Tue.Sep 15, 2020

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Contactless cards tap into the new normal of physical distancing

Payments Dive

Contactless payments offer the same strong security as EMV cards but how do they stack up against the needs of consumers who are now dealing with the aftermath of COVID-19? Jaime Topolski, the director of payment card products at Fiserv gives his insight on contactless cards.

Cards 464
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5 Consumerism Tips for Healthcare

Perficient

Consumerism has reached critical mass in healthcare. Consumers expect technology to work intuitively, regardless of its underlying complexity. And in healthcare – an industry that tends to segment consumers into patient or member experience silos – consumers increasingly expect a seamless, holistic, digital health journey. Today, entire industries such as healthcare, banking, insurance, and business-to-business (B2B) sales are being rewired around customers and end users.

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Banks don’t have to be big to be bold

Accenture

I’m a person who likes to make a positive difference in everything I do. This blog is no exception. Beginning with this first post, I’ll share honest perspectives, creative solutions—and even a few bold ideas—for middle market banks to achieve their strategic agendas and differentiate in the market. For those who don’t know me, I…. The post Banks don’t have to be big to be bold appeared first on Accenture Banking Blog.

Marketing 370
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The EU’s Single Digital Market’s Push To Streamline Payments

PYMNTS

Although they are vastly different beasts, shifts in the consumer payments ecosystem have significantly impacted the flow of B2B payments. Rising eCommerce volumes and an embrace of the direct-to-consumer (D2C) sales model has led merchants to shift their own payment strategies — and seek out banking providers that can address those changing needs. The drive to digitize B2B payments has organizations shifting their priorities in how they navigate the payments ecosystem as a whole — which, as Mon

Payments 299
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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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Millennial Marketshare: How Financial Institutions Can Grab an Unfair Advantage

Payments Dive

Born between 1981 and 1996 and numbering over 75 million, millennials have become the largest demographic group in the US, according to the Brookings Institution.

More Trending

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5 Things Your Bank Should Be Doing Now to Not Get Acquired Later

South State Correspondent

It was only two years ago when we were in the golden age of banking. The ten-year treasury was above 3%, loan growth was strong, funding cost was low, and credit quality was near its high - if not at record highs for some banks. Fast forward today, and you have a 0.67% ten-year, a large chunk of your balance sheet in forbearance, deteriorating credit quality, and margins near record lows.

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Why Mexico’s SMBs Need A FinTech Operating System And Not Another Bank

PYMNTS

Emerging markets have their own challenges when it comes to banking, where big, traditional financial institutions (FIs) are anything but efficient. In an interview with Karen Webster, Vilash Poovala , founder and CEO of FinTech Oyster , said online financial platforms, powered by open banking, can serve as alternatives for business banking in a country where business banking seems an afterthought.

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CFPB sues debt collectors and debt buyers for alleged violations of CFPA, FDCPA, and 2015 consent order

CFPB Monitor

Almost five years after entering into an administrative consent order with Encore Capital Group, Inc., Midland Funding, LLC, Midland Credit Management, Inc., and Asset Acceptance Capital Corp. (collectively, “Defendants”) to resolve claims relating to the Defendants’ debt collection practices, the CFPB, on September 8, 2020, filed a five count complaint (the “ Complaint ”) in a California federal district court against the alleging that the Defendants’ collection and other practices violated the

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New Square Features Speed Up Payroll For Employers And Workers

PYMNTS

Square Inc. (NYSE:SQ) on Tuesday (Sept. 15) announced the launch of two new features the company says will make payroll easier for employers and employees alike. The new "Instant Payments" offering lets employers fund payroll in close to real time, eliminating the lag between when funds leave an employer's account and when those funds arrive in employees' accounts, which Square says can stretch to as much as four business days.

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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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The latest on legal cannabis payments

Payments Source

PaymentsSource Senior Analyst Michael Moeser talks to Tyler Beuerlein, chief revenue officer of Hypur, about the challenges of handling payments in the legalized cannabis industry.

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Report: US Median Income Up, Poverty Rate Down In 2019

PYMNTS

Prior to the COVID-19 pandemic that struck earlier this year, U.S. median household income increased last year and the nation’s poverty rate fell 1.3 percentage points. Median household income in the U.S. increased by nearly 7 percent last year to $68,700, up from $64,324 in 2018 while the number of people living in poverty fell, the U.S. Census Bureau reported Tuesday (Sept. 15).

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Fintech startup Klarna is valued at $10.65 billion in new funding

Payments Source

Klarna AB, a Swedish payment provider for online shoppers, is still setting its sights on an initial public offering even after its latest funding round left it roughly twice as valuable as it was a year ago.

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Bitcoin Daily: CFTC Charges Four In Alleged Crypto Scam; ECB Gets First Collectible Crypto

PYMNTS

The Commodity Futures Trading Commission filed a complaint in a Texas U.S. District Court against four people for allegedly “fraudulently soliciting funds” from individuals to attempt to wager on changes in the price of bitcoin, according to a press release. Three individuals from Texas and one individual from Florida were named as defendants. The complaint claims that the defendants dishonestly claimed to actual and possible clients that their company had “master traders” with a long history of

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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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Square’s rollout of real-time wages bridges B2B, P2P services

Payments Source

Square is entering the earned wage access (EWA) fray, but it’s taking a tailored approach that aims to drive transaction volume within its Cash App.

Cards 126
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EU Bankers Weigh Risks, Rewards of CBDC – and Cash’s Staying Power

PYMNTS

Central bank digital coins on the Continent – but plenty of room for cash. To that end, Bloomberg reported at least some financial regulators from the European Union say there need to be strict controls governing central bank digital currencies in place — and Libra (among other private efforts) may present a threat to financial stability. In Berlin, where last week saw a two-day meeting of financial officials from Europe, central bankers discussed digital payments and the confines of digital, na

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Embedded payments are taking a bite out of banking

Payments Source

Embedded finance isn’t an intentional attempt to overthrow banking; most companies are just trying to meet customers where they’re at when it comes to payments, says Kunai's Sandeep Sood.

Payments 116
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The Pandemic’s Push For The FI/FinTech ‘Win-Win’

PYMNTS

Anecdotal evidence has shown that the digitization of consumer habits began the day stay-at-home orders effectively shut down in-person interaction in the real world. Necessity being the mother of invention, consumers rapidly reset their lives around digital across the board — from working to shopping to learning to managing their financial lives online.

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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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DevOps: what it is, what it does and the benefit to banks

ATM Marketplace

DevOps is key for a bank looking for an organizational transformation. Larry Gordon, co-founder and CEO of xOps, shares his insight and experience in security, DevOps and digital transformation and why banks should be looking toward it for the future.

Security 108
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Report: Digital ID’s Role In Boosting Trust In The Sharing Economy

PYMNTS

More than 32 million U.S. consumers move every year, with the major moving season ending in September. Consumers who use storage sharing platforms to stash their stuff in unused spaces need to be able to trust the hosts with their belongings, while hosts need to be assured their renters are who they say they are, says Co-founder Anthony Paine of peer-to-peer (P2P) storage marketplace Stashbee.

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Countering OCC, states announce streamlined payments exams

Payments Source

With the Office of the Comptroller of the Currency considering a special charter for payments firms, a state regulator group said large money transmitters can opt for the “one company, one exam” program next year.

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Klarna Valued At $10.65B After $650M Funding Round

PYMNTS

Private equity firm Silver Lake is leading a group in a $650 billion investment in buy now, pay later (BNPL) provider Klarna , The Wall Street Journal (WSJ) reported. Sweden-based Klarna, which provides the ability to pay for consumer goods with installments at a number of retailers, has seen a boost during the pandemic. The investment will value the company at $10.65 billion, a sizable increase from the company's last valuation of $5.5 billion in 2019.

Retail 205
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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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How to save a million dollars on bank operating costs

Bobsguide

An AML analyst spends an average of an hour analysing a suspicious case. Each time they have to perform a series of simple, repetitive actions. Search for a given client in the database of suspects, verify if the client is not on the warning lists, check what is known about the client from the.

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Ticketmaster, VenueNext Team Up On Mobile Ordering Tech

PYMNTS

When stadiums and concert venues open up once again, fans may find themselves in a whole new technological ballgame. This includes touchless payments and mobile ordering technology. Industry giant Ticketmaster and VenueNext , a mobile commerce tech provider, are dialing up a partnership aimed at addressing fans’ health concerns and — they hope — luring them back in when large venues get the OK from health authorities, reported Sportico.

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How Citi, PNC and SVB incubate from within

BankInovation

For many banks, innovation means partnering with fintechs or developing new banking features in-house. Dozens of banks, however, are going even further by spinning out their own ideas through in-house incubators and innovation labs. “We have seen from the research we have done with our clients and investor partners that there is tremendous value in […].

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Hotels.com Debuts Loyalty Program Visa Card

PYMNTS

Hotels.com has launched a credit card to help users access rewards, according to CNBC. The card is backed by Visa and issued by Wells Fargo. It will build on the existing Rewards program for Hotels.com, which allows users to earn rewards, or “stamps” as they’re termed, for every stay they book through the site, CNBC reported. If a user collects 10 rewards, they can earn a free night.

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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.