Everybody’s favorite start up bank is no longer a startup. Simple has been acquired by BBVA, a massive multinational banking group with $820 billion in assets, for $117 million in cash. So say goodbye to your dream of future-forward, independent banking folks. Say goodbye.
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Some enterprising minds and one of the world’s biggest insurance markets is opening a pretty futuristic bank vault in London. But it’s not futuristic for having fancy locks or laser trip wires. It’s futuristic because of what’s inside: Bitcoin.
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Over a year after rumors first surfaced, Google has finally unveiled the Google Wallet Card, a physical debit card that you can use to spend money from your Wallet account. The Mastercard-powered piece of plastic works just like a regular debit card and is available right now.
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Online banking on your smartphone is one of those wonderful services that lets you avoid overdrafts, or more importantly, awkward, "your credit card has been declined" moments. But entering an online banking password on an itty bitty keyboard problem is no fun.
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A lot of things can go wrong while you’re withdrawing cash from an ATM machine. For one, you could press a wrong key while you’re entering your PIN, which means you have to start over. And while many machines have changed their card readers, your card could get stuck in some machines, which means you’ll have to call a hotline so you can get your card back. It’s also easy for thieves to skim and steal your magnetic stripe. And the list goes on.
Eliminating all these is the Cardless Cash Access (CCS) app that people with accounts at Wintrust (IL), BMO (Chicago), or City National (Los Angeles) can take advantage of.
Using technology developed by FIS, CCS eliminated the need to have your card with you while you get your cash. It also cuts down the withdrawal process from 30 to 40 seconds to about nine seconds. Now that’s fast cash.
Here’s how it works: clients can put in a request for a withdrawal up to 24 hours before they go and pick up the cash. A QR code is then generated by the app, which should then be scanned at the ATM machine before the cash is released. You’ll need a good Internet connection to access your code when you make the withdrawal though, so that’s one drawback if your carrier doesn’t have the best 3G or 4G service.
For a few brief, shining hours, one fated East Texas man become the world’s very first trillionaire. And he owes it all to what may be the greatest 404 error to ever grace god’s green Earth.
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RoboCoin, a kiosk that allows you to trade Bitcoin for other currencies, is now available for pre-order and should be shipping for “Fall 2013.” Lest you decide to become the Bitcoin bank for your neighborhood, remember that the machine costs $20,000 ($18,500 for early birds) and can currently trade BTC for USD.
The device is essentially a hardened, ATM-like machine with biometric time locks and privacy-shielded touchscreen. It can accept and dispense cash (and is “International denomination-ready”) and is Wi-Fi and 3G-enabled.
According to a blog posting the team is ready to change the way Bitcoin is bought and sold.
“RoboCoin represents a compelling investment for business owners,” they write. “They’ll earn a percentage of transactions and attract Bitcoin’s loyal user-base, while also offering unprecedented access and ease-of-adoption to Bitcoin newcomers. Furthermore every Robocoin on the market increases Bitcoin liquidity and usage, putting upward pressure on the digital currency’s valuation, awareness, and legitimacy.”
Robocoin first surfaced in in San Jose at a Bitcoin conference and is directly competing with Lamassu Bitcoin Ventures Bitcoin ATM. This model connects directly to Mt. Gox or Bitstamp, two BTC exchanges, for instant funding.
Having a real, working ATM will add a considerably energy to the Bitcoin market. While these units are arguably expensive (a cheap ATM tops out at about $3,000) it’s clear that the back end is what matters here and not the box. Wheeling one of these into, say, a hacker conference or other con would get you plenty of traffic and improve the standing of Bitcoin in general. Once BTC to other currency transactions are commonplace, it’s clear that cryptocurrencies may have even more of a fighting chance.
Ever heard of Goldman Sachs Structured Products Limited? How about GS Holdings L.L.C. II.? No? Both are nodes on a web of more than 4,000 holding companies, woven by the Goldman Sachs Group to evade taxes on its—let’s see here—$8.61 billion in profits for Q2. It’s an incredibly complex operation, and thanks to this interactive map, we’re now able to explore it.
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Forward-thinking financial institution Wells Fargo is offering its customers the choice of receiving a text message receipt — in addition to its e-receipt and email options — whenever you use one of the bank’s ATMs. All that’s required to take part in the environmentally friendly scheme is to attach your cellphone number to your account, either online, over the phone or at your local branch. The service is available starting today, and if you’d like to learn more, we’ve tucked the official release below the fold.
While nearly everything is moving over to a mobile experience, banking remains one of the last vestiges of the old world. But even that is slowly changing with the likes of Simple
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This is site is run by Sascha Endlicher, M.A., during ungodly late night hours. Wanna know more about him? Connect via Social Media by jumping to about.me/sascha.endlicher.
