Mon.Oct 07, 2019

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What does the term ‘challenger’ really mean?

Chris Skinner

I had a few people haul me up over my critique of Nicholas Megaw’s article in the FT last week, including Nicholas himself. I realised post the post that the issue is definitions. In general, the term challenger banks has become accepted to be used in FinTech circles as banks … The post What does the term ‘challenger’ really mean? appeared first on Chris Skinner's blog.

Fintech 298
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Affirm rolls out virtual card for checkout loans

Bank Innovation

The point-of-sale loan is evolving to a digital card that feels like a credit card but isn’t nearly as tough on customers’ budgets. On Monday, point-of-sale lender Affirm rolled out a new app that allows customers to shop at “virtually any store” and split their payments over time. The new app avails customers of the […].

Cards 265
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Healthcare Looks To 5G For Cost Control

PYMNTS

The new 5G mobile network technology has started to make its initial foray into healthcare, and at a time when issues of cost, efficiency and accessibility are gaining even more focus than was the case before. As all that happens, potential use cases for 5G in the healthcare space are taking at least rough shape. Various deployments might take years to play out, given the bureaucracy and legacy inertia common in the massive healthcare industry.

Analysis 196
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Robinhood adds ex-SEC official to board after regulatory issues

Bank Innovation

Robinhood is getting a new board member: Dan Gallagher, a former commissioner for the U.S. Securities and Exchange Commission. The addition comes almost a year after a planned Robinhood checking account product was torpedoed by regulatory and insurance questions. Gallagher will be Robinhood’s first independent board member, the startup plans to announce Monday.

Security 150
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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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Vocalink CEO: The Three Guideposts For Navigating Payments’ Evolution

PYMNTS

The good news for customers — and the challenge for financial services players, both established and emerging as the decade comes to a close — is that when it comes to payments, this is the era of customer choice. Walking around at the Sibos conference in London last week, Vocalink CEO Gregor Dobbie said the big takeaway is that this industry is undergoing not one, but several foundational shifts as a plethora of new ideas and methods are flooding into the market.

Payments 167

More Trending

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India Lodging Startup OYO Raises $1.5B Led By Founder, SoftBank

PYMNTS

India-based hotel and booking startup OYO announced a $1.5 billion funding round led by founder Ritesh Agarwal, SoftBank’s Vision Fund, Lightspeed Venture Partners and Sequoia India, Bloomberg announced on Monday (Oct. 7). Agarwal, who founded OYO in 2013, will triple his interest in the firm with a $700 million investment to buy new shares, bringing its valuation to $10 billion.

Branding 162
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Contactless payments push credit cards past debit in Canada

Payments Source

Contactless payment transaction volume is soaring in Canada to the point where total credit card transaction volume is edging out debit card transactions for the first time because many consumers are using credit cards to tap and pay.

Cards 98
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Xevo CEO: Why OEMs Will Win The Race For The Connected Car’s Future

PYMNTS

More than a century of automotive culture has brought many exiting eras. Think about how the affordable Ford Model T opened up car ownership to the masses, or the macho fun of the muscle car era, or even the more mundane joy of the fuel-efficiency revolution over the last generation or so. Another exciting time is playing out now before our eyes: the rise of the connected vehicle ecosystem, and the race to get market share for various software and platforms vital to this area of payments and com

Google 159
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CFPB files lawsuit against debt collector FCO Holding, Inc. and CEO Michael E. Sobota

CFPB Monitor

On September 25, 2019, the CFPB filed a lawsuit in federal district court in Maryland against Maryland-based debt collector FCO Holding, Inc. (“FCO”), its various subsidiaries and Michael E. Sobota, the CEO, president, director, and owner of FCO. According to the lawsuit, FCO and Sobota operate the largest debt-collection company in the multi-unit housing industry, collecting debt on behalf of large apartment complexes, including student and military housing, and assisted-living facilities.

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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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Britain Is Considering Banning Crypto-Related Derivatives

PYMNTS

Britain is reportedly considering banning the sale of derivatives involved with cryptocurrency assets, such as bitcoin. Reuters is reporting that worldwide crypto exchanges are asking the country’s market watchdogs to refrain from the ban, and are claiming they are well-prepared to protect customers who choose to trade crypto. Many customers believe that certain crypto-related products could offer lucrative business opportunities for those willing to purchase them.

Bitcoin 158
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Banks can take advantage of real-time pay before FedNow

Payments Source

Banks and merchants can already access solutions that can provide a real-time experience and process payments on the best set of rails for any particular use case, says BillGo's Kelly Seidl.

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B2B Fraudsters Find New Twists In Old Scam Favorites

PYMNTS

Fraud never sleeps, and the corporate finance department cannot afford to stay behind on the ever-changing strategies of fraudsters. This week’s B2B Fraud Tracker looks at the latest cases and allegations of fraud, which show rising sophistication in fraudsters’ tactics: internal bad actors are no longer acting alone, BEC scams are no longer reliant on chance and financial institutions face a growing trend in loan fraud.

Fraud 157
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Why cash will remain vital to global financial inclusion

Payments Source

The challenge with cash is its nature makes it hard to transition away from it. On the other end of the scale, digital-only businesses may never accept cash, meaning they may always exclude the cash-based consumer.

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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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Affirm Expands Installment Payment Options To Any On, Offline Store

PYMNTS

Silicon Valley FinTech Affirm is rolling out a new app that will give customers a way to shop at almost any store and split their payments, the company announced in a press release on Monday (Oct. 7). “Over the past 7 years, millions of customers have come to love the simplicity and transparency of shopping with Affirm — and they want to use our product everywhere,” said Max Levchin, co-founder and CEO of Affirm.

Payments 139
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And Now, a Word from Your Human Resources Leaders

Gonzobanker

“Lisa, if you don’t like your job you don’t strike. You just go in every day and do it really half-assed. That’s the American way.” —Homer Simpson. Some of the Cornerstone team spent two days in roundtables recently with human resources leaders from banks and credit unions. This was a smart, passionate and fun group of people who talked long and hard about issues facing HR teams.

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Domino’s Supreme Court Decision Spotlights Online Web Accessibility

PYMNTS

When it comes to QSR and mobile innovation, pizza seller Domino’s has earned itself a leading position. Now, thanks to a court case brought against the chain by a blind consumer, we can probably expect more innovation in the coming years to make eCommerce more accessible to people with disabilities. On Monday (Oct. 7), the U.S. Supreme Court decided it would not hear a case brought against Domino’s by Guillermo Robles, who filed the suit three years ago.

Online 138
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Bank of Thailand biometric security pilot hits a snag

Payments Source

None of the 10 financial institutions in the Bank of Thailand's electronic know your customer verification test have completed the trial, raising a red flag for the myriad biometric risk projects underway.

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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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Lawsuit Accuses Tether Backers Of Popping ‘Largest Bubble In History’

PYMNTS

The companies in charge of the stablecoin cryptocurrency Tether are being sued and accused of “propping and popping the largest bubble in history.” As a result, the plaintiffs say, $265 billion in crypto value simply disappeared. Bloomberg is reporting that the lawsuit was filed in the U.S. District Court for the Southern District of New York on Sunday (Oct. 6), and that the defendants are accused of manipulating the price of Bitcoin.

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Morning Brief 10.7.19: Paytm's new partnership pushes public WiFi

Payments Source

The information you need to start your day, from PaymentsSource and around the web. Today: Paytm extends wireless; Tim Cook takes a veiled shot at Libra; European regulators warn banks on AML; Ohio shuts crypto tax payment site.

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SEC’s Moves To ‘Modernize’ ETFs Hint At Crypto Future

PYMNTS

The U.S. Securities and Exchange Commission (SEC) is seeking to “modernize” the regulation of exchange-traded funds (ETFs) in a bid to make those investment vehicles more innovative, and give them quicker entrance to the market. Might that pave the way for the emergence of cryptocurrency ETFs? This SEC move comes as crypto ETF launches — particularly those focused on bitcoin, arguably the marquee name in digital coins — have had a bumpy road.

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How BBVA picks its fintech partners

Payments Source

Susan French, head of product at BBVA Open Platform, discussed the bank's vetting of fintech partners and how it deals with the competitive threat that their products present.

Fintech 70
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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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Big Tech Privacy Bill Faces Delays

PYMNTS

Big Tech has faced a number of inquiries growing in scope and scrutiny as lawmakers have been focused on competitive practices and efforts to ensure data privacy and protection. To that end, Congress is reportedly not likely to pass legislation that will focus on data protection. Reuters reported that Congress is not likely to pass a federal data protection bill in 2019.

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NCR buys Midwest POS to add to its restaurant base

Payments Source

As fintechs like Stripe and Square close in on NCR's traditional businesses, the technology company is adding scale in southeastern markets through a purchase of Midwest POS Solutions.

Fintech 67
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Trending: How EU Regulators Are Complicating SCA Compliance

PYMNTS

Strong Customer Authentication (SCA) is just weeks-old and already mired in controversy. Merchants in the European Union (EU) are still wondering exactly what changes the regulation will bring when it comes to their relationships with customers. Meanwhile, payment service providers (PSPs) are scrambling to find ways to authenticate these customers without adding friction to online transactions.

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Winning consumers means making payments invisible

Payments Source

Visits and conversion rates are important, but it’s also important to monitor what happens between the moment someone enters your website and the moment they decide to make a purchase, says Robin Reodica, product management executive at Bank of America Merchant Services.

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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.