Thu.Sep 14, 2017

article thumbnail

Who owns the customers’ data?

Chris Skinner

Following on from the discussions about identity on Monday, it gets interesting to think about the customers’ data and who owns it, especially in light of the Payment Services Directive 2, PSD2 for short, which comes into force at the start of next year. The regulation forces banks to open … The post Who owns the customers’ data? appeared first on Chris Skinner's blog.

Data 374
article thumbnail

Digital Accounting Service Wave Signs Deal with Royal Bank of Canada

Bank Innovation

EXCLUSIVE – Digital accounting company Wave has signed an agreement with Royal Bank of Canada to provide its platform to the bank’s online business banking site, the company announced at the Finovate Conference in New York. The deal is the first of its kind for Wave, Peter Carrescia, SVP of strategy and corporate development, told […].

New York 291
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Cash Management 101: 5 Ways to Improve Collections

Abrigo

By Richard Greene, Clarus Advisors Cash flow is the life’s blood of a business. This is true for the small business and the Fortune 50. Understanding, tracking and controlling your company’s cash inflows and outflows is paramount to running a healthy company. To illustrate the impact collections has on your cash flow , consider this example: daily sales are $10,000 and Accounts Receivable sits at 42 days.

article thumbnail

Namibia’s Central Bank Outlaws Cryptocurrency

Bank Innovation

Namibia’s Central Bank said cryptocurrency exchanges are not allowed under the nation’s law. According to this same law, cryptocurrency cannot be accepted as payment for goods and services, the nation’s central bank has said. Based on a statement released by the government to The Namibian on this subject: It should be noted that there is […].

article thumbnail

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

article thumbnail

Russians 'have it their way' with Whoppercoin

Payments Dive

The Burger King franchise in Russia has rolled out a loyalty program built around the 'Whoppercoin.' It's a cryptocurrency that customers can traffic in online or trade in for free burgers. Could it also be a signal that Russia is softening its hostile stance toward virtual currency?

More Trending

article thumbnail

NEW REPORT: How X-Border Receivables Save Rhinos

PYMNTS

By some accounts, the value of cross-border B2B payments could reach $3.68 trillion by 2025. With so much potential revenue at stake, there’s little wonder why merchants around the globe want to take their operations to the international stage. Before businesses can spread their global wings and reach new markets, though, they must first overcome their fears of engaging in global trade.

Report 191
article thumbnail

PayPal Will Grow P2P Opportunities By ‘Going After’ Cash

Bank Innovation

EXCLUSIVE- P2P is changing, as new entrants like Zelle come into the market, which means payments companies have a lot of opportunities to hit or miss the technology. One of the reigning P2P champions, PayPal, is keeping its approach to this expanding market simple: by remembering that cash is still king for the majority of […].

Marketing 191
article thumbnail

Banking On APIs For B2B Innovation

PYMNTS

Banks and FinTechs have been both competitors and collaborators in the financial services space. One of the key reasons for the complicated relationship – the term “frenemies” comes to mind – is that FinTech newcomers are demonstrating innovative approaches to traditional banking practices, including financial management services and money transfers, while older banks tend to be wedded to older systems.

article thumbnail

Comptroller of the Currency Not Ready to Accept Fintech Charters

Bank Innovation

U.S. banking regulator, the Office of the Comptroller of the Currency, is still in the “exploratory” phase with its new fintech charters. This is according to acting Comptroller Keith Noreika, who made the remarks yesterday during the FinovateFall conference in New York. The office’s fintech charters were introduced in 2016, and sparked controversy within financial […].

Fintech 170
article thumbnail

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

article thumbnail

Google, Intuit Pair Up For SMB Cash Management

PYMNTS

Google and Intuit are pairing up to help Australian small businesses (SMBs) get a better grip on cash management. Reports Wednesday (Sept. 13) said Google and Intuit Australia announced news of their partnership at the Google Cloud Summit, which was held in Sydney. As part of their initiative, Gmail now supports integrated eInvoicing using Intuit tools.

Google 186
article thumbnail

CECL preparations yet to begin in earnest at many banks, credit unions

Abrigo

Many financial institutions have yet to begin in earnest their preparations for transitioning to the current expected credit model (CECL), a recent poll by Sageworks suggests. More than half of financial professionals attending a webinar this summer, “CECL Transition Planning and Execution,” said their financial institutions have completed none of the following four major activities related to a transition: • Implementing a transition governance structure • Implementing an execution governance s

Exercises 150
article thumbnail

China Creates National Cyberattack Database

PYMNTS

China revealed that it is creating a national cyberattack database and will require telecom firms, internet companies and domain name providers to report any threats to it. According to news from Reuters , the Ministry of Industry and Information Technology (MIIT), which is creating the platform, announced that companies and telcos – as well as government bodies – will be required to share information on cybercrime, including Trojan malware, hardware vulnerabilities and content linked to “malici

National 174
article thumbnail

Compliance solutions: To build or buy regtech?

Bobsguide

Regulatory compliance has always been and will always be one of the top priorities and concerns of every financial institution (FI). Regulatory reforms following the global financial crisis of 2008 compelled FIs to make substantial investments in risk and compliance – both in terms of.

article thumbnail

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.

article thumbnail

Mastercard Wants To Help Their Partners Bridge The Digital Gap

PYMNTS

The wonders of the mobile-digital age at this point need no introduction – particularly when it comes to enabling an entirely new world of transactions. At the dawn of the digital era, consumers made transactions generally by cash, check or card – and almost always in a store. The world of payments and commerce was not terribly complicated. Flash-forward 17 years into the digital era, when people shop on computers, on phones and (increasingly less often) in stores.

Meeting 164
article thumbnail

What will the next decade of contactless payments look like?

Bobsguide

Contactless payments have become increasingly common in the UK. Today, six in ten Brits pay with touch and go. What started off as alternative payment method capped at £20 per transaction, has now become an increasingly common way to pay. And experts believe that the momentum.

Payments 103
article thumbnail

Blockchain For The Average Joe

PYMNTS

Imagine shopping for a new outfit, computer or groceries and paying for the purchase with bitcoin. Yes, in a real store. Why not? Love or hate blockchain, there’s no denying that digital currencies have grown in popularity, and there is certainly a market for cryptocurrency acceptance at physical retail points of sale (POS). In fact, a few companies are even supporting it already, including Ingenico.

article thumbnail

4th EU AML Directive: What you should know

Bobsguide

The EU’s 4th Anti-Money Laundering Directive (4th EU AML Directive) was enacted on 25 June 2015, and fully implemented on the 26 June 2017, replacing the third Anti-Money Laundering Directive. As well as a greater emphasis on risk assessments to combat money laundering (AML) and terrorist.

98
article thumbnail

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.

article thumbnail

Visa And Vantiv Debut FastAccess Funding

PYMNTS

Credit and debit card payments processing company Vantiv and Visa announced news on Thursday that they have jointly debuted FastAccess Funding, which allows merchants to more quickly receive settlement payouts. FastAccess Funding is the first merchant payment solution available across Vantiv’s push-to-card platform. In a joint release , Vantiv and Visa said that the settlement time — received by merchants upon funding of debit cards — now takes minutes rather than one to three days, as is typica

article thumbnail

MEDICI now! The Finicity Story

Let's Talk Payments

MEDICI now! Startup Stories highlights the companies that are shaping the new Financial Technology industry. Keep an eye out each week for new stories! If you or someone you know.

article thumbnail

Making The Case For Mobile B2B Payments

PYMNTS

The enterprise has been a bit skeptical about mobile payments. One exception may be in the T&E space, in which FinTechs are introducing ways for employees to make B2B payments and integrate transaction data into expense management systems, a reflection of the mobile nature of the traveling employee. But Jason Mugford, president and CEO of cross-border corporate payments company AscendantFX , recently told PYMNTS that there is a broader opportunity for mobile payments to make waves in the ent

Mobile 139
article thumbnail

Vantiv, Visa Direct partner to speed up merchant payments

Payments Source

Rather than waiting one to three days for funds through the Automated Clearing House system, merchants will be able to receive settlement payments straight to their debit cards within minutes through a partnership between Visa and the processor Vantiv.

article thumbnail

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.

article thumbnail

How Halloween Might Have The Secret To Saving Retail

PYMNTS

Halloween might be the scariest holiday (unless, of course, you’re a parent, in which case Christmas is the hands-down winner every year), but it’s not necessarily the most innovative from a retail point of view. Sure, there are dedicated costume makers who bring new meaning to innovation through their use of fabric every year to celebrate the last day of October, but for most consumers, it is a holiday dedicated to buying candy for the neighborhood children, Halloween costumes for one’s own chi

Retail 137
article thumbnail

MEDICI now! The PayDock Story

Let's Talk Payments

MEDICI now! Startup Stories highlights the companies that are shaping the new financial technology industry. Keep an eye out each week for new stories! If you or someone you know.

article thumbnail

Credit Unions Strive to Achieve Digital Transformation

PYMNTS

Digital. It’s not just for banks and payments at large, but for credit unions too. And it’s certainly top of mind for those establishments. But top of mind may not make the leap from intent to in-place. In a recent study of 221 credit union employees conducted by CO-OP Financial Services , 88 percent of respondents said that digital transformation remained either “quite” or “extremely” important.

Survey 137
article thumbnail

Who owns the customers’ data?

BankNXT

The idea of sharing customer data is scary for the banking community, and PSD2 is really going to shake things up. Story by Chris Skinner. Who owns the customers’ data? on BankNXT.

Data 79
article thumbnail

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.