Fri.May 17, 2019

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End of life for certain POS terminals and the looming risk to retailers

Payments Dive

Retailers need to be sure their point-of-sale systems are fully compliant, not only to avoid becoming obsolete, but to protect against fraud.

Retail 352
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Challenger Bank Oxygen Serves Needs of Gig Economy Workers

Bank Innovation

When Hussein Ahmed was applying for a loan as a freelancer, he encountered a familiar roadblock: the lack of a predictable salary to show evidence of income. Without this information, it's hard for banks to grant credit. Ahmed told Bank Innovation he founded Oxygen to solve this problem: to offer financial services and credit to […].

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DoorDash Could Receive $500M+ In Funding

PYMNTS

In a reported funding round that could value the food delivery firm at roughly $13 billion, DoorDash Inc. may be raising at least $500 million. The size of such a round could go over that amount, but the funding round’s size is still being worked out per unnamed sources, Bloomberg reported. A DoorDash spokesperson did not offer a comment to the news outlet.

Capital 153
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Wells Fargo to Take New App National by Year’s End

Bank Innovation

As the mobile-first generation starts to earn more money, the arms race to earn market share is heating up as large banks look to grow their digital-only brands and earn lifelong customers. Indeed, Wells Fargo is stepping up its digital-only banking game with a plan to launch its Greenhouse app nationwide by the end of the […].

National 170
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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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Financial Software Firm OpenFin Raises $17M

PYMNTS

In a Wells Fargo & Co.-led round, financial services software startup firm OpenFin notched $17 million in funding. Barclays also participated in the round, as did existing investors such as Bain Capital Ventures, Pivot Investment Partners and JPMorgan Chase & Co., Reuters reported. The company reportedly plans to use the funds toward product development and growing its sales efforts.

Software 134

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EU Antitrust Watchdog Says Breaking Up Facebook Would Be A Last Resort

PYMNTS

EU Competition Commissioner Margrethe Vestager said breaking up social media giant Facebook would be a last resort, according to a report by Reuters. Vestager made her comments on Friday (May 17) at the VivaTech technology conference in Paris, after being asked about the subject following U.S. politicians and a Facebook c-founder speaking out in favor of dismantling the company.

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Finlandâ??s banks target instant payments

Bobsguide

The development of EBA Clearing’s RT1 platform has reached critical mass in Finland with the support of the country’s six major banks, says the payment service provider’s CEO Hays Littlejohn. “It’s not as though we made any kind of particular effort just for.

Payments 109
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Crypto And The (Lack Of) Bank Funding Conundrum

PYMNTS

All businesses need capital to survive. That is especially true for embryonic firms with untested business models or products or services. The lack of access to capital can truncate firms’ ability to grab onto new opportunities, to gain scale, to build an audience or even to launch. Thus, if traditional banking conduits are off-limits, companies tend to go where the lenders are … and sometimes down proverbial dark alleys.

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7 M&A deals that put dining fintechs first

Payments Source

The fintech M&A wave is sweeping over the dining and fast-food industries, with major companies like Amazon, Walmart and American Express spending on smaller firms that focus on digital food delivery and payments.

Fintech 73
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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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Apple’s R&D Spending Goes From $1B to $13B In 2019

PYMNTS

Apple has increased its research and development spending from $1 billion in 2009 to an estimated $13 billion this year, an amount that does not include stock-based compensation, according to a report from CNBC. The amount of investment illustrates Apple’s push to keep up with new rival technologies and to innovate in new categories like wearables , health and fitness.

Apple 116
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ATM physical attacks: Why armor isn't enough

ATM Marketplace

One approach to the problem of ATM physical attacks has been to harden the machine. However, this only serves to increase the level of force used in an attack — and the degree of destruction it causes. According to Spinnaker, the best way to stop physical attacks on ATMs is simply to make the cash in them not worth the having.

ATM 78
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Facebook COO Opposes Facebook Breakup

PYMNTS

Facebook Chief Operating Officer Sheryl Sandberg has pushed back against the idea that Facebook is too big and should be broken up, arguing that it wouldn’t fix the real issues, according to a report by CNBC. “You could break us up, you could break other tech companies up, but you actually don’t address the underlying issues people are concerned about,” Sandberg said.

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5.17.19 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Ola introduces a credit card; Google Pay makes a push in India; Authorities nab malware ring; YouTrip draw funding.

Google 71
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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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UK Pol Tom Watson Asks For Investigation Into Amazon’s Stake In Deliveroo

PYMNTS

Tom Watson, an MP and deputy leader of the Labour Party, has said he’s asking the U.K.’s Competition and Markets Authority (CMA) to investigate Amazon’s $575 million investment in Deliveroo during its most recent funding round, according to a report by TechCrunch. Amazon will be receiving a sizeable share in the company, and Watson is hoping that an investigation will lead to stronger conditions or maybe even a blocking of the deal.

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Shift4 pushes free terminals—again—at restaurants

Payments Source

Shift4 Payments is giving away free payment terminals to restaurants again, but this time it's using a cloud-based approach with richer marketing tools, including links to social media.

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Chinese Coffee Co Luckin Has Strong Nasdaq Debut

PYMNTS

Shares in Chinese coffee company Luckin Coffee surged about 50 percent in the company’s debut on the Nasdaq on Friday (May 17), according to a report by CNBC. The opening trade for the company, which was under the symbol LK, was $25 a share. Luckin priced its initial public offering (IPO) at $17 a share on Thursday night, for an implied value of around $4 billion.

Company 108
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Amazon leads £475 million funding for Deliveroo, heating up food delivery battle

Payments Source

Amazon led a Series G funding round worth £475 million (about US$575 million) with three other investors for London-based food delivery company Deliveroo.

US 72
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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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The New White Walkers: Zombie Synthetic Identity Fraud

FICO

Spoiler alert: If you are watching Game of Thrones (GoT), but aren't fully caught up, you may want to read this later! In the past 6-12 months, synthetic identity fraud has skyrocketed and has been one of the hottest topics in the financial crimes domain. At the same time, whether it’s Game of Thrones or The Walking Dead , zombies have surged in popularity to play starring roles on television over the past decade.

Fraud 75
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Is Senate Banking’s Facebook inquiry the start of something big?

Payments Source

Lawmakers are taking a closer look at the company’s data collection practices and its work on cryptocurrency payments, raising the possibility of more action down the line.

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Best-In-Class Series, Part One - Attracting Small Business Clients

Jack Henry

A common goal of every financial institution in the country is to attract and retain good clients. For many, this includes a focus on the small business community. There are more than 30 million small businesses in the United States. How do you attract them to your institution?

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Chase expands digital health care payments via InstaMed acquisition

Payments Source

JPMorgan Chase is buying InstaMed, a cloud-based health care payments platform that’s seen significant growth in recent years from consumer medical payments.

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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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Amazon leads USD 575 mln investment in Deliveroo

The Paypers

(The Paypers) Deliveroo has announced that it will raise USD 575 million in a funding round led by Amazon , seeking to expand and develop new products, according to Financial Times.

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A remittance fintech aims to be first of its kind to offer banking

Payments Source

Pangea says it is developing a digital account after customers complained that the bank relationship they had wasn't "for them.".

Fintech 75
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Complaints over banking fraud surged by over 40 percent in UK

The Paypers

(The Paypers) Official figures have showed UK consumers` complaints over banking fraud have surged by over 40% to hit an all-time high in the 2018-19, driven by online scams.

Fraud 31
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Bitcoin tumbles as stellar run for digital tokens loses footing

Payments Source

Bitcoin slumped Friday bringing this month’s spirited surge to a halt and taking rival coins down with it.

Bitcoin 64
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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.