Thu.Jan 18, 2018

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Fintech Innovation is Top Concern for Banks, EY Says in Banking Outlook Report

Bank Innovation

While regulations continue to be top of mind for financial institutions, banks have another main concern: the innovations and progress being made by fintechs, according to a survey released by EY. Financial institutions need to be more aware of the effect fintechs—which provide “simpler, more convenient, more transparent” services, are having on the industry, EY […].

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Payments chatter invades CES

Payments Dive

A CES panel explored the challenges of payments technology, including the difficulty with online payments, glitches in online payment systems, the lack of retail locations that accept mobile payments and problems specific to cross-border payments.

Payments 272
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New App Emma Seeks to Be the Only Banking App on Your Device

Bank Innovation

EXCLUSIVE – There’s a new banking app in town – Emma. The British fintech company, which is still in beta, is gearing up for its launch in the U.K now that it received FCA approval to operate under the new PSD2 mandate. “This is a big deal for us,” Emma co-founder and CEO Edoardo Moreni […].

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Things worth reading: 19th January 2018

Chris Skinner

Things we’re reading today include … Santander boss named in RBS scandal Old hands in South Korea Bitcoin market unfazed by threats of ban HSBC to pay $100 million to settle U.S. probe into currency rigging ATM shake-up could leave many without cash, consumer group warns EU watchdog eyes crackdown … The post Things worth reading: 19th January 2018 appeared first on Chris Skinner's blog.

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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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U.K. Fintech Nuvo Launches Facebook Chatbot For Financial Advice on Mortgages

Bank Innovation

AI-powered fintech Nuvo today launched a Facebook chatbot that helps people find the best mortgage deal. Based in the U.K., Nuvo’s Facebook bot is aimed at helping people source better mortgage rates whether from banks or other FIs that tailor to a user’s specific needs by not just providing mortgage options, but also guidance as […].

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More Trending

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Startup Ledger Raises $75M for Crypto Wallets

Bank Innovation

French startup Ledger has just raised $75 million in a Series B funding that will be used for expanding its crypto wallets, TechCrunch reported today. The round, which was led by Draper Espirit, joins the $7 million in funding Ledger received last year; the larger amount (and the fact that the round was oversubscribed, Ledger […].

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Private Labels Gone Public

PYMNTS

Zalando is not a well-known website in the U.S. However, for European consumers, it’s a digital treasure chest for fashion and accessories at all levels. Among the things that separate Zalando from Amazon — the U.S.-based eCommerce giant to which the company is most often compared — is its luxury brands, like Givenchy and Proenza Schouler. Zalando has had much success in the upper and even middle-tiers of fashion: Fast-fashion brands like Zara and H&M were long holdouts.

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Payment Provider Flywire Acquires OnPlan for ‘More Flexible’ International Payments

Bank Innovation

EXCLUSIVE—International payments provider Flywire will acquire OnPlan Holdings, the parent company for OnPlanU and OnPlan Health, for faster and more flexible payment solutions, the companies announced today. “This coming together, OnPlan’s expertise is really in payment processing, so [they] can really sculpt what our clients are looking for,” Sharon Butler, EVP of education and healthcare […].

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Blockchain: A Cure For What Ails Health Care Payments?

PYMNTS

Health care has no easy fixes when it comes to payments. Or data management. And for a sector that is about 18 percent of the U.S. GDP, inefficiencies exist on a huge scale. Consider the fact that in 2016, InstaMed estimated that a third of the roughly $5 trillion collected in health care payments is wasted through inefficient processing. And in an age where data is increasingly digital, and always valuable, information used intelligently and securely means efficient care, which saves providers

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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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Regulation, ‘Satisfying Customers’ Tie as Top Challenges for Banks (After Profitability)

Bank Innovation

Customer satisfaction and regulatory concerns are two of the top challenges financial institutions are facing, a survey by banking software provider Temenos found. The top concern for banks was, shockingly, profitability, but both “satisfying customers” and regulation tied for second place when asked to identify the top three challenges for banks, the company’s 10th annual “Searching […].

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Treasury Eyes Cryptocurrencies For Money Laundering

PYMNTS

The U.S. Treasury’s financial crime unit is picking up enforcement of cryptocurrency platforms that don’t have strong internal mechanisms in place to prevent money laundering, according to a report in Reuters. Sigal Mandelker, the U.S. Treasury Department’s undersecretary for terrorism and financial intelligence, told the Senate Banking Committee that the unit will go after virtual currency platforms – even those located outside of the U.S. – if they don’t have the proper safeguards in place.

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Battle of P2P Services: Venmo or Zelle

Bank Innovation

EXCLUSIVE – Owe someone money, rent to pay, bills to split? What is the favored P2P method – the bank-backed Zelle app? Or social platform p2p service, Venmo? In a poll conducted by Bank Innovation via Twitter, respondents said they preferred Venmo. Among those surveyed, 57% said they prefer using the PayPal owned Venmo to […].

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Facebook Finally Lands AmEx’s Chenault For Its Board

PYMNTS

Facebook has appointed Kenneth Chenault, exiting American Express chief executive officer, to its board of directors. In a Facebook post , Mark Zuckerberg, CEO of the world’s biggest social media network, said he had been trying to recruit Chenault for years given his “unique expertise” in areas in which Facebook needs to improve and learn more. Zuckerberg pointed to customer service, direct commerce and building a trusted brand as areas in which Chenault has excelled, and praised the exec’

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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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The Open Banking Story – MEDICI Roundtable Discussion

Let's Talk Payments

MEDICI has been at the center of several discussions on FinTech trends and developments around the globe. While there are a lot of events, conferences and talks happening around the.

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India’s Baroda Turns To FinTech For Supply Chain Finance

PYMNTS

Indian Bank of Baroda is working with a FinTech player to enhance its supply chain finance offerings. Reports in Business Standard on Wednesday (Jan. 17) said iGTB (Intellect Global Transaction Banking) is integrating its supply chain solutions into Baroda to offer to its own corporate customers. In addition to supply chain finance, the platform provides payable and supplier finance.

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Daily Review: Why Regulation Is Crucial to FinTech’s Future

Let's Talk Payments

Being home to the largest unicorns in the world, China has been continuously leapfrogging the world in fostering rapid technological innovation adoption. Dozens of reasons for China to become the.

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NACHA Expects ACH Transactions To Rise

PYMNTS

The volume of same-day automated clearing house (ACH) transactions is expected to rise over the coming months, BusinessInsider reported. According to a NACHA survey, 82 percent of financial institutions surveyed anticipate that Same Day ACH debit volume will grow at a rapid or steady rate. A similar number of institutions — 78 percent — expect credit volume will grow at a steady rate over the next six to nine months.

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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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Five factors to improve year end processes

Bobsguide

As with every New Year, January marks a particularly busy month for two sets of professionals: personal trainers and accountants. Gyms are at their busiest at the beginning of each year, packed with people wishing to stick to their New Year’s resolution to lose weight. Accountants, on the.

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NEW REPORT: Why QSRs Take The Mobile Order Ahead Plunge

PYMNTS

With the mobile order-ahead market projected to be worth $55 billion in the next five years, it is now certainly more than just a flash in the (frying) pan. In the January edition of the Mobile Order-Ahead Tracker , PYMNTS brings headlines on restaurants and retailers across the country – and around the world – that are implementing mobile ordering processes from the kitchen to the storefront.

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01.18.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Visa won't support cryptocurrency payments; Blockstream extends virtual currency tech; EMV advances in Ghana; Blockchain becomes art.

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nanopay: Resist The Kardashian Crypto Effect

PYMNTS

There’s no denying that cryptocurrencies have changed the conversation in payments and banking, for better or for worse. If you ask nanopay CEO Laurence Cooke, it’s decidedly for the worse. “Everybody from young kids to my parents are talking about investing in cryptos,” Cooke said. “There’s a mad rush of people getting into stuff they don’t really understand.”.

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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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Credit card fraud is still a booming business

Payments Source

Breaches help crooks diversify, but stolen cards thrive in the black market, writes Angel Grant, director at RSA's fraud and risk intelligence unit.

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South Korea Crypto Ban? No Sweat, Say Traders

PYMNTS

The looming specter of regulatory crackdowns in South Korea on bitcoin and other cryptocurrencies may leave one population collectively shrugging: crypto traders. Reuters reports that if a trading ban does indeed come to pass, some investors and traders would find it “relatively easy” to work around any restrictions imposed by the government. At this writing, bitcoin has lost about a third of its value in just the past several days.

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Starbucks, Shake Shack are outliers in the war on cash

Payments Source

While Starbucks is making a tentative move into cash refusal at one location, it's unlikely any retailer would widely refuse cash payments in the near term.

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Grab Grabs Digital Payment Startup iKaaz

PYMNTS

Grab , the Southeast Asia ridesharing company, has inked a deal to acquire iKaaz , the mobile payment startup hailing from India. According to news from TechCrunch , under the deal, the engineering team of iKaaz will join Grab’s engineering office in Bangalore, which opened in 2017. Specific terms of the acquisition were not disclosed. The FinTech startup iKaaz, which was founded in 2012, has a cloud-based platform for online merchants, point-of-sale hardware for retailers and a mobile wallet f

Payments 102
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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.