Fintech company MAPay leveraging blockchain to revolutionize healthcare payment market
Healthcare technology firm, MAPay, is utilizing distributed ledger technology to solve major healthcare payment pain points worldwide.
Fintech and Financial Services: Initial Considerations
A new wave of technological innovations, often called âfintech, â is accelerating change in the financial sector. What impact might fintech have on financial services, and how should regulation respond? This paper sets out an economic framework for thinking through the channels by which fintech might provide solutions that respond to consumer needs for trust, security, privacy, and better services, change the competitive landscape, and affect regulation. It combines a broad discussion of trends across financial services with a focus on cross-border payments and especially the impact of distributed ledger technology. Overall, the paper finds that boundaries among different types of service providers are blurring; barriers to entry are changing; and improvements in cross-border payments are likely. It argues that regulatory authorities need to balance carefully efficiency and stability trade-offs in the face of rapid changes, and ensure that trust is maintained in an evolving financial system. It also highlights the importance of international cooperation.
A Scenario Planning For Interbank Payments And Decentralized Ledger Platforms
Cross-border payments nowadays take place through slow and expensive correspondent banking. Decentralized Ledger Platforms (DLPs) might bring change by offering a payments backbone which requires no central trusted party. Examples of such DLPs are Ripple, Stellar, Hyperledger and Open Transactions, which are all follow-ups of the disruptive Bitcoin protocol. Financial institutions are not eager to adopt the Bitcoin, but the technology behind the Bitcoin itself, the blockchain, is promising and of future value. Many uncertainties arise by outlining how exactly these DLPs might change the financial industry of the future. Therefore, this research tries to understand what DLP-facilitated future interbank payments look like and gains this understanding by means of scenario planning. This leads to the following research question: What are future scenarios for the implementation of decentralized ledger platforms facilitating interbank payments? The scenario planning is fed by an elaborate research of literature about organizational adoption of radical innovations, the current way of carrying out interbank payments, crypto currencies and DLPs. The scenario planning itself consists of trends, uncertainties and dynamics, which are thought of and verified by a multitude of stakeholders and experts from different backgrounds and industries. Scenarios are created and underlying findings are discussed.
