Tue.Jan 28, 2020

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The Global Consortium for Digital Currency Governance

Chris Skinner

I said you’re probably sick of Davos but one last update. On Friday a major announcement affecting all of banking and finance globally seeped out under the radar. I spotted it. Did you? Here it is … World Economic Forum Announces Global Consortium for Digital Currency Governance Today, the World … The post The Global Consortium for Digital Currency Governance appeared first on Chris Skinner's blog.

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Top 10 trends for banks in 2020

Accenture

The weather is likely to be unstable for banks in 2020, with a high probability of storms in places. Several continuing and new indicators suggest so—from banking consolidation, Open Banking and AI to eager big-tech entrants, revenue migration and purpose-driven banking. Drawing on input from our “weather” observation points—the many banks and industry tech providers….

Trends 320
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Lunar New Year, mobile wallets and the online imperative in China

Payments Dive

Lunar New Year has grown to become one of the most important market opportunities in the world of e-commerce. Everyone in the global payment ecosystem needs to consider this holiday shopping period as a metric for global e-commerce performance.

Online 291
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Inside Joust’s subscription model for freelancers

Bank Innovation

Joust, a digital banking startup geared toward freelancers, is differentiating itself by offering faster access to earned income. “The pain points [for small businesses] are not banking. Plenty of apps do that well,” said Lamine Zarrad, CEO and co-founder of Joust. “It’s payments, invoicing and de-risking the payment transactions.” Joust, which launched a beta version […].

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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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Things worth reading: 29th January 2020

Chris Skinner

Things we’re reading today include … JPMorgan plans to cut hundreds of jobs in consumer unit: Bloomberg ‘Flash crash’ trader sentenced to time served plus a year of home confinement: lawyers UK banks told to explain 40% overdraft rates RBS: Developer who bought jet and yacht loses case against bank … The post Things worth reading: 29th January 2020 appeared first on Chris Skinner's blog.

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The Acceleration Of Payment Rails, Old And New

PYMNTS

When it comes to payment rail innovation, transaction speed is often the catalyst driving change. This week’s examination of the latest innovation initiatives finds this to be true both for innovators exploring ways to improve existing rails — like ACH — as well as those that have embraced the development of entirely new rails, including real-time payments (RTP) and blockchain-powered transactions.

Payments 199
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Tom Steyer’s bank to revise auto loan collection practices as defaults mount

Bank Innovation

Beneficial State Bank, founded by 2020 presidential candidate Tom Steyer, is updating its collections policies on the heels of 1,800 defaults by consumers nearly four years after the lender acquired Pan American’s auto unit. Lynn Marie Auzenne, chief marketing officer at Beneficial State Bank (BSB), told sister publication Auto Finance News that the bank is revamping […].

Policies 221
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Yandex, The Russian Google, Has 15-Minute Grocery Delivery 

PYMNTS

Russia’s biggest technology firm, Yandex NV, launched an online service that uses bike couriers to bring groceries to Moscow residents in 15 minutes, Bloomberg reported on Tuesday (Jan. 27). . The free service, called Lavka, stocks roughly 2,000 items and plans to operate as a digital convenience market for items like toothpaste and condoms. Yandex launched 20 years ago as a search engine Google with a variety of online services, including ride-hailing and restaurant deliveries.

Google 177
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Industry consortium on financial data sharing adds 25 new members

Bank Innovation

The Financial Data Exchange, an nonprofit industry consortium dedicated to unifying the financial industry around a common standard for secure and convenient consumer and business access to financial data, this week confirmed that it had added 25 new members in the second half of 2019. The addition of new institutions to the network, which includes […].

Industry 259
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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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Helping FI’s Develop Their ‘FinTech Sense’

PYMNTS

Everyone knows that digital and mobile services are key to success in the 2020s — not only in terms of more revenue, but also larger transformations. But that doesn’t mean all the players in payments and financial services have a solid or clear digital strategy. The problem can be especially acute when it comes to financial institutions (FIs), said John Owens, general manager of Elan Credit Card , in a new podcast interview with PYMNTS.

Fintech 169
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How AI, AR and Venmo are reshaping 1-800-Flowers

Payments Source

As an early adopter of e-commerce in the 1990s, 1-800-Flowers.com is pushing the envelope again with 3-D and augmented reality technologies to sell floral arrangements with new payment options, including Venmo.

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Credit Unions Find ‘Co-opetition’ Key To Closing The Innovation Gap

PYMNTS

Credit unions (CUs) face stiff competition from banks, FinTech firms and other players in the financial industry, but they have several intrinsic advantages. A recent study found that CUs beat banks in eight financial well-being attributes, such as helping consumers reach financial goals, understanding financial well-being and putting consumers’ financial well-being ahead of banks’ interests.

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How to hack a bank

Bobsguide

Although the threat of cyberattacks is rising, banks are being pushed to go back to the basics of cybersecurity, according to a penetration specialist. On December 31, 2019 a group of hackers called Sodinokibi launched a cyberattack on the Travelex network. The group held the foreign exchange.

How To 151
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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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How Faster Payments Can Show Future Of SMB Cash Flow

PYMNTS

Advances in data integration and automation have taken small- to medium-sized business (SMB) accounting to the next level. In the effort to migrate SMBs and their accountants away from spreadsheets, technology now enables accountants to spend less time on manual number-crunching and more time on strategic processes. Yet despite improvements in accounting software, cash flow management remains a headache that threatens the very existence of many companies.

Payments 151
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Banks stand to lose their grip on digital payments

Payments Source

There is another phase of development for digital currency, waiting to take the spotlight — and it may not be driven by banks.

Payments 158
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Online Coupon Company Honey Nets Founders $1.5B After Sale

PYMNTS

George Ruan and Ryan Hudson, the co-founders of online coupon service Honey, received a pre-tax haul of $1.5 billion after their company was sold to PayPal, according to a report Tuesday (Jan. 28) by Bloomberg. The men are from Los Angeles and the company was sold for $4 billion. After taxes, Ruan will get $900 million and Hudson will get about $575 million.

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Deploying â??industry 4.0â?? technologies in treasury

Bobsguide

As a growing number of financial operations move to ‘real-time’, treasurers need to rethink how they organise and manage treasury functions ensuring that investment in technology can support seamless processes, efficiently. According to BCG’s research "70 percent of.

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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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Digital Fraud Is An Inside Job

PYMNTS

Is there no end to the devious creativity of cybercrooks? If they’re not grabbing stolen credentials off the Dark Web then they’re neck-deep in buyer-seller collusion, or the long con of keeping fake accounts in good standing … just enough to drain them and abscond. The new decade rises on a vast network of internet lawbreakers, from global syndicates to lone wolf hackers, some armed with military-grade means for cyber intrusion.

Fraud 143
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Review of Gitcoin Quadratic Funding Round 4

Vitalik Buterin

Round 4 of Gitcoin Grants quadratic funding has just completed, and here are the results: The main distinction between round 3 and round 4 was that while round 3 had only one category, with mostly tech projects and a few outliers such as EthHub, in round 4 there were two separate categories, one with a $125,000 matching pool for tech projects, and the other with a $75,000 matching pool for "media" projects.

Community 101
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What U.S. Bank Is Doing To Drive Virtual Card Adoption

PYMNTS

Many accounts payable (AP) professionals turning to electronic payments to streamline their companies’ payment processes — specifically, how they pay invoices from suppliers — are putting virtual cards at the top of their lists, and for good reason. Virtual cards allow AP departments better control over expenses and cash flow, improve operational efficiencies and guard against card fraud.

Cards 143
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Launching the ATM Industry into a new era

ATM Marketplace

This year's ATMIA conference will address the future of the industry, including branch transformation, bitcoin and cash access.

Industry 105
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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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La Banque Postale Customers Can Send Global Transfers Via Western Union

PYMNTS

French banking subsidiary La Banque Postale is teaming up with Western Union to expand cross-border payments, Western Union announced on Tuesday (Jan. 28). La Banque Postale is the banking subsidiary of France’s postal services operator, La Poste Group , and is also one of the country’s biggest financial institutions (FIs). As a Western Union payment agent, it is working to grow digital payments across the globe.

Groups 142
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New Drop: BPCL SBI Credit Card

BankBazaar

Let’s check out the benefits, features, and unmatched fuel benefits offered by the latest BPCL SBI Credit Card. The BPCL SBI Credit Card is a co-branded fuel Credit Card jointly launched by SBI Card and Bharat Petroleum Corporation Ltd (BPCL). It comes with a host of rewards and benefits, not just on purchases of fuel but also on your dining and entertainment spends along with purchases made at grocery and departmental stores.

Cards 78
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PCI Pal Launches Secure Digital Payments Platform

PYMNTS

Secure payments provider PCI Pal launched a new digital service on Tuesday (Jan. 28) that will let organizations offer ultra-secure payments across a multitude of channels, from social media to email and everything in between. The service, PCI Pal Digital, will be available for contact centers and businesses across the globe, offering security for payments on any digital channel, including webchat, SMS and more, a press release stated.

Security 141
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Bank Director's Acquire or Be Acquired: Top Tweets

Jeff For Banks

I attended my first Acquire or Be Acquired conference in the Arizona desert. Bank Director does a great job on organization, content, and promotion. They established the #aoba20 hashtag that had plenty of activity on Twitter and LinkedIn. Below are the top tweets, as judged by me. Because it's my blog. :) Also, putting myself in a "top" something list appealed to me.

Arizona 78
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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.