Faster Bank Payments in 2017: Fiat Fraud Risks Increase, Bitcoin All Clear
Speeding up banks’ fiat payments poses increased risks of “financial or informational losses” while Bitcoin’s equivalent is foolproof. This is the conclusion being drawn as the US National Automated Clearing House Association seeks to implement its Faster Payment scheme from 2017 - a mechanism designed to address the sluggishness of US fiat currency settlements. Instant Transactions, Instant Minefield. A report by Security Intelligence (SI) stated this month that while Faster Payments is successfully active in many countries such as the UK, the risks associated with near-instant....
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Faster Payments is no longer an option for Binance customers in Britain amid increasing regulatory pressure. Binance’s U.K. customers are currently unable t use the popular local payments provider, Faster Payments, to withdraw British pounds (GBP) from the exchange. On Monday, June 28, a notice on the Binance website declared that GBP withdrawals via Faster Payments had been “suspended for maintenance,” according to the Financial Times. Faster Payments is a payment provider used by major banks to process near-instant payments. It has become one of the preferred channels for moving fiat....
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Six weeks after Swedish-based bitcoin exchange Safello announced rapid 'Faster Payments' deposits for UK customers, its banking partner has withdrawn its services and will close its accounts as of tomorrow. Safello, which received the 14-day closure notice from the undisclosed UK bank on 13th January, said: "there was no base for the decision to shut our accounts down. Nor were we unclear in our communication towards the UK bank prior to getting our accounts approved". Frank Schuil, Safello's CEO and co-founder, told CoinDesk that the exchange will continue to support international wire....