Bank Innovation
AUGUST 12, 2019
At $6 billion in refinanced student loans, digital lender Earnest is rapidly growing its reach. The seven-year-old company offers student loans and refinancing options, approving more than 50% of refinancing applications within one minute using its proprietary assessment tool. Clients can choose to customize their loan options, such as their monthly payments, and the student […].
Payments Dive
AUGUST 12, 2019
Major banks in Mexico reported problems processing debit and credit card payments on Saturday. The problem stemmed from a Prosa data center outage.
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Chris Skinner
AUGUST 12, 2019
Things we’re reading today include … German financial sector ‘expects No Deal’ and wants no more concessions from EU Could devaluation of China’s yuan trigger the next financial crisis? | Larry Elliott Investment bank job cuts are now a one-way street Digital challenger banks stockpile cash at record rate African … The post Things worth reading: 13th August 2019 appeared first on Chris Skinner's blog.
Bank Innovation
AUGUST 12, 2019
HSBC launched a digital personal loan product for U.S. consumers on Monday in an effort to improve the efficiency of the underwriting process and respond to customer demand for a digital personal loan option. The global banking giant is using tech company Amount‘s platform to support the digital loan product. “This was important for us […].
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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 12, 2019
Cyber insurance claims are spiking as a new type of ransomware targets companies across the U.S. and Europe, the The Financial Times reported on Sunday (Aug. 11). Sodinokibi is on the attack, making higher ransom demands, hijacking companies’ systems and demanding bitcoin payment in exchange for a decryption key. Cyber insurance security responder Tom Bennett of CFC Underwriting told the FT that claims surged in June and July.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
AUGUST 12, 2019
Wells Fargo announced it has hired Colleen Taylor to run its Wells Fargo Merchant Services, which shepherds the direction and oversight of its merchant services business as well as a joint initiative with Fiserv, according to a release by the company. Taylor has 30 years of experience in the payments field. Her most recent position was as an executive vice president at Mastercard , where she helped to drive growth for the company in the areas of B2B, government and payment segments.
Abrigo
AUGUST 12, 2019
The first annual ThinkBIG Conference is right around the corner. Abrigo is bringing together the nation’s leading conferences on the new current expected credit loss (CECL) standard, MainStreet Technologies’ National CECL Conference, and the leading conference on lending, credit and portfolio risk best practices, Sageworks’ Lending & Risk Summit.
PYMNTS
AUGUST 12, 2019
Most people make big purchases not so much with the total cost of ownership in mind, but how much it costs them on a monthly basis. In fact, SuperMoney founder and CEO Miron Lulic told Karen Webster, it’s how 80 percent of Americans secure a car loan. Consumers are willing to negotiate the price of car down to the last cent, but the vast majority will not negotiate the charges, interest or fees packaged into their auto loan at all — provided that they get the monthly payment down to where they
Ron Shevelin
AUGUST 12, 2019
Community banks and credit unions are cheering the Fed's announcement to develop a real-time payments system. It's a hollow victory as it doesn't address the real challenges facing those financial institutions.
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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 12, 2019
Venmo has added another option for instant transfer of money to a bank account, according to a blog post by the company on Monday (Aug. 12). “Having money in your Venmo account is an awesome feeling — it makes paying friends and family that much easier,” the company said. “We also know that sometimes you need other ways to access that money. This week, we’re excited to announce another way for you to instantly access your funds!”.
Payments Source
AUGUST 12, 2019
The difficulty of detecting synthetic fraud has caused it to quickly develop into the primary method of attack for criminals, says Monica Eaton-Cardone, COO of Chargebacks 911 and CIO of its parent company Global Risk Technologies.
PYMNTS
AUGUST 12, 2019
By the numbers, 2019 is a good year for corporate card innovation. According to the Corporate Credit Products edition of the Innovation Readiness Playbook™ , 74 percent of FIs offer corporate credit products and 94 percent are currently developing new products or planning to do so within the next year. Among top-performing financial institutions, 86.7 percent are already investing in corporate credit innovation.
Payments Source
AUGUST 12, 2019
E-commerce's dramatic expansion gives any merchant the opportunity to sell in any market. That leaves payment providers scrambling for an angle in a crowded market.
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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 12, 2019
Shoe shopping can be the bane of any parent’s existence, because children’s feet grown unspeakably quickly. Nike has decided to help solve that problem for parents, and perhaps invest in creating customers for life, with the launch of a new subscription program geared specifically toward children, according to a report on Monday (Aug. 12).
Payments Source
AUGUST 12, 2019
Mexico is considering a ban on the use of cash for purchasing gasoline and to pay for tolls as a way to fight tax evasion and money laundering, according to people with direct knowledge of the discussions.
PYMNTS
AUGUST 12, 2019
A new report has estimated that losses related to cryptocurrency thefts, scams and fraud could reach $4.3 billion this year. Cryptocurrency security firm CipherTrace revealed that crypto criminals have already stolen more than $1.2 billion in the first quarter of 2019. Criminals stole more than $356 million in crypto from exchanges and infrastructure during the first quarter of 2019, with exit scams — where founders of crypto companies make off with the money — took nearly $195 million from cryp
ATM Marketplace
AUGUST 12, 2019
Criminal gangs have been stealing gas in Mexico for decades, but in recent years, the situation has spun out of control. Putting a stop to corruption requires tracking money flows, which is hard to do in a country where cash is king.
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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 12, 2019
Business email compromise has come to high school sports. As reported this past week by Fox 5 in Washington, D.C., more than a half-million dollars of taxpayer money in Virginia’s Spotsylvania County has been taken in tandem with a BEC scam — and the money was supposed to be used to build a football field for a local high school. “The real vendor responsible for the field is still awaiting payment,” reported the site.
Payments Source
AUGUST 12, 2019
As the competition mounts to increase adoption rates for person-to-person payment apps, PayPal's Venmo is adding a way for users to quickly move money from the app to their bank account.
PYMNTS
AUGUST 12, 2019
Geopolitical volatility in the U.K. related to Brexit uncertainty is having widespread ramifications in the financial world. One area of impact is small business finance and lending, with small businesses and lenders seeing a slowdown in demand. It’s a trend that starkly contrasts with continued growth in small and medium-size business (SMB) finance in the U.S., according to the latest data.
Payments Source
AUGUST 12, 2019
The London-based retail foreign exchange firm ChangeGroup has acquired the retail branch arm of the Swedish finance group SVEA Ekonomi to serve consumers who continue to demand cash payments.
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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 12, 2019
The funding round was led by PTB Ventures, with help from Accion Venture Lab, Financial Venture Studio and Techstars. Founded by Lamine Zarrad and George Kurtyka in 2017, Joust aims to help independent professionals find more financial stability and avoid late payments amid the irregular payment system for freelance work. The bank guarantees invoice payments and has a “PayArmour” feature for same-day funding, which is available as an app in Google Play and the Apple App Store.
Tom Groenfeldt
AUGUST 12, 2019
EQ Bank has brought all-digital banking to Canada with Temenos T24 core banking technology.
PYMNTS
AUGUST 12, 2019
Uber shares have hit their lowest level ever following devastating Q2 losses of $5.2 billion, according to a report by CNBC. The shares fell 7.6 percent to $37, the company’s lowest close ever. The previous low was on May 13 at $37.10. Since it first started trading publicly in May, Uber has lost almost 20 percent of its value from its IPO price of $45 per share.
Payments Source
AUGUST 12, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: Amazon extends robot delivery; HSBC adds more currency to commercial card; Ireland makes PSD2 concessions; Ripple's looking for investments.
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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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