Sun.Feb 09, 2020

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Massive cyberattack on the US wholesale payments system (simulation but real?)

Chris Skinner

One report you may have missed was this one: CyberRisk and the U.S. Financial System: A Pre-Mortem Analysis from The New York Fed and released in January. The paper focuses upon a co-ordinated cyberattack on the wholesale payment systems of America and can be summarised as: We (the Federal Reserve … The post Massive cyberattack on the US wholesale payments system (simulation but real?

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Bank of America gained 418 technology patents in 2019

Bank Innovation

Bank of America obtained more patents last year than any other year in the history of the company. In 2019, company obtained 418 patents, a 31% increase over the prior year. According to the bank, patents protect the bank’s tech investments. “Patents are not always about excluding others from using [the technology]; oftentimes, patents are […].

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Things worth reading: 10th February 2020

Chris Skinner

Things we’re reading today include … Santander fintech guru trades punk rock for asset management Cryptocurrency specialist to push for UK banking licence Bank of England gold: Rare look inside the vaults How far will Alison Rose go to take RBS into the 21st century? A new rural bank branch … The post Things worth reading: 10th February 2020 appeared first on Chris Skinner's blog.

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Jack Henry the newest core provider to offer a digital bank in 90 days

Bank Innovation

Core providers are rolling out digital bank toolkits that can launch a new offering within 90 days, and Jack Henry is the latest contender to join that race with BankAnywhere, a cloud-based system for community banks. Jack Henry is not the first core provider to roll out a “digital bank in a box” product for […].

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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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Uber Co-Founder Kalanick Supports Expansion Of 3D-printed Hotel

PYMNTS

Uber co-founder Travis Kalanick is joining other investors in funding the expansion of the 3D-printed hotel concept Habitas , the Financial Times reported on Sunday (Feb. 9). An idea hatched at the Burning Man desert arts festival, the experience-focused hospitality group Habitas was founded in 2014 by Oliver Ripley, Kfir Levy and Eduardo Castillo. .

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Crypto Fraud Scores More Than $4B In 2019

PYMNTS

The cost of crimes involving bitcoin and cryptocurrency hit $4.3 billion in 2019, according to Chainalysis and The Wall Street Journal , which was a bigger figure than either of the preceding two years combined. In 2017 and 2018, by comparison, the various schemes and fraudulent activity was $3 billion combined. The schemes are prolific, with 90 percent of the pilfered funds coming from just six widespread schemes.

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Why Stripe and CBA see gold in installment payments

Payments Source

Point of sale credit can be an alluring option for consumers who are normally averse to taking on debt. The allure is also enough to draw support from one of Australia’s largest banks and the digital merchant acquiring giant Stripe.

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Data Shows 41 Pct Hike In Ransomware Attacks In 2019

PYMNTS

Ransomeware hackers are striking more frequently, taking down computer networks across businesses, hospital and governments, the New York Times reported on Sunday (Feb. 9). Ransomware cyber-attacks are up 41 percent over last year, with 205,280 enterprises having lost access to hacked files, according to data from the ransomware security firm Emsisoft.

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Deepfakes are a real threat for payment security

Payments Source

Fraudsters are smarter and more devious than ever before. With that evolution comes an increase in successful fraud attempts, seen especially by companies that do not practice modern payment safety protocols.

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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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MN Man Admits Helping MyPayrollHR With NY Fraud

PYMNTS

Luke Steiner, 31, of Minnesota pleaded guilty on Wednesday (Feb.5) to one charge of conspiracy to commit wire fraud, stating that he assisted New York-based MyPayrollHR CEO and Founder Michael Mann defraud two companies, according to multiple reports last week. Steiner said he helped the 49-year-old Mann allegedly defraud two finance companies out of nearly $13 million between 2013 and 2019.

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Your Guide To The Ultimate Shopping Credit Cards

BankBazaar

Shopper much? You’re missing out on great deals if you don’t have any of these Credit Cards in your finance arsenal. Choose one that suits you best! ATTENTION shoppers – in a few minutes, your life is going to be transformed, because we’ve made a list of Credit Cards that can give you shopping superpowers – pow! In a world where consumer is king, the financial world is constantly evolving to offer customers more and more freebies and goodies, so as a consumer, why w

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Data Shows Hiring Stalled At US Small Businesses In 2019

PYMNTS

Employee head count at U.S. small businesses remained stagnant last year, despite record growth among larger firms’ employment, The Wall Street Journal reported. American businesses with 20 employees or less have been sluggish to hire, according to Moody’s Analytics. In contrast, firms with 500 or more people on the payroll grew their workforces by 2.3 percent.

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CFPB’s unexpected showdown with Citizens

American Banker

The agency's lawsuit against the Rhode Island company — the first involving a bank under Director Kathy Kraninger — has challenged assumptions about its approach to enforcement.

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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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Saudi VC Firm Hires Google Exec To Grow Tech Unicorns

PYMNTS

Saudi Arabia’s STV , one of the country’s largest venture capital firms, has enlisted the help of a Google employee, Ivan Jakovljevic, with the hope of boosting their startups into unicorns. A unicorn refers to a privately held startup that is valued at over $1 billion. STV will employ Jakovljevic as a chief development officer starting next month, according to Bloomberg.

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Banking Must Bridge the Growing Digital Transformation Skills Gap

The Financial Brand

Digital transformation in financial institutions requires a new workforce strategy that includes retraining and transparent communications. The post Banking Must Bridge the Growing Digital Transformation Skills Gap appeared first on The Financial Brand.

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Bitcoin Daily: Insurance Cos Use Blockchain To Fast-Track Virus Payments; Coronavirus Prompts Crypto Conference Delays

PYMNTS

The blockchain is making it faster and easier for insurance service providers to fast track coronavirus claims. China’s online mutual aid platform Xiang Hu Bao, owned by Ant Financial, and Blue Cross (Asia-Pacific) Insurance in Hong Kong, have both used the blockchain to quickly process claims, South China Morning Post reported on Sunday (Feb. 9). .

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Fintech Deals Seen As Innovation Shortcut By Financial Institutions

The Financial Brand

Both banks and credit unions are lagging with key technologies like artificial intelligence, prompting their fintech reassessment. The post Fintech Deals Seen As Innovation Shortcut By Financial Institutions appeared first on The Financial Brand.

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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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StanChart, Infor Scale Data For Easier Payments

PYMNTS

International banking group Standard Chartered is partnering with business cloud software firm Infor to digitize the financial supply chain, the companies said in a press release on Thursday (Feb. 6). . The strategic agreement launches the Infor Nexus network to the bank’s clients. By digitizing the financial supply chain, “businesses can minimize supply chain delays and friction, while suppliers can benefit from improved access to capital,” the release said.

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Digital Overtaking Branches as the Place Consumers Get Advice

The Financial Brand

Shift is powered by Millennials' love of interactive mobile banking tools. Biggest banks have clear edge over regionals, consumer study shows. The post Digital Overtaking Branches as the Place Consumers Get Advice appeared first on The Financial Brand.

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Facebook Buys London ‘Visual Positioning Service’ Company For $40M, Sources Say

PYMNTS

Facebook has acquired London-based startup Scape Technologies , which is working on location-based technology that will expand GPS abilities, according to reports. Regulatory filings show that Facebook now has control over more than three-quarters of the company. Though details on the specifics of the deal were unavailable, the deal could be for around $40 million based on other filings.

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Banking Must Bridge the Growing Digital Transformation Skills Gap

The Financial Brand

Digital transformation in financial institutions requires a new workforce strategy that includes retraining and transparent communications. The post Banking Must Bridge the Growing Digital Transformation Skills Gap appeared first on The Financial Brand.

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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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China’s Central Bank To Start Re-Lending Funding To Fight Virus

PYMNTS

China’s central bank will release a set of funds intended to combat the coronavirus this week, and will begin to offer the service on a weekly basis soon, according to Bloomberg. The Peoples’ Bank of China ( PBOC ) said the move was intended to cushion the impact of the deadly virus, which has killed over 800 people in the country. The virus has also been affecting profits for businesses, as retail spending and industrial production have been weakened.

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