Chris Skinner
AUGUST 14, 2019
Who wants transparency when you can have magic? Do you watch The Crown? If not, maybe you should as Series 3 is about to begin with Olivia Coleman, a great actress. The first two series weren’t bad either, with Netflix spending $130 million on the season (around $10 million per … The post Is transparency a good thing? appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 14, 2019
India’s leading bank leverages FSS Aadhaar Token Gateway to tokenize 5M Aadhaar records and protect customer data against breaches. Learn more!
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Chris Skinner
AUGUST 14, 2019
Things we’re reading today include: Barclays ends partnership with cryptocurrency exchange Coinbase BCR awards £10m to Atom bank ECB tells UK banks to speed up staff moves to EU as Brexit looms German economy slips back into negative growth German fintech N26 appeases regulators as it eyes future IPO Monzo … The post Things worth reading: 15th August 2019 appeared first on Chris Skinner's blog.
Bank Innovation
AUGUST 14, 2019
As e-commerce merchants’ needs become more complex, the ecosystem of small-scale lenders continues to expand to meet demand. On Wednesday, U.S.-based e-commerce loan provider SellersFunding announced its expansion plans to Canada and the U.K., a bet on the growing number of small merchants who can’t access capital from banks. “The model is based on forward-looking […].
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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
PYMNTS
AUGUST 14, 2019
Paige A. Thompson , who has been accused of hacking into Capital One ’s cloud and compromising the data of 100 million people, may have also hacked into upwards of 30 other companies, according to a Bloomberg report. Thompson was arrested in July and has a past that includes threatening the lives of others and saying she would commit “suicide by cop,” according to information filed in court on Tuesday (Aug. 13).
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
AUGUST 14, 2019
As PayPal reaches saturation points in Western markets, it wants to continue to expand internationally, especially in India, where the country’s 450 million mobile users make it an attractive target for retailers. The Financial Times is reporting that PayPal launched a domestic business in India in 2017, which allows for local and global payments in the country.
Bank Innovation
AUGUST 14, 2019
Wirecard, a Germany-based payments firm that works with brands and retailers, recently launched its first U.S. mobile application in an effort to expand its reach across the Atlantic. The 20-year-old publicly-traded company, which recently reported consolidated revenues of $1.3 billion for the first half of this year, processed more than $6 billion in transactions during that […].
Abrigo
AUGUST 14, 2019
Many in the financial crimes community have been waiting for some sort of guidance on banking cannabis-related businesses. The Secure and Fair Enforcement (SAFE) Banking Act was introduced to address the cannabis banking issue and the accompanying lack of banking services to the cannabis industry, forcing significant amounts of cash to be stored in vaults or underground.
Bank Innovation
AUGUST 14, 2019
CIT Bank will acquire Mutual of Omaha Bank for $1 billion in cash and stock to help grow its deposit and commercial banking business, the company confirmed on Tuesday. A spokesperson for CIT said the bank was attracted to Mutual of Omaha Bank because of its technology in the deposits and payments areas. Mutual of […].
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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
PYMNTS
AUGUST 14, 2019
The cross-border payment market is thriving, and trends are expected to continue over the next few years. In fact, cross-border payments are expected to reach $240 billion in value by 2024. For these transactions to run smoothly, however, communication must remain seamless and secure. Companies separated across borders want payments to be delivered on time so they can meet their payment deadlines, access capital and deliver products in a timely fashion.
Payments Source
AUGUST 14, 2019
Were the Fed to develop its own payments platform, it would be expensive, duplicative, inefficient, and curtail development of real-time services, argues the National Taxpayers Union's Thomas Aiello.
PYMNTS
AUGUST 14, 2019
Making the leap to better supplier onboarding — through digital, rather than paper — means breaking down the silos. In a conversation with PYMNTS, Julien Nadaud, senior vice president of innovation at Corcentric , said that within companies, different departments rarely communicate with each other or share data, leading to inefficiencies that, down the line, stymie optimal cash flow management.
Gonzobanker
AUGUST 14, 2019
Let’s be honest. When most financial executives read the headline “Capital One Data Breach,” they had two thoughts: How is this going to impact the financial sector? Thank goodness it wasn’t my institution! It’s not that executives are unsympathetic. They know the aftermath of a data breach is like experiencing every circle of Dante’s hell.
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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.
PYMNTS
AUGUST 14, 2019
Credit Karma users took to Reddit and Twitter on Wednesday (Aug. 14) to complain that when they logged in to the service, they were given other people’s account information, according to a report by TechCrunch. “First time logging in it gave me my information, but as soon as I refreshed the screen, it gave me someone else’s info,” one Reddit user said.
Payments Source
AUGUST 14, 2019
Payment companies have made substantial investments into new identity rules in Europe, but the deadline has become a moving target with different agencies offering conflicting or unclear guidance.
PYMNTS
AUGUST 14, 2019
Cooperation in an environment that is rapidly advancing on many technological fronts was the theme when FinCEN Director Kenneth A. Blanco took to the stage at the 12th Annual Las Vegas Anti-Money Laundering Conference yesterday (August 13). When it came to technology, Blanco was specifically interested in – and concerned about – two main areas.
Payments Source
AUGUST 14, 2019
Tipping the valet can be tough without cash in hand. It’s only one of many cash-payment scenarios that don't translate well into digital payments, where P2P apps typically emphasize social connections over anonymity.
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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.
PYMNTS
AUGUST 14, 2019
New developments could speed up instant payments in the U.S. Last week, the Federal Reserve announced it would give some competition to The Clearing House’s Real Time Payments (RTP) with its own real-time payments service, FedNow. This is a significant advance, considering it will be the biggest infrastructure upgrade since the ACH system went online in 1972.
CFPB Monitor
AUGUST 14, 2019
The Federal Reserve Board has determined that the Federal Reserve should take the following two actions: Develop a new interbank 24x7x365 real-time gross settlement (RTGS) service to be offered by the Federal Reserve Banks to directly support faster payments and to be called the FedNow Service. Explore expanding the hours of the Fedwire Funds Service and the National Settlement Service (NSS), up to 24x7x365 to support liquidity management in private-sector RTGS services for faster payments.
PYMNTS
AUGUST 14, 2019
Business expense management firm Bento is introducing a new solution, Bento Pay, which allows business owners to make payments using only an email address. In a press release Tuesday (Aug. 13), Bento for Business announced the Bento Pay solution, which allows payment recipients to provide their bank credentials to accept money more quickly. Users connect their email addresses to their bank accounts and routing information within Bento Pay to deposit money within their bank accounts.
Payments Source
AUGUST 14, 2019
Black and Hispanic owners of one-person businesses are more likely to be discouraged from applying for financing, and they’re less likely to receive financing when they do apply for it, than their white counterparts, according to a new report from the New York Fed.
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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.
PYMNTS
AUGUST 14, 2019
A large breach of personal data, including one million fingerprints, facial recognition info, passwords and other sensitive information, was found to be publicly accessible by a company that provides centralized data access for security organizations, according to a report by The Guardian. The company, called Suprema, created the biometrics -based Biostar 2 lock system.
Payments Source
AUGUST 14, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: Contactless at the university; LinkedIn co-founder helps launch smart contracts for subscriptions; Alipay and WeChat Pay's processor draws funds; Coincorner pays its staff in crypto; Domino's tries e-bike delivery.
PYMNTS
AUGUST 14, 2019
Amazon is launching a new program that will allow third-party sellers to donate excess or unwanted inventory to charity. The new program — Fulfillment by Amazon (FBA) Donations — enables sellers to store their inventory in the eCommerce giant’s warehouses in the U.S. and U.K., and then donate those items to a variety of charities, according to CNBC.
Payments Source
AUGUST 14, 2019
Regulatory sandboxes can create a lot of opportunity for the winners but inadvertently put losers at a competitive disadvantage.
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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.
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