Chris Skinner
FEBRUARY 26, 2020
There’s a growing lament amongst the few, who are worried our analogue world is crumbling around them. They see the loss of bank branches, high street shops, use of cash and such like as the end of their world. They hate the idea of electric self-driving cars and mourn the … The post Nostalgia ain’t what it used to be appeared first on Chris Skinner's blog.
Bank Innovation
FEBRUARY 26, 2020
The parameters around how consumer financial information should be shared with third-party apps and platforms was the subject of debate at an industry forum organized by the Consumer Financial Protection Bureau in Washington, D.C., on Wednesday. While data aggregators and bankers participating in the forum agreed on the principle that consumers should have the right […].
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Chris Skinner
FEBRUARY 26, 2020
Things we’re reading today include … B-Social raises £7.8m to become a fully licensed bank Swedish fintech Klarna posts first ever annual loss StanChart posts strong results but coronavirus, economic headwinds to hamper profit growth BCR’s £120m handout to Metro bank has turned out to be a colossal waste Lloyds, … The post Things worth reading: 27th February 2020 appeared first on Chris Skinner's blog.
Bank Innovation
FEBRUARY 26, 2020
Ripple Labs Inc. failed to persuade a judge to throw out a proposed class-action lawsuit that the blockchain payment services provider said could topple the market for XRP, the world’s third-largest virtual currency. A federal judge in Oakland, California, on Wednesday somewhat narrowed the claims against Ripple but left largely intact a complaint by investors accusing […].
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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
PYMNTS
FEBRUARY 26, 2020
A big change is coming to Mastercard , which will soon be marking the end of an era as its longtime CEO Ajay Banga departs from the role of CEO and moves on to the role of Executive Chairman, a position now held by Richard Haythornthwaite, on Jan. 1, 2021. Haythornthwaite has served as chairman since May 2006 and Banga has served as CEO since 2008 — when he took over the helm shortly after the onset of the financial crisis.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
FEBRUARY 26, 2020
PYMNTS recently spoke with Saqib Sheikh, global head of SWIFT’s ISO 20022 program, to learn more about SWIFT’s commitment to assist the financial community in the transition to the new standard in cross-border payments: ISO 20022. Cross-border payments are a fragmented space with disparate standards, service levels, and compliance and reporting regulations varying from country to country.
Bank Innovation
FEBRUARY 26, 2020
Fintechs, aggregators and banks may agree on data sharing, but accountability should be equally assigned to all parties, according to JPMorgan Chase. At an industry forum in Washington, D.C., Natalie Williams, general counsel for responsible banking and data at Chase, said each party should be held to the same standards as banks. “Our customers, because […].
PYMNTS
FEBRUARY 26, 2020
The coronavirus has already dented supply chains — notably those that serve retailers and auto manufacturers, among others. Digging a bit deeper and into the tech supply chains serving Apple, the headlines seem focused on consumer-facing firms, where end products such as cell phones may be slow to reach shelves if (well, of course, when) production gains traction again.
Bank Innovation
FEBRUARY 26, 2020
Ripple Labs Inc. failed to persuade a judge to throw out a proposed class-action lawsuit that the blockchain payment services provider said could topple the market for XRP, the world’s third-largest virtual currency. A federal judge in Oakland, California, on Wednesday somewhat narrowed the claims against Ripple but left largely intact a complaint by investors accusing […].
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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
PYMNTS
FEBRUARY 26, 2020
Billions of dollars in earnings. Billions of dollars in the bank. Time to go shopping? As reported by CNBC , Jamie Dimon, CEO of JPMorgan , said at the company’s investor day Tuesday that “we are looking, and will be much more aggressive with acquisitions.”. And with a nod toward what might be in the crosshairs, Dimon said that acquisitions would be somewhere within financial services and technology, and decidedly not in traditional banking (read: checking and deposits).
Bank Innovation
FEBRUARY 26, 2020
Fintechs, aggregators and banks may agree on data sharing, but accountability should be equally assigned to all parties, according to JPMorgan Chase. At an industry forum in Washington, D.C., Natalie Williams, general counsel for responsible banking and data at Chase, said each party should be held to the same standards as banks. “Our customers, because […].
PYMNTS
FEBRUARY 26, 2020
Digital banking and payments firm i2c is partnering with next-generation commerce firm Sightline Payments to deliver cashless, mobile and omnichannel programs to over 45 gaming resorts, state lotteries, digital gaming and sports betting sites across eight states, i2c announced on Wednesday, Feb. 26. Founded in 2010, Sightline has experienced 744 percent revenue growth since 2015.
BankBazaar
FEBRUARY 26, 2020
That women are taking over the financial reins of large, multinational corporations is not news. But how good are they on the home front? Let’s find out. . Imagine a time when women had little to no control over the money they used to make. With women taking over the reins of multinational corporations across the world today, it’s a scenario that is pretty difficult to fathom.
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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.
PYMNTS
FEBRUARY 26, 2020
A former Microsoft engineer was found guilty of 18 federal felonies after he stole $10 million worth of digital currency from his ex-employer and used the money to finance a $1.6 million waterfront house, $160,000 Tesla, and other lavish items, the U.S. Department of Justice (DOJ) said on Tuesday (Feb. 25). Software developer and Ukrainian native Volodymyr Kvashuk, 25, from Renton, Washington, worked for Microsoft from 2016 to 2018, and was tasked with testing Microsoft’s online retail sales pl
Bobsguide
FEBRUARY 26, 2020
At a time when deals are more competitive than ever and asset prices are soaring, private equity (PE) firms need to do everything they can to avoid deals turning sour. Yet in recent months we have seen prime examples of how ignoring the web of a target company’s extended network can cause.
PYMNTS
FEBRUARY 26, 2020
Credit unions (CUs) are performing well as the new decade dawns, with a recent study finding that CUs increased their loan originations by 29 percent from Q4 2018 to Q4 2019. Though still strong, this industry growth has slowed in recent years, with another survey finding that total loans only increased by 6.6 percent in 2019, compared to 10.5 percent in 2016.
Jack Henry
FEBRUARY 26, 2020
This post was co-written by Karen Crumbley, Gladiator®, ProfitStars, and Keith Haskett, Rebyc Security. Karen has been providing Educational Risk Mitigation online training courses and encouraging community bankers to engage in conversations with their peer banks and vendors about how best to mitigate risks within their own institutions. She has also been a valued member of Jack Henry & Associates for thirteen years.
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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.
PYMNTS
FEBRUARY 26, 2020
After a reporting error that caused the exit of its chief executive and chairman in 2019, Metro Bank has announced that it is scaling back its expansion efforts and moving away from lending for mortgages, according to a report by the Financial Times. The bank’s new CEO Dan Frumkin said that “there is no doubt there is a steep hill to climb,” but added that the bank could turn things around even after posting losses that beat estimates.
Payments Source
FEBRUARY 26, 2020
Investors and deep-pocketed payments firms have funneled hundreds of billions of dollars into the payments industry, demanding results in areas as wide ranging as digital processing, consumer experience, risk management and compliance.
PYMNTS
FEBRUARY 26, 2020
Square has posted Q4 earnings results , showing continued evolution from the firm’s roots 11 years ago as a point-of-sale payments processor with on-site card readers toward — what management described as — an “ecosystem” tying sellers and consumers together across a digital platform that includes capital loans and payment apps. In terms of headline numbers, revenues surged to $1.3 billion, up 42 percent, while analysts had expected $1.2 billion.
Banking Exchange
FEBRUARY 26, 2020
Online payment fraud could cost companies more than $200 billion over four years, finds Juniper Research Risk Management Technology AML & Fraud Cyberfraud/ID Theft Compliance/Regulatory Operational Risk Big Data Security Online Cards BSA/AML Feature3 Feature Financial Research Payments.
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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.
PYMNTS
FEBRUARY 26, 2020
Cash management firm The Brink’s Company is acquiring a majority stake in the security services company G4S for $860 million (£660 million), The Brink’s Company announced on Wednesday (Feb. 26). Brink’s, which is based in Richmond, Virginia, said the transaction adds 14 new markets to its realm: the Netherlands, Malaysia , Romania, Belgium, Ireland, Kuwait, the Czech Republic, the Philippines, the Dominican Republic, Cyprus, Indonesia, Lithuania, Estonia and Latvia.
ABA Community Banking
FEBRUARY 26, 2020
With just 44,000 residents, how did the town of Columbus, Indiana, become one of the nation's leading architectural destinations -- ranked sixth of all U.S. cities for architectural innovation and design? The answer: a community bank president named J. Irwin Miller. The post Podcast: How a Community Banker Helped Columbus Discover Modern Architecture appeared first on ABA Banking Journal.
PYMNTS
FEBRUARY 26, 2020
(Warning: This article contains puns aplenty, fowl indeed). Bird, the scooter company, may ruffle some feathers in the very cities and locations where it seeks to engender goodwill — more so than it already has. And, beyond that, here are some key questions: Will its foray into payments push cash the way of the dodo and take flight? In an effort to expand the Bird platform, to add additional functionality that will keep users sticky, bring in more revenues and cross-pollinate use cases a la Uber
CFPB Monitor
FEBRUARY 26, 2020
The CFPB filed a complaint in a South Carolina federal district court against Upstate Law Group LLC. and two of its individual owners and managers that alleges the defendants violated the Consumer Financial Protection Act’s UDAAP prohibition in connection with the brokering of pension advance products structured as purchases by engaging in unfair and deceptive acts or practices and by providing substantial assistance to others who had engaged in deceptive and unfair acts or practices in violatio
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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.
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