Wed.Apr 18, 2018

article thumbnail

Digital banking? Isn’t that just an app?

Chris Skinner

I meet a lot of senior executive teams of large banks. Some are visionary, many are committed and a large number understand that life is changing. Few understand how. I talk to them about the fintech world of change and how millennials are reshaping banking, from Stripe, started by two … The post Digital banking? Isn’t that just an app? appeared first on Chris Skinner's blog.

article thumbnail

TransferWise Joins the United Kingdom’s Payment Elite

Bank Innovation

TransferWise, the money transfer company valued at over $1 billion dollars, today became the first non-bank direct member of the UK’s Faster Payment Scheme. The government program set a new policy in July 2017 with the intention to inject more innovation and fresh competition into the UK’s payment systems. The move should lower costs for […].

Payments 236
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Lloyds and JPMorgan: a tale of two strategies

Chris Skinner

It’s interesting looking at banks’ strategic updates and how integral digital is to everything in the banks now. Now I don’t have time to read all of these updates and reviews, but two did catch my eye recently: Lloyds Banking Group in the UK and JPMorgan Chase in the USA. … The post Lloyds and JPMorgan: a tale of two strategies appeared first on Chris Skinner's blog.

Strategy 260
article thumbnail

Indian Crypto Platform Kali Digital Files Petition Against Reserve Bank of India

Bank Innovation

The crypto saga with India’s central bank continues. Kali Digital, a cryptocurrency platform, filed a petition against the Reserve Bank of India, which recently banned all banks and financial services from deal with cryptocurrency. Yesterday, Ahmedabad-based Kali Digital filed a petition in the Delhi High Court against the Reserve Bank of India (RBI) stating that […].

article thumbnail

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

article thumbnail

Visa Digital Commerce To Streamline, Standardize Digital Checkout

PYMNTS

Ubiquity of acceptance is payments’ holy grail. It’s an experience that people living in the developed world have learned to expect each time they produce a plastic debit, credit or gift card to use in a store anywhere in the world to pay for something they buy. What makes the experience ubiquitous is the set of standards that card networks have agreed to support so that transacting with those payments products is interoperable and consistent for everyone across the payments ecosystem.

Cards 116

More Trending

article thumbnail

Accelerating compliance digitalization with AI and robotics

Bobsguide

The financial services industry is currently on the brink of a massive technological disruption. Financial institutions are now beginning to actively explore new technologies, such as Artificial Intelligence (AI) and robotic process automation (RPA) to further automate routine AML and KYC processes.

article thumbnail

U.K. Fintech Loot Will Focus on Generating Revenue in 2018

Bank Innovation

EXCLUSIVE - With over 100,000 signups to date, Ollie Purdue, CEO of digital current accounts Loot will turn his focus on generating revenues this year. “We spent last year and most of 2016 scaling and on the workings of the product,” Purdue told Bank Innovation. “This year, we look at revenues.” Launched back in 2014, […].

Fintech 170
article thumbnail

Meijer To Offer Self-Scanning Mobile App In Chicago

PYMNTS

As grocers ramp up their digital offerings, Meijer is gearing up to launch a self-scanning mobile app in the Chicago area that allows shoppers to scan their purchases throughout the store and check out at a dedicated counter. But shoppers will still have the option of a traditional checkout experience, The Chicago Tribune reported. Meijer Spokesman Frank Guglielmi told The Chicago Tribune , “We want our shoppers to shop the store the way they want.”.

Chicago 109
article thumbnail

Consumer Lending App Tala Raises $65M for Launch in India

Bank Innovation

Mobile lending app Tala today secured $65 million in its latest round of funding. marked for its expansion to India. With over 1.3 billion people, rapidly advancing technology, and government backed initiatives to digitize financial services, India is becoming an important market for fintechs. Of the $65 million Tala raised, $50 million came from a […].

Lending 170
article thumbnail

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

article thumbnail

JD.com’s CEO Says Robots Will Replace Retail Workers

PYMNTS

JD.com Chief Executive Richard Liu is predicting that robots will eventually supplant human workers in the retail industry. While Liu believes the change is inevitable, the transition may take some time, Reuters reported. “Sooner or later, our entire industry will be operated by AI (artificial intelligence) and robots, not humans,” Liu said at an event in Spain.

Retail 109
article thumbnail

Denizen CEO: Borderless approach key to post-Brexit financial services

Bobsguide

While Brexit deliberations remain the overbearing concern for the financial services industry BBVA-backed fintech Denizen is attempting to calm those nerves by looking at maintaining that today’s markets are international in nature, transgressing the political arena. “We’re.

Fintech 79
article thumbnail

Australia Outpaces US In FinTech Adoption, OnDeck Says

PYMNTS

Australia’s adoption of alternative finance and FinTech is outpacing that of the U.S., according to OnDeck Capital Chief Executive Noah Breslow. Reports in The Sydney Morning Herald on Wednesday (April 18) said the executive spoke at the AltFi Australiasia Summit event held in Sydney this week, declaring Australia to be the Asia-Pacific region’s second-largest market for alternative finance.

Fintech 108
article thumbnail

How LevelUp navigated the cutthroat world of mobile payments

Payments Source

LevelUp had a lot of failed experiments along the way, but it still won over major partners and is seeing new results in the restaurant industry.

Mobile 80
article thumbnail

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.

article thumbnail

Bitcoin Daily: Cambridge Analytica Had Crypto Plans, Iceland’s Bitcoin Heist Suspect Escape Prison

PYMNTS

Before Cambridge Analytica got caught up in a scandal involving the use of Facebook data, it was thinking of raising money through crypto, Reuters reported. According to sources familiar with the plan, the company had reportedly approached a firm that advises clients about structuring initial coin offerings (ICOs). In other news, the man who was allegedly behind a heist of 600 computers used to mine crypto reportedly escaped from prison in Iceland and boarded a flight to Sweden, the AP reported.

Bitcoin 108
article thumbnail

Tossing ATMs trashes the environment and the balance sheet

Payments Source

Refurbishing ATMs to accommodate mobile payments is less expensive than buying new ones, and is a solid green strategy, according to Mark D. Smith, director of business development for MVP Financial Equipment.

ATM 68
article thumbnail

Google And Amazon Casualties Of Russia’s Telegram Ban

PYMNTS

Russia is making good on its threat to ban Telegram by blocking IP addresses owned by Google and Amazon, saying they were being used by the messaging service. On Monday (April 16), a Russian court made it easier for the government to block Telegram after its creators refused to turn over access to its users’ encrypted messages. Roskomnadzor, Russia’s state communications watchdog, requested that the authority block the app’s use in Russian territories, explaining that authorities need to be able

Google 108
article thumbnail

An old law brings a fresh compliance challenge to faster payments

Payments Source

Financial institutions providing funds via the Fed's same-day ACH transfers need to their systems protect their customers, are commercially reasonable and, most important, follow strictly the protocols the financial institution has agreed to with its customer, writes Alexander Buchanan, counsel at Waller Lansden Dortch & Davois LLP.

article thumbnail

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.

article thumbnail

Discover Joins The Chamber Of Digital Commerce Executive Committee

PYMNTS

The Chamber of Digital Commerce announced news on Tuesday (April 17) that Discover Financial Services , the payments company, has been added to its executive committee. In a press release , the Chamber of Digital Commerce said that as part of the executive committee, Discover will help educate, promote and accelerate the use of blockchain technologies around the globe.

article thumbnail

Ripple's better than bitcoin to convert crypto cynics

Payments Source

Ripple, which lining up partnerships with banks, is likely to help change the perception of crypto, expand its own value, and co-lead the ongoing shift in the way the world uses, manages, accesses, stores and exchanges money, writes Nigel Green founder and CEO of deVere Group.

Bitcoin 64
article thumbnail

Radar Earns Its Stripes Among Enterprise Orgs

PYMNTS

Stripe’s first Radar product prevented $4 billion in attempted fraud throughout 2017. Today, April 18, the tech platform for internet businesses is announcing Radar 2.0 — a version of Radar for dedicated fraud teams at the enterprise level. The Radar machine learning algorithms have spent two years studying hundreds of thousands of businesses’ transactions processed on the Stripe network.

Fraud 105
article thumbnail

Could payments innovation revolutionize how we travel?

NCR

The speed, convenience and security with which people are able to pay for things is playing an increasingly important part in their lives. Payments technology is evolving, and consumers are becoming increasingly accustomed to making secure, seamless transactions in real time. Financial institutions need to meet these expectations in order to stay competitive.

article thumbnail

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.

article thumbnail

Social Media Usage Increases In Q1 Despite Facebook’s Data Scandal

PYMNTS

Despite Facebook’s data scandal with Cambridge Analytica, the number of people that are using social media platforms increased by more than 100 million during the first quarter of 2018. According to an analysis by TheNextWeb , as of the end of March there were 3.3 billion people around the globe using social media. This comes as Facebook is reeling from a data scandal that has made privacy front and center.

article thumbnail

How India's Paytm plans to reap success in Canada's mature market

Payments Source

Before Paytm became one of India's most popular mobile wallets, it was a little-known bill payment app that launched in 2011 and spread by word of mouth. Now Paytm is revisiting that history in Canada, though its challenges in North America are very different than what it faced in India.

article thumbnail

Snap Adding ‘Shop Now’ Button To AR Lenses

PYMNTS

Snap , the maker of the Snapchat disappearing messaging app, is reportedly adding a “Shop Now” button to its app, enabling users to shop without leaving the platform. According to news from Business Insider , the button aims to give marketers more reason to advertise on the platform. The button is available on its “Shoppable AR” lens product. “Shoppable AR Lenses give brands a new way to leverage our unique scale to drive real and measurable ROI [(return on investment)], whether that’s through

Branding 103
article thumbnail

4.18.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Interac's in the Middle East; Revolut adds cryptocurrency to round up feature; ActionFraud unwittingly used by fraudsters; WeChat and Alipay extend support for traveler payments.

article thumbnail

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.