Wed.Jan 09, 2019

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Crypto Forecasts for 2019

Chris Skinner

There has been a lot of thinking and rethinking during 2018 about blockchain, cryptocurrencies, bitcoin and everything digital currency related. I wrote about the challenges getting blockchains implemented for example, and was surprised to find myself enduing up as a network meme. The power of the pundit, ay? Last year … The post Crypto Forecasts for 2019 appeared first on Chris Skinner's blog.

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Cherry Home CEO: The Future Of Smart Homes And Independent Senior Living

PYMNTS

When talking about advances in home automation and artificial intelligence (AI)-guided systems for consumers, the conversation has a natural tendency to drift toward younger consumers, particularly millennials. That focus isn’t unwarranted, as there are 75 million millennials, and the older half of that generation (the group PYMNTS has termed Bridge Millennials ) is much more likely than the average consumer to own a smart device, and more likely to use it to make a purchase.

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Marcus by Goldman Sachs Wants People to Be Financially Fit…. and Then Buy Its Products

Bank Innovation

Taking advantage of the timely New Year's resolution mentality, Marcus, the online consumer lender from Goldman Sachs, released what it calls Financial Workouts 2019 to help consumers get in better financial health. Users are required to determine their financial personalities based on a list of characteristics presented on the site. And then based on that […].

Online 186
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Credit Card Surcharges OK’ed In New York

PYMNTS

New York has banned the ban. In the wake of court filings this week that effectively ended a challenge to surcharges on credit card transactions in New York, merchants in the Empire State can indeed embrace those fees, contingent upon stating those costs to consumers up front. The merchant plaintiffs and the state of New York filed motions on Jan. 8 to dismiss a challenge to such charges, seemingly capping a battle stretching back years.

New York 200
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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper

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Where Does the Plaid-Quovo Deal Leave Startups?

Bank Innovation

Fintech startup Plaid, a quiet unicorn doing a lot of the heavy lifting in the API space, announced its first major purchase this week. The San Francisco-based company will acquire its competitor Quovo, a wealth management startup that aggregates investment and brokerage data. Plaid’s co-founders, CEO Zach Perret and CTO William Hockey, said in a blog […].

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Small Businesses At The Center Of Bots Vs Accountants

PYMNTS

Behind many shifting trends in small business (SMB) financial services — the rise of FinTech service providers, the emergence of artificial intelligence (AI), even regulatory efforts to promote bank switching — is a growing realization for the industry: Business owners don’t just want number crunchers and money holders; they want advisory services and guidance to help grow their firms.

Taxes 179
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2019: An artificial intelligence-enhanced AML odyssey

Insights on Business

Welcome to the brave new world of regulatory technology. On December 3, 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration, and the Office of the Comptroller of the Currency issued a joint statement encouraging the use of innovative technologies including artificial intelligence (AI) to combat money laundering.

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Carmakers Pump The Brakes On Driverless Technology

PYMNTS

Many carmakers have softened their stances on driverless technology because they’re not sure if the tech is quite ready for the mainstream. Financial Times reported that the mood about driverless cars has been noticeably different at this year’s Consumer Electronics Show (CES) in Las Vegas, and that some companies that had previously touted the technology seem less eager to make the transition.

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Digital customer onboarding â?? are you doing it wrong?

Bobsguide

Until recently, proving our identity has been a fairly straightforward process. After all, almost all of us have access to some form of physical identification which we’re able to produce as necessary. Go through immigration and we present our passport or identity card. Hire a car and we hand.

US 129
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The State of Automation in Financial Services 2024 Report

In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202

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IPOs On Pause As Gov’t Shutdown Drags On

PYMNTS

The government shutdown could force companies planning to go public in the early part of 2019 to postpone their IPOs. The Wall Street Journal reported that the partial closure of the Securities and Exchange Commission (SEC) is to blame for the delay, with companies including Gossamer Bio, Alector and Blackstone Group LP’s Alight Solutions putting planned IPOs on hold for this month.

Capital 169
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Finance and Fido: Who's taking the lead in pet payments?

Payments Source

The opportunity for banks and financial services firms, as well as venture capitalists, to serve the pet industry is massive and not being overlooked.

Payments 122
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Small Business Optimism Begins Its Downswing

PYMNTS

After record levels of optimism among U.S. small business owners last year, it appears the trend may be over. Reports in the Wall Street Journal on Tuesday (Jan. 8) said entrepreneurs in the U.S. are less optimistic about the national economy, with economic outlook dropping for the fourth month in a row, according to analysis from the National Federation of Independent Business (NFIB).

Michigan 168
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Nuggets gives blockchain a key role in digital ID

Payments Source

U.K.-based Nuggets is integrating its blockchain technology to existing payment rails, creating a system wherein merchants will no longer have to access or store consumers' personal data.

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.

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NEW DATA: Digital Marketplaces And The $1.4T Gig Payments Opportunity

PYMNTS

As 2018 came to a close, unemployment was at historic lows — thanks in part to growth in the gig economy. In Q3 2018, the portion of gig workers in the U.S. workforce rose to 35.6 percent, up from 32.2 percent in Q3 2017 and 29.5 percent in Q3 2016. Our findings revealed that a large portion of gig workers are sourcing their gigs through digital marketplaces.

Data 167
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Don't get fancy. Traditional branding can boost digital pay for alcohol.

Payments Source

It may seem shortsighted, but online retailers need to be laser focused exclusively on what has traditionally worked to maximize online sales, writes Devaraj Southworth, co-founder and CEO of Thirstie.

Branding 105
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What’s The Reward For Early 5G Deployment? Asia Will Soon Find Out

PYMNTS

South Korea is taking an early lead in deployment of 5G , with three of the country’s telecoms recently deploying the service. That could give the country an edge when it comes to showcasing payment and commerce uses of the mobile network technology — and provide the rest of the world with an example of what might not work so well with 5G-enabled features.

Las Vegas 161
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API-equipped banks put pressure on technology vendors

Bobsguide

Technology vendors need to support the adoption of microservices or risk banks pivoting to a model of self-sufficiency, according to Hans Tesselaar, executive director at BIAN. “Each year you see fewer and fewer core banking vendors appearing on industry rankings tables,” he says.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Self-Driving Tech Startup Mobileye Expands To China

PYMNTS

Self-driving tech startup Mobileye is expanding its business in China through two new partnerships. The Israeli company, which was bought by Intel in 2017 for $15.3 billion, has signed an agreement with Great Wall Motors that will see both companies working to integrate driver assistance systems in vehicles over the next three to five years, as well as create more advanced autonomous systems.

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Dynamics, IndusInd Bank launch a three-in-one card

Payments Source

Dynamics has launched an interactive credit card with India's IndusInd Bank that allows consumers to choose between three different funding sources when making purchases: credit, points and installment payments.

Cards 93
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Paya Acquisition Aims To Solve City Hall’s Paper (Billing) Chase

PYMNTS

Build or buy — or how about buy, then build? Continuing an acquisitive strategy that seeks to expand integrated payment capabilities, Paya said on Tuesday (Jan. 8) that it had acquired First Billing Services , a billing processor based in Ohio that focuses on municipalities and utilities. The $57.5 million deal closed at the end of last year, and is the second transaction in two months for Paya, which said in November that it bought Stewardship Technology , a payments facilitator (payFAC) that s

Software 158
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Fintech funding reaches new high

Payments Source

Efforts to build better connections to bank customer data, trade digital currency and explore artificial intelligence for security and compliance purposes were some of the biggest draws of fundraising for U.S. startups.

Fintech 92
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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

Get ready for the wave of $1.2 trillion in commercial debt maturing in the next 24 months with GoDocs' ModDocs® platform. Traditional loan modifications are slow, expensive, and prone to errors, which put lenders at risk. But with ModDocs®, you can enjoy an innovative solution that eliminates attorney fees, allows on-the-fly loan modifications, and ensures compliance.

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Neiman Marcus Agrees To Pay $1.5M To Settle Payment Card Breach

PYMNTS

The Maryland Attorney General Brian Frosh announced Tuesday (Jan. 8) that his office, as well as 42 other state attorney generals, have settled with Neiman Marcus over a 2013 breach of customer payment card data at 77 of the retailer’s stores. In a press release , the Maryland AG said Neiman Marcus agreed to pay $1.5 million and put policies in place to resolve the litigation that involved the investigation of multiple states.

Maryland 158
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PSA exemption from clearing obligation to be extended by four years

Bobsguide

The exemption for pension scheme arrangements (PSAs) to clear over-the-counter (OTC) derivatives through central clearing houses under the European Markets Infrastructure Regulation (Emir) is to be extended for a further four years under the regulation’s Refit proposals, according to a.

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German Student Admits To Angela Merkel Hack

PYMNTS

A German student has taken responsibility for one of the country’s biggest data breaches. According to Reuters , the unidentified 20-year-old accessed and leaked the personal data and documents of about 1,000 people, including German Chancellor Angela Merkel, as well as other politicians and journalists. Surprisingly, he is not a computer expert. The student was detained after police searched a property in Hesse on Sunday (Jan. 6), where they recovered a computer that the suspect removed two day

Data 152
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The race to become the next Stripe, PayPal or Square heats up

Payments Source

For several years, PayPal, Square, Adyen and Stripe have dominated the lucrative payments market. Now hundreds of upstarts with names like Bolt, Toast and Due are muscling into the market with their own twist on facilitating commerce between merchants and shoppers.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.