 2020, when she said she was buying Deere for its technology – I owe her an apology. I apologize. She nailed it. The technology Deere talked about is truly revolutionary; it will save farmers billions of dollars in wages because everything is pretty self-sufficient. Deere is still a buy. “


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God’s Pantry Food Bank and Kentucky Power Announce This Year’s ‘Power Up the Pantry’ Event https://left-bank.org/gods-pantry-food-bank-and-kentucky-power-announce-this-years-power-up-the-pantry-event/ https://left-bank.org/gods-pantry-food-bank-and-kentucky-power-announce-this-years-power-up-the-pantry-event/#respond Tue, 24 Aug 2021 00:45:00 +0000 https://left-bank.org/gods-pantry-food-bank-and-kentucky-power-announce-this-years-power-up-the-pantry-event/ (WYMT) – A group of local partners come together for what they call a community initiative. “We’re trying to get food back into the pantries for the holiday season and restock it,” said Bob Shurtleff, director of external affairs for Kentucky Power. “And we know they have been hit very hard by the pandemic and […]]]>

(WYMT) – A group of local partners come together for what they call a community initiative.

“We’re trying to get food back into the pantries for the holiday season and restock it,” said Bob Shurtleff, director of external affairs for Kentucky Power. “And we know they have been hit very hard by the pandemic and this is an opportunity for us to come together.”

Kentucky Power and God’s Pantry Food Bank announced this year’s “Power Up the Pantry” event on Monday, in partnership with WYMT, Appalachian Regional Healthcare and Big Sandy Community and Technical College in an effort to bring more food into the region.

“There are 16.5% of the people living in central and eastern Kentucky who are food insecure. It is one of the highest rates of food insecurity in the country, ”said Michael Halligan, managing director of God’s Pantry food bank. “In eastern Kentucky, four of the 10 most food-insecure counties in the country are in eastern Kentucky. “

Originally launched in 2019, the event has grown from two to four this year.

“This year we’re going to be in Hazard, we’re going to be in Prestonsburg, we’re going to be in Pikeville and we’re also going to be in Ashland with our sister food bank, Facing Hunger,” Halligan mentioned. “And now we know how generous communities are, we also know how much people understand what we are facing right now. “

Officials hope this will allow them to fill more pantries after being cleaned this summer.

“I hope that by expanding this to four locations, we can have a bigger impact and help support pantries in our service territory,” said Shurtleff.

The 2019 event raised over $ 17,000 in monetary donations as well as 7.5 tonnes of food.

Copyright 2021 WYMT. All rights reserved.


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PayPal crypto service launches in UK https://left-bank.org/paypal-crypto-service-launches-in-uk/ https://left-bank.org/paypal-crypto-service-launches-in-uk/#respond Sun, 22 Aug 2021 23:01:01 +0000 https://left-bank.org/paypal-crypto-service-launches-in-uk/ PayPal launched its cryptocurrency service in the UK Pay Pal LONDON – PayPal launches cryptocurrency service in UK The US online payments giant said on Monday it would let UK customers buy, hold and sell digital currencies, starting this week. This is the first international expansion of PayPal’s crypto product, which first launched in the […]]]>

PayPal launched its cryptocurrency service in the UK

Pay Pal

LONDON – PayPal launches cryptocurrency service in UK

The US online payments giant said on Monday it would let UK customers buy, hold and sell digital currencies, starting this week.

This is the first international expansion of PayPal’s crypto product, which first launched in the United States in October of last year.

“It works very well in the United States,” Jose Fernandez da Ponte, general manager of PayPal for blockchain, crypto and digital currencies, told CNBC. “We expect it to work well in the UK”

PayPal’s crypto feature allows customers to buy or sell bitcoin, bitcoin cash, ethereum, or litecoin with as little as £ 1. Users can also track crypto prices in real time and find educational content in the market.

Like the US version of the product, PayPal relies on Paxos, a regulated digital currency company in New York City, to enable the buying and selling of crypto in the UK. PayPal said it has engaged with relevant UK regulators to launch the service.

A spokesperson for the Financial Conduct Authority, the UK’s financial services watchdog, was not immediately available for comment on the announcement.

Growing adoption

PayPal’s crypto service is similar to that of UK fintech firm Revolut. As is the case with Revolut, PayPal users cannot move their crypto holdings outside of the app. Although Revolut recently started testing a feature that allows users to withdraw bitcoin into their own personal wallets.

PayPal says its foray into crypto is aimed at making it easier for people to participate in the marketplace. “Tokens and coins have been around for a while, but you had to be a relatively sophisticated user to be able to access them,” da Ponte said. “Having that on a platform like ours is a really good entry point.”

The Payments Processor is one of many large financial companies to jump into the largely unregulated world of cryptocurrency. Despite lingering concerns about price volatility, consumer protection and potential money laundering in the industry, large companies such as Mastercard, Tesla and Facebook have recently turned to crypto.

Bitcoin, the world’s largest digital currency, hit an all-time high of nearly $ 65,000 in April before dropping below $ 30,000 in July as Chinese regulators extended the crackdown on the market. It has since recovered at a price of $ 48,400.

While PayPal started out with crypto trading, the company is betting that digital currencies will play a bigger role in e-commerce in the long run. Earlier this year, PayPal began allowing U.S. consumers to use crypto to pay at millions of its online merchants around the world. The company has also extended the buying and selling of crypto to Venmo, its popular mobile wallet.

“We definitely have ambitions to continue expanding the product line in the US, UK and other markets,” said da Ponte.

Learn more about cryptocurrencies from CNBC Pro

“We’re very determined to start with the initial functionality and then we’ll see where the market takes us. Different markets have different appetites for products. “

‘Britcoin’

The launch of PayPal’s crypto service in the UK also comes as regulators are increasingly wary of the rise of digital currencies. In June, the FCA banned the UK subsidiary of Binance, the world’s largest crypto exchange, citing non-compliance with money laundering requirements.

“It makes sense that with increased consumer interest and increased volume, regulators are paying more attention to this space,” da Ponte said, adding that PayPal had established “a strong regulatory relationship.”

Meanwhile, central banks are exploring the potential issuance of their own digital currencies, as the use of liquidity in a number of developed countries is rapidly declining. In April, the British Treasury and the Bank of England announced that they would assess the potential launch of a digital version of the British pound, dubbed “Britcoin” by the British press.

Da Ponte said central bank digital currencies, or CBDCs, were a “fantastic prospect,” but that it would take some time for policymakers to iron out the main issues involved.


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The world’s last Samaritans, straddling the Israeli-Palestinian divide https://left-bank.org/the-worlds-last-samaritans-straddling-the-israeli-palestinian-divide/ https://left-bank.org/the-worlds-last-samaritans-straddling-the-israeli-palestinian-divide/#respond Sun, 22 Aug 2021 09:00:16 +0000 https://left-bank.org/the-worlds-last-samaritans-straddling-the-israeli-palestinian-divide/ MONT GERIZIM, West Bank – In the occupied and largely segregated West Bank, Jews live in closed Israeli settlements and Palestinians live in Arab towns and villages. And then there are the 440 inhabitants of the hilltop village of Al Tor, who float between the two worlds. As children, they grow up speaking Arabic. As […]]]>

MONT GERIZIM, West Bank – In the occupied and largely segregated West Bank, Jews live in closed Israeli settlements and Palestinians live in Arab towns and villages. And then there are the 440 inhabitants of the hilltop village of Al Tor, who float between the two worlds.

As children, they grow up speaking Arabic. As teenagers, they study in schools run by the Palestinian Authority. As retirees, many regularly smoke shisha in the Palestinian city of Nablus, further down the slopes of Mount Gerizim.

But they also have Israeli citizenship, often work in Israel, pay Israeli health insurance, and visit relatives in the suburbs of Tel Aviv. In Israeli elections, many say they are voting for the pro-settler right-wing Likud party. Yet the Samaritans are still represented on the dormant board of the Palestine Liberation Organization.

So it is in Al Tor, a village of five streets, known as Kiryat Luza in Hebrew, whose beige houses are home to some of the last members of the Samaritan religion, an ancient branch of the Israelite faith. Their unique Samaritan identity – neither Muslim nor Christian, but not entirely Jewish either – allows them to drift, sometimes uncomfortably, between Israeli and Palestinian societies.

“We cannot say that we are Palestinians, and we cannot say that we are Jews,” said Tomer Cohen, 37, lawyer at Al Tor. “We’re Samaritans, that’s the only thing I can say. “

Mr. Cohen drives daily to Ramallah, a large Palestinian city in the West Bank, where he works as a legal advisor for the Palestinian Basketball Association. But when he needs health care, he goes to Israel. When he was younger, he played semi-professional basketball for teams in Ramallah and a neighboring Israeli settlement – a contradiction he ignores.

“If I’m in Tel Aviv, I feel Tel Avivi,” Mr. Cohen said. “But if I am in Ramallah, I feel Ramallahi.”

While this ability to operate in both worlds is often advantageous, it also has drawbacks, some of them dangerous.

During the second Palestinian uprising in 2001, Mr Cohen’s father, Josef Cohen, now 76, said he survived an ambush by Palestinian militants, before being shot dead within minutes. late by Israeli soldiers as he rushed to a military checkpoint on his way to the hospital.

“I am a victim of terror on both sides,” Elder Cohen said.

Yet the complexity of the Samaritan experience also prompts optimism: At a time when Israelis and Palestinians feel more separated than ever, after war and ethnic unrest this year, Al Tor offers a paradigm that respects religious differences. and ethnic, while offering its access and rights to residents in all parts of the Holy Land.

By some estimates, the Samaritans numbered over a million people in the fifth century. But after centuries of persecution, their number has dropped to around 800, many with Cohen as their last name.

About half live in Holon, on the southern edge of Tel Aviv, and the rest live on Mount Gerizim, where they believe the Prophet Abraham attempted to sacrifice his son Isaac. To strengthen their population, the community arranged several marriages between Samaritan men and women from Eastern Europe.

They see themselves as the descendants of the original Israelites, and they worship in their own versions of a synagogue, keep the Sabbath, and follow the Samaritan version of the Torah, the first five books of the Bible. But they see Judaism as a deviation from the original Israelite faith and believe that Mount Gerizim, and not Jerusalem, is the holiest place in the world.

And forget about the parable attributed to Jesus in the Christian Bible, where a “good Samaritan” helps a man who has been robbed and beaten along a road.

“It’s the New Testament,” said Shachar Joshua, 71, a Samaritan and former banker who grew up in the West Bank but later moved to Israel. “We have nothing to do with it,” he added, a little gruff.

Before Israel occupied the West Bank in 1967, the Samaritans had no official connection to the Jewish state and did not speak Hebrew.

Josef Cohen remembers being a child, seven decades ago, of the lynching of an Israeli who entered the West Bank. “People said he was Jewish, but I didn’t even understand what that meant,” said the elder Mr. Cohen, now a senior Samaritan priest.

“I saw myself,” he added, “as a Palestinian Arab.

The occupation made the life of the Samaritans more complex.

Israel later granted them citizenship, a right denied to other Palestinians in the West Bank. During a Palestinian uprising in the 1980s, some Palestinian activists increasingly associated the Samaritans with the State of Israel. This forced most of the Samaritans to leave their ancestral homes in Nablus for Al Tor, where the IDF could better protect them, or for Israel itself.

“If it weren’t for Israel,” Elder Cohen said, “we wouldn’t have a life.

Yet Yasser Arafat, the former Palestinian leader, has always maintained good ties with Samaritan rulers, said Aharon HaCohen, a Samaritan priest who has spent most of his life working for Palestinian civilian institutions.

After the death of Mr. HaCohen’s father, a former Samaritan high priest, Mr. HaCohen said Mr. Arafat called to offer his condolences.

“Your father is deceased but you have a second father,” Mr. HaCohen recalled, saying Mr. Arafat. “I am a father to you. “

The intricacies of Samaritan identity and quarrels over their allegiance were visible during their annual Passover sacrifice in April. Most of the Samaritans from around the world gathered in Al Tor, all dressed in whatever white clothes they could find – a chef’s overalls, a dress shirt, even a lab coat.

As the sun set, this white-robed army gathered dozens of sheep in a small arena, where they prayed en masse before slaughtering and butchering the animals. Then they threw the carcasses into several large homes, their white outfits now speckled with red with sheep’s blood.

The Samaritans still living in Al Tor talked to each other in Arabic, but their younger cousins ​​based in Israel spoke mainly in Hebrew. And their guests were mostly Israelis: several senior army and police officers, two ministers, and the head of the local settler council.

Palestinian governor of Nablus, Ibrahim Ramadan, called the high priest to offer his greetings, but chose not to attend in person. The governor was wary of the coronavirus – most Palestinians had not yet been vaccinated – but he was also wary of being seen as normalizing relations with representatives of the Israeli government and the settler establishment.

“This obviously created an uncomfortable environment for us,” Ramadan said.

Besides dealing with these tensions, the Samaritans have an even more urgent challenge: to avoid extinction.

Some Samaritans are leaving the small community, while generations of marriages within it have resulted in a number of genetic defects. To rejuvenate the population, the Samaritan leadership wanted to bring in new members, without further complicating their relations with the Israelis and the Palestinians.

So two decades ago, they turned to an international twinning service, which put them in touch with women from a poor village in Ukraine. Since then, the community has arranged 17 marriages between Samaritan men and women from Eastern Europe.

Shura Cohen was the first bride to arrive, getting married in the community in 2003, at age 19.

Born into a secular Christian family, Ms. Cohen arrived at the height of the Second Intifada, speaking neither Arabic nor Hebrew, and knowing nothing about the Israeli-Palestinian conflict. It was an unlikely arrangement, Ms. Cohen admitted. But it was also perfectly consensual, she said, dismissing suggestions that she and other newcomers weren’t there by choice.

“Look,” Ms. Cohen said. “We have been here for so many years and no one has left.

Ms. Cohen changed her name from Aleksandra Krasuk and quickly became trilingual, adding another layer to the palimpsest of Samaritan identity. She speaks Russian with her fellow immigrants, Arabic with her in-laws and Hebrew with the Israelis. She takes her children to Palestinian primary school every day and visits her parents in Ukraine every year.

“I am a Samaritan woman,” said Mrs. Cohen, “and I am also a Ukrainian.”

But, she added, with a clarity that most other members of the community lack: “I am Israeli, not Palestinian.

Adam rasgon and Rawan Sheikh Ahmad contributed reporting from Jerusalem.


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