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Fintech Nexus E-newsletter (March 22, 2024): The DoJ’s go well with towards Apple has profound implications for fintech


Yesterday, there was numerous discuss in regards to the Division of Justice’s anti-trust lawsuit towards Apple.

Simon Taylor known as it the “greatest factor in fintech since Visa/Plaid.” American Banker gave us a historical past of the battles between banks and Apple through the years. And TechCrunch had at least six articles protecting this growth.

Whereas the lawsuit itself is broad it does embody some particular complaints about Apple’s huge monetary enterprise. Like with all issues Apple, its monetary choices function in a walled backyard and that’s the downside.

Apple Pay solely works with the Apple digital pockets and third-party apps can’t even entry the NFC chip. The EU opened an anti-trust investigation into Apple again in 2020 and has agreed to make some concessions.

In Europe, builders will quickly have entry to the NFC chip to construct their very own tap-to-pay companies that may bypass Apple Pockets and Apple Pay. That opened the door for US regulators to behave.

If Apple has a extra open system in Europe, then U.S. shoppers ought to get pleasure from the identical advantages. That’s on the coronary heart of the DoJ criticism.

Apple reveals no indicators of slowing down in its push so as to add monetary companies options into the iPhone and its related ecosystem. As digital monetary companies grow to be extra entrenched in our lives, it is going to be good for shoppers to have entry to merchandise from a broad cross-section of distributors.

If the DoJ is profitable, that may virtually definitely come to move.


> DOJ says Apple’s ‘full management’ over tap-to-pay transactions stops innovation, cements its monopoly

By Ingrid Lunden 

In its antitrust criticism towards Apple and its iPhone enterprise, the U.S. Justice Division takes purpose towards Apple’s monetary enterprise.


From Fintech Nexus

> AI as a credit score union fraud-fighting device

By Tony Zerucha

If AI is correctly deployed, it improves credit score unions’ fraud decisioning capabilities, Provenir’s EVP for North America Kathy Stares believes.

> Wisconsin turns into third state to move an Earned Wage Entry regulation

By Peter Renton

Earned Wage Entry has particular laws in Nevada, Missouri and now Wisconsin after the governor signed a brand new regulation this week.


Podcast

> Julie Szudarek, CEO of Self Monetary on constructing credit score

The CEO of Self Monetary talks in regards to the significance of constructing a superb credit score rating, monetary literacy and the way a credit score… Hear Now


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  • Peter RentonPeter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media firm centered on fintech. Peter has been writing about fintech since 2010 and he’s the writer and creator of the Fintech One-on-One Podcast, the primary and longest-running fintech interview collection.



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