Apple, Google and Others Form Coalition to Push Technology in Financial Sector

[MacRumors]

A handful of technology giants -- including Apple, Amazon, Google, PayPal, and Intuit -- have announced a partnership in the formation of the Financial Innovation Now coalition (via Re/code). The group aims to promote tech-friendly policies and changes within the financial services sector in Washington, D.C. Those behind the group will work to alter the political debate on relevant issues like tech security, mobile payments, and fraud prevention in the favor of its partners.

"A technological transformation is going to make financial services more accessible, more affordable and more secure," said Brian Peters, executive director of Financial Innovation Now. "The challenge in Washington is making sure policy-makers understand that, and they're comfortable with it, and they don't apply old rules to new technology."

Thanks to the growing popularity of mobile payments solutions like Apple Pay, Google Wallet, and PayPal, the companies behind such services are positioning themselves as part of the future in financial services discussions in Washington, since they're more part of the conversation than ever before. The partnership also intends to work together to achieve blanket improvements for each individual service in topics like user security and authentication, faster payment processing, and "access to basic financial services for the two billion people in the world who are underserved."

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Article Link: Apple, Google and Others Form Coalition to Push Technology in Financial Sector

 

[rdlink]

Careful guys. The minute you start talking to the bureaucrats and legislators about this they will start getting calls on the other line from the DOJ and FBI, wanting influence on the whole encryption key issue...

 

[Benjamin Frost]

I'm very wary of this manoeuvre.

Talking of not applying old rules to new technology sounds like squirming. It reminds me of Uber and their trying to duck out of having licenced drivers, or AirBnb and their trying to duck out of costly regulations.

And what an odd alliance. There is Apple, whose CEO has repeatedly stressed the importance of privacy. Contrast to Google, who have openly derided the idea of privacy. Talk about sleeping with the enemy.

 

[batchtaster]

And what an odd alliance. There is Apple, whose CEO has repeatedly stressed the importance of privacy. Contrast to Google, who have openly derided the idea of privacy. Talk about sleeping with the enemy.

Quite frankly, if Apple wasn't on it, I would be more wary.

 

[2457282]

Amazon, can you focus on getting prime on ATV?
Google, can you look up the definition of privacy before getting involved with this?
Apple, Agree to nothing unless privacy and security is central to any decision made.

Thank you.

 

[PrimeMatrix]

I am quite happy that these guys are banding together, as I hope that it will mean that they will defend the people they serve, meaning you and I as the consumers. I fear, however, that the security issue that I and most other Apple products users hold dear, will not be well represented by the other companies.

 

[PrimeMatrix]

Amazon, can you focus on getting prime on ATV?
Google, can you look up the definition of privacy before getting involved with this?
Apple, Agree to nothing unless privacy and security is central to any decision made.

Thank you.

Exactly how I feel.

 

[FieldingMellish]

Appears to me that this constitutes the rise of the machines.

"In the beginning, the banks utilized technology .... "