Aim, Shoot, Deposit?
Leave a CommentPicture this: Soon, consumers will be depositing paper checks straight into their bank account by taking a couple of photos with a smartphone. The technology is already available at USAA, an insurance company and bank that primarily serves military personnel and their families. Larger banks such as Chase and Citi intend to add the technology—known as remote-deposit capture—later this year.
Check out this video posted by a USAA employee
CIBC has already followed the banking trend by being the first Canadian Bank to introduce the mobile banking app…. will they be the next to introduce this idea to consumers?…Hopefully TD Canada Trust will launch this idea.. it would have really helped me in depositing my cheque into my bank account rather than accidently throwing it out in the Petro Canada Gas Station.
Credit Card Companies Fight Fraud
A credit card with a built-in display is being tested by Visa with the aim of reducing online fraud. The Emue Card generates and displays a unique code each time it is used. Developers say that the new technology would make it very hard for fraudsters, as any transaction would require the pin to generate the code. The card is currently being trialled by 500 employees of Deloitte with the aim of assessing the technology by the end of the year.
Click here to read the rest of the article
I have been a victim of credit card fraud and this security features definitely intrigues me. With criminals and hackers becoming smarter, I’m glad credit card companies are getting wiser too. It is a very frustrating experience when someone steals your identity.
Watch this video learn more about the one time security code
Leverage is KEY for banking
Asked by Bloomberg Radio if that is the right approach for a government to take, Mr. Flaherty said financial regulation in Canada “has been a great success story. We haven’t had to put any public money into our banking system. We’re not creating any new taxes on our banks. But what we are doing right now is saying to the banks ‘Be careful.'”
The debate around new regulation that is going on worldwide is focusing on how capital levels banks should be required to hold, but Mr. Flaherty said rule makers should also be focusing on how much leverage banks take on.
The Canadian banking systems seems to be less exciting than the U.S. banking system but Canada has been able to show great progress in growth, without having to ask tax payers for more $$$$$$. Maybe the United States should start taking pointers from us, Canadians ehhhhhh.
BMO CEO calls on companies to innovate
On Tuesday, March 23, 201, Bank of Montreal chief executive Bill Downe spoke out to companies about the reasons to innovate.
“It’s also important not to lose sight of the fundamental changes taking place in the world and the things that are going to shape our ability to be successful in the future,” he told shareholders at the bank’s annual meeting in Winnipeg. “Lurking beneath the surface of a preoccupation with the short term are dramatic demographic trends that will fundamentally affect all companies and households.”
…….And far as BMO investing in productivity goes, it’s now taken them 5+ years to improve the look and feel of their website.
Improving productivity isn’t just a matter of throwing money at a problem. It’s about having a clearly defined problem to fix, and a clearly defined plan to do.
Emerging Financial Centers Around the World
Around the world, regional banking centers like Toronto, Shanghai, Singapore and Zurich are poised for explosive growth and to become the new world financial leaders. Of course, New York, London and other leaders aren’t going away anytime soon. But as Western power declines, banks could increasingly favor Hong Kong and Sao Paulo.
Dubai — the desert financial dream isn’t dead yet
Singapore — literally, everything is perfect
Hong Kong — Disneyland for bankers
Zurich — no bonus taxes here
Sao Paulo — it’s just more fun
Toronto — gunning to be relevant
Toronto is beginning to have an affect on other financial centers!! Yah for the Toronto stock market! Although to be honest I think Shanghai is going to swoop in and dominate all.
MasterCard Caters to Religious Community
MasterCard and UM Financial team up to create product lines to connect Muslims with retail banking. The two companies came together to introduce the first “credit” card in North America aimed at Muslim consumers. Omar Kalair, president of UM Financial, one of the few providers of Muslim mortgages in Canada, claims he has hundreds of customers you have money in the bank but can’t buy or invest because Canada does not offer Islamic Finance.
Support for Global Bank Tax…Not Canada
Last week Germany proposed that the global banks should be required to pay 1.2 billion euros every year into an insurance fund that could be used to bail out the financial system in the event of another crisis. The proposed idea has sparked debate between the leaders of the world’s biggest economies and is waiting to be addressed at this summers G20 Summit held in Toronto.
This idea is supported by both the Prime Minster of Britian and the Presdient of the United States but Canada’s Stephen Harpen does not see the reason why the Canadian banks should have to pay into a fund to support the other countries mistakes.
Should Canada support the tax on banks? Oh yes! We saw what happened to the United States, why would Canada not what to support the idea of an “insurance fund” in the chance another economic crisis occurs in the future
Good News for Toronto’s Financial Services
The Toronto Financial Services Alliance (TFSA) welcomed the endorsement in March’s provincial budget for plans to grow Toronto to be one of the top 10 financial centres in the world.
Toronto’s financial services sector sustains many other industries as a leading consumer of resources, including law, accounting, information technology, education/training, and business services. Toronto’s financial services sector is responsible for generating 12% of the city’s total GDP and is one of the fastest expanding financial sectors in North America. The increased support from the provincial government will allow Toronto to grow and compete aggressively with other financial centers.
Zoompass on my Blackberry? What’s That?
So today I was just doing what I normally do on my cellphone and up popped an email from my cell service provider, telling to check out Zoompass now available for Blackberry’s and other Smart Phones. So I asked myself..What the heck is Zoompass..since I didn’t know the answer, I thought doing some research would be a good idea.
- Zoompass is a convenient way to send, receive, and request money, instantly and securely, on your mobile phone. Plus it’s FREE to register!
- Zoompass can be used by anyone on the Bell Mobility, Rogers, and TELUS networks as well as customers of their respective affiliates including Fido, PC Mobile, Solo Mobile and Virgin Mobile.
- Zoompass is operated by EnStream – a joint venture of Canada’s three leading carriers; Bell Mobility, Rogers and TELUS
Whose Number One?
New York and London have been ranked as the joint-top global financial centres, according to research published by the City of London Corporation.
New York, which was previously second to London, was rated as a better place to do banking business than six months ago, while London’s rating fell. The City warned that “damage had been done” to London’s competitiveness.
versus 
In case anyone wanted to know…. Toronto was ranked 12 out of 15. But ranked 3rd place by the people? mmmmmm what people are they referring too?
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