Daniel Wolfe is editor in chief at PaymentsSource and a contributing editor at American Banker. He was previously tech and risk management editor for American Banker. He has also been American Banker's editor for technology, cards and payments and its technology reporter. He has a master's degree in print journalism from Boston University's College of Communication and a bachelor's degree in English from SUNY Binghamton.
Sometimes an idea is ahead of its time. Many of the most ambitious products in fintech were dismissed as absurd or overambitious at the time — only to feel perfectly normal years later as culture and consumer habits evolved.
The simple act of moving money can have a big impact on any political movement, so banks and payment networks are often caught up in issues of national importance. Here are some recent instances where payments and politics came head-to-head.
The legal marijuana market has had difficulty establishing banking relationships, given the disparities in local and federal regulation of cannabis sales. SinglePoint Inc. is developing a bitcoin-based option to address this concern.
Artificial intelligence is steadily making its way through the payments and financial services world. The technology's usefulness for fraud detection is clear, but there are other areas where AI can have an impact.