Tue.Sep 17, 2019

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How U.S. retailers can benefit from strong customer authentication in Europe

Payments Dive

While Strong Customer Authentication does not apply directly to U.S. merchants, there are significant implications for retailers that have operations in Europe and gaining a SCA delegation can provide significant benefits.

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When digitalisation stops and humans step in, it all falls to pieces (American Express)

Chris Skinner

I saw a list on Facebook the other day about being old. It was a note that said: “How to tell when you’re an adult: you gain 30lbs overnight you’d rather sleep in than go out everything hurts comfort comes before style everything feels like a chore you’re always annoyed” … The post When digitalisation stops and humans step in, it all falls to pieces (American Express) appeared first on Chris Skinner's blog.

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Trending Sources

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Greenlight is putting education at the core of its banking offering

Bank Innovation

Greenlight Financial, which just raised $54 million in Series B funding, is acquiring customers by pitching itself as a personal finance and banking hub for kids. Greenlight is a digital-only banking startup that is designed to teach kids how to manage their finances as they grow into adulthood. The Greenlight platform, which operates on a […].

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The Rapid Rise Of Social Credit Scores 

PYMNTS

The most common association with the term “social credit score” is with China. Since roughly 2014, the Chinese government has been working on the system, which is designed to be a “method to perfect the socialist market economy system, accelerating and innovating social governance,” according to a State Council notice from 2014. “China’s social credit system is an ambitious, technology-driven initiative through which the state seeks to create a central repository of data on natural

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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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Citizens Bank to push personalized ‘journeys’ based on data

Bank Innovation

On the heels of the fifth anniversary of Citizens Bank‘s IPO next week, the bank has launched a product and brand approach based on customer journeys called Made Ready. The strategy won’t result in any immediate changes in customer experience. Rather, it’s an indication of how the bank sees the evolution of its product roadmap, […].

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Learn From A Pirate - Negotiating Bank Products With Customers

South State Correspondent

Those Somali pirates are a wily bunch. While pirate attacks off the coast of East Africa are down, the average ransom is up. Most of the increase can be attributed to going after more modern ships and with better negotiating tactics. The Economics of Security research initiative looked at 179 hijackings and interviewed professional pirate negotiators to see what can be gleaned.

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How FinTechs Help Merchants With GDPR Compliance

PYMNTS

FinTech firms are keeping a pulse on the latest regulations and helping their clients comply with them. The European Union’s General Data Protection Regulation (GDPR), for instance, went into effect last May, and penalties are just starting to be enforced. The regulation is top of mind, especially for European Union companies, and FinTechs are stepping up to the plate to help their customers comply with its components from a product perspective.

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Things worth reading: 18th September 2019

Chris Skinner

Things we’re reading today include … Big banks score win as U.S. regulator proposes easing post-crisis derivatives rules ‘Banker to the stars’ Frédéric Levesque goes on trial in France Alexa, don’t tell me my bank balance Climate change could put insurance firms out of business Wall Street investment giants voting … The post Things worth reading: 18th September 2019 appeared first on Chris Skinner's blog.

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U.S. Bank: Machine Learning Is Banks’ Best Bet Against Fraud

PYMNTS

Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and fraudsters have been reluctant to abandon the scheme as this year progresses. ATO and other fraud methods that rely on using stolen credit card numbers or other personal information are becoming decidedly popular with bad actors, who are employing increasingly sophisticated technologies to execute their scams.

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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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Wells Fargo’s Digital Cash plants seeds for bigger blockchain opportunities

Payments Source

Giants like Facebook, JPMorgan Chase and Walmart are all pushing blockchain for myriad use cases, and now Wells Fargo has joined the fray with its own spin on the distributed ledger technology.

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Spend Visa Expansion Allows Canadians To Use Crypto Like Debit Card

PYMNTS

FinTech Spend has announced it has expanded its Spend Visa Card to Canada where cryptocurrency users can use crypto like a debit card anywhere that Visa is accepted, according to a press release. Users who sign up for the Spend Wallet can load all their crypto into it, and have it directly linked to the Spend Visa Card. When a customer swipes the card, the crypto immediately gets converted into the local fiat tender.

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4 things FIs can do to stay ahead of fintech startups

ATM Marketplace

It seems like everyone is jumping into the financial space these days. With traditional tech and fintech startups making waves, here are four ways traditional FIs can stay relevant.

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Shopify Debuts New Features For CBD Merchants

PYMNTS

The multi-channel commerce platform Shopify is rolling out new features to help merchants sell hemp and hemp-derived cannabidiol (CBD) products online and in physical stores wherever it is legally allowed, Shopify said in a press release on Tuesday (Sept. 17). Retailers in the U.S. can scale their businesses by merchandising select hemp or hemp-derived CBD products using the Shopify platform, which handles more than 800,000 retailers around the world. “ Shopify has unmatched expertise in emergin

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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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Shopify, already in Canadian pot, starts U.S. CBD platform

Payments Source

The Ottawa-based company plans to offer tools including online store design, payment, shipping and marketing in more than 40 states to merchants of hemp-derived cannabidiol, which was legalized in December and is found in everything from skin creams to snacks.

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Mobile Banking Users Want More Control — But At What Cost?

PYMNTS

Impending 5G technology holds a great deal of promise for many industries, especially for financial institutions. A 5G network could markedly improve mobile banking apps’ speed, security and ease of use. Mobile banking apps have already enjoyed mass adoption, but what are consumers using them for? And, perhaps more importantly, what do they want from digital banking apps that they aren’t currently getting?

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Fintechs and payment companies are squeezing banks out of small business credit

Payments Source

With more players joining the lending industry, it's becoming a more crowded space, and business owners weighing their options are a bit overwhelmed, says Luke Intuit's Luke Voiles.

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Google, Amazon Map Out Retail Future On The Road

PYMNTS

The future of retail is playing out in multiple places, not the least of which is the open road. That’s where the connected vehicle ecosystem is being built. One of the latest examples of that comes from General Motors, which plans to add Google apps capability to its cars in 2021, according to a report. Buick, Chevrolet, GMC and Cadillac vehicles will have in-car voice, navigation and other Google-enabled capabilities.

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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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Morning Brief 9.17.19: Facebook's David Marcus defends Libra

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Facebook pushes back against Libra critics; HTC adds Bitcoin Cash to blockchain phone; Big banks invest in youth debit card; Ecuador suffers a huge breach.

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DataVisor Launches Feature Platform To Automate Fraud Detection

PYMNTS

DataVisor has announced the launch of its new Feature Platform, which automates fraud detection through the use of artificial intelligence and machine learning data capabilities. As the leading fraud detection platform powered by transformational AI technology, DataVisor uses proprietary unsupervised machine learning algorithms so that organizations can detect fast-evolving fraud patterns, as well as prevent future attacks.

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For many retailers, loyalty fraud is a rude awakening

Payments Source

Retailers have raised the bar in how they attract customers through rewards and loyalty programs, but not all are well-versed in how their technology also lures fraudsters.

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What Is Powering The Emerging Pawnaissance?

PYMNTS

While short-term lending in general has a pretty rough reputation, the pawn loan is the most ill-regarded arena in an already unloved category of consumer lending. By definition, a pawnbroker offers loans on items that are not accepted as collateral by traditional banks or lenders. Items that typically show up in pawn shops include jewelry, electronics and collectible items.

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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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Santander focuses on tourists with JCB acquiring pact

Payments Source

To accommodate Asian tourists, Banco Santander has launched JCB merchant acquiring operations in Spain after obtaining a license with JCB International, the international operations unit of the Japanese global payment brand.

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Finablr’s Travelex Launches B2B FinTech Platform

PYMNTS

Travelex , part of the United Arab Emirates-based Finablr , is rolling out a FinTech business-to-business (B2B) platform called Travelex Business, IBS Intelligence reported on Tuesday (Sept. 17). “Critically, working with Finablr , we have adopted a modern engineering culture with self-organizing teams in order to create and iterate on a new and innovative suite of services,” Gareth Williams, chief product and innovation officer at Travelex, said in a statement to the news outlet.

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Why Wells Fargo is jumping on the crypto bandwagon

Payments Source

It's not a reaction to JPM Coin, the banks says, but a way to speed up international payments for corporate clients.

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How Voice Will Capture The Connected Commerce Frontier 

PYMNTS

A massive sea change has happened in the world of retail – albeit so subtly and swiftly that most consumers probably never even felt it happen. Shopping went from being a discreet, defined, daily (or weekly or monthly) activity to something that has become like the background noise of modern interaction. As recently as the turn of the century, “going shopping” meant exactly that for over 90 percent of consumers: getting in a car and physically going someplace to make purchases.

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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.