Tue.Aug 13, 2019

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A bank that runs accounts for just 50 cents a year

Chris Skinner

I recently attended a FinTech conference where Henry Ma, Vice President & Chief Information Officer of WeBank, presented an update of how the bank is faring in China. For those unaware, WeBank is the offshoot of WeChat Pay, WeChat and Tencent, and focsuses upon financial inclusion in China. This may … The post A bank that runs accounts for just 50 cents a year appeared first on Chris Skinner's blog.

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Fintechs, banks target Gen Z consumers with mobile apps, financial education

Payments Dive

Fintechs and traditional banks are targeting Gen Z consumers, millions of whom have limited access to banking or credit, with targeted mobile apps and financial education.

Mobile 348
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Chris Skinner’s TEDx Talk

Chris Skinner

Well, I’ve always thought there’s a few accolades that would be good on the profile. Advisor to the White House, World Bank, World Economic Forum and United Nations all sounds good. Now I can add TEDx Speaker. I was invited to TEDx Athens this year and delivered a short (15 … The post Chris Skinner’s TEDx Talk appeared first on Chris Skinner's blog.

National 367
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How Automation Helps Treasurers Weather The FX Volatility Storm

PYMNTS

The continuing uncertainty over Brexit and geopolitical volatility in the U.K. that has led to a depreciation of the pound are having widespread impacts throughout supply chains with touchpoints in the markets. Reports Monday (Aug. 12) in Catering Insight showcased some of the foreign exchange hurdles businesses face as a result of that uncertainty.

Strategy 181
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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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Things worth reading: 14th August 2019

Chris Skinner

Things we’re reading today include … Danish bank launches world’s first negative interest rate mortgage Apple/Goldman Sachs: pay pals U.S. SEC to consider new guidance on investor use of proxy advisors What comes after Bretton Woods II? U.S. FTC chief says regulator is prepared to break up big tech firms: … The post Things worth reading: 14th August 2019 appeared first on Chris Skinner's blog.

Apple 164

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Verrency, Coinify team up to enable crypto payments through banks

Bank Innovation

Payments provider Verrency and virtual currency platform Coinify are partnering to enable customers to carry out digital currency payments through their banks, Verrency CEO David Link told Bank Innovation. Banks will be able to use Verrency’s middleware software, which upgrades a bank’s existing software without replacing it, to offer virtual currency as a payment option […].

Payments 150
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How Your Bank Can Pick Up 40 Basis Points of Margin

South State Correspondent

IMPROVING MARGIN Community banks face intense competition from different institutions and various industries. There is currently a market phenomenon that is creating an unusually challenging environment for community banks that compete for real estate financing. This phenomenon is creating an advantage for some lenders in the amount of seven to 42bps, and community banks must be aware of this aberration if they want to win more quality borrowers. .

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How Amex is using Resy’s platform to tailor offerings to customers

Bank Innovation

Fresh off the acquisition of restaurant reservation service Resy, American Express is using the platform to build customer loyalty and potentially offer customers more products. American Express is using the Resy platform to dish out membership rewards points and give Amex customers the ability to reserve exclusive restaurant events early, reminiscent of OpenTable.

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FCA Agrees To 18-Month SCA Implementation Timeframe

PYMNTS

The Financial Conduct Authority said Tuesday (Aug. 13) that it has agreed to a phased implementation of the Strong Customer Authentication (SCA) rules slated to start taking effect beginning next month. The implementation will span an 18-month plan, and “The plan reflects the recent opinion of the European Banking Authority (EBA), which set out that more time was needed to implement SCA given the complexity of the requirements, a lack of preparedness and the potential for a significant impact on

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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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The power of precision: AI-driven predictive analysis versus Amazon’s HQ2 decision [Sponsored]

Bank Innovation

Making sense of massive amounts of unstructured data from news and other sources is complicated, but artificial intelligence can be leveraged to process large datasets to make intelligent predictions. In September 2017, Amazon announced that they had issued a request for proposals (RFPs) across Canada, Mexico and the U.S. to establish a second headquarters to […].

Analysis 150
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More Than Pretty Pictures: The Rise Of Visual Commerce Boosts Retail

PYMNTS

For fans of retail or marketing history — or just fans of how people communicated in the past — reading old magazine and newspaper advertisement from, say, before the 1960s can be fun and illuminating. Sure, there are a lot of pretty pictures, but what strikes you is the relative verbosity of the ad copy, the sentences and narratives that seem long by today’s standards, and the way the words often seem to carry a heavier pitch load than do the images.

Retail 169
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VCs building an 'ecosystem' through fintech investments

Payments Source

VCs have been devoting more attention — and funding — to U.K.-based digital remittance providers such as TransferWise, Revolut, WorldRemit and their smaller rival Paysend.

Fintech 124
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Challenger Banks Raise Record Funds To Take On Traditional FIs

PYMNTS

Digital challenger banks are hoarding money to take on traditional banking competitors and have raised a total of $2 billion from eager investors, The Financial Times reported on Tuesday (Aug. 13). The $2 billion was raised in 55 rounds of funding through July 31, with customers depositing more than $30 million, the FT said, referring to a report released by search firm CB Insights.

FDIC 164
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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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PSD2's identity requirements are the toughest hurdle for merchants

Payments Source

The tougher authentication standards will take time and effort, but will strike a blow against fraud, writes Andrew Mortland, vice president of product at Accertify.

Fraud 87
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60 LATAM Banks Can Now Process Cross-Border Payments Using Bitcoin

PYMNTS

Bantotal , a core Latin America banking service provider that works with 60 banks in 14 countries, has partnered with Bitex to perform cross-border payments using bitcoin blockchain, according to reports. “The integration of Bitex into Bantotal program represents a major step in the breakthrough of blockchain technology in banking,” Bitex Chief Marketing Officer Manuel Beaudroit said.

Bitcoin 159
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Is it time to worry about mounting credit card debt?

Payments Source

Borrower debt continues to rise, late payments are up and interest rates are at their highest levels since at least 1994. A new report raises questions about the sustainability of the card industry's boom.

Cards 73
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What Cambodia’s Debt Crisis Means For Microlending

PYMNTS

There is a debt crisis slowly but surely building in Cambodia that could see millions of people losing their homes and family farms — the result of microlending run amok amongst 15 percent of the population. And while the individual loans are small — relatively speaking — the total amount of debt is anything but “micro” — in all, Cambodian consumers owed $8 billion in loans as of the start of 2019, and the situation is teetering on the edge of becoming a full-blown debt crisis with sharp economi

Report 158
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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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Checkout-free developers pursue troves of shopper data

Payments Source

Checkout-free technology is very limited in availability and very much a work in progress, but developers and investors are relying on its promise to accelerate payments' broader evolution from streamlining execution to determining intent.

Data 71
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FTC Chair: Breaking Up Big Tech Is An Option

PYMNTS

The chief of the U.S. Federal Trade Commission (FTC) said he’d he’d be willing to break up tech companies if necessary, according to a report by Bloomberg. The FTC is currently investigating whether Facebook and other large tech companies are harming competition by buying smaller tech companies and merging with them. FTC Chairman Joe Simons said he knows breaking up the companies would be challenging, but he would do it if it was the right way to bring back a healthy level of competition.

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Bento, Dwolla partner for Bento Pay launch

Payments Source

Expense management provider Bento for Business has launched its Bento Pay B2B payment app with partner Dwolla, which has specialized in B2B payments the past few years after initially operating mobile wallet and financial institution faster payment services.

Mobile 70
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Can On-Demand Pay Stop QSRs’ Employee Churn?

PYMNTS

The faster payments landscape is changing rapidly, most recently with the U.S. Federal Reserve’s announcement that it will launch its own real-time payment and settlement system called FedNow. The much-awaited decision dismayed large banks that regard a government-run system as unnecessary competition with their own real-time rail, The Clearing House’s Real Time Payments (RTP).

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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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8.13.19 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: NatWest tries voice assistant; MoneyGram's web relaunch; New Zealand allows crypto salary; Deliveroo quits Germany; Mexico suffers a card outage.

Cards 68
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Subscriptions Change How Online Gaming Plays To Win

PYMNTS

Video games have changed a lot since the early days of home gaming in the late 1970s and early ’80s. The graphics improved, the games got more expensive and elaborate and a whole lot more people from every walk of life are playing them. But for the last three decades or so, the business model did not change very much. The customer bought a game and paid a lot of money for it, not to mention the cost of buying the expensive hardware required to play it.

Online 155
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Banking's detente with fintech can also solve legal weed's payment problem

Payments Source

Fintechs can help integrate payments into banking systems while solving the compliance problem, says Joel Sherwin of Weinberg Gonser LLP.

Fintech 79
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BoA: Amazon’s Prime Day Boosted Retail Sales In July

PYMNTS

A new report has revealed that Amazon’s Prime Day — along with promotions by other retailers — led to a boost in July retail sales. Michelle Meyer, Bank of America Merrill Lynch’s head of U.S. economics, told CNBC that she expects retail sales — excluding autos — to have risen by 0.6 percent, with about half coming from Prime Day and other promotions by rival retailers.

Retail 153
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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.