Tue.Aug 23, 2016

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Nine Standout Start-ups Focused Upon Blockchain Payments

Chris Skinner

There are a number of base blockchain platforms that are important in the payments sphere, with the three leading players being Bitcoin, Ethereum and Ripple. These are the base development platforms, rather than a payments service per se, and choosing which to use is intriguing as they all offer something different. Bearing in mind that … The post Nine Standout Start-ups Focused Upon Blockchain Payments appeared first on Chris Skinner's blog.

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Washington Trust Bank To Test Expense Reporting from Startup Obloco

Bank Innovation

It’s a truism that expense reporting sucks. Keeping your receipts together (and the ink may be toxic) and then typing up a summary to hand over to finance and wait who knows how long to be reimbursed — what a pain. Then the finance department has to input paper documents into Read More.

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Pizza Hut digital leader Baron Concors talks mobile strategy, best practices

Payments Dive

Baron Concors, Pizza Hut global chief digital officer, said the “focus on mobile is a focus on customer,” and that retailers must turn their mindset to becoming students of human behavior.

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Millennials Actually Trust Traditional Banks More than Venmo

Bank Innovation

No matter what industry you’re in, the chance of success depends on the knowledge and insight you have regarding your customer base, which for both traditional banking institutions and fintech startups means focusing on millennials. The millennial desire for speed, ease, and efficiency has been remarked upon almost exhaustively in fintech, Read More.

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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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The mobile wallet wars ignore consumers' needs

Payments Dive

PayToo CEO Michel Poignant thinks the industry is approaching mobile wallets the wrong way.

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Things worth reading: 23rd August 2016

Chris Skinner

Things we’re reading today include … Federal Reserve under growing pressure to reform system, goals Citigroup, AT&T end litigation over ‘thanks’ Urjit Patel: What issues face the new RBI governor? Contactless customers urged to ‘check’ before they tap Contactless cards grow in popularity as payments reach £9bn City firm axes big-money bonuses to stop ‘wrong … The post Things worth reading: 23rd August 2016 appeared first on Chris Skinner's

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What Data Feeds Your Robo-advisor?

Bank Innovation

Much like vegetables, we should all be concerned with the Kind of Data and the Quality of Data. Choices of data (and veggies) abound and we need to pick the appropriate set-combo. Quality of Data is a more complex issue that troubles mostly risk managers and regulators but should also Read More.

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How To Sell Prepayment Provisions In Commercial Loans

South State Correspondent

If banking had an Olympics, creating loan value would be an event. While many lenders and business development officers are good at gathering new business, they are often reactionary when it comes to structure not taking the time to find the best structure for the client. They may provide what the client wants, but not what the client needs.

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Is Y Combinator Pivoting Away From Fintech?

Bank Innovation

Fintech seems to have lost some appeal at Y Combinator. Arguably Silicon Valley’s top incubator yesterday hosted Day 1 of its Summer 2016 Demo Day, and the percentage of fintech startups dropped noticably compared to its winter lot. Last March, around 10% of Y Combinator startups focused on fintech. Yesterday, only two of Read More.

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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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Are Millennials Better Off As Non-Home Buyers?

PYMNTS

Millennials are buying fewer houses than their Baby-Boomer counterparts – that is inarguable by the data. Across age groups, the U.S. homeownership rate has fallen to a 50 year low – 62.9 percent – and that dip is mostly powered by millennial homebuyers who aren’t buying. Among those under the age of 35, home ownership rates are just over 1/3 – and about half the national figures.

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Above the Fray

Independent Banker

November’s presidential election is less than two months away. For better or worse and one way or another, this year’s extraordinarily contentious, topsy-turvy presidential contest is coming to an end. So far, almost everything that wasn’t predicted seems to have happened: left-field and right-field political insurgencies, name-calling debates and roughhouse street rallies, and even bizarre campaign tricks involving Russian cyber-breaches.

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CFPB Charges Wells Fargo Over Student Loan Servicing Practices

PYMNTS

Wells Fargo may have recently announced a partnership with Amazon to give student loan borrowers a break, but when it comes to servicing its existing loans, the bank is falling short — big time. That’s according to the Consumer Financial Protection Bureau , which announced on Monday (Aug. 22) it took action against Wells Fargo, charging the bank engaged in allegedly illegal private student loan servicing practices that increased the costs for borrowers and unfairly penalized certain borrowers.

Payments 101
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Banking Treasury: Managing bank liquidity now and tomorrow

Bobsguide

Treasury is at the heart of change in the capital markets following the global financial crisis. Funding, liquidity management, and balance sheet optimisation have each been significantly impacted by the crisis and the wave of regulation that followed it. Today, the primary focus of banks is cost.

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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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PYMNTS Daily Data Dive: Millennials Eschewing Credit Cards

PYMNTS

Credit card issuers will be encouraged by the latest data from The New York Fed. Credit card use, after many years of slowdown after the financial crisis of 2008, is now exploding. But dig deeper into the numbers and you’ll find cause for concern. Among the Millennial generation, the level of credit card debt is at its lowest level since 1989, when data collection began.

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Trade groups comment on CFPB arbitration proposal

CFPB Monitor

Alan S. Kaplinsky and Mark J. Levin. The American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable (Associations) have filed a joint letter commenting on the CFPB’s proposed rule regulating consumer arbitration agreements in financial services contracts. Ballard Spahr served as counsel to the Associations in preparing the comment letter.

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It’s Not ‘The Apple Store’ Anymore

PYMNTS

“The Apple Store” will soon be no more. But don’t panic — the physical retail locations aren’t going anywhere. Apple is just switching up the branding. Going forward, Apple will no longer refer to physical retail locations as Apple Stores. Apple would prefer it if we consumers would kindly drop that “Store.” The stores that Apple operates should — like Gwyneth Paltrow’s daughter — be known simply as Apple.

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Blockchain's Stumbles Take the Romance Out of 'Decentralization'

Payments Source

The recent hack of the DAO (short for Decentralized Autonomous Organization) and the subsequent reversal of funds on Ethereum's blockchain should finally put an end to a decentralization charade. People are, in fact, governing public blockchains, and we need to be able to trust them.

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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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Lendified And The SMB/Millennial Connection

PYMNTS

It takes money to make money, the saying goes. So it is with the extension of credit to smaller firms who need the funds to gain top-line traction. Lendified , which offers loans to small Canadian businesses online, said earlier this month that it has secured a $20 million credit facility through Liquid Capital. In addition, the company also announced $4 million in mezzanine financing, bringing the latest tally this month to a total of $24 million.

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Why the Largest Tech Companies Are Pushing a Deregulatory Agenda for FinTech

Let's Talk Payments

The financial services industry has long been invaded by all types of influencers aside from banks. Tech companies, in particular, have shown a passionate interest in the startup ecosystem through.

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Amazon’s Secret Drive-Through Grocery Plan For Seattle

PYMNTS

Amazon’s ambitions to sell groceries are not exactly a secret. The march of Prime Fresh and Prime Pantry across the nation are both clear indications that Amazon is interested in getting into one the biggest and most consistent areas of spend among American consumers. But until now those efforts have been nearly entirely digitally focused. That may be changing.

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How China’s Payments Firewall Crashed the American Dream

Let's Talk Payments

China has one of the most hostile environments for foreign entrants and Apple Pay coming to Hong Kong may become another lesson for bold Western companies trying to get into.

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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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Best Buy Beats The Street With Surprise Strength

PYMNTS

Best Buy walked into earnings season with a sword or two dangling above its head. The last few quarterly reports have been marked by falling revenue and slipping sales at comparable stores, and Q2 wasn’t exactly one for the books when it came to physical retail. Or maybe it was — but not the books retailers would like to revisit. In a segment that was weak on the whole, consumer electronics were among the weakest links in the chain.

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The Game of E-Wallets: The Era Of ‘Cold War’ Between West (PayPal, Apple Pay) and East (Alipay, Samsung Pay, Paytm)

Let's Talk Payments

There will be more than 4.8 billion individuals using a mobile phone by the end of 2016; consequently, e-wallets keep growing at a faster rate. And Asia is the fastest.

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Alibaba Running Into Expansion Troubles In India

PYMNTS

Alibaba , China’s largest eCommerce marketplace, is facing problems in its native land as it deals with sluggish expansion due to a maturing population and user saturation. But Alibaba is also facing problems elsewhere as it eyes an ambitious expansion strategy capped by an aggressive push into the world’s second most populous country, India (China is slightly ahead in terms of population with an estimated 1.383 billion people living inside its borders in 2016, while India has an estimated popul

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With Stricter Rules Ahead, Prepaid Issuers Cling to Payroll Speed

Payments Source

With the Consumer Financial Protection Bureau expected to release tighter rules for prepaid cards in the next several weeks, prepaid issuers are pushing what they see as advantages over banks, such as fast access to payroll funds.

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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.