Ferhan Patel

The Crypto Currency world in the US is heating up with a new report released by the US AG which took an in-depth look at 13 exchangers.  It detailed all the ways the exchanges could fail to protect their customers against scams, fraud, deceit and manipulation.   The New York AG sent a voluntary questionnaire earlier in the year to those exchangers, and most responded back with the exception of 4.   Binance Limited, Gate.io,  Huobi  Global Limited, and Kraken. You can read more at: Ferhan Patel

The financial technology, or FinTech, industry has been spreading over the course of the past decade, and it is only getting bigger. Using technology to organize and control finance used to be just an idea, but is now used by big banks and Wall Street firms. Banks have even begun investing in FinTech startups in order to get ahead of competitors, by receiving the latest innovative product before anybody else. Unfortunately, this explosion of FinTech in big banks and investment firms has made smaller companies struggle. However, that is beginning to change. Startup companies focused on FinTech are now seeking out smaller community banks that are thinking about going national. The banks want to become relevant in the digital age, and the startup companies want more business. Technically, this arrangement works for everyone. It is also arriving at a time in which the Federal Reserve is making decisions that will detrimentally affect small banks. The Federal Reserve wants to work on ...

LONDON, UNITED KINGDOM – September 25, 2015 – MH Pillars Ltd.’s Board of Directors announced today that Ferhan Patel has resigned as Payza.com’s Chief Compliance Officer (CCO) and Director of Global Risk and Compliance. In his statement to the Board, Patel expressed his appreciation for the support and opportunities he received during his time at Payza. The Board thanked Mr. Patel for his hard work and dedication. Ferhan Patel had been the company’s CCO since July 2013 and managed the risk, fraud and compliance departments. His unique experience in marketing, compliance and product design helped to ensure that customer experience was taken into account for all compliance processes at every stage of the product lifecycle, rather than merely being tacked on as an afterthought. He developed and implemented Payza’s global AML/CTF, compliance, fraud, and risk mitigation policies. As CCO, Patel designed and developed Payza’s compliance engine to automate the internal cooperation be...

Big news on the Paypal/Ebay front.  Exciting time in the FinTech space. Ferhan Patel -----------------------------------------------------------------------------   PayPal and eBay are set to go their separate ways this week. The online retail giant issued a brief update about the separation on Monday after obtaining approval for the split from the European Central Bank. Thus, the separation is on track to be completed on Friday, July 17 at 11:59 PM ET. PayPal will begin trading standalone stock next Monday, July 20 with an estimated $45 opening target price, according to MarketWatch. EBay confirmed plans to spin of its mobile payments subsidiary into a separate publicly traded company last September following months of speculation -- much of which came as a result of some very public criticism from shareholder and prominent financier Carl Icahn. PayPal has since made a number of public announcements and moves to strengthen its brand in the eyes of b...

Ferhan Patel's Note: Clinkle has always been a mystery to me.  It was in stealth mode for the longest time and when it launched, it left a lot to be desired.  The full story by Alyson Shontell The week after Thanksgiving, 40 Clinkle employees gathered in the kitchen of their San Francisco office. It was the second time in two days they’d been called together for an all-hands meeting. One day prior, Duplan had proudly announced a new hire, Chi-Chao Chang. A former Yahoo and xAd executive, Chang was Clinkle’s new vice president of engineering. It was a position recruiters had been trying to fill for months, and Chang had come highly recommended by former Yahoo CEO, Carol Bartz. The soft-spoken engineer had stood up and shared a few words about his background. He said he was excited to be joining Clinkle. Now, just 24 hours later, Chang was nowhere to be seen. Duplan cleared his throat, nervously shifting his weight. “Chi-Chao has left Clinkle,” he annou...

Samsung Pay, a forthcoming mobile payments feature for Samsung mobile devices, has a unique advantage that BI Intelligence thinks will help drive US mobile payments volume to over $800 billion by the end of 2019. One of the biggest obstacles to mobile payments adoption in the US is that only a handful of retailers have the technology to accept mobile payments in stores. However, in early 2015 Samsung acquired a company called LoopPay which could potentially solve this problem. LoopPay developed a technology called Magnetic Secure Transmission (MST) which will be integrated into new Samsung phones. The technology will allow mobile users to pass their phones over a typical credit card reader to make a payment. In addition, Samsung Pay users will also be able to pay by presenting a barcode to be scanned at checkout. That means that Samsung Pay will work at most existing payment terminals in the US — So someone who adopts Samsung Pay can begin to use it habitually righ...

Money laundering is one of the crimes that can be hard to put a face to. Everybody is at least familiar with the term, but because it’s often associated with fancy accounting work rather than actual harmful illegal activities, people tend to think of it as a victimless crime. That is a grave mistake. Money laundering is the bread-and-butter of large, international crime rings, from cybercrime to drug trafficking to organized crime. That’s why we should never underestimate the importance of AML compliance. Anti-Money Laundering (AML) compliance is a set of laws, regulations and procedures that have been put in place to prevent the generation of income through illegal actions. For example, businesses in the payment card industry (PCI) must undergo a series of due-diligence procedures to prove that they are not facilitating, intentionally or unintentionally, money-laundering activities. What Is Money Laundering? At its most basic level, to launder money simply means disg...