Thu.Oct 03, 2019

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How UK FinTech took over the world

Chris Skinner

In case you missed it 11FS, as well as doing podcasts, have made a movie. The movie is all about the 11 years since the financial crisis hit and how the conditions led to the rise of FinTech and, specifically, UK FinTech. It’s an hour long, so set aside some … The post How UK FinTech took over the world appeared first on Chris Skinner's blog.

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CIBC, First Citrus, Bridgeable discuss digital transformation

Payments Dive

Legacy banks are struggling to transform their brick-and-mortar ecosystems to fit into an increasingly digital world. How do they do it? And more importantly, how do they do it without alienating customers who are used to one-on-one interactions?

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Digital and human: Inside BofA’s small business strategy

Bank Innovation

Digital-only lenders tout the speed and efficiency of their user experiences. However, for Bank of America, a “human-digital” approach is the cornerstone of its small business banking approach. It’s a strategy that’s yielding results for the bank. As of this year, Bank of America said it surpassed Wells Fargo as the nation’s top small business […].

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Things worth reading: 4th October 2019

Chris Skinner

Things we’re reading today include … Small banks must step up if they want to keep their small-business customers PayPal on the verge of quitting Facebook’s Libra project It has been a torrid week for Indian banks Wealth taxes have moved up the political agenda ‘I was scammed by a … The post Things worth reading: 4th October 2019 appeared first on Chris Skinner's blog.

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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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Movencorp patents its personal finance technology

Bank Innovation

The road to differentiation among fintech startups entered a new phase this week: patenting technology to put a brand’s stamp on it forever. On Tuesday, personal finance technology startup Movencorp confirmed that it patented its digital financial wellness product. Movencorp is the parent company for direct-to-consumer outfit Moven and its business-to-business entity Moven Enterprise.

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Vanguard to challenge banks’ grip on $6 trillion currency market

Bank Innovation

Having revolutionized the business of buying stocks, Vanguard Group is now coming for currencies. The investing pioneer obsessed with lowering costs is testing a new way for asset managers to trade currencies and avoid big investment banks, according to a person familiar with the matter. The platform, based on the blockchain technology that powers Bitcoin, […].

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Trade Finance Gets Boost Via Banks, APIs

PYMNTS

Application program interfaces (APIs) are helping to speed Open Banking — and, by extension, bringing trade finance into the digital age. To that end, HSBC said last week that it is deploying an API designed to promote bank collaboration, with a focus on trade finance. The API, according to reports , will allow HSBC partner banks to issue local guarantees across markets — and where those banks do not have an operating presence.

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Today, cyber resilience isn’t an option. It’s an imperative.

Accenture

In leading our Banking practice in the UK and Ireland, I’ve become well acquainted with the risks that keep bank CEOs awake at night. One of the biggest of these is cybersecurity—which is why I’ve decided to make it the focus of this latest blog. It isn’t hard to see why it’s such a major concern. Today’s banking industry has a combination of increasingly digitised services and a fast-evolving cyberthreat landscape.

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Brex moves beyond corporate cards with Brex Cash

Bank Innovation

Brex is moving beyond corporate cards for startups. The San Francisco-based startup, which is valued at $2.6 billion, launched a cash account on Thursday as an ecosystem play and a source of data to improve underwriting. Brex provides credit cards for tech entrepreneurs, as well as e-commerce and life sciences startups. Through the cash account, […].

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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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Amazon Launches First Physical Store In MA

PYMNTS

Amazon has opened its first physical store in Massachusetts. Located at the Natick Mall in Natick, Massachusetts, the 4-star store is the fifth physical location nationwide for the eCommerce giant. The first location opened in New York City last September, followed by Lone Tree, Colorado, Berkeley, California, and Seattle, Washington. “We created Amazon 4-star to be a place where customers can discover products they will love.

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Visa, Mastercard seek out blockchain's role in cross-border payments

Payments Source

The card networks are taking blockchain seriously as a means of streamlining cross-border B2B payments. But while they share a vision, they are taking different paths to this goal. Visa has opted for a closed network that it controls, while Mastercard envisages a wider, more open ecosystem.

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PayPal Is A No-Show At Libra Association Meeting

PYMNTS

Facebook’s proposed cryptocurrency Libra has had its fair share of scrutiny and regulatory issues, and now the Financial Times is reporting that PayPal is very close to leaving the 28-company coalition meant to help Libra gain legitimacy and come to fruition. Representatives from all 28 Libra backers were set to meet in Washington on Thursday (Oct. 3) to discuss how to handle the backlash and move forward; all were present except for PayPal.

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Trade groups challenge Nevada law allowing applicant’s reliance on spouse’s or former spouse’s credit report

CFPB Monitor

On October 1, three trade groups filed a lawsuit in Nevada federal court challenging an amendment to Nevada law that allows an applicant for credit with no credit history to request that the creditor deem the applicant’s credit history to be identical to that of the applicant’s spouse during the marriage. The amendment is contained in Senate Bill 311 which was signed into law by the Nevada Governor on July 1, 2019 and became effective on October 1.

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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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Vendors Can Now Use Square For CBD Sales

PYMNTS

Square has announced that it’s launching a CBD early access program , which will allow vendors in the United States to sell CBD products using Square. CBD, short for cannabidiol, is a chemical compound from the cannabis plant without the THC. It’s commonly used for anxiety, pain and a slew of other maladies. It was legalized in 2018, and Square now wants to “make our tools available to sellers in the CBD space, so they can start, run and grow their business on Square.”.

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Why Experian's joining the government’s Social Security verification test

Payments Source

Seeking relief from rising synthetic fraud, U.S. companies next year will be able to quickly verify whether Social Security numbers match other consumer data in government files, in a bid to thwart fraudsters from creating fake identities with stolen information and SSNs.

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TaxCloud Announces New Stripe Integration

PYMNTS

TaxCloud has announced the launch of a new integration with Stripe. The move means that users of Stripe’s payments platform can now connect to TaxCloud to manage their U.S. sales tax obligations via the company’s sales tax application programming interface (API). Since the Supreme Court issued its opinion in South Dakota v. Wayfair last year, many online retailers now have to collect sales tax in additional states.

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Payoneer turns to B2B to reach an emerging gig economy niche

Payments Source

Payoneer found its niche providing technology for Amazon, Google and Facebook to deliver mass payouts to independent contractors, but the company has added options for small U.S. businesses to send payments to vendors and suppliers globally.

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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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PayPal Is A No-Show At Libra Meeting; Could Withdraw Support

PYMNTS

Facebook’s proposed cryptocurrency Libra has had its fair share of scrutiny and regulatory issues, and now the Financial Times is reporting that PayPal is very close to leaving the 28-company coalition meant to help Libra gain legitimacy and come to fruition. Representatives from all 28 Libra backers were set to meet in Washington on Thursday (Oct. 3) to discuss how to handle the backlash and move forward; all were present except for PayPal.

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Coinbase resumes U.K. fast payments after breaking with Barclays

Payments Source

U.S. cryptocurrency exchange Coinbase Inc. has a new banking partner in Britain that will provide real-time payments for customers, three months after losing the service when it broke with Barclays Plc.

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For Better Banking, Is Consumer Control Actually Key?

PYMNTS

Consumers want control — everybody seems to know that. But what you probably don’t know is that consumers want the type of financial services control that could potentially reduce their risk for fraud and leave them responsible for more authentication tasks, according to fresh PYMNTS research. That research, which is called “ The Consumer-Centric Authentication Study: Transforming The Consumer’s Digital Banking Experience ,” served as the foundation for a recent PYMNTS discussion between Karen W

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Older, custom transit technology puts the brakes on payments innovation

Payments Source

Transit systems want to use contactless and open payment systems to address ridership declines, an innovative strategy that nonetheless is riddled with pain points due to how transit has traditionally modernized.

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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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Brex Launches Brex Cash As Bank Accounts Replacement

PYMNTS

FinTech startup Brex is launching a business cash management account to replace traditional business bank accounts, the company said in a press release on Wednesday (Oct. 2). “Even before customers think about credit cards, they need a place to store their business capital. Brex Cash delivers just that — with an unmatched combination of ease of use, superior rewards, no fees and higher returns,” said Henrique Dubugras, co-founder and co-CEO of Brex.

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Can All American Check Cashing pass the Fifth Circuit and go straight to SCOTUS in its challenge to the CFPB’s constitutionality?

CFPB Monitor

Rather than wait for a decision from the Fifth Circuit in its interlocutory appeal from the district court’s ruling upholding the CFPB’s constitutionality, All American Check Cashing has filed a Petition for a Writ of Certiorari Before Judgment with the U.S. Supreme Court. (The Fifth Circuit heard oral argument in March 2019 and last month directed the parties to file letter briefs regarding what action the court should take in light of the en banc Fifth Circuit’s decision in Collins v.

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How Privacy Guides Virtual Assistants’ Evolution In Corporate Finance

PYMNTS

Even just five years ago, Prophix President and Chief Operating Officer Alok Ajmera said talk of using virtual assistants in the workplace seemed more like science fiction than a real possibility. Today, however, the rise in artificial intelligence-powered digital assistants like Apple’s Siri and Amazon’s Alexa make the use of similar technologies in the corporate space not only a possibility, but in many cases, already a reality.

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ATM skimming and shimming: Is your fleet protected?

ATM Marketplace

Financial institutions have long been aware of skimming, where thieves attach readers to ATMs in order to strip card data. Shimming, however, is a fairly recent phenomenon.

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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.