Wed.Jul 10, 2019

article thumbnail

Banks and FinTech Partnerships: a Clash of Extremes

Chris Skinner

A few years ago, I posted a guest article from Philippe Gelis, co-founder and CEO of FX firm Kantox, on Why FinTech Banks will rule the world. It was very popular and made my top ten posts of 2015, and Philippe has been kind enough to let me share another … The post Banks and FinTech Partnerships: a Clash of Extremes appeared first on Chris Skinner's blog.

Fintech 418
article thumbnail

Kleptocracy – What Does it Mean to Community Financial Institutions?

Abrigo

The term kleptocracy has been used in the financial crimes profession for years, but many AML professionals do not understand its meaning and therefore are not adequately monitoring for it within their BSA/AML program. So, what is a kleptocrat? A kleptocrat is a term associated with political corruption and is defined as a ruler who uses their power to steal their country’s resources.

Community 265
Insiders

Sign Up for our Newsletter

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

article thumbnail

Things worth reading: 11th July 2019

Chris Skinner

Things we’re reading today include … Digital banks seek to turn popularity into profits At a Grim Moment for Banking Jobs, Citigroup Says It’s Hiring HSBC urged to apologise after boss praised Chinese regime Kids empty their parents’ bank account trying to buy Lionel Messi on FIFA 19 Making banking … The post Things worth reading: 11th July 2019 appeared first on Chris Skinner's blog.

article thumbnail

Remitly secures $220m to add services beyond remittances

Bank Innovation

Remitly, a Seattle-based online international money transfer service, announced $220 million of new financing on Wednesday to expand its global customer reach and stretch beyond remittances into other areas of financial services. Matt Oppenheimer, co-founder and CEO of Remitly, said he couldn't get into specifics on the additional financial services the company plans to provide, […].

Seattle 210
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

Changing Payments and Bank Strategy

South State Correspondent

BANK STRATEGY One item that should be on every bank’s strategic horizon is how to adapt to the changing face of payments. If you are one of those bankers that say, “Cash won’t go away in my lifetime,” you could be right. However, we would posit that the sentiment is the wrong way to frame the challenge and the rationalization that you don’t have to worry about cash, checks and the payment channel will likely lead you to disaster.

Strategy 191

More Trending

article thumbnail

Digital change outcomes impact bank performance

Accenture

In Formula One auto racing, the pole position—the front-of-the-line starting position won by the top qualifier prior to a race—is strongly correlated with first-place and top-five finishes. Yet, the fact that the pole car isn’t victorious in even more races is prompting racing engineers to assess the impact of other in-race factors, like the longevity of tires.

article thumbnail

Open Bank Project’s Chaib: Open APIs will benefit banks and startups

Bank Innovation

Good news for fintech startups: In the future, every bank will have an API. That’s according to Ismail Chaib, chief operating officer at Open Bank Project, a Berlin-based open source API platform for banks. He sat down with Bank Innovation’s sister accelerator INV Fintech on Monday to discuss emerging trends in open banking and lessons […].

Fintech 199
article thumbnail

African Mobile Payments Startup OPay Raises $50M

PYMNTS

African payments startup OPay has raised $50 million in funding after investors such as Sequoia China, IDG Capital and Source Code Capital joined in the latest round, according to a report. Norwegian browser company Opera , the founder of OPay, also contributed its own investment in the mobile payments startup with hopes of growing the company into a leader in mobile payments.

Mobile 176
article thumbnail

Open Bank Project’s Chaib: Open APIs will benefit banks and startups

Bank Innovation

Good news for fintech startups: In the future, every bank will have an API. That’s according to Ismail Chaib, chief operating officer at Open Bank Pro.

Fintech 170
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

Lime Taps PayPal’s Hyperwallet For Global Payouts

PYMNTS

Juicing gig economy payouts — literally. Hyperwallet , the PayPal service, said Wednesday (July 10) that it will handle outbound payments for Lime , the scooter rental platform. In terms of the mechanics of the collaboration, Lime will send payments to what is billed as the scooter “juicer” force that exist as a network of freelancers who get paid to charge the scooters.

article thumbnail

Remitly secures $220m to add services beyond remittances

Bank Innovation

Remitly, a Seattle-based online international money transfer service, announced $220 million of new financing on Wednesday to expand its global custom.

Seattle 170
article thumbnail

Cambridge Global Payments Automates X-Border AP

PYMNTS

FLEETCOR -owned Cambridge Global Payments has announced the launch of its Invoice Automation Solution. Cross-border commercial payments and FX management firm Cambridge Global Payments said in a press release Tuesday (July 9) that its Invoice Automation Solution is now available as an integrated tool that streamlines the invoice-to-pay process for cross-border transactions.

Payments 161
article thumbnail

Brazilian challenger banQi is working with a mass retailer to lock in customers

Bank Innovation

BanQi is getting physical with retailer Via Varejo. Airfox, a three-year old Brazilian financial startup that has raised more than $16 million, wants.

Retail 170
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

Facebook’s Libra And The Future Of Digital Identity

PYMNTS

With the digital identity market expected to reach $15 billion by 2024, major ID providers such as Google and Apple are racing to improve the identity verification experience. Their presence is felt in every corner of digital life: utilizing these providers to log in to third-party websites has become ubiquitous, along with the ability to pay for goods and services via the developers’ proprietary payment methods.

Apple 158
article thumbnail

Banks are ignoring the faster payment needs of small businesses

Payments Source

Finding a fast and easy way to receive payments remains a top priority for these businesses. And yet, they are frequently left out of the industry’s faster payments conversation, writes Steve Robert, co-founder and CEO of Autobooks.

Payments 114
article thumbnail

Visa Invests In Crypto Storage Firm Anchorage

PYMNTS

In its second known investment in a cryptocurrency startup, Visa has reportedly invested millions in the crypto storage company Anchorage. The payments firm co-led the funding round along with digital currency-focused venture capital firm Blockchain Capital, Fortune reported. Terry Angelos, who heads up Visa’s FinTech efforts, said the company is interested in supporting “companies like Anchorage who are working to provide secure infrastructure to the growing ecosystem of digital assets.&#

article thumbnail

7.10.19 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: U.K. issues GDPR fines; Dutch authorities block using payment data for marketing; Uber gets a transit boost in Denver; FitPay expands its Flip app.

Denver 93
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

Canada’s Path Toward B2B Payables Modernization

PYMNTS

Canada is embracing the payments modernization journey, with organizations like Payments Canada driving adoption of faster, more agile payment functionality in the country. Some of the biggest industry trends, including faster payments, open banking and bank-FinTech collaboration, have found their ways into the Canadian market, the B2B payments space is not immune to disruption from these shifts.

Data 156
article thumbnail

Hyperwallet lands 'juicer' payment role for Lime scooter rentals

Payments Source

As the urban mobility trend of scooter rentals continues to grow, PayPal's Hyperwallet will have a role in handling outbound payments from rental platform Lime to its network of freelancers who recharge the fleet of scooters.

article thumbnail

EU Central Bank: Crypto Doesn’t Count As Currency

PYMNTS

The European Central Bank (ECB) opened up about cryptocurrency and said it wouldn’t recognize it as an actual currency, according to reports. The bank also said it didn’t have any plans to put bitcoin into its reserves. The bank was responding during a question and answer session it regularly does on Twitter, where it uses the hashtag #AskECB to field questions.

article thumbnail

Payment startups need to reimagine the CFO

Payments Source

Chief financial officers have to wear many hats to help new payment and fintech companies respond to a fast-evolving market, says Brex's Michael Tannenbaum.

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

Remitly Notches $135M For Remittance Growth

PYMNTS

Weeks after Facebook took aim at its core business, Seattle-based Remitly notched $135 million in funding at a valuation of almost $1 billion. The company homes in on the remittances of immigrants to relatives and friends, who can receive the money through their phones, in their bank accounts or in cash, the Financial Times reported. The FinTech firm reportedly intends to use the $135 million in new equity for growth, including geographic expansion.

Seattle 143
article thumbnail

Confronting the complex math of energy marketers' payment fees

Payments Source

Interchange rates on payments in the fuel and energy sectors can be so complicated that energy marketers can lose thousands of dollars a year because of mistakes they make in coding their authorized credit card transactions.

article thumbnail

Can Digital Platforms Solve The Fraud vs. Friction Dilemma?

PYMNTS

Digital platforms facilitate everything from online shopping to ridesharing to booking a hotel. These platforms promise fast, seamless transactions, which most deliver – but when platforms focus on reducing friction for users, it can backfire and create new vulnerabilities to fraud. An unexpected consequence of the retailer race to offer same-day and one-day delivery is increased fraud exposure.

Fraud 140
article thumbnail

The Changing Landscape of Deposit Growth in US Banks

Banking Exchange

Technology, regulations, shifting demographics, and emerging Fintech competitors are changing the banking landscape Retail Banking Technology Financial Trends Deposit Trends Feature Feature3 Fintech Mobile Online Tech Management Core Systems Outsourcing/Cloud Blockchain.

US 74
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.