Tue.Oct 16, 2018

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Leveraging digital wallets to tap into revenue opportunities

Payments Dive

A recent study conducted by ath Power Consulting revealed that banks and credit unions are the most favored providers of digital payment services. How can financial institutions capitalize on it?

Study 316
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T-Mobile, with 76 Million Customers, Taps BankMobile for Banking Services

Bank Innovation

BankMobile, the mobile-first bank launched and (still) owned by Customers Bank, appears to have scored T-Mobile as client. BankMobile indicated in a Securities and Exchange Commission filing that it will provide banking products to T-Mobile's 76 million customers in the U.S. T-Mobile is a subsidiary of the German telecommunications firm Deutsche Telekom AG.

Mobile 210
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Things worth reading: 17th October 2018

Chris Skinner

Things we’re reading today include … Why your fraudster could be getting better customer service at the bank than you are ECB Bank Watchdog Race Intensifies With Donnery Gaining Momentum City watchdog extends access to dispute resolution service for small firms after string of bank scandals Banking chiefs at HSBC … The post Things worth reading: 17th October 2018 appeared first on Chris Skinner's blog.

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Singapore Eyes ‘Bringing Together’ Banks And FinTech Firms

PYMNTS

In the coexisting — and sometimes colliding — worlds of FinTech and traditional financial services, a bit of collaboration often evolves. At times, that collaboration even moves with a bit of regulatory underpinning. So, it is in far-flung corners of the globe where, in recent days, regulators and cross-border efforts have promoted a bit of cross-pollination between tech-savvy upstarts and more entrenched players in the financial arena.

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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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Venmo Hikes Instant Transfer Fee to Cash in on Realtime

Bank Innovation

Remember when P2P app Venmo added an instant transfer, but then said it would charge a $0.25 flat fee for it? Well, now Venmo users will be charged a 1% fee, which could mean more than its flat fee in a lot of cases. It will in fact always be as much or more, since […].

More Trending

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Capitalizing on Open Banking as a catalyst for digital transformation

Insights on Business

There’s a new normal in financial services. Regulations such as the second payment services directive (PSD2) and the Open Banking project spearheaded by the UK’s Competition and Market Authority (CMA) are driving disruption in the banking value chain. Customer behaviors are changing, making it necessary to find new ways of interacting and creating engagement.

Capital 157
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Number Of Chinese P2P Lenders To Drop Dramatically

PYMNTS

The number of peer-to-peer lenders in China is projected to decline greatly to around 50 from more than 1,500 during the course of the next year. The Financial Times , citing Greg Gibb — chief executive of Lufax, one of the biggest peer-to-peer lenders in China — reported that regulators are gearing up to issue licenses during the next year to companies that meet very strict criteria.

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Top insights from the 2018 World Payments Report

Payments Source

Capgemini's 2018 World Payments Report is out, and it has some alarming predictions. Are its findings a threat to traditional payment systems, or just the first sign of a transformation that will affect all economies?

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Tapping Into The Digital Economy With Restaurant Innovations

PYMNTS

In a bid to serve customers through digital channels, quick-service restaurants (QSRs) are rolling out new innovations. These technologies bring more options for consumers to order and pay for their meals, such as kiosks and mobile ordering. In one new approach, some QSRs are offering delivery beyond the home and office. In April, Domino’s Pizza announced that Domino’s Hotspots would allow customers to receive deliveries in spaces such as parks, sports fields or beaches.

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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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Don’t miss these IBM sessions at Money20/20

Insights on Business

As we head into Money20/20 next week, I want to make sure you are aware of the best ways to engage with IBM at the conference. If you read Bob Hoey’s earlier Money20/20 blog , you know that IBM has a great line up of featured executive speaking sessions and daily Wake Up with the CEOs discussions focused on how leaders are reinventing financial services to deliver better customer experiences, build skilled workforces, and solve industry-wide challenges with transformative payments, mobile

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Uber Could Be Valued At $120B In Potential IPO

PYMNTS

For a potential initial public offering (IPO), Wall Street banks have reportedly given Uber proposals that value the company as high as $120 billion. According to people with knowledge of the matter, the IPO could happen early in 2019, The Wall Street Journal reported. At $120 billion, the company would be worth roughly two times as much as it was two months ago in a funding round.

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Low-code regtech complements machine learning for know-your-customer compliance

Payments Source

As silos complicate know your customer compliance and onboarding, low-code technology can provide a boost, according to Reetu Khosla, global head of life-cycle management and KYC for Pegasystems.

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PPRO: US Merchants Behind In X-Border eCommerce

PYMNTS

PPRO Group , the global cross-border ePayment company, along with Edgar, Dunn & Company, announced on Tuesday (Oct. 16) that new data shows U.S. merchants are lagging behind other countries when it comes to cross-border eCommerce. In a press release issued on Tuesday (Oct. 16) in a whitepaper titled: “Is U.S. eCommerce ready to take on the world?

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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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SFTR report: firms preparing for a "tsunami of data"

Bobsguide

When the Financial Stability Board (FSB) published its guidelines to national and regional regulators to encourage greater oversight into financial markets, even they couldn’t foresee the deluge of rules and compliance requirements those regulators would begin to craft. In Europe, the most.

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Trade Disputes Create Supply Chain Risks — And Opportunity

PYMNTS

Global vendors in the supply chain are seeing pressure from multiple sides as a result of ongoing trade disputes and renegotiations. While the effects of that pressure have forced suppliers to examine new ways of conducting business, experts warn that some of their tactics are not always ethical — or legal. One report from Bain and Company, released last week, highlighted how Chinese companies are deploying more strategic, sophisticated merger and acquisition (M&A) strategies in the wake of

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Few answers for Netspend customers unable to access paychecks

Payments Source

Neither the prepaid issuer nor its bank partner can say when cardholders — many living paycheck to paycheck — will receive their funds.

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Flywire Makes It Easier For Indian Students To Pay For Global Tuition

PYMNTS

Flywire , a company that solves payment problems for businesses and institutions, announced Tuesday (Oct. 16) that it has launched a simpler way for students in India to pay tuition fees to global universities. In a press release , Flywire said that by leveraging the framework created by the Reserve Bank of India , Flywire – along with Deutsche Bank – said it is one of the first companies to streamline the onshore collection of the Indian rupee for student fees.

Payments 161
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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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59% of asset managers preparing for no-deal Brexit

Bobsguide

While Theresa May told the UK's House of Commons on Monday that a Brexit deal was “still achievable” with five months remaining until the UK leaves the EU, 59% of investment firms are working towards a no deal Brexit, rather than wait for any potential political.

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Land Gorilla On Pulling Lenders Into The Fold Of Construction Payments Friction

PYMNTS

Construction FinTech has evolved to target an array of financial friction points, with delayed payments, a mountain of paperwork and a crowded supply chain of contractors and subcontractors adding hurdles in the financial supply chain. Those challenges have led to 88 percent of contractors having to wait more than 30 days to be paid, despite their widespread willingness to discount their invoices for on-time payment, according to the Construction Payment Report 2018 published by Contract Simply

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DTCC Shows Private Blockchain Can Handle US Equity Trade Volumes

Tom Groenfeldt

Blockchain capacity has been measured in public blockchains, where transaction rates have been very slow. DTCC showed that a private permissioned distributed ledger can handle high volumes.

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Lyft Rolls Out All-Access Monthly Subscription Plan

PYMNTS

Lyft, the ride-hailing company, announced on Tuesday (Oct. 16) that it has launched a new subscription plan that it is calling its All-Access Plan. In a blog post , Lyft said that with the new subscription plan, passengers pay upfront every 30 days to lock in a set price for their rides. As of Tuesday (Oct. 16), passengers can subscribe to the plan, which will be available to everyone in the U.S. by the end of this week.

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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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As EMV looms for gas stations, Shell uses mobile to smooth the transition

Payments Source

Shell has launched a new mobile app called Pay & Save, designed as a frictionless complement to the EMV-chip cards it must accept at its pumps by late 2020.

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Today In Data: Why Convenience Is King In The Digital Age

PYMNTS

While pricing is the battleground retailers often prefer to fight on, the race to the bottom isn’t really the way to consumers’ hearts. Price has power, but convenience often has more. Amazon has demonstrated it with explosive growth over the last five years, business travelers are willing to pay more to get more and even B2B players are getting on board with digitizing rather than taking on the expense and hassle of manual payments.

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10.16.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web: Microsoft sunsets older security; Norway's digital wallet; TSA tests biometric ID; and more.

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UK To Allow More SMBs To File Bank Complaints

PYMNTS

The U.K. government is broadening the ability of small businesses (SMBs) to lodge complaints against their banks, according to Financial Times reports Tuesday (Oct. 16). The Financial Conduct Authority (FCA) will allow small businesses to file complaints and secure compensation with the Financial Ombudsman Service (FOS) beginning in April, following a string of scandals highlighting bank misconduct against SMBs.

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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.