Tue.Jul 07, 2020

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No longer an alternative: The approaching future of local payments

Payments Dive

The rapid integration of the global payments market means that local payment methods will no longer be seen as an alternative payment method for multi-national payment processors and merchants, but the norm.

Payments 443
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Upcoming Webinar – Sling RepoInit

Perficient

Curious about using Sling RepoInit? Want to learn more in depth about how Sling RepoInit can enable your AEM DevOps team to manage the initial repository state in code? I’ll be leading a virtual discussion on Sling RepoInit with the Detroit AEM Meetup on Thursday July 9th from 6:00 – 6:50 PM EST. This talk will: Introduce the benefits Sling RepoInit as a provisioning method.

Detroit 373
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The real reason HSBC and Standard Chartered aren’t talking

Chris Skinner

OK, OK, OK. I said this blog is not political, but it’s got a bit that way this week after my comments on HSBC and Standard Chartered, China and Hong Kong. In fact, I feel I’ve opened a bag of hornets and therefore I’m not going to continue this theme … The post The real reason HSBC and Standard Chartered aren’t talking appeared first on Chris Skinner's blog.

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5 Ways to Consider Digital and Data and An End-to-End Architecture

Perficient

Digital and data are like TV and movies. Imagine the following three scenarios of watching a movie during a long weekend with different types of technology. Note, all these movies are rated high or low on IMDB. Watching an amazing movie like Avengers End Game or Avatar on a laptop or iPad. Now, that same amazing movie watched in a theater with surround sound or a home theater.

Data 332
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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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Visa On The Changing Needs Of Merchants At The (Digital) Checkout

PYMNTS

Merchants’ needs have changed dramatically due to the pandemic. Digitizing operations tops the list of merchant imperatives, but getting there can be a struggle — especially when it comes to digitizing the checkout experience for a post-pandemic age. To that end, as Visa Acquiring Partner Relationships Vice President Josh Park told PYMNTS, finding the right tech providers and partnerships can be critical.

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More Trending

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Square’s Stock Rally Looks Pretty Well-Rounded

PYMNTS

Wall Street has famously been called “both voting machine and weighing machine.”. Of course, voting is a bit of popularity contest, and as retail investors (and some institutional ones) crowd into a stock, they can quickly bid its price up — as is happening these days with payments processor Square. Square’s shares have doubled since May, according to Bloomberg , and at $55 billion, the company’s market capitalization is eclipsing that of many traditional banks.

Course 250
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People increasingly look to digital P2P platforms to enable social distancing

Bobsguide

It might feel like a lifetime ago, but think back to the last time you visited a restaurant with friends. How did you split the bill? Multiple cards and scribbled math to calculate how much everyone owed? Was it a mix of some paying cash and others using cards? Did you have to sit and wait for.

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Community Banks Accelerate FinTech Integrations

PYMNTS

Build, buy or partner? For more community banks, the latter strategy can fast-track digitization initiatives. This week’s look at the latest bank-FinTech tie-ups shows Banking-as-a-Service and other FinTech players embracing smaller regional and community banks to elevate small- to medium-sized business (SMBs) and corporate banking offerings. Finastra Chosen by Community FI.

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A hard pivot: How businesses abruptly switched to digital commerce

Payments Source

Nandan Sheth, Fiserv's global head of digital commerce, talks to PaymentsSource Associate Editor David Heun about the unprecedented challenge of bringing businesses into the digital age in an environment where many are adapting only out of necessity.

Fintech 131
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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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New Fashion Startup Bets Its Future On Off-Price Luxury

PYMNTS

It’s hard to find a retail fashion category that’s reliably successful these days. Brick-and-mortar discounters like T.J. Maxx are thriving despite social distancing rules, which is not the most stable success platform. Fast fashion already claimed a victim this week as Lucky Brand filed for bankruptcy, and H&M announced it was shuttering 170 stores across the globe due to the pandemic-driven digital shift.

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Financial services industry struggles to emerge from lockdown

Payments Source

Our third monthly survey found almost six out of 10 employers report that their plans for the return to work are stymied by uncertainty — specifically, a lack of clarity on the right timing, and persistent questions about how to provide a safe environment for their employees.

Industry 126
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General Atlantic’s Dr. Jud Linville On FinTechs And What’s Ahead For Banks

PYMNTS

The digital transformation of financial services that began well before the pandemic has only accelerated in recent months. There’s no shortage of disruptors — particularly neobanks that promise to change everything from checking to lending — but don’t count legacy players out just yet, Dr. Jud Linville , senior advisor at growth equity firm General Atlantic , told Karen Webster.

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A blockchain project builds a layer of security to cover all currencies

Payments Source

As a cryptocurrency entrepreneur who helped launch Stellar and Dogecoin, Marshall Hayner has long been interested in finding a way to use blockchain — the digital ledger technology originally developed for Bitcoin — to solve some of the data privacy issues relating to payments.

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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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Jaguar Land Rover Moves Forward With Subscription Program

PYMNTS

Jaguar Land Rover is dipping its paw into the subscription automobile leasing pool, just as peer Mercedes is climbing out after a trial run, Autoweek reported on Tuesday (July 7). Subscription models vary, but in general, they allow customers to lease cars for periods of around six months. The arrangement costs more than typical multi-year leases, but drivers get more variety and short-term commitments.

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Cardless, cashless and contactless: will this be the new normal?

ATM Marketplace

What is the new normal that people are talking about and how will it affect the way customers use ATMs in the future. A recent study by London's RBR gives a look at how new technology is leading the way to the future.

ATM 112
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Wirecard Administrator Sees Strong Interest From Potential Buyers

PYMNTS

The court-appointed administrator guiding Wirecard AG’s insolvency said dozens of investors have emerged to buy what’s left of the Munich-based payments company, Reuters reported. “The aim is to find timely investor solutions in the interest of creditors, employees and customers,” Michael Jaffe said in a statement following a creditors meeting. He said more than 100 investors have expressed interest in buying the collapsed German payments firm’s core business and holdings.

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How fintech mentorships have adapted during the pandemic

Payments Source

The days of meeting with mentors and pitching investors in person are at least temporarily over, but fintech incubators, accelerators and boot camps are finding creative ways to replicate these valuable experiences online.

Fintech 106
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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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Walmart’s New Subscription Service Aims To Compete With Amazon Prime

PYMNTS

Walmart will be launching a new subscription service, Walmart+, this July, to compete with Amazon Prime, as reported by Vox. The service, which will cost $98 a year, will encompass everything from same-day delivery for grocery and general merchandise to discounts and early access to deals. The service was originally supposed to be unveiled in March or April, but the COVID-19 pandemic pushed back the rollout, Vox writes.

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Putting data first can solve the omnichannel puzzle

Payments Source

Collecting the right data and understanding the nuances to which channels customers are using and why, can go a long way in delivering experiences that customer loyalty is built on, says Adobe's Mark Masterson.

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AeroPay Introduces Digital Payment Solutions For Cannabis Businesses

PYMNTS

FinTech AeroPay has launched a new suite of digital payment solutions intended for cannabis businesses, according to a press release. The tech will allow both B2B and B2C transactions and will encompass the entirety of the cannabis industry, according to the release, including in-person and online payments. The company calls its strategy “smart bank transfers,” referring to the way the tech can handle the entire cannabis supply chain from grow ops and suppliers to retailers and drivers.

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New Launch: IndusInd Bank Iconia Visa Card

BankBazaar

There’s a new card on the block that’s LIFETIME FREE and yours for the taking. Check it out! The pandemic is a good reminder for all of us to review our finances and prepare for similar events in the future. Many of us have been facing salary cuts, furloughs and even job loss. While banks have offered moratoriums on loans, some of us maybe facing a problem of a different kind – managing day-to-day expenses.

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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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Pandemic Scammers Robbed US Consumers Of More Than $77M

PYMNTS

Americans have lost more than $77 million in COVID-19 fraud since the start of the year, according to the Federal Trade Commission (FTC). But that number misses an unprecedented scope of scams connected to the coronavirus, according to John Breyault , a spokesman for the National Consumers League , the Washington, D.C.-based consumer advocacy group.

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Global real rates, 1311–2018

BankUnderground

Paul Schmelzing. Paul Schmelzing is an academic visitor to the Bank of England, currently based at Yale University. In this guest post, he summarises his research on the differential between real interest rates and real growth rates over the past seven centuries…. There is a lively academic and policy debate about whether a build-up of excess savings in advanced economies has created a drag on long-term interest rates.

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SMB Alt-Lending Gears Up For Another Industry Shakeup

PYMNTS

The level of market volatility hitting the U.S. and other nations around the world as a result of the global pandemic continues to draw comparisons to the 2008 financial crisis — so it’s only natural that analysts may turn to the past in an effort to predict what could lie ahead. For small businesses, the aftermath of the financial crisis more than a decade ago led to massive disruption in the ability to access financing as large banks pulled back from the customer segment.

Lending 171
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CFPB issues final rule rescinding payday loan rule ability to repay provisions and ratifies rule’s payment provisions

CFPB Monitor

The CFPB has issued its long-awaited final rule rescinding the ability-to-repay provisions in its final payday/auto title/high-rate installment loan rule (Payday Rule). The final rule will be effective 90 days after its publication in the Federal Register. The CFPB also issued a document in which it affirmed and ratified the Payday Rule’s payment provisions.

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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.