The largest U.S. banks are scrutinizing members of the Federal Reserve for any insight into how the central bank will tinker interest rates.Banksread more
Facebook's cryptocurrency project has already been met with skepticism from policymakers around the world.Technologyread more
The U.S. and China restarted their trade talks, but signs are showing a comprehensive deal could be a long way off, if it happens at all.Marketsread more
Stone, 66, a notorious Republican political operative who has described himself as a "dirty trickster," had previously been dressed down by the judge for his public remarks...Politicsread more
The Biden team's second-quarter Federal Election Commission filing shows that the campaign wrote a check of just over $5,300 on June 28 to Sheehan Associates for "strategic...2020 Electionsread more
See which stocks are posting big moves after the bell on July 16.Market Insiderread more
United Airlines' second-quarter profit tops estimates but questions about the 737 Max linger.Airlinesread more
Three civil rights groups filed a federal lawsuit on Tuesday challenging the Trump administration's new asylum rule, which bars asylum claims from most noncitizens who travel...Politicsread more
Google VP of policy Karan Bhatia started sweating early as hearing chair Ted Cruz brings out an internal presentation created within the company.Technologyread more
At a hearing with the House Judiciary subcommittee on antitrust, an Amazon representative disputed a key argument about how it users sellers' data.Technologyread more
Charles Evans spoke Tuesday at CNBC's @Work Human Capital + Finance Conference in Chicago. The Fed president said he is worried about low inflation and several other issues.At Workread more
Mobile payments may be all the rage right now, but the Canadian based start-up Bionym is betting that some consumers will want to actually wear their payment source.
The company has developed a wearable device called the Nymi that reads a user's electrocardiogram, or heart rhythm, for identification. Because a person's heart rhythm is unique, just like a person's fingerprint, the wrist band can act as a key of sorts, allowing to use it to authenticate their identity in a variety of situations.
"So it authenticates your identity, and once it knows who you are you can use it for things like unlocking your devices, bypassing passwords and pins, including making payments," said Karl Martin, Bionym's CEO and co-founder.
Bionym recently partnered with MasterCard and RBC for a pilot trial slated to launch early next year that use the Nymi band to verify NFC payments with the tap of a wrist.
While paying with a smartphone often requires a PIN number or fingerprint authentication, the Nymi band enables a wearer to make a payment by wearing the band because the identity is tied to the cardiac rhythm of the user, which makes the payment process seamless, Martin said.
"The key thing we are offering here is this concept of persistent trust. The idea that if you are paying with your phone, you are still having to do something to prove who you are, whether it be with a fingerprint or a PIN. By wearing something, it can persistently know who you are, and interactions like payments or unlocking your devices can become completely seamless. So it's really this concept of persistence, and this technology of using your cardio rhythm allows us to do that," Martin said.
The Nymi won't be the only wearable device that can make payments, though. The Apple Watch, which is expected to become available early next year, will include the Apple Pay system. However, because Apple Watch will pair with older iPhones that do not have the TouchID feature, the biometric verification is not required to make payments with Apple's new watches.
—By CNBC's Cadie Thompson.