Payments Dive
JANUARY 31, 2020
Visa reported strong earnings during the fiscal first quarter, fueled by solid e-commerce and retail spending that offset weaker travel and restaurant spending.
Bank Innovation
JANUARY 31, 2020
This week, the Consumer Financial Protection Bureau filed suit against Citizens Bank, alleging violations of the Truth in Lending Act (TILA), including implementing Regulation Z and the Credit Card Accountability Responsibility and Disclosure Act. The CFPB alleges that the bank violated TILA for several years by failing to “properly manage and respond to credit card […].
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PYMNTS
JANUARY 31, 2020
Travel industry services are catering to the thousands of millennial and Gen Z travelers who are booking big trips by augmenting their platforms with online and mobile support. Travel platforms are enabling more online bookings than ever, and 83 percent of U.S. adults want to book their trips online, according to recent reports, meaning physical travel offices handle smaller shares each year.
Bank Innovation
JANUARY 31, 2020
Welcome to the latest episode of our Weekly Wrap video series, for the week ending Friday, January 31, 2019. In this episode, editors discuss the following news developments: Venmo’s path to profitability; Berlin-based digital bank N26’s U.S. expansion; and Why a digital bank in Texas is awarding miles instead of interest. Listen to the Weekly […].
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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
JANUARY 31, 2020
Debit is a core payment method in the U.S. that has garnered particularly strong traction among consumers aged 31 to 38. A 2018 survey found that 40 percent of American financial institution (FI) customers in this age bracket reported debit cards as their go-to payment instruments, while 36 percent favored credit cards. Consumers aged 18 to 22, meanwhile, relied equally on the two methods. .
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JANUARY 31, 2020
As it aims to invest in adding products and hiring more staff, InsurTech firm Policygenius notched $100 million from investors, with the inclusion of KKR & Co. as well as venture capital operations powered by Massachusetts Mutual Life Insurance Co., Transamerica and Axa SA. The company, which launched in 2014, has $60 million in annual revenue, Bloomberg reported.
BankBazaar
JANUARY 31, 2020
Missed out on the budget? Catch up on all the highlights and what they mean for you here. As India set its eyes on the Union Budget announcement by finance minister, Ms Niramala Sitharaman, one of the biggest expectations was that the budget will help revive the economy and pull it out of one of the worst economic slowdowns in decades. To this end, the government proposed a slew of changes and incentives among which was a major tax rejig.
PYMNTS
JANUARY 31, 2020
IBM CEO Ginni Rometty is stepping down after an eight-year tenure in which the tech giant struggled to grow at the same rate as its competitors. The announcement came on Thursday. Rometty, 62, will step down on April 6. She will stay on board at IBM through the end of the year, which will cap a near four-decade career with IBM overall. Her replacement will be Arvind Krishna, head of IBM’s cloud and cognitive software division.
Independent Banker
JANUARY 31, 2020
“Community banks work hard to ensure that every day is just a little bit better than the last.”. As community bankers, we strive for excellence. We are always looking for ways to build upon the strong foundation we’ve set, whether through the products we offer our customers, the services we bring to the community or the environment we create for our employees.
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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
JANUARY 31, 2020
Financial institutions (FIs) and merchants in the European Union (EU) have had some time to get used to both the General Data Protection Regulation (GDPR) and the revised Payment Services Directive (PSD2). Some companies have been able to adjust quicker than others, leading to the first-ever fines issued and collected for breach of GPDR within the region.
Banking Exchange
JANUARY 31, 2020
Regulatory hot topics and exam findings from 2019 give us a good road map for 2020 exam preparation Compliance BSA/AML Feature Compliance Management Compliance/Regulatory Feature3 Financial Research Management Duties AML & Fraud.
PYMNTS
JANUARY 31, 2020
Online fashion marketplace Moda Operandi announced a $100,000 funding boost that it will use to invest in its technology and bolster business overall. Moda Operandi, which specializes in luxury fashion “right off the runway,” raised the money from a mix of equity and debt, according to a report in TechCrunch. CEO Ganesh Srivats said in a statement that the investment would allow the company to continue its mission of “disrupting the way people shop for luxury fashion.”.
Banking Exchange
JANUARY 31, 2020
While traditional lending struggles with slow growth a niche lending business is experiencing huge momentum Bank Performance Revenue Blockchain Feature Financial Trends Management Feature3 Technology.
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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
JANUARY 31, 2020
The big winner in the headlines race this week was certainly Amazon, which dropped a stronger than expected Q4 earnings report capped off with the announcement that its Prime membership subscriptions had reached the 150 million user mark. Walmart had plenty of news, though nothing quite so eye-catching as Amazon’s earnings report for the holiday quarter — it will get its own bite at that apple in about two weeks.
Payments Source
JANUARY 31, 2020
CurioInvest, an investment platform, and MERJ Exchange Ltd., a Seychelles-based digital asset exchange, are partnering to offer tokens backed by collectible cars. The companies say tokenizing the luxury assets as an investment could make them widely accessible to a bigger pool of people.
PYMNTS
JANUARY 31, 2020
Analysts believe that both Visa and Mastercard have potential to join tech giants like Apple and Amazon in the $1 trillion value club, according to a report by Reuters. . Both companies have seen their stock prices soar, fueled in part by online shopping. Visa ranks 7th and Mastercard ranks 11th in the benchmark S&P 500 index. Stocks in both companies went up 50 percent in the last year.
ATM Marketplace
JANUARY 31, 2020
PayPal shares fell Thursday after the company warned that a slew of recent acquisitions would put a slight dent in near-term forecasts. The payments firm has been on a tear recently, including the $4 billion acquisition of Honey last fall.
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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
JANUARY 31, 2020
With the popularity of eCommerce, a cyberattack called eSkimming has become more of a frequent occurrence. Skimmers had long been a risk for consumers at the ATM or the gas pump, but the practice has become more advanced. Hackers can now steal data in a more lucrative way through an attack called Magecart, CNBC reported. The first arrests for the crime were announced just this week, with Interpol saying it arrested three Indonesian individuals who reportedly breached hundreds of eCommerce shop
Payments Source
JANUARY 31, 2020
The World Wide Web Consortium pushed for an answer two years ago to the mounting problem of mobile and online payment fraud in its release of the Payment Request API, designed to secure the exchange of payment requests and verifications on browsers.
PYMNTS
JANUARY 31, 2020
It’s the end of the workweek, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have deep dives into virtual card adoption and self-service technology, as well as a report on Kobe Bryant’s legacy. Top News. Kobe Bryant’s VC Firm Holds More Than $2B in Assets . Kobe Bryant, who died on Sunday (Jan. 26), was a prominent businessman and left behind a legacy of strong mentoring and smart investing.
Payments Source
JANUARY 31, 2020
Bank pilots and 'open banking' are paving the way for rampant adoption, says Fingerprints' Lina Andolf-Orup.
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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
JANUARY 31, 2020
Target’s venture investment in mattress company Casper could prove to be a case of overspending for the retail giant. Casper pitches itself as a leader in the “sleep economy,” selling not only mattresses but lamps, sheets, pillows and other bedroom necessities. Its initial public offering (IPO), set to come next week, is set to be below its past two private venture capital fundraising rates.
Payments Source
JANUARY 31, 2020
Oceanpayment, a payment service provider launched six years ago in Shenzhen, China that specializes in global online e-commerce transactions, has agreed to provide merchant acquiring services for JCB, Japan’s top credit card brand.
PYMNTS
JANUARY 31, 2020
UPS announced it is collaborating with technology and payment company Square to integrate its shipping services into the Square Online Store, aiming to help small and medium-sized businesses (SMBs) to grow and expand, according to a release. Square customers will be able to tap into UPS shipping capability, enabling SMBs to access shipping options that much larger companies typically enjoy.
American Banker
JANUARY 31, 2020
A new app will allow small-business clients to quickly apply for credit while expanded offerings for homeowners associations will help CIT build up its base of low-cost deposits.
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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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