Mon.Feb 25, 2019

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How to be a Unicorn (Part One)

Chris Skinner

Marko Wenthin, co-founder of solarisBank, recently contributed to my blog and, as a mate, has sent some great insights about starting up a FinTech firm which I thought I would share of FinTech banks last week. How to be a Unicorn (Part One) After announcing a whopping 300M$ D-round at a 2.7 … The post How to be a Unicorn (Part One) appeared first on Chris Skinner's blog.

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Neobank Aspiration Doesn’t Aspire to Offer Lending Products

Bank Innovation

There are no lending products in fintech Aspiration's near-term future thanks to the neobank's new status as a broker-depositor. "Part of why we switched to a broker-dealer structure instead of third-party bank sponsor was because we can add brokerage products to the offerings, we already offer some investment products," Andrei Cherny CEO and co-founder of […].

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Exploding US CBD Market Could Hit $16B By 2025

PYMNTS

The U.S. cannabidiol (CBD) market continues to grow, with nearly 7 percent of Americans saying they use the substance. According to an analysis by Cowen & Co., the market could reach $16 billion by the year 2025, as per a report by Bloomberg. Cowen questioned 2,500 adults for its January survey. Analyst Vivien Azer said that the 6.9 percent of people who said they used CBD was higher than the 4.2 percent who used an eCigarettes.

Marketing 179
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Gemalto to Offer Biometric Payment Cards to Banks, Where Adoption has Lagged

Bank Innovation

Security firm Gemalto will offer biometric EMV payment cards to its bank customers using biometric company Fingerprint Cards’ T-Shape sensor and licensing its recently-launched Biometric Software Platform for payments. The companies announced last week that Gemalto’s initial order confirms a shared commitment to accelerate the deployment of biometric payment cards.

Cards 170
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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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Warren Buffett Disparages Bitcoin As A ‘Delusion’

PYMNTS

Billionaire investor Warren Buffett said that he sees “no unique value” in bitcoin, the world’s biggest cryptocurrency, calling it a “delusion, basically,” according to a report from CNBC. This is not the first time Buffett has criticized the cryptocurrency; in 2018, he said it was “probably rat poison squared.” He explained that he was sympathetic to people who bought the coin hoping that “it would change their lives.”.

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More Trending

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Bank Of America Rebrands, Loses Merrill Lynch Name

PYMNTS

Bank of America will drop the Merrill Lynch name from its trading and investment banking outfits, according to reports. The banking giant, which bought the longstanding Wall Street firm during the financial crisis in 2008, now plans to rebrand most of its wealth-management business as just Merrill. The change will effectively end the Merrill Lynch name’s long history on Wall Street, as it was one of the few to survive the financial crisis and continue on.

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The Future of Fintech Video Series: Quovo

Payments Dive

Lauren Crossett, head of Fintech at Quovo, discusses how important it is for large banks to take a page from smaller, more agile fintechs.

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How IoT Payments Make The Old (Transaction) New Again

PYMNTS

PYMNTS’ recent Intelligence of Things Tracker noted that there will 26 billion connected devices in use worldwide by 2020. As much as 85 percent of businesses will deploy Intelligence of Things (IoT) solutions over the next several months. The seamless integration of devices and payments indicates that unattended payments is poised to take off, which means unlocking new payment experiences across everyday life.

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The Future of Fintech Video Series: Onfido

Payments Dive

Husayn Kassai, co-founder and CEO of Onfido, speaks about the company’s verification system that uses machine learning and a selfie.

Video 150
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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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Ping An Looks To Take FinTech Unit Public

PYMNTS

Though the Chinese economy is slowing, and stock markets may be viewed by at least some observers as lofty, reports surfaced Sunday (Feb. 24) and Monday (Feb. 25) that China’s largest insurer (as measured by market cap) aims to take its OneConnect financial management unit public. And an initial public offering (IPO), according to Bloomberg , could value the unit at roughly $8 billion.

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FSS POS Processing Services

Payments Dive

Seamlessly Deploy and Manage Your Growing POS Network, Integrated Automation.

Security 170
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Mobile Card Services In Consumers’ Daily Lives

PYMNTS

Consumers are looking to their smartphones to manage their money with the help of mobile card services (MCS) in 2019. In other news, consumer packaged goods (CPG) brands such as Procter & Gamble (P&G) are rolling out laundry services as consumers outsource this chore. And Domino’s revenue increased in the fourth quarter year over year, though lower-than-expected same-store sales growth was reportedly a reason for a post-earnings stock decline.

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Three Reasons Why The New Apple/Goldman Sachs Credit Card Will Strike Out

Ron Shevelin

Insufficient rewards, insufficient PFM features, and insufficient analytics capabilities add up to a credit card that will fail to gain the traction in a competitive market.

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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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FinTechs Press States To Streamline Regulations

PYMNTS

The Conference of State Bank Supervisors (CSBS) said earlier this month that it had put in place a set of action items to standardize the national experience of FinTechs and non-bank entities. Among the recommendations the CSBS has announced and embraced – per the CSBS FinTech Industry Advisory Panel – are the creation of an online database for state licensing and FinTech guidance, a simplified examination system for non-bank entities operating in more than one state and the development of a 50-

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BillingTree’s new boss brings digital expertise to health care payments

Payments Source

The health care industry yearns for a digital antidote to paper payments, a challenge that awaits an executive who has spent years bringing businesses into the digital light.

Payments 118
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BlackBerry Acquires AI-Cybersecurity Co. Cylance

PYMNTS

BlackBerry has acquired the artificial intelligence and cybersecurity company Cylance for $1.4 billion in cash, in a bid to assist with plans to make software for autonomous cars, according to reports. Cylance, based in California, was reportedly considering filing for an IPO before the news came to light. The company makes products that prevent cyberattacks using artificial intelligence.

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IBM Cloud offers Immutable Object Storage to help Finance industry meet records retention

Insights on Business

In the Financial Services industry, a range of businesses including banks, insurance companies, securities trading organizations, and capital market clients are required to comply with regulations that include information governance and stringent records retention requirements. The clients in these regulated industries are always seeking an efficient and secure way of protecting and storing their growing amount of compliance data; i.e. data they are required to store immutably, preventing it fro

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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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Visa, Planeta Team Up on Speedier Contactless Mass Transit Payments

PYMNTS

Visa and Planeta said on Monday (Feb. 25) that they have launched new technology that speeds contactless payments for mass transit and lowers the cost for transit organizations and operators to offer that payment option. In a press release, the companies said the Visa Secure Access Module (SAM) helps those enterprises facilitate contactless payments through contactless cards, phones and wearable devices.

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The problem of calculating dynamic initial margin

Insights on Business

The requirement for financial institutions to calculate dynamic initial margin is driven mainly by regulation. In 2017 the European Banking Authority (EBA) launched its Targeted Review of Internal Models (TRIM) project to assess whether the models currently used by banks comply with regulatory requirements and whether their results are reliable. TRIM states that banks need to capture time dependent initial margin for both cleared and non-cleared trades in line with “contractual arrangements.”.

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Hacks On UK Financial Services Firms Jump In 2018

PYMNTS

Data breaches at financial services companies in the U.K. jumped fivefold last year, underscoring how the industry is a prime target for hackers. According to a report in The Financial Times citing the Financial Conduct Authority, during 2018 there were 145 breaches reported to the Financial Conduct Authority. That is up from just 25 in 2017. Of the players in the financial services industry that reported breaches, the FCA said investment banks reported the most incidents, coming in at 34, whi

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Fintech Surpassed Banks in Personal Loans, According to Transunion Report

Banking Exchange

Fintech has grown to more than 38% of market share The Economy Technology Tech Management Financial Research Financial Trends Fintech Feature Feature3 Lines of Business.

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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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A Game Of Margins — Making The Move To Fulfillment By Amazon

PYMNTS

As sellers on the Amazon marketplace await possible fee changes for that platform — and consider if selling via rival marketplace might make sense — those sellers also have to determine if the eCommerce operator’s Fulfillment by Amazon service is worth it. That holds especially true for smaller merchants, which make up an increasing part of Amazon’s marketplace business.

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Integrated payments bring fees, but boost overall sales

Payments Source

The chance of losing money on an integration with a service such as PayPal is extremely low, and you could achieve a double-digit reduction in cart abandonment, writes Chad Reid, a director at JotForm.

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How SHOWFIELDS Is Bringing eCommerce To Big-City Brick And Mortar

PYMNTS

With eCommerce brands opening pop-up shops in big cities, entrepreneurs are now dedicating entire brick-and-mortar stores to these businesses. SHOWFIELDS , which aims to be a place for brand engagement for eCommerce companies, recently arrived in New York City. The brainchild of Tal Zvi Nathanel and Amir Zwickel, the store features direct-to-consumer (D2C) brands in many different verticals, ranging from wellness to fashion.

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UK SMEs need to embrace technology revolution

Bobsguide

Small and medium enterprises (SMEs) in the UK need to embrace the technology revolution that is currently taking place, according to Seamus Smith, executive vice president of worldwide payments and banking for Sage. “There is no question that at a macro level we lag compared to other.

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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.