Wed.Sep 18, 2019

article thumbnail

With Wirecard, UnionPay takes aim at Visa, Mastercard

Bank Innovation

China’s UnionPay, the world’s largest card issuer with 57.6% of the world’s payment cards in circulation, has global ambitions. Its latest move is a memorandum of understanding with digital payments giant Wirecard, a partnership which will help it expand to new markets and craft new payment solutions for foreign visitors to China. Wirecard, which has […].

Cards 268
article thumbnail

Greed is good … or is it?

Chris Skinner

There’s a comment that has stayed with me for a long time. It goes along the lines of if you’re earning $10 million a year then spending $10,000 is only the same as someone who earns $100,000 a year spending $100. It’s just relative. This often strikes me as I … The post Greed is good … or is it? appeared first on Chris Skinner's blog.

223
223
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How To Get Conversational For Bank Search Marketing

South State Correspondent

“What do I need to open a checking account?” and “What is the best savings account?” are two trending bank-related searches that are becoming popular. In years past, potential bank customers used to put in a utilitarian “checking account” to search banks offering checking accounts. Now, given changing search engine algorithms, better content, and more comfort using conversational searches people are using complete sentences in their search query.

How To 199
article thumbnail

Things worth reading: 19th September 2019

Chris Skinner

Things we’re reading today include … Cash strapped students targeted as money mules U.S. bankers seize on repo-market stress to push for softer liquidity rules Challenger bank Metro may be challenged on capital Why the Fed was forced to intervene in short-term money markets Consumers’ credit card spending ‘overtakes cash’ … The post Things worth reading: 19th September 2019 appeared first on Chris Skinner's blog.

Metro 179
article thumbnail

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

article thumbnail

How US Bank Is Using Machine Learning To Tackle Fraud

PYMNTS

Mobile and online banking providers have been upping their fraud protection measures over the last decade, making it more difficult for bad actors to rely on some of the schemes that previously worked in such channels. The prevalence of CNP fraud, once the bread and butter of the enterprising cybercriminal, has steadily crept downward each year alongside other forms that game customers’ credit card numbers.

Fraud 195

More Trending

article thumbnail

Connected Vehicles And The Future Of Retail

PYMNTS

The future of retail is playing out in multiple places, including the open road, while voice will help capture the connected commerce frontier. In B2B payments, a series of payment innovations is promising to put an end to some common frictions. And, in digital banking, financial institutions (FIs) are working to keep fraudsters from accessing customer information and funds on their mobile and digital channels.

Retail 190
article thumbnail

GoCardless launches direct debit option for US payers

Bank Innovation

GoCardless, the direct debit payment company based in London, is now offering its payments solution to U.S. customers. The company also opened a San Francisco office this summer to spearhead its U.S. expansion efforts. The U.S. launch opens up a sizeable swath of new business for GoCardless. The company’s business clients can offer their customers […].

article thumbnail

Global Payments, TSYS Merger Finalized In ‘Landmark Transaction’  

PYMNTS

Payments companies Global Payments and TSYS ( Total System Services ) have finalized a merger deal that creates a combined pure play payments technology company with substantial international presence and expansive scale, the company said in a press release on Wednesday (Sept. 18). The collective company will use the name Global Payments and will assist some 1,300 financial institutions and about 3.5 million merchant locations in 100-plus countries. .

Payments 181
article thumbnail

The war for talent: Managing millennials

Bank Innovation

Anyone who’s spent a frustrating afternoon explaining Facebook privacy settings to their parents can tell you that millennials are naturally good at technology. Millennials have been raised on the Internet, touch screens and the cloud, so naturally they have a more intuitive understanding of technology and can pick up systems and applications that are built […].

article thumbnail

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

article thumbnail

Open Banking Startup Bud Lays Off One-Fifth Of Workforce

PYMNTS

Open banking FinTech startup Bud is reportedly laying off up to one-fifth of its staff just months after announcing a $20 million fundraise, The Telegraph reported on Monday (Sept. 16). According to the publication, Bud is developing software that enables traditional banks to integrate directly with other financial services firms. It is part of a growing population of open banking startups looking to develop solutions around new regulations in Europe and the U.K. that promote bank-FinTech integr

Strategy 178
article thumbnail

Fighting breaches means admitting we're all vulnerable

Payments Source

Staying on top of new threat sources isn’t easy, but things will keep getting worse if we can’t openly discuss the matter, says Monica Eaton-Cardone, COO of Chargebacks911 and CIO of its parent company Global Risk Technologies.

article thumbnail

How To Make Sure Stores Don’t Die

PYMNTS

Among the defining endeavors of our time — at least for the worlds of payment and commerce — has been to bring brick-and-mortar retail stores into the new century. It’s an ongoing effort that has probably seen more failures than success stories, but that’s certainly not keeping people from betting on new innovations. The idea, as explained in a new PYMNTS interview with Adam Levene, founder of a retail technology company called Hero , is to plug the physical store, so to speak, into the larger d

How To 176
article thumbnail

Why Amazon should thank 'open banking'

Payments Source

As the tech giant restructures and reinvents its current lending program, it must take advantage of this increased access to borrowers’ banking data to strengthen and inform its lending decisions, writes Become's Eden Amirav.

Lending 105
article thumbnail

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.

article thumbnail

CFPB Looks Into Bank Of America With Credit Card Probe

PYMNTS

In a civil investigation that recently came to light, the Consumer Financial Protection Bureau (CFPB) is looking into Bank of America as part of a probe that came out of the phony accounts scandal at Wells Fargo. The Bureau is now trying to determine if Bank of America also went against the law through the opening of accounts for credit cards without customer authorization, American Banker reported.

America 172
article thumbnail

Amazon’s Western Union walk-in cash-payment program launches in U.S.

Payments Source

Months after retooling its Amazon Go store checkout process to accommodate customers who prefer to pay with cash, the e-commerce giant had added a way for consumers to pay for Amazon e-commerce purchases with cash at U.S. Western Union outlets.

article thumbnail

WEX Opens FI Commercial Payments Services Unit

PYMNTS

Commercial payments company WEX is adding a new business segment under its Corporate Payments division, created to address the payments needs of financial institution clients, the firm said Tuesday (Sept. 17). WEX said Greg Sassone will lead the new unit as Corporate Payments vice president. He joined WEX in 2015 and has held previous positions at Mastercard and Citibank.

Payments 164
article thumbnail

Sales commissions add complexity to B2B payment automation

Payments Source

Online and cloud-hosted B2B services are on the rise, breaking apart traditional payroll and exposing pain points for technology developers to address.

article thumbnail

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.

article thumbnail

FinTech InstaReM Launches Remittance Service In Canada

PYMNTS

Cross-border payments provider InstaReM is rolling out its digital money transfer services in Canada, the company said in a press release. By launching in Canada, the Thailand-based startup is strengthening its North American presence. InstaReM currently holds regulatory licenses in eight markets across 40 countries, reaching 3.2 billion people in developed and developing countries. .

Fintech 164
article thumbnail

CFPB addresses RESPA issue in its first no-action letter under the revised final policy

CFPB Monitor

In its first No-Action Letter under the new revised policy, the CFPB addresses a long-standing issue under the Real Estate Settlement Procedures Act regarding certain payment arrangements between mortgage lenders and housing counseling agencies. We previously reported on the CFPB issuing its final No-Action Letter policy and other innovation policies.

article thumbnail

How To Build A Global Digital Identity Network

PYMNTS

What does it take to build a global identity network? For starters, five billion digital identities. To that end, the global identity verification firm Trulioo said on Tuesday (Sept. 17) that it has raised C$70 million in new funding to scale into its next growth phase. The round was led by Goldman Sachs Growth Equity, with participation from Citi Ventures, Santander InnoVentures and existing investor American Express Ventures.

How To 158
article thumbnail

TSYS/Global Payments mega deal closes

Payments Source

The big payment processor/bank technology mergers that were announced early this year are officially closing, setting the stage for complicated conversions and a fierce battle for customer share.

article thumbnail

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.

article thumbnail

India Approves Ordinance To Ban eCigarettes

PYMNTS

In a move that will dash the plans for expansion of companies like Philip Morris and Juul Labs in the country, India prohibited the import, production and sale of electronic cigarettes. The ban will be made through an executive order and will come with jail terms of as long as three years for offenders, CNBC reported on Wednesday (Sept. 18). Finance Minister Nirmala Sitharaman said, according to reports, “Considering the seriousness of the impact of e-cigarettes on the youth, the cabinet has app

Virginia 152
article thumbnail

Walmart’s new credit cards have one big goal: Boost e-commerce

Payments Source

In a sign of how much Walmart Inc. is betting on e-commerce, the retailer’s revamped credit-card program with Capital One Financial Corp. offers better rewards for online shopping and checking out with its mobile app.

Cards 72
article thumbnail

Top Banks Keep Ahead Of FinTechs’ Competitive Threat

PYMNTS

The delicate balance between bank-FinTech competition and collaboration continues to teeter in the U.S. In a market without Open Banking regulations, FinTechs continue to enter in to the market, collaborating with bank partners to offer their own financial services — which often compete directly with other financial institutions. New research from Accenture pointed to this trend and its particularly large impact on the payments sector.

Fintech 144
article thumbnail

Morning Brief 9.18.19: Alipay powers a bus that works like a ride-hailing app

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Alipay's part of a mobile app bus; Postmates and the Yankees collaborate on mobile payments; Banks are wary of data sharing; Grab and Heineken partner.

Mobile 71
article thumbnail

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.