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Why The SAFE Banking Act Won’t Solve All Cannabis’ Payment Problems

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One down, two more steps to go: That’s the situation with the federal SAFE Banking Act, which recently won approval by the U.S House of Representatives. The bill promises to open up cashless payments for the growing retail cannabis industry. If the bill were to win approval by the U.S.

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Mastercard, Curb Launch Donation Campaign For American Cancer Society

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Mastercard is teaming with the taxi ride-hailing app Curb to help the American Cancer Society’s Road to Recovery program, which provides free rides to patients going for cancer treatment, Mastercard announced in a press release on Monday (Oct.

What’s Wrong With The Attack On Gig Economy Pay

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Drivers can’t make ends meet. Given the median income of roughly $25,000 a year and the number of hours required behind the wheel to earn that, drivers’ wages fall well below the federal hourly minimum wage. As independent contractors, drivers also have no benefits.

What We’ve Learned From Libra

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PayPal officially pulled its support of Facebook’s Libra initiative after it no-showed at the Libra Association meeting last week in Washington, D.C.

Bringing Autonomous Smart Shuttles To the Masses

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There will be 41.6 billion Internet of Things (IoT)-connected devices around the world by 2025. Consumers and businesses have increasingly employed the technology in a variety of use cases as it becomes more sophisticated, from smart cars to sensors that can be utilized for smart cities.

US Banks Expected To Lose 200K Jobs To Technology

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In the next 10 years, as robots and other tech bring about the “greatest transfer from labour to capital” the industry has witnessed, per a report by Wells Fargo analysts, U.S. banks will slash over 200,000 jobs.

Paychex Wades Into Wearables, Real-Time Payments

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Payroll and human resource management solution provider Paychex has unveiled a range of new solutions and services at the 2019 HR Technology Conference & Exposition event late last month.

Renault Pilots Self-Driving Ride-Hailing Service

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Renault has started a public trial of its on-demand car service on the Paris-Saclay urban campus, according to a press release on Monday (Oct. A panel of around 100 people will use the service — provided by two electric, autonomous and shared Renault Zoe Cab prototypes — on the campus from Oct.

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How Apple Card Brings ‘Existential Crisis’ To Smaller FIs

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With the recent launch of the Apple Card , Apple has sent a signal that they seek to offer a better user experience than banks. In fact, their slogan for the card is “Created by Apple, Not a Bank?.”

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Vista Looks To Sell Huge Stake In Finastra FinTech

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Vista Equity Partners is reportedly thinking about selling a stake in London-based FinTech Finastra. Bloomberg is reporting that the sale could value Finastra at $10 billion with debt included. Vista is collaborating with Goldman Sachs to look for companies that might be interested in buying.

Payments’ Role In The Fourth Industrial Revolution

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To get a sense of where faster payments are headed, look to the consumer. There are dozens of faster payment schemes rooted or taking shape around the world — 54 at last count. Some of them have been mandated by governments, readying for anticipated demand.

Uber Buys Dubai Ride-Hailing Unicorn Careem For $3.1B

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Uber coughed up over $3 billion to get its hands on Dubai’s ride-hailing startup Careem, the Financial Times reported on Wednesday (Oct. Founded in 2012, the ride-hailing unicorn – which is valued at over $1 billion – was the premier tech startup in the Middle East and North Africa. Uber paid $3.1

Finastra Taps Ripple To Power Blockchain Payments

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Real-time currency exchange and remittance network Ripple has teamed up with Finastra to allow banking customers to access RippleNet , its worldwide blockchain payments network. Ripple said it will provide for more affordable, faster and more reliable payments.

Passage Of SAFE Banking Act Gives Cannabis Businesses Access To Banking

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The U.S. House of Representatives passed H.R. 1595, known as the Secure And Fair Enforcement (SAFE) Banking Act, on Wednesday (Sept.

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Western Union Enables Real-Time Account-To-Account X-Border Payments For Banks, Digital Wallets

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Western Union’s history as a retail cross border remittance platform is moving money between people, largely via cash, within minutes.

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Deep Dive: Unsupervised Machine Learning Steps Up To Fight Fraud

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Many FIs and merchants that have fallen victim to fraud traditionally respond by assessing the damage, pinpointing how the attack succeeded and implementing new measures to prevent similar schemes from happening again.

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Olo CEO: What Restaurants Don’t Know They Don’t Know About Delivery Aggregators

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The trouble with existential threats is they very rarely show up and announce themselves. When Amazon launched in 1995, it looked to most as a one-trick eTailer that sold books online.

Libra’s Unraveling, The Geneva Crypto Convention’s Folly

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If one is going to hold a wake, Geneva’s a picturesque place to do it. Well, perhaps the Libra project is not dead. Today (Oct.

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What’s The Best Way To Navigate The New World Of Payments?

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These are indeed the days for mergers and acquisitions (M&A) in the world of payments, and that trend looks likely to hold into the 2020s.

Truckers Put The Hammer Down Into A Digital Marketplace Future

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Trucking is a difficult and vital job. It’s not only the long, often-lonely hours, but the anxiety — as well as the lost time and money — that comes from inefficient dispatching and last-minute (perhaps unwanted) loads, among other points.

Walmart To Reimburse Vendors For Price Cuts To Gain Edge Over Amazon

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Price wars usually only have one winner: Consumers. Price wars tend to be decent short term strategies to lock in customers. But then, what happens when the price wars stop and pricing levels return to some degree of normality? Welcome, perhaps, to the eCommerce platform pricing wars.

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Visa B2B Connect Live In 62 Countries, Adds Infosys As Integration Partner

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Visa announced today that Visa B2B Connect is live in 62 countries, and has added Infosys as a new integration partner.

Revolut Taps JPMC To Raise $1.5B For Global Expansion

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FinTech company Revolut wants to raise as much as $1.5 billion so that it can expand globally.

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SMBs Severely Underestimate Data Breach Costs

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It’s National Cyber Security Awareness Month, and industry leaders are zeroing in on some of the most vulnerable targets of cyber scams: small businesses. Stronger passwords. Paying closer attention to suspicious emails. Using public wi-fi with caution and safeguarding mobile apps.

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Burger King Now Accepts Bitcoin

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You want fries with that crypto? Might have to wait a bit, especially on the international stage. For some, bitcoin and cryptos — beyond a means of speculation — are a solution in search of a problem.

Amazon Launches First Physical Store In MA

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Amazon has opened its first physical store in Massachusetts. Located at the Natick Mall in Natick, Massachusetts, the 4-star store is the fifth physical location nationwide for the eCommerce giant.

FedNow And ISO 20022 Are Here — What Now For FIs And Faster Payments?

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Fifty-four faster payment schemes — and counting. Real-time payments are on the radar for most banks, and the opportunity is there to grow top lines and cement customer relationships.

Serving Mobile P2P Payments To The Gen X Crowd

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Financial providers worldwide are working to give small and medium-sized businesses (SMBs) quick access to their funds. Digital banks , for one, are teaming up with technology providers to accelerate settlement times for payments collected at the point-of-sale (POS).

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Amazon Go Inspires Cashierless Startup Challengers

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With the unveiling of the first Amazon Go store in Seattle last year, multiple challengers have been inspired to offer new methods for shoppers to grab items from a store and avoid the checkout line.

Data Breach Leaks 198M Car Buyers’ Personal Data

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A massive data breach has compromised the records of 198 million car buyers. Jeremiah Fowler, a senior security researcher at Security Discovery , discovered the breach after coming across the same 413GB dataset multiple times. “It

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What The Trendsetters Say About How We Will Pay Next Decade

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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.

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SoftBank To Seize Control Of WeWork

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The parent company of WeWork is at a junction after its initial public offering (IPO) tanked and its chief executive officer stepped down, Reuters reported on Sunday (Oct.

Google Beefs Up Vacation Rental Search

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Google is stepping up its vacation rental business with enhanced listings that will include reviews, photos and more, and appearing before competitors on search, Skift reported on Saturday (Oct.

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PayPal Expands Into China After Getting Payments License

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PayPal has bought a majority stake in Chinese payments group Guofubao (NationPay), and has acquired a payments license in the country, according to a report by the Financial Times. .

Private Equity Firm Thoma Bravo Acquires UK’s Sophos For $3.8B

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British cybersecurity software company Sophos is being acquired for $3.8 billion by U.S. private equity firm Thoma Bravo , Bloomberg reported on Monday (Oct. Sophos’s three biggest shareholders — Apax Partners and founders Jan Hruska and Peter Lammer — agreed to a cash offer of $7.40 per share.

Brazil FinTech Nubank Expands User Base

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The largest FinTech startup in Latin America — Brazil’s Nubank — is reporting a 25 percent increase in the number of clients since August, Reuters reported on Friday (Oct.

Finastra Customers Now Have Access To RippleNet’s Blockchain Network

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Real-time currency exchange and remittance network Ripple has teamed up with Finastra to allow banking customers to access RippleNet , its worldwide blockchain payments network. Ripple said it will provide for more affordable, faster and more reliable payments.

Mastercard: Fraud-Fighting’s New Mantra — Test, Protect, Prevent

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The competition between cybercriminals and the fraud and security teams at banks, tasked with stopping their attacks, is incredibly lopsided. The fraud and security teams have to get it right 100 percent of the time to maintain their position of trust across the financial services ecosystem.

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Credit Card Interest Rates Rise To Near-Record Levels

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The average interest rates on credit cards are nearing record levels, in spite of a 50-basis-point decline on a 10-year note yield. Bloomberg is reporting that the U.S.

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Trade Finance Gets Boost Via Banks, APIs

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Application program interfaces (APIs) are helping to speed Open Banking — and, by extension, bringing trade finance into the digital age. To that end, HSBC said last week that it is deploying an API designed to promote bank collaboration, with a focus on trade finance.

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Vendors Can Now Use Square For CBD Sales

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Square has announced that it’s launching a CBD early access program , which will allow vendors in the United States to sell CBD products using Square. CBD, short for cannabidiol, is a chemical compound from the cannabis plant without the THC.

MoneyGram Teams With Visa On P2P Debit Card Deposits

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MoneyGram and Visa Direct have formed a strategic partnership to roll out a new debit card deposit service, the companies announced in a Sept. 9 press release. The person-to-person (P2P) money transfer option offers U.S.

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India Lodging Startup OYO Raises $1.5B Led By Founder, SoftBank

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India-based hotel and booking startup OYO announced a $1.5 billion funding round led by founder Ritesh Agarwal, SoftBank’s Vision Fund, Lightspeed Venture Partners and Sequoia India, Bloomberg announced on Monday (Oct.