Chris Skinner

SEPTEMBER 5, 2019

I just spoke at Russia’s Eastern Economic Forum, a Davos for the Russian world and beyond. Hosted by Vladimir Putin there were stellar guests attending including Prime Minister Narendra Modi of India and Prime Minister Shinzo Abe of Japan, as well as other world leaders and Chris Skinner. Hanging out … The post The real reason for a regulatory sandbox … avoiding death and mayhem appeared first on Chris Skinner's blog.

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Digital Banking Regulation Fintech 334

Payments Dive

SEPTEMBER 5, 2019

The insurance industry needs to consider how their payments technologies match up with increasingly disruptive trends in the financial services space.

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Industry Payments Trends Technology 342

Bank Innovation

SEPTEMBER 5, 2019

With the rise of digital-only challenger banks, it’s easy to overlook Ally Bank. But Detroit-based Ally, which has no branches, was the one of the earliest digital-only banking players, rolling out a product suite a decade ago when it rebranded from General Motors Acceptance Corporation. Since then, Ally has acquired more than 1.9 million customers and […].

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Detroit Customer Experience Innovation Strategies Digital Banking 210

Chris Skinner

SEPTEMBER 5, 2019

Things we’re reading today include … A new digital bank is scooping up teenage customers before big banks get to them Smile-to-pay: Chinese shoppers turn to facial payment technology Names and phone numbers of 18m British Facebook users found online, prompting privacy watchdog probe UK slips closer to recession as … The post Things worth reading: 6th September 2019 appeared first on Chris Skinner's blog.

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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

Lending

PYMNTS

SEPTEMBER 5, 2019

Samsung ’s latest Galaxy Note 10 aims to boost blockchain adoption by making it more user-friendly, The Wall Street Journal reported Thursday (Sept. 5). The new product will be marketed as a “KlaytnPhone,” named after a South Korean blockchain platform, sources told the WSJ. Right now, it’s only being sold in South Korea. The smartphone will have the same hardware and packaging as the recently-released Galaxy Note 10, and prices will start at around $1,000, the sources said.

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PYMNTS

SEPTEMBER 5, 2019

Biometric payments are making another run at the grocery store, this time at the hands or Amazon. Or, to be more precise, in the hands of Amazon’s customers. Amazon, the company that brought consumers scan and go, is about to bring consumers pay by hand — a new payment system designed to allow Whole Foods shoppers to pay for their groceries by merely waving at a scanner.

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Payments Cards System Chicago 191

Bank Innovation

SEPTEMBER 5, 2019

PayActiv is tapping into the demand for employee payday advances by linking up with employers to offer the feature directly through payroll. PayActiv’s growth is evidence of the strong demand for payday advance services. It’s a consumer trend that’s led to startups like Earnin, Branch and Even taking market share. Even and Branch work with […].

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Trends Marketing Customer Experience Lending 150

PYMNTS

SEPTEMBER 5, 2019

Commercial and consumer cards issued in the U.S. generated $6.13 trillion in spending for goods and services in 2018, The Nilson Report said in a press release Thursday (Sept. 5). Commercial card spending is up 11.7 percent, compared to consumer card spending, which grew by 10.1 percent. Commercial card spending was $1.39 trillion last year. Consumer card spending was $4.74 trillion.

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Cards Report Marketing Payments 188

Abrigo

SEPTEMBER 5, 2019

When a community financial institution spends a lot of money on technology, the last thing management wants is to be disappointed. It’s actually the last thing the technology provider wants as well – if the vendor plans to stay in business. The good news is that financial institutions can take several steps to ensure they avoid troublesome software integrations, says Steven Martin of Marcato Advisors, a bank consulting firm focused on achieving success with fintech.

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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

Report

PYMNTS

SEPTEMBER 5, 2019

A new API standard for the pre-authorization of funds is being rolled out by SWIFT, clearing a path for a revolution in financial services enabled by open banking, the company said in a press release on Thursday (Sept. 5). API standards accelerate the introduction of new services. With this latest standard, a payer’s bank can designate funds in advance, assuring upcoming payments will clear. .

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Guidelines Fintech Community Industry 182

Payments Source

SEPTEMBER 5, 2019

They’ve scrapped the newspapers and beefed up the food, but most Starbucks cafes in the U.S. don’t look all that different today than they did a decade ago. That’s about to change.

Mobile 117

Mobile Retail Payments 117

PYMNTS

SEPTEMBER 5, 2019

Facebook has announced the launch of Facebook Dating, created to gives users “a more authentic look at who someone is.” The service is launching in U.S. as well as in 19 other countries: Argentina, Bolivia, Brazil, Canada, Chile, Colombia, Ecuador, Guyana, Laos, Malaysia, Mexico, Paraguay, Peru, the Philippines, Singapore, Suriname, Thailand, Uruguay and Vietnam.

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Payments Source

SEPTEMBER 5, 2019

There's equal importance on encrypting data and securing the server, says STEALTHbits Technologies' Adam Laub.

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Security Data Technology Fraud 119

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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.

Lending

PYMNTS

SEPTEMBER 5, 2019

Opportunities come in various forms and disguises, and that could be the case for payments and commerce operators when it comes to the European Union’s revised Payment Services Directive (PSD2) and its strong customer authentication (SCA) rules. Those rules stand as among the most critical emerging regulations in payments and commerce, and over the long term, there would seem to be little mercy for those businesses that fail to comply and fail to find a way to make those regulations work to thei

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Payments Regulation Strategy Operations 159

Payments Source

SEPTEMBER 5, 2019

Stripe is joining the throng of providers offering merchant loans based on payment receivables with Stripe Capital, a service for e-commerce companies already using Stripe for payments processing.

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Capital Payments Company Lending 81

PYMNTS

SEPTEMBER 5, 2019

Seventy percent of gig economy workers are still living paycheck to paycheck, despite pulling in more money than ever. Instant payments and disbursements are therefore only growing more integral to every facet of the gig economy ecosystem. Nearly 40 percent of U.S. workers are engaged at some level with the gig economy, and most of them are hoping that instant and faster payments continue to grow in scope.

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Fraud Meeting Payments Innovation 156

Payments Source

SEPTEMBER 5, 2019

The "public option" for faster payments could eat into the business model of payment startups, says Pryor Cashman's Jeffrey Alberts and Dustin Nofziger.

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Fintech Payments 88

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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.

US

PYMNTS

SEPTEMBER 5, 2019

Western Union is teaming up with TRUE North to offer students a simplified payments platform to pay tuition and expenses, Western Union said in a press release on Thursday (Sept. 5). . The new process will help funds to arrive on time and in full, without hidden charges to the educational institution. “We are proud to collaborate with TRUE North to integrate our payments solution into their platform,” said Roy Farah, vice president of sales for Canada, Western Union Business Solutions.

Cards 153

Cards Resources Payments Security 153

Payments Source

SEPTEMBER 5, 2019

The information you need to start your day, from PaymentsSource and around the Web. Today: Mastercard joins a blockchain project; Alibaba preps an e-commerce acquisition; Jack Dorsey has no plans for his own crypto; Apple Pay adds Southwest support.

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blockchain Apple 79

PYMNTS

SEPTEMBER 5, 2019

Stripe announced Thursday (Sept. 5) the launch of Stripe Capital to simplify the way internet companies can access funds. It remains difficult for online businesses to get access to capital. Even those companies that can get loans spend hours and hours on paperwork only to wait weeks and sometimes months to get the money, the release indicated. “Stripe Capital makes it easy for internet businesses to get the funds they need when they need them,” said Will Gaybrick, Stripe’s chief product officer

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Online Capital United States Company 152

Payments Source

SEPTEMBER 5, 2019

The patent office is getting buried in applications for distributed ledger systems, a mountain of documents that chart a clear course toward making static identity and password protection irrelevant.

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blockchain Course System America 69

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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.

Compliance

PYMNTS

SEPTEMBER 5, 2019

Apple is reportedly at work on in-screen fingerprint technology for iPhones as early as its 2020 devices. While the technology is in testing among Apple’s overseas suppliers and inside Apple, its release may fall to the 2021 revamp, Bloomberg reported, citing unnamed sources. The fingerprint reader would come embedded in the screen and allow a user to scan his or her fingerprint on a big part of the display.

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Apple Samsung Report Technology 152

CFPB Monitor

SEPTEMBER 5, 2019

Last month, the Federal Reserve Board announced its plans to develop a real-time payments (RTP) service to be offered by the Federal Reserve Banks to directly support faster payments. Three members of Ballard Spahr’s Consumer Financial Services Group with extensive experience negotiating complex payments transactions for some of the world’s largest retailers and financial institutions have authored an article in which they discuss the expanding adoption of RTP as a standard for payments transact

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Payments Groups Retail 68

PYMNTS

SEPTEMBER 5, 2019

Payments and cash flow can be the difference between life and death for small and medium-sized businesses (SMBs), This also applies to expense and spend management, which have a massive impact on cash flow. To solve these issues, we are seeing new innovative technology and processes designed to bring efficiencies to the filing, recording and disbursements of expenses when it comes to mobile workforces emerging.

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Management Mobile Cards Technology 150

Payments Source

SEPTEMBER 5, 2019

As bans on sports betting ease in more states, payment processors are counting on new revenue streams, particularly as the NFL season gets underway.

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Payments Retail 68

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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.

Lending