American Banker takes a look at the new blockchain-based system for identity verification from Spring Labs; while 16 online lenders have signed up for the Spring Protocol no banks have agreed to join yet; they will take longer to get on board as Mike McCrary, EVP of Emerging Technology at Lincoln Savings Bank says, “If someone comes up with a new way to verify an address, for instance, you’re going to have to understand that deeply to explain it to a regulator, and that’s what slows down progress on the banking side”. Source.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.