Facebook's road to Libra: 2009 to 2019

Payments Source

Facebook's Libra project didn't come from nowhere. The social network has a long history of experimenting with digital payments, and launched a separate (and ill-fated) digital currency a decade ago. Cryptocurrencies Digital payments Online payments Mobile payments pso wallet lead pso cardline lead Must know Facebook PayPal

CFPB To Review Fed’s 2009 Overdraft Rule

PYMNTS

The 2009 rule requires that financial institutions (FIs) allow consumers to “opt in” to overdraft services for a fee. The Consumer Financial Protection Bureau (CFPB) announced that is reviewing the Federal Reserve ‘s overdraft protection rule to find out if it “should be amended or rescinded” to minimize “any significant economic impact” to small businesses (SMBs) and credit unions.

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Banks’ Brand Value Slumps for First Time Since 2009 Credit Crisis

Banking Exchange

US sector takes 5% hit – despite strong performance from J.P Morgan and Merrill Bank Performance The Economy Retail Banking Financial Trends Management Feature Customers Performance Feature3. 1Retail Banking

China’s Economy Has Slowest Pace Of Growth Since Early 2009

PYMNTS

That, according to the New York Times, marks the slowest economic growth rate since the beginning part of 2009. Faced with growth that is slowing, increasing debt and a trade war with the U.S., the economy in China is starting to feel the impact.

Credit Card Charge-Offs Reach Highest Rate Since 2009

PYMNTS

Moody’s Investors Service reported Thursday (June 8) that credit card charge-offs — debts that are so delinquent that lending institutions have basically given up on collecting them — are at their highest rate since 2009 , possibly due to loosening lending standards. Though charge-offs have reached their highest level since 2009, there are still fewer than during peak times during the financial crisis and recession.

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FTC permanently bans payment processor for violating 2009 order requiring monitoring of merchant clients

CFPB Monitor

A payment processor and its individual owner have entered into a settlement with the FTC to settle charges that they violated a 2009 federal district court order that required them to review and monitor their merchant clients to ensure that the merchants were not engaged in deceptive or unfair practices. On April 10, the court entered a stipulated final judgment and order superseding its 2009 judgment and order except with respect to the payment of consumer redress.

FastPay On The Financial Impact Of 10 Years Of Media Disruption

PYMNTS

In the past ten years, the media landscape has seen explosive growth and sophistication in the form of mobile, digital, video and OTT [over-the-top], with more advertisers trending away from traditional media like TV and print,” Baysal recently told PYMNTS for its latest Class of 2009: Innovator’s Club discussion. B2B Payments AdTech advertising payments B2B Class of 2009 digital advertising fastpay Masterclass media News supplier payments

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Could the 2009 subprime mortgage crisis have been avoided with blockchain?

BankNXT

Could the 2009 subprime mortgage crisis have been avoided with blockchain? The subprime mortgage crisis, and why distributed ledgers would have been instrumental in lessening its impact. Story by George Samman. on BankNXT. Banking blockchain business economy financial technology George Samman lending loans mortgage risk management technology

Whatever Happened To … NerdWallet?

PYMNTS

Back in 2009, that’s what NerdWallet did. Seeing NerdWallet grow from a singular credit cards tool in 2009 to providing content and tools across 11 personal finance topics today is something I have great pride in,” said Tim Chen, CEO and cofounder of NerdWallet. 2009 nerdwallet personal finance whatever happened toIn the middle of the recession, everyone was talking about their personal finances. So, what’s a good startup idea? A personal finance site.

Revenge Of The Roaches: 17 Startups Hatched In The Crisis Of 2008 And 2009 That Are Now Unicorns

CB Insights

In a seminal article titled “The Age of the Cockroach,” Caterina Fake argues that startups, much like cockroaches, can survive a downturn by focusing on the unglamorous essentials. “Companies that want to outlast the coming funding crisis will need to … Continued. Funding & Dealflow Valuations

Reserve Bank of India rules online marketplaces must comply with 2009 guidelines

The Paypers

(The Paypers) Reserve Bank of India has ruled that online marketplaces must adhere to its 2009 guidelines on settlement of payments for electronic payment transactions involving intermediaries

Gulf Capital, a ‘de novo’ bank, to launch without legacy tech

Bank Innovation

Gulf Capital Bank, Houston’s first new bank to launch since 2009, will open its doors by early next year. It confirmed on Monday that it received conditional approval from the Texas Department of Banking and the Federal Deposit Insurance Corporation. Ed Jones, chairman and CEO, told Bank Innovation that the new institution will focus on […]. Carousel Corporate Banking Product Design FIS Fiserv Gulf Capital Bank Zelle

Every $1 in $50 in the banks is laundered money (and maybe more)

Chris Skinner

trillion in 2009. I’ve made the comment many times that it is astounding that around $2 trillion is laundered through the banks of the world each year, up from $1.6 It’s about 2.7%

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Uncoventional Ventures’ Lau: Diversity is more than a buzzword in fintech

Bank Innovation

According to recent research, there have been two quarters since 2009 where the proportion of venture dollars going to female founders exceeded 17%. The startup and venture capital ecosystem may profess to be colorblind, but a look at where funding dollars are going presents a different picture. What’s more, according to RateMyInvestor and DiversityVC, 77.1% […]. Fintech Unfiltered Innovation Strategy Startups diversity fintech representation startups Theodora Lau women

What’s next for blockchain?

Chris Skinner

Everyone got very excited a few years ago about blockchain technologies, the ledger system that was spawned by the arrival of bitcoin in 2009. I recently wrote an article for Bloomberg’s Business Week, and thought it worth sharing with y’all here: What’s next for blockchain? It allows the recording of … The post What’s next for blockchain? appeared first on Chris Skinner's blog. Blockchain Digital Bank Fintech Grid Innovation ValueWeb

9 out of 10 blockchain trials go nowhere

Chris Skinner

They tracked the history of 86,034 blockchain projects hosted on GitHub since 2009 to pull out “key lessons” on where the blockchain industry is going and its long-term prospects. I just read an interesting new report from Deloitte about blockchain. Here are some of the highlights: More than 26,000 blockchain … The post 9 out of 10 blockchain trials go nowhere appeared first on Chris Skinner's blog. Blockchain Fintech Grid Numbers

Capital One Permanently Exits Mortgage and Home Equity Business

Bank Innovation

Capital One first acquired its mortgage division in 2009. No more Capital One mortgages. The Virginia-based bank announced an abrupt, and permanent, closure of its mortgage and home equity origination business this week, citing that the sector was too competitive for the bank to turn a profit. The bank will continue to serve existing home […]. Corporate Exclusive Capital One home equity mortgages

The Finanser’s Week: 27th August 2018 – 2nd September 2018

Chris Skinner

trillion in 2009. The main blog headlines this week are … Every $1 in $50 in the banks is laundered money (and maybe more) I’ve made the comment many times that it is astounding that around $2 trillion is laundered through the banks of the world each year, up from $1.6

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Durbin asks Fed to probe card fees; European banks brace for more bad debt provisions

American Banker

The Illinois senator wants the Fed to investigate alleged anticompetitive practices in debit card transactions; reserves at western lenders are poised to hit their highest level since 2009

Prominent credit union blogger shares final post

American Banker

Keith Leggett, a former economist at the American Bankers Association, has overseen Credit Union Watch since 2009. Credit unions NCUA Community banks Field of membership

#Money2020Europe Day One: Will banks become ‘safes’ for data?

Chris Skinner

That’s because I was presenting the idea ten years ago and blogged about it in February 2009. The good thing about blogging is that I have a public record of my thinking. Hence, I can claim that Banking-as-a-Service (BaaS) is mine. Now, no idea is unique, and the BaaS idea … The post #Money2020Europe Day One: Will banks become ‘safes’ for data? appeared first on Chris Skinner's blog. Digital Bank Fintech Future Grid Innovation Opinion

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As Digital Banking Advances, Denmark Sees 60% Jump in Card Fraud

Bank Innovation

Danish credit card fraud significantly increased in 2016, Bloomberg said, and reports of online fraud in the country have increased 300% from reports in 2009. […]. As online banking becomes more popular, countries are grappling with cybersecurity. In Denmark, the advent of digital banking also saw almost a 60% jump in card fraud, Bloomberg reported yesterday.

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The Community Bank Contrarian

ABA Community Banking

Whether it’s buying a mortgage division in 2009 or building a diversified product set in an age of nichification, community bank CEO Luanne Cundiff zigs when pundits say to zag.

Watch How Fast Alibaba’s Singles Day is Growing

Bank Innovation

Alibaba Group created Singles Day back in 2009 as an annual shopping bonanza with various sales and offers. China’s Alibaba Group experienced its best Singles Day shopping event to date last week. The event, which is annually held on November 11 each year, processed nearly 1.5 billion transactions on that day, reports say. It is […]. Commerce DataBank Online Payments Retail Alibaba Group Alipay Alipay SIngles Day

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The Finanser’s Week: 26th February 2017 – 4th March 2018

Chris Skinner

They tracked the history of 86,034 blockchain projects hosted on GitHub since 2009 to pull out “key lessons” on where the blockchain industry is going … The post The Finanser’s Week: 26th February 2017 – 4th March 2018 appeared first on Chris Skinner's blog. The main blog headlines are … 9 out of 10 blockchain trials go nowhere I just read an interesting new report from Deloitte about blockchain.

Things worth reading: 5th September 2017

Chris Skinner

Things we’re reading today include … Shock stats show banks have sacked 28 people A DAY since 2009 Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal Bank of Scotland receives most complaints – again Has flood of Chinese money really dried up?

Bank Innovation in Beta

Bank Innovation

Bank Innovation today released a beta of its relaunch, the most significant rebuilding of the site since its start in 2009. Let us know what you think of the rebuilt site by emailing info@bankinnovation.net. Capital Cards Commerce Compliance Corporate E-Commerce Innovations Insurance Lending Marketing Mobile Online Operations Payments PFM Retail Risk Security Social Media Startups Technology Virtual Currency Wealth Management Wearables Bank Innovation

Social KYC: far easier than passports and utility bills

Chris Skinner

It’s an interesting idea I thought I’d share here but, before I do, I posted a note on the blog in 2009 that … The post Social KYC: far easier than passports and utility bills appeared first on Chris Skinner's blog. I just received a white paper about Social KYC from Fintech startup Veridu. The idea is to use our social media profiles to authenticate and onboard as a new 21st century KYC process.

Some Banks More Equal Than Others

Finer Points

bank holding companies have paid more than $150 billion in fines since 2009. I read the other day that the six largest U.S. Yet, at the same time, not a single senior executive or director of these banks has been identified as culpable for their banks’ egregious legal and regulatory violations, much less pursued by […]. Community Banks Too Big to Fail Washington

Texas Startup Alkami Raises $70M For Mobile Banking Software

Bank Innovation

Alkami, which provides white-labeled solutions for banks and credit unions to implement across their digital and mobile platforms, was started in 2009 because there “wasn’t a lot of innovation that was happening in the digital banking space,” […]. Plano, Texas-based startup Alkami Technology has raised $70 million for its mobile banking platform, it was reported yesterday.

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How Square Quietly Inches Closer to Profitability, Continuously Surpassing Expectations?

Let's Talk Payments

Square was started in 2009 to enable businesses to accept card payments, an important capability that was previously inaccessible to many businesses. Since then, Square has continued to expand its. Fintech Insights Asia Europe insights Square US

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7 of Square's most transformative deals

Payments Source

Square has come a long way since it debuted in 2009 with a simple plastic card reader for micro-merchants. But it didn't make its journey alone. Mobile wallets Mobile point-of-sale Venture funding M&A Square

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PayPal Launches P2P Bot For Slack [VIDEO]

Bank Innovation

The baby unicorn—Slack was founded in 2009 and Read More. A new bot is born. PayPal today announced a chatbot that customers can use for P2P payments. But unlike the host of other companies, which have chosen to launch on the chatbot-heavy Facebook Messenger platform, PayPal’s bot will be hosted on Slack. Mobile Online Payments Retail Startups Technology chatbots Facebook Messenger Mobile Payments P2P payments PayPal Slack Venmo

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A seven year old idea comes of age: Bank-as-a-Service

Chris Skinner

In 2009, I coined the word BaaS. No, nothing to do with sheep! Instead, BaaS stands for Banking-as-a-Service. In 2016, everyone is talking about this: Banking as a Platform (BaaP), The Financial Brand, March 2016 Banking-as-a-Service: Common play of banks and fintech, FinTech Rankings, March 2016 ‘Banking as a Service’ for Fintechs Seeking Scale, American … The post A seven year old idea comes of age: Bank-as-a-Service appeared first on Chris Skinner's blog.

Verdict coming on OCC's supervision of Wells Fargo

American Banker

A watchdog's assessment of what transpired between 2009 and 2017 is expected to be completed late this spring. Critics of the OCC have long maintained that the agency was too close with the San Francisco bank.