In other news, blockchain firm Ripple has partnered with Swiss decentralized finance incubator Tenity to support startups using Ripple's XRP ledger. Coinbase is enabling Apple Pay for third-party apps to simplify the process of buying crypto. Over 70 companies, including Visa, Mastercard, and several UK banks, are developing a shared digital identity to combat fraud. Finally, the Commonwealth Bank of Australia has reported a 50% reduction in scam losses due to its use of artificial intelligence.
Key takeaways:
- The Clearing House is increasing its transaction limits from $1 million to $10 million, effective Feb. 9, to encourage more businesses to move their activity to the RTP Network.
- Mastercard has reached an agreement to settle a collective card fee lawsuit in London for about 200 million pounds ($254.2 million).
- Blockchain technology firm Ripple has joined Tenity, a Switzerland-based decentralized finance incubator, to provide mentoring, education and access to startup investors.
- The Commonwealth Bank of Australia has used artificial intelligence to reduce customer scam losses by 50% compared to the previous year.