Mon.Sep 16, 2019

article thumbnail

Corporate cloud-based payments: what’s that all about?

Chris Skinner

I was recently asked by Volante Technologies to consider what being a digital bank means, specifically for a commercial bank and, even more specifically, the bank’s payments and treasury services. After all most of the focus on digital banking and digital payments has been in the retail sector, where consumers … The post Corporate cloud-based payments: what’s that all about?

Payments 311
article thumbnail

How TD wants to bridge the confidence gap with AI-based tools

Bank Innovation

Canadians may accept that AI is a part of their lives, but many express concerns about the potential risks that the application of the technology presents, including biases. That’s according to a recent TD Bank survey of 1,200 Canadian adults carried out by Environics Research. According to Matt Fowler, vice president of enterprise machine learning […].

Tools 240
Insiders

Sign Up for our Newsletter

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

article thumbnail

What The Trendsetters Say About How We Will Pay Next Decade

PYMNTS

Sheep are not natural-born leaders. If they were, they wouldn’t need border collies or sheepherders to make sure that they didn’t follow wolves blindly into harm’s way and that they ended up where they needed to be at the end of the day. Recognizing this, in the late 13 th century, sheepherders decided to make their lives (and that of their border collies) a little easier.

article thumbnail

Things worth reading: 17th September 2019

Chris Skinner

Things we’re reading today include … How long will Jamie Dimon’s magic touch last? Deutsche Bank is first to settle bond-rigging lawsuit, amid federal probe Hong Kong’s bourse seeks to snap up the London Stock Exchange Steven Mnuchin begins reforming America’s giant mortgage-guarantee firms Google to pay €1bn to end … The post Things worth reading: 17th September 2019 appeared first on Chris Skinner's blog.

Google 193
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

Credibly teams up with Wirecard for instant funding, better customer data

Bank Innovation

Credibly, a small business lending company, is partnering with Wirecard to disburse instant funds and access businesses’ spending data. The partnership is an attempt by Credibly to grow its customer base through better offerings and better risk management. By offering instant funds, the company hopes more small businesses will be drawn to the platform.

Data 186

More Trending

article thumbnail

New Community Bank Sentiment Index Shows Bankers Largely Positive

Abrigo

Community bankers are largely positive about the future, based on the first results of a new index gauging business sentiment among the financial professionals who serve a critical role in local economies. More than two-thirds of community banks surveyed for the Conference of State Bank Supervisors (CSBS) Community Bank Sentiment Index indicated they expect business conditions will be the same or better in the next 12 months.

article thumbnail

Mozilla, Creative Commons Partner With $100M Web Payments Fund

PYMNTS

Three companies have joined forces to change the way things are paid for online with a native web payments standard, according to a report by TechCrunch. To help the initiative get off the ground, the three organizations — Coil, Mozilla and Creative Commons — have a $100 million grant called Grant for the Web. The new protocol is meant to monetize the web in a way that’s standard and that everyone can use.

Payments 191
article thumbnail

Examiners’ Shift in Focus Calls for Institutions to Develop a Risk-Based AML Program

Abrigo

The burden of extensive regulatory exams on a financial institution’s BSA/AML program has taken its toll on the financial crimes industry for years. In an effort to improve the effectiveness and efficiency of those regulatory exams, the collective financial institution regulatory bodies (the Agencies) issued a Joint Statement on Risk-Focused Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Supervision (the Statement) on July 22, 2019.

Resources 150
article thumbnail

New Report: How Consumers Use Connected Devices To Shop And Pay

PYMNTS

Voice is connected commerce’s killer app. That is just one of five critical findings highlighted in How We Will Pay 2019 , a PYMNTS, Visa collaboration examining how consumers use a wide range of connected devices to shop and make purchases. This report — the third in our annual series — shows the results of a national study of 5,000 U.S. consumers who documented their shopping and purchasing experiences over a seven-day period in mid- to late-July of 2019.

Report 188
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

The CFPB's turning up the heat on remittance companies

Payments Source

The CFPB’s enforcement action against Maxi suggests that the CFPB may more aggressively enforce certain rules going forward, writes Jeffrey Alberts and Dustin Norfizer of Pryor Cashman.

Company 120
article thumbnail

What MyPayrollHR Debacle Says About Payroll’s Future

PYMNTS

Perhaps everyone’s worst nightmare came true for 250,000 employees of 4,000-5,000 small businesses over Labor Day weekend: Payday came, and paychecks didn’t. In fact, it was much worse. In some cases, the direct deposits appeared briefly in employee bank accounts before being abruptly pulled — as many as three times as the platform responsible for making those direct deposits reversed and reversed deposits in an effort to make employees whole.

System 175
article thumbnail

AI comes to AML as compliance challenges rise

Payments Source

As anti-money laundering requirements tighten in many jurisdictions, financial institutions and fraud prevention platforms are ditching legacy AML solutions for newer technology — but alternatives aren’t easy to come by yet.

article thumbnail

 Plot Thickens as FBI Probes Alleged MyPayrollHR Fraud

PYMNTS

So now, the investigation deepens and broadens, with payroll fraud under the microscope. News came at the end of the week that the Federal Bureau of Investigation and the New York State Department of Labor are investigating the allegations swirling around MyPayrollHR , which abruptly shut down earlier in the month — and where the allegations center on whether the company diverted millions of dollars into its coffers that should have gone to employees.

Fraud 174
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

Plaid gets strategic investment from Mastercard and Visa

Payments Source

Plaid, the San Francisco-based financial technology infrastructure provider, has received strategic investments from Mastercard and Visa as part of a $250 million round of funding. Plaid did not disclose the two networks' specific investments.

article thumbnail

UnionPay, Wirecard Team Up For Global Expansion

PYMNTS

Wirecard and UnionPay have partnered up and signed a memorandum of understanding (MoU) to expand globally, according to a release. The agreement between the two companies is meant to help support UnionPay’s continuous push for international growth while also fueling Wirecard’s presence in China. UnionPay has issued more than 7.59 billion cards, which makes up about 57.6 percent of the cards in circulation around the world.

Cards 170
article thumbnail

If California has its way, gig workers will be employees

Matt Wilcox Pro

Last week, one day after I posted about the payments aspect of the rapidly growing gig economy, the California State Legislature passed Assembly Bill 5, colloquially known as the “Gig Economy Rights Bill.” The bill will require the likes of Uber, Lyft, and other gig firms to bestow employee status upon gig workers, who are currently treated as independent contractors.

article thumbnail

Amazon Denies Algorithm Manipulation Claims

PYMNTS

Amazon has responded to a recent story in The Wall Street Journal which claimed the eCommerce giant has changed its algorithm to benefit its profitability, pushing its own products higher in search. “@WSJ story based on anonymous sources is wrong,” the company tweeted on Monday (Sept. 16). “We have not changed the criteria we use to rank search results to include profitability.

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

Morning Brief 9.16.19: French politician vows to stop Libra in France and Germany

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: More political pushback for Libra; Mastercard expands use of blockchain for supply chains; Meniga powers incentive marketing for climate causes; Swipe debuts its cryptcurrency wallet.

article thumbnail

Kazakh FinTech Rumored To Aim For $5B IPO Valuation

PYMNTS

A FinTech group from Kazakhstan part-owned by Baring Vostok and Goldman Sachs is structuring a London IPO that is the largest listing by a central Asian company since the global financial crisis, the Financial Times reported Monday (Sept. 16). Payments, finance and eCommerce marketplace startup Kaspi.kz is predicted to sell existing shares on the London Stock Exchange (LSE).

Fintech 156
article thumbnail

Why fintech rollouts are magnets for fraud

Payments Source

Hackers go in for the kill when challenger banks and others launch retail products. So the companies are forced to step up their defenses — fast.

Fraud 72
article thumbnail

Libra CEO Says Proposed Crypto Is A Payment Network, Not A New Currency

PYMNTS

Calibra CEO David Marcus, who’s heading up the organization pushing the proposed Facebook cryptocurrency Libra, has taken to social media to dispel the idea that the crypto is a danger to the status quo of the global economy, according to reports. . While many central banks and Libra reps were meeting in Basel , Switzerland, Marcus took the time to break some things down about the crypto on Twitter.

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

Mastercard Launches A New B2B Effort To Displace Checks

Tom Groenfeldt

Checks have remained remarkably resilient in U.S. business payments. Will Mastercard's combination of a business directory and the ability to transmit invoice information with the payment, move more firms from paper to digital?

article thumbnail

New Square Tool Helps SMBs Create Separate Tax Infrastructures

PYMNTS

Square has announced a new, free tool to help businesses file for an Employer Identification Number (EIN) called the EIN Assistant, according to a release. The tool’s purpose is to simplify the difficult EIN acquisition process to create a separate tax infrastructure for the business. In layman’s terms, an EIN is like a business’ Social Security number; the Internal Revenue Service (IRS) uses it to help identify businesses when it comes to tax issues.

Taxes 152
article thumbnail

U.S. investors fund Mexican lenders targeting underserved merchants

Payments Source

Goldman Sachs, Elevar Equity and QED Investors are among institutions financing Mexican lenders that fund SMEs.

Lending 82
article thumbnail

Startups, Instant Payments Could Put $280B In Global Payments Revenue At Risk For Banks

PYMNTS

As more startups penetrate the $1.5 trillion global payments market with free services, banks could lose as much as $280 billion in revenue by 2025, according to an Accenture report and press release circulated on Monday (Sept. 16). Financial institutions currently control the international payments sector — anticipated to reach $2 trillion globally by 2025 — but startups will continue to crowd the market, taking 15 percent of banks’ revenues, Accenture said in the report. .

Payments 150
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.