Wed.Apr 10, 2019

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How Retailers Are Gearing Up For Contactless Payments Via mPOS

PYMNTS

With the use of contactless payments heating up around the world, small and mid-sized businesses (SMBs) and their solution providers have to prepare for their acceptance. Mobile point-of-sale (mPOS) terminals that are enabled for contactless have to meet certain specifications to gain EMVCo 3.0 certification: They must, for instance, resolve issues when a payment reader’s too-powerful field strength results in damaged smartphones and cards.

Retail 259
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New Biz Dev Head at BBVA Compass Sets Priorities Around Leveraging Data

Bank Innovation

BBVA Compass, the U.S. arm of Spanish giant BBVA, has a new head of business development, Jose Luis Elechiguerra, whose goal is to give customers products that will help them make better financial decisions. The key to delivering that promise for BBVA, or any digital bank, for that matter, is data. “Data is the present […].

Data 170
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XinFin Connects Blockchain Factoring Tool To QuickBooks

PYMNTS

Blockchain company XinFin is rolling out an integration between its invoice factoring application InFactor and QuickBooks. Reports in Virtual Strategy Magazine this week said InFactor, developed by the XinFin-powered TradeFinex Dev team, is connecting the factoring tool to QuickBooks so users can automatically obtain financing on their unpaid invoices.

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FIS to Help Stand Up Digital-Only Banks Within 90 Days

Bank Innovation

Fintech provider FIS aims to help financial institutions lacking the in-house firepower to launch their own direct-to-consumer digital-only banks to do so in just 90 days. The Jacksonville, Fla.-based company’s Core on Demand service, unveiled today, is built on a cloud-native core processing platform and offers online account opening as well as consumer online and […].

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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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Chase On Gen Z, Mobile Banking — 10 Years In

PYMNTS

With more consumers than ever interested in fulfilling all their financial needs on mobile, both legacy banks and FinTech firms are focusing on creating digital-only banking services, designed to catch and keep customers using their smartphones to bank. What’s more, financial institutions (FIs) and payment providers around the world are trying their hand at providing all the capabilities of an established bank on the smartphone.

Mobile 185

More Trending

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Cyber Criminals Are Trying To Steal Less Money To Avoid Detection

PYMNTS

A report by Bloomberg said that after one of the biggest cyber heists in history involving the theft of $100 million from the Bangladeshi central bank’s account in the U.S. Federal Reserve, criminals are now vying for smaller amounts in an attempt to avoid detection. The amount of money stolen in 2018 averaged between $250,000 and $2 million, which is down from amounts in the tens of millions, according to a report by interbank messaging service SWIFT.

Fraud 183
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Bahrain bets on fintech, payments to reboot its economy

Payments Source

Following its own economic downturn that required bailouts by Saudi Arabia, Kuwait and the United Arab Emirates, Bahrain’s governors hit on an economic recovery plan that includes turning the tiny nation into a global payments hub.

Payments 113
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Wanted: Cybersecurity Aces — Mastercard, Partners Have A Plan

PYMNTS

Here’s a bit of heresy for 2019: Data’s not everything. Sure, data often gets called the oil of the digital age — and data, as a commodity, has an economic, political and cultural value as massive as all those hydrocarbons gathered from beneath the planet’s surface. However, it takes more than data for 21st century society to function. This may be the early stages of the digital age, but society still needs people at the gates defending against attack, just like it’s always been.

Fraud 179
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Windows' new migration is a headache for ATM fleets

Payments Source

With no firm dates announced for processing certification and delivery dates for new hardware and upgrade kits 120 days or more out, the Windows 10 migration is shaping up to be a scheduling and budgetary nightmare, writes Yonas Marcos, president and CEO of Star Financial Services.

ATM 106
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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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Whole Foods Might Take Over Many Sears, Kmart Stores

PYMNTS

Amazon might be looking at taking over as many as 110 old Sears and Kmart stores in order to launch new Whole Foods locations. BMO Capital Markets revealed the prediction in a note to clients on Wednesday (April 10), basing its findings on the demographics of those particular department stores, as well as the fact that there isn’t another Whole Foods store within a three-mile radius.

Retail 178
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Understanding alternative assets and the challenges of managing their risk

Insights on Business

Why alternative assets. Unless one has been in a Rip Van Winkle-style cryogenic state over the past few years, it would be hard not to notice the shift in asset allocations toward “alternative assets” for investment portfolios of buy side institutions. There are several reasons behind the tilt. Pension and Insurance funds suffered from the pressure that comes of prolonged low interest rate environments to maintain high enough investment returns to meet the targets against their liabilities.

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Corporate Payments Fraud Jumps Despite Stronger Internal Controls

PYMNTS

While corporates are adopting stronger internal controls to combat the threat of payments fraud, new data from the Association for Financial Professionals (AFP) reveals the number of incidents has continued to climb to new heights. In a press release Tuesday (April 9), the AFP announced that its 2019 AFP Payments Fraud and Control Survey , underwritten by JPMorgan, found record highs for the percentage of companies hit by payments fraud.

Fraud 174
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China attempts to stem corruption and capital outflows with crypto mining ban

Bobsguide

The Chinese government has proposed a ban on cryptocurrency mining in a bid to tackle corruption and stem capital outflows prevalent in the market, believe market participants. “Because of rampant corruption, local authorities can make deals with miners, often without the.

Capital 92
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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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Utility Data’s New Identity

PYMNTS

There are plenty of high-tech ways to verify a customer’s identity — fingerprints, voiceprints, faceprints, phone data. There are even technologies built to identify a customer based purely on how they hold a smartphone in their hand. The race for the newest, fanciest ways to ID a customer means a useful, classic way occasionally gets overlooked for its lack of flash.

Data 171
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Ballard/Venminder to sponsor April 16 webinar: banking and regulatory expectations in today’s third-party risk management world

CFPB Monitor

Ballard Spahr is proud to be partnering with Venminder, Inc. in sponsoring a webinar, “Banking and regulatory expectations in today’s third-party risk management world,” to be held at 2 p.m. ET on April 16, 2019. Hosted by American Banker , the webinar will feature Glen Trudel, a partner in Ballard Spahr’s Consumer Financial Services Group, and Branan Cooper, Venminder’s Chief Risk Officer.

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Why Instant Settlement May Become Merchant Table Stakes

PYMNTS

In payments, what is new soon becomes standard. Where customers were once eager to pay for speed, convenience and security … well, eventually, all that gets built into expectations and becomes part of what’s on offer all day, every day. Instant settlement of funds to merchants is a relatively new hallmark of push payments, part of a slew of new offerings from FinTech firms like Square and PayPal , where sales can be settled in real time and pushed to the merchant almost as fast as sales are made

Data 168
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US real-time payments are headed to ubiquity. Are banks ready?

Bobsguide

In 2017, the US joined the global move towards real-time payments (RTPs) with The Clearing House’s launch of the RTP system. Rapid take-up since then among the largest banks means the system now covers almost half of the total demand deposit accounts in the US. However, volumes remain low and.

US 87
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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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Study Shows Hotels Often Leak Guests’ Personal Info

PYMNTS

A study by Symantec, a cybersecurity company, showed that two out of every three hotel sites have leaked personal data, which could include credit card and passport information, according to a report by Reuters. The data is being shared with third-party sites, as well as advertisers and analysis companies. Symantec studied upwards of 1,500 hotel sites in 54 countries, from two-star to five-star establishments.

Study 161
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Cash at Amazon Go: How this digital reversal could be a boon

Payments Source

Amazon Go is caving to rising pressure from cities and states banning cashless stores and planning to introduce cash-acceptance to a model whose entire premise was about eliminating the friction of checkout with a seamless, card-based checkout.

Cards 85
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Why On-Demand Wages Could Kill Payday

PYMNTS

The weekly or biweekly pay cycle can seem like an awfully long time for the roughly two-thirds of U.S. workers who live paycheck to paycheck — especially if they are hit by unexpected, costly events. According to the most recent PYMNTS Disbursement Satisfaction Index , this wait is becoming unacceptable: 72.9 percent of surveyed consumers said having a choice in how they received their disbursements was “very” or “extremely” important, and only 50.3 percent were offered a choice at all. .

Texas 150
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How a no-deal Brexit makes payments more pricey

Payments Source

With the U.K. government still at stalemate over Brexit, the prospect of leaving the European Union without a deal remains a very real possibility. Despite some recent agreements, this could have major implications for the U.K. payments industry.

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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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Measuring Technology’s Promise Against Its Progress

PYMNTS

There is no shortage of wonders in payments and commerce, which are advertised as the next big disruption in how consumers transact. Instant payments, voice and visual search, AI/ML digital card management – there are all kinds of promising possibilities. But while a promising horizon is great, in practice there are limits. Speed is desired , but faster payments can mean faster fraud.

Fraud 148
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4.10.19 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Walmart expands robot program; Regulators say banks aren't moving fast enough on PSD2; Bitstamp gets New York license; New iPHone attack; Financeit appoints execs for U.S. expansion.

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Bitcoin To Bust In The Wake Of New China Mining Regs?

PYMNTS

Bitcoin is up as much as 25 percent since the news came during the past week that China might look to ban bitcoin mining. At a recent $5,280, the digital currency is leagues above its nadir of $3,400 during the crypto crash, and leagues below all-time highs of about $20,000. The move may seem like a bit of a head-scratcher: China is ground zero for bitcoin production, as estimated in a paper penned in part by PhD students from Princeton and Florida International.

Bitcoin 145
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Community bankers alarmed after big banks backtrack on faster-payments pricing

Payments Source

In 2016, a big-bank consortium said that it would charge the same prices to all institutions, regardless of their size. But now the group has added a large caveat to that pledge.

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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.