Fri.Sep 20, 2019

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Banks struggling to maintain profits amid payments transformation: Study

Payments Dive

A report by Aite Group shows that banks are struggling to turn a profit on their existing payments business, amid an industrywide transition to a real-time payments environment. Banks will be forced to make significant changes in how those businesses continue to operate moving forward.

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Cross River CEO: ‘High-profile fintech folks’ interested in its real-time payments rollout

Bank Innovation

Cross River Bank, the partner bank for large fintech startups like Stripe and Affirm, is using The Clearing House’s real-time payments (RTP) network to enhance service to clients and boost its value proposition to future ones. According to Cross River Bank CEO Gilles Gade, real-time payments will prove attractive to financial startups in third-party payments, cryptocurrencies […].

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Amazon To Build Logistics Capabilities With Carbon-Neutral Electric Trucks

PYMNTS

With the formation of an in-house armada of carbon-neutral delivery trucks, Amazon will soon integrate another step of the online shopping pipeline. The delivery truck fleet will prove to be an intelligent long-term investment, bolster the firm’s profits and reduce carbon emissions per Bank of America, CNBC reported. Amazon CEO and Founder Jeff Bezos had unveiled a plan to take on climate change and committed the merchant to fall in line with the Paris Agreement’s aims a decade early.

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Aligning with ‘leaders’: OakNorth’s Nooriala on its partnership strategy

Bank Innovation

In a bid to grow its customer base, OakNorth Bank is partnering with Smarterly, a workplace savings and investment platform, the company announced this week. Smarterly is the first employer financial platform with which OakNorth has partnered, building on tie-ups with Monzo and Moneybox earlier this year. The U.K.-based digital-only bank is aligning with other […].

Strategy 150
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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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Oversight Broadens Spend Analytics To Fleet Cards

PYMNTS

Spend management firm Oversight Systems is rolling out a new module designed to analyze spend on fleet cards. The company said in an announcement on Thursday (Sept. 19) that its Fleet module is now available to users of its artificial intelligence (AI) analytics platform that automates fleet card transaction analysis. Oversight’s technology targets fraud mitigation and fleet card misuse, it noted, and adds to an existing offering of card-based spend analytics that includes T&E cards an

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IBM Has Sued Zillow Over Patent Infringement 

PYMNTS

IBM has filed a patent infringement lawsuit against Zillow, claiming that the real estate company used key parts of IBM technology on its website, according to reports. . IBM said the parts of Zillow’s site that estimate home values, as well as the way it does searches, are part of IBM’s patented technology. The computer giant has sued a number of other well-known companies in patent disputes as well.

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Goldman shows bright future for banks, if not for bankers

Bank Innovation

(Bloomberg Opinion) — The continuing debate about the future of banking since the 2008 financial crisis has intensified recently on reports that banks are cutting jobs and slashing pay. While the outlook for bankers is precarious, the same can’t be said for the banks. Goldman Sachs Group Inc. has featured prominently in the chatter about […].

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Bitcoin Daily: SEC’s Clayton: Bitcoin Needs Stronger Regulation Before Trading; Philippines 7-Elevens To Exchange Cash For Crypto Via Abra

PYMNTS

China’s cryptocurrency czar said that while no country is ready to welcome Facebook’s Libra, they might not have a choice. “No countries welcome Libra, but it might be unstoppable anyways,” Changchuan Mu, the new director of China’s Research Institute on Digital Currency, said, according to CoinDesk. “It is very unlikely that one can totally stop people from buying Libra despite rigorous regulations.”.

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Amazon expands two-hour Whole Foods delivery to catch Walmart

Payments Source

Ever since Amazon.com Inc. bought Whole Foods in 2017 for $13.7 billion, shoppers and investors alike have wondered how the e-commerce giant would integrate the upscale grocer into its sprawling online operation. Now, after two years of tinkering, Amazon is betting big on quick delivery from Whole Foods.

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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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Ripple Asks Court To Dismiss XRP Securities Lawsuit

PYMNTS

Cryptocurrency exchange and remittance company Ripple has asked a federal judge to dismiss a lawsuit against it on procedural grounds, according to a report by Fortune. The lawsuit, which alleges that Ripple illegally sold unregistered securities related to the XRP cryptocurrency, could have some repercussions in the crypto world. Specifically, it could change how cryptocurrency is viewed going forward, as it seeks to answer the question of whether digital coins should be viewed as securities or

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Privacy coins face existential threat amid regulatory pinch

Payments Source

The subset of digital assets dubbed privacy coins, which have long delighted libertarians and frustrated law enforcement, are feeling the pinch of a step up in regulation.

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How Dogs And Cats Are Pushing More Retail Innovation

PYMNTS

Whether you are a dog or cat person – or prefer another animal – pets are big business, and they are helping to drive innovation in various areas of commerce. That includes ridesharing , believe it or not. SpotOn Founder Aparna Srinivasan was inspired to start her company because of her dogs. When traveling with them, it was tough for her to find a ride, especially to the airport.

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Participation Lending: The Hidden Benefits of Changing With the Times

Jack Henry

“Participation lending” used to be a phrase uttered only by big-city commercial lenders at the mega banks. They had whole departments, strategies, and products that revolved around it. Over the years, the participation concept has quietly found a place in the community bank and credit union space too. Not because it was a great new fad everyone needed to try.

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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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Stripe’s Valuation And The Value Of Real Disruption

PYMNTS

You’d be forgiven for thinking that the WeWork IPO – rather, the shelving of that IPO , at least for now – heralds the end of rich valuations for firms viewed as entrenched in the early stages of disruption. But the news this week that Stripe had raised $250 million , bringing the payments firm to a $35 billion valuation, shows a bifurcation in the way that at least some investors view hype versus hope, and public markets versus private.

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Contactless pay's only halfway to PSD2 compliance

Payments Source

Contactless payments need added security to adhere to PSD2's strict new identity guidelines, says Fingerprints' Lina Andolf-Orup.

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Google CEO: Politicians Should Be Cautious About AI Regulation

PYMNTS

Google CEO Sundar Pichai said politicians should take a measured approach when thinking about regulating artificial intelligence (AI), and that many of the rules already in place would work for legislating the new technology. The Financial Times reported Pichai saying that what was needed was “smart regulation,” one that found a middle ground between the protection of citizens and not stifling potential innovation. .

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Cross River makes jump to real-time payments. Will other small banks follow?

Payments Source

Increased adoption of The Clearing House’s faster payments system could put pressure on community banks and credit unions awaiting the launch of the Fed’s competing service, FedNow.

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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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Kountable Launches SMB Credit Reports Based On Execution Behaviors

PYMNTS

Kountable announced it has launched credit bureau reporting for SMBs in Rwanda and Kenya based on how well they execute on projects. “Kountable is pleased to take the lead globally in reporting on good execution behaviors inside of a project with agreed upon milestones,” Kountable President Catherine Nomura said in a press release. “Our model is not loan-based, and because we and the entrepreneurs on our platform get paid based on the successful execution of a project, we’re very invested in bei

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Morning Brief 9.20.19: Google Pay makes a series of releases in India

Payments Source

The information you need to start your day, from PaymentsSource and around the web. Today: Google Pay adds more services in India; Banco Santander expands digital subsidiary; A tablet that measures shoppers' moods; A new security threat for cryptocurrency.

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B2B Investors Go Big For Autonomous Fleet

PYMNTS

The freight payments space may be exploring how autonomous and connected vehicles could promote payments automation for fleets, but investors today are hoping to start with just getting those autonomous vehicles on the road, first. This week, the largest funding round went to a B2B startup developing autonomous trucking technology to boost fleet efficiency, with other rounds landing at small business bookkeeping, workforce communications, and IBAN fraud mitigation startups for a combined $236 mi

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Visa's corporate payments network adds new markets

Payments Source

Infosys has joined Visa B2B Connect, a four-month old Visa hub that cuts indirect processes and intermediaries out of global business transactions.

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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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Lookiero Shopping Service Secures $19M In MMC-Led Round

PYMNTS

Online personal shopping service Lookiero revealed it has closed a $19 million funding round led by London-based MMC Ventures, as reported on Friday (Sept. 20). Existing investor All Iron Ventures and new investors Bonsai Partners, 10x and Santander Smart also participated in the round. The funding will be used to expand in Lookiero’s main markets of Spain, France and the U.K.

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Dynamic Currency Conversion And Why You Should Avoid It

BankBazaar

Planning your first foreign trip? While you’re researching on places to visit, read up on dynamic currency conversion and why you should avoid it. A lot goes into planning and gearing up for your first foreign trip – getting your passport and tickets in order, buying Travel Insurance and a travel card, making a list of emergency contact numbers, etc.

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Is There Anywhere Connected Consumers Won’t Shop?

PYMNTS

It was recently reported that one in 15 purchases are now made between the hours of midnight and 6 a.m. (at least in the U.K.). According to PYMNTS’ new How Will We Pay 2019 report, this is not surprising. Going shopping has taken on new meaning. Consumers are now shopping anywhere, at any time — even while eating and working. From virtual reality to connected cars to artificial intelligence (AI), the retail industry is being transformed by new technology and emerging omnichannel models that all

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Podcast: How FIs can score top-of-wallet placement with contactless cards

ATM Marketplace

Contactless payments have caught on in the U.K., Canada and Australia, but they’re still in their infancy in the U.S. Fiserv's director of payment products explains who uses them and why and how FIs can capitalize on the trend.

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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.