Mon.Nov 04, 2019

Things worth reading: 5th November 2019

Chris Skinner

The ‘Netflix of finance’: How MoneyLion is evolving its subscription offering

Bank Innovation

Personal finance, banking and investment platform MoneyLion is moving its monthly subscription fee to a rate similar to Netflix and Spotify starting next year. The company currently offers a free checking account and a $19.99

Criminals in the financial system

Chris Skinner

We hear a lot about how crypto and bitcoin encourages illegal activity, drugs, money laundering and such like. The reality is that such activity today is tiny when compared with the amount of illegal activity, drugs and money laundering goes through the banking system.

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INV Fintech’s pivot to bank enablement evident in new accelerator class

Bank Innovation

INV Fintech’s new class, announced today, solidifies the accelerator’s pivot to greater bank enablement. INV has refocused its operations within the last year on FI enablement, and the new class – INV’s eighth – is the first solely curated for this directive.

PayPal execs to testify in House of Commons regarding online donations to Brexit Party

Mobile Payments Today

A House of Commons subcommittee is reviewing whether PayPal can be used to make small, online contributions to political parties that would make it difficult to trace the origins of the payments. PayPal allows users to make secure, online payments using a mobile number or email

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Global Watchdog IOSCO: Libra Could Be Subject To Securities Rules

PYMNTS

The International Organization of Securities Commissions (IOSCO) said existing securities rules could be applied to Libra, Facebook’s proposed cryptocurrency, according to a report by Reuters. The IOSCO is made up of regulators across the globe, including Japan, Europe and the U.S.

Square`s growth strategy and the masses

Daily Fintech

The ten-year-old Fintech that listed on NYSE exactly 4 years ago – November 2015 with the ticker symbol SQ; continues to innovate. It is best known as a B2B Fintech in the payments space that had huge success with small merchants globally.

More Trending

ABA Urges FDIC to Return Assessment Credits ASAP

ABA Community Banking

In a comment letter to the FDIC today, the American Bankers Association again called on the agency to return deposit insurance assessment credits owed to banks as expeditiously as possible, so that they can support the institutions’ lending and liquidity.

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Google Brings Play Points Rewards Program To The States

PYMNTS

Google is introducing the Google Play Points rewards program in the United States, the company announced on Monday (Nov. 4), according to reports. The program has already been launched in Japan and Korea, and millions of people have already enrolled, Google said in a blog post.

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An Unusual Perspective

ABA Community Banking

ABA Chair Laurie Stewart brings unique experiences to her role as a bank CEO and advocate, and sharing them can help make a difference for the industry. The post An Unusual Perspective appeared first on ABA Banking Journal.

BBVA, Prosper Partner To Offer Easier Home Equity Loans

PYMNTS

Online lending marketplace Prosper has teamed up with BBVA USA to offer a new way for consumers to apply for a home equity line of credit (HELOC), which involves significantly less paperwork and waiting than traditional means, according to a release.

Money 20/20 2019 - Mickey Goldwasser of Payrailz Talks Financial Wellness, AI and FedNow

William Mills

William Mills Agency had the pleasure of attending Money 20/20 in Las Vegas last week. Heather Sugg, William Mills and Amber Bush heard from the industry's best and brightest about the latest trends and changes in payments.

MIT Develops Last-Mile Navigation For Delivery Robots

PYMNTS

Engineers at MIT have been working on a better way for last-mile delivery robots to find doors or garages, with the goal of improving the time and efficiency of these types of deliveries.

Transforming Patient Health: The Power of Data Science in Pharmaceuticals

Dataconomy

By leveraging Data Science, AI, and other digital technologies, the healthcare industry could build complementary health solutions that are personalized to the specific needs of patients. Here is how and why.

Google Brings ‘Play Points’ To The U.S.

PYMNTS

Google is introducing the Google Play Points rewards program in the United States, the company announced on Monday (Nov. 4), according to reports. The program has already been launched in Japan and Korea, and millions of people have already enrolled, Google said in a blog post.

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‘Wall Street’s ledger systems don’t keep honest track of who owns what’

BankThink

Caitlin Long, member of the Wyoming Blockchain Task Force, explains why the state has enacted 13 blockchain laws and what they mean for fintechs and banks. RegTech Conference Digital currencies Bitcoin Blockchain Regtech

Signs Of U.S.-China Trade Deal Lift Stocks To Record Highs

PYMNTS

Wall Street’s three main indexes all hit record highs on Monday (Nov. 4), on news of technology gains and the nearing of a deal with China over ongoing trade wars. Reuters is reporting that both Washington and Beijing have said progress is being made in the trade dispute, which has seen the U.S.

What CFPB’s day in court will mean for FHFA

BankThink

The Supreme Court is ready to weigh in on the CFPB’s leadership structure, but both agencies are facing similar constitutional challenges, suggesting a broader impact of any decision. Litigation Dodd-Frank GSEs Mark Calabria CFPB FHFA SCOTUS Fannie Mae Freddie Mac

Discover To Start Phased Contactless Launch

PYMNTS

Discover has announced it will start issuing contactless cards over the next several months.

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Central Illinois community banks agree to merge

BankThink

Tri County Financial will pay an undisclosed amount for H.F. Gehant Bancorp. Community banking M&A Capital Growth strategies Illinois

As P2P Payments Grow, More Consumer Groups Get Into The Mix

PYMNTS

P2P payment services are stretching their wings, headed into the new decade with mostly robust growth – and even some new plans to gain customers and keep a tight hold on existing consumers. Recently released third-quarter financials show how this particular payment method is gaining traction.

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BayCom adding Colorado branches with Grand Mountain purchase

BankThink

The California company agreed to pay $14 million in cash for a bank with $131 million in assets. Community banking M&A Capital Colorado

The Bitcoin Whale And The Bitcoin Fish Story

PYMNTS

Hook, line and sinker, amid bulls and whales. The days of bitcoin at $20,000 seem long ago and far away. That was nearly two years ago. And it may have all been a big splash caused by a big whale who in turn sparked a running of the bulls. We’ll use the animal imagery sparingly from this point on.

Pennsylvania regulators hit SoFi with enforcement action

BankThink

The San Francisco fintech company has agreed to pay a $110,000 fine for failing to comply with a 2017 state law that requires mortgage servicers to be licensed. State regulators Servicing Mortgages Penalties and fines Marketplace lending SoFi State of Pennsylvania

Experian API Enables Faster OCBC Business Account Opening

PYMNTS

Singapore bank OCBC is accelerating the bank account opening process for startups through a collaboration with Experian. An announcement on Monday (Nov. 4) said Experian’s API will allow startups to open a business bank account with OCBC immediately following incorporation.

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Warren won't let banks escape health care debate

BankThink

If elected president, Sen. Elizabeth Warren would charge large banks a fee to help pay for her Medicare-for-all plan. Bankshot Election 2020 SIFIs Tax reform Policymaking Healthcare-related legislation Elizabeth Warren Wells Fargo

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BBVA, Prosper Partner To Offer Easier HELOC Application Process

PYMNTS

Online lending marketplace Prosper has teamed up with BBVA USA to offer a new way for consumers to apply for a home equity line of credit (HELOC), which involves significantly less paperwork and waiting than traditional means, according to a release.

Arizona de novo would cater to underbanked

BankThink

The proposed Verdigris Bank would rely heavily on technology, applicants say. Community banking Fintech De novo institutions Capital FDIC Arizona

Global Securities Group IOSCO Says Libra Could Be Subject To Current Regs

PYMNTS

The International Organization of Securities Commissions (IOSCO) said existing securities rules could be applied to Libra, Facebook’s proposed cryptocurrency, according to a report by Reuters. The IOSCO is made up of regulators across the globe, including Japan, Europe and the U.S.

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Michigan bill would bring DMV services to the branch

BankThink

Credit unions and banks in the Great Lakes State could soon offer driver's license renewal and related services. Branch banking Growth strategies Branch management Michigan

UK MPs Urge Audit Legislation To Avoid High-Profile Collapses

PYMNTS

lawmakers are calling for new legislation that would ensure auditors and accountants are better able to identify and call out issues within their clients’ finances as the government works to avoid more high-profile corporate collapses. Yahoo! Finance U.K. reported on Monday (Nov.

BB&T-SunTrust effect at play in First Horizon deal

BankThink

First Horizon and Iberiabank solidified their resolve after BB&T and SunTrust announced their merger. Bryan Jordan, First Horizon's CEO, says he's convinced the earlier deal is having a similar influence at other regional banks.

Top News In Payments: Santander Acquires Ebury Stake, Goldman Sachs Extends $10B In Apple Card Credit

PYMNTS

In today’s top payments news, Banco Santander is acquiring just over 50 percent of the U.K. payments platform Ebury for $453 million. Also, Goldman Sachs has doled out approximately $10 billion in credit lines for the Apple -branded credit card.

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BMO off to promising start on its AI projects

BankThink

The team has already built three customer-facing AI tools this year, which it hopes to keep building upon. Artificial intelligence Small-dollar lending Bill pay Marketing pso cardline lead 1 Bank of Montreal

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GoDaddy Links SMBs To Kabbage Financing

PYMNTS

Online small business lending platform Kabbage is teaming up with small business website development firm GoDaddy. Together, the companies are expanding access to financing for GoDaddy entrepreneur users, the firms announced in a press release on Monday (Nov.

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Paying bankers more is cost of Canadian lenders' U.S. expansion

BankThink

Bank of Montreal's push into the U.S. has proven fruitful for its employees — and challenging for a company seeking to get its expenses under control. Compensation Consumer lending Bank of Montreal TD Bank RBC National Bank of Canada

Food Fight Fierce As Takeaway Sweetens Just Eat Bid To Burn Prosus

PYMNTS

In the battle to acquire London’s Just Eat, Amsterdam’s Takeaway.com has changed the structure of its offer as it fights a competing bid from South Africa’s Prosus, Reuters reported on Monday (Nov. Takeaway.com and Just Eat had already agreed to a $6.1