Latest news with #USBanks
Finextra
21 hours ago
- Business
- Finextra
GFT makes bank stablecoin play
Global digital transformation company GFT today announced its work to guide US-based banks as they launch their own stablecoin products. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. This work will take into account upcoming US regulatory considerations for payments stablecoins, ensuring compliance for organizations that choose to launch their own. GFT's decades of experience in decentralized finance, including its work with Standard Chartered Bank via its innovation, fintech and ventures arm SC Ventures, Deutsche Bank and launching the Universal Digital Payments Network (UDPN) Sandbox, will expedite US-based banks' ability to launch, manage and transact stablecoins. Now, banks will be able to bring new stablecoin products to market quickly–with minimum business disruption. Stablecoins have experienced substantial growth across the globe over the past year, reaching an adjusted transaction volume of $6 trillion, a 63% year-over-year increase. While banks like JP Morgan are venturing into decentralized payments technology to enhance transaction efficiency, for most banks, building stablecoins within the context of existing technology is tricky due to the vast array of technologies to choose from - even with the promise of federal regulation that will reduce risk. GFT works in tandem with the bank's existing core banking and payments ecosystems, such as Thought Machine, to launch compliant stablecoin products that not only meet their current needs, but also scale for the future. The new offering provides banks: • The right decentralized financial technology within their current ecosystem. By having a complete understanding of the bank's core banking system, payments ecosystem and the value the bank is looking to bring customers with stablecoins, GFT provides recommendations about what technology components the bank should leverage that will work alongside their existing systems without significantly altering established workflows. • A framework that meets current and evolving regulations. Recent federal regulatory advancements indicate there is a framework on the horizon for payment stablecoins, or coins backed by fiat currency to make transactions. While implementing the technologies specifically identified for each bank's unique technology environment and business needs, GFT ensures that the system can meet current policy expectations and can easily adapt as changes arise. • The ability to scale with demand and transaction value. As banks roll out their stablecoin offerings and create new products, the amount of funds and volume of transactions will increase, meaning banks will need to scale their ability to transact stablecoins over time. Each project GFT works on is designed with scalability in mind. 'A regulatory framework for stablecoins is good news for banks, as they can now safely launch stablecoin products to create value for their customers through more efficient transactions,' said Christopher Ortiz, GFT Region Manager North America, APAC and UK. 'Over the last decade we have enabled banks around the world to take advantage of decentralized finance. As U.S. regulations now open up this market to stateside banks, we are ready to use our in-depth expertise to support US banks as they look to launch stablecoin products and services.' GFT's experience launching decentralized finance projects across Latin America, Europe and Asia has informed the launch of its new US-based offering.
Washington Post
2 days ago
- Business
- Washington Post
Iranian-backed hackers go to work after US strikes
WASHINGTON — Hackers backing Tehran have targeted U.S. banks, defense contractors and oil industry companies following American strikes on Iranian nuclear facilities — but so far have not caused widespread disruptions to critical infrastructure or the economy. But that could change if the ceasefire between Iran and Israel collapses or if independent hacking groups supporting Iran make good on promises to wage their own digital conflict against the U.S., analysts and cyber experts say.
Free Malaysia Today
7 days ago
- Business
- Free Malaysia Today
Syria expects first transfer with US bank ‘within weeks', says governor
The Syrian central bank has extended a formal invitation to US banks to re-establish correspondent banking ties. (EPA Images pic) DAMASCUS : Syria expects to have its first transaction with a US bank 'in a matter of weeks', Syrian central bank governor Abdelkader Husriyeh said today, a day after a high-level meeting between Syrian and US commercial banks. The resumption of transfers between Syrian and US banks would be a key milestone in the push by Syria's new rulers to reintegrate the country into the global financial system after 14 years of civil war. Yesterday, Husriyeh held a virtual conference bringing together Syrian banks, several US banks and US officials, including Washington's Syria envoy Thomas Barrack, with the aim of speeding up the reconnection of Syria's banking system to the global financial system. This follows US President Donald Trump's announcement in May that all sanctions on Syria would be lifted. That has been followed up with executive orders formally lifting some of the measures. Syria's reintegration into the global financial system would be a major step towards enabling the kind of large financial transactions needed to kickstart its reconstruction and economic activity, and help rein in a highly informal, cash-based economy. Husriyeh extended a formal invitation to US banks to re-establish correspondent banking ties following the ouster of former Syrian strongman Bashar al-Assad, whose crackdown on 2011 protests resulted in Western countries imposing one of the world's strictest sanctions regimes. 'We have two clear targets: have US banks set up representative offices in Syria and have transactions resume between Syrian and American banks. 'I think the latter can happen in a matter of weeks,' Husriyeh told Reuters. Among the banks invited to yesterday's conference were JP Morgan, Morgan Stanley and CitiBank, though it was not immediately clear who attended.
Al Arabiya
19-06-2025
- Business
- Al Arabiya
Syria expects first transfer with US bank ‘within weeks': Governor
Syria expects to have its first transaction with a US bank 'in a matter of weeks', Syrian central bank governor Abdelkader Husriyeh said on Thursday, a day after a high-level meeting between Syrian and US commercial banks. The resumption of transfers between Syrian and US banks would be a key milestone in the push by Syria's new rulers to reintegrate the country into the global financial system after 14 years of civil war. Husriyeh on Wednesday held a virtual conference bringing together Syrian banks, several US banks and US officials, including Washington's Syria Envoy Thomas Barrack, with the aim of speeding up the reconnection of Syria's banking system to the global financial system. This follows US President Donald Trump's announcement in May that all sanctions on Syria would be lifted. That has been followed up with executive orders formally lifting some of the measures. Syria's reintegration into the global financial system would be a major step towards enabling the kind of large financial transactions needed to kickstart its reconstruction and economic activity, and help rein in a highly informal, cash-based economy. Husriyeh extended a formal invitation to US banks to re-establish correspondent banking ties following the ouster of former Syrian strongman Bashar al-Assad, whose crackdown on 2011 protests resulted in Western countries imposing one of the world's strictest sanctions regimes. 'We have two clear targets: have US banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks,' Husriyeh told Reuters. Among the banks invited to Wednesday's conference were JP Morgan, Morgan Stanley and CitiBank, though it was not immediately clear who attended.
Asharq Al-Awsat
19-06-2025
- Business
- Asharq Al-Awsat
Syria Expects First Transfer with US Bank 'Within Weeks'
Syria expects to have its first transaction with a US bank "in a matter of weeks", Syrian central bank governor Abdelkader Husriyeh said on Thursday, a day after a high-level meeting between Syrian and US commercial banks. The resumption of transfers between Syrian and US banks would be a key milestone in the push by Syria's new rulers to reintegrate the country into the global financial system after 14 years of civil war, Reuters reported. Husriyeh on Wednesday held a virtual conference bringing together Syrian banks, several US banks and US officials, including Washington's Syria Envoy Thomas Barrack, with the aim of speeding up the reconnection of Syria's banking system to the global financial system. This follows US President Donald Trump's announcement in May that all sanctions on Syria would be lifted. That has been followed up with executive orders formally lifting some of the measures. Syria's reintegration into the global financial system would be a major step towards enabling the kind of large financial transactions needed to kickstart its reconstruction and economic activity, and help rein in a highly informal, cash-based economy. Husriyeh extended a formal invitation to US banks to re-establish correspondent banking ties following the ouster of former Syrian president Bashar al-Assad, whose crackdown on 2011 protests resulted in Western countries imposing one of the world's strictest sanctions regimes. "We have two clear targets: have US banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks," Husriyeh told Reuters. Among the banks invited to Wednesday's conference were JP Morgan, Morgan Stanley and CitiBank, though it was not immediately clear who attended.
