Fri.Oct 12, 2018

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Would Your Customers Switch to the Bank of Amazon?

Bank Innovation

It's safe to say most of the financial services world is curious to know if and when a "Bank of Amazon" will become a reality. The question banks are perhaps most anxious about is how will this impact their customer base? Should they be worried about customer attrition? The answer, according to Scott Anderson, brand […].

Branding 186
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Why Bank Security Is About More Than Preventing Attacks

PYMNTS

The world can be a scary place these days, especially for banks. According to recently released reports , fraudsters are continuously targeting big U.S. banks, and these attacks are increasing in both frequency and sophistication. Now, security providers and financial institutions (FIs) are working to stop them from impacting banks’ assets and customers by turning to new, emerging technologies like artificial intelligence (AI) and machine learning (ML).

Security 190
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Banking and Tech Sectors Earn Low Marks in Cybersecurity Assessment

Bank Innovation

The banking and finance sector earned the second lowest score in the first Assessment of Business Cybersecurity report released Thursday by the U.S. Chamber of Commerce and FICO, with only the media, telecommunications and technology sector performing worse. The assessment is meant to give businesses a quarterly benchmark for assessing their cybersecurity risk over time. […].

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Report: 64 Percent Of Countries Have Money Laundering Risk

PYMNTS

Amid the headlines detailing the billions of dollars in money laundering done through conduits like Danske Bank and Deutsche Bank, among others, a report shows that the problem is a global one — and that it is getting worse. Certainly the topic is a timely one, and here we delve into why the current anti-money laundering (AML) system and standards in place are less than optimal.

Report 188
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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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Blockchain in capital markets: benefits and challenges

Bobsguide

Blockchain, or Distributed Ledger Technology (DLT), is one of the most hyped new branches of digital tech in recent history. Invented as the underlying framework to power Bitcoin, it is now being applied in some way to every industry, including capital markets. The potential applications of.

Capital 150

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Blockchain’s the prescription for inefficient health care payments

Payments Source

Blockchain technology can make it easier to validate a patient's HSA information, for example — helping speed along the process despite the traditional data validation hurdle they may face otherwise in this situation, writes Bruce Silcoff, CEO of Shyft Network.

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Amazon Rolls Out Two New Doorbell APIs

PYMNTS

Amazon announced Friday (October 12) that it launched new doorbell APIs for smart home cameras and doorbells. In a press release , the company said that by releasing new doorbell APIs, developers can create new scenarios in home automation and monitoring. “By updating your smart home skill to use either or both of the new Doorbell Event Source and Motion Sensor APIs, you can enable your customers to connect their doorbell press and camera motion sensors to Alexa,” wrote Amazon.

Seattle 173
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Data: The era of cross-border e-commerce

Payments Source

Cross-border e-commerce is seeing explosive growth, driving a race among payment providers and acquirers to equip online sellers with the technology to accept any kind of payment in virtually any region. Credit and debit cards are the dominant payment type North American merchants accept, but are much less common elsewhere.

Data 103
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MINDBODY Co Data Breach Could Impact 113.5M Users

PYMNTS

FitMetrix , a fitness technology and performance tracking company owned by MINDBODY , has suffered a data breach that could impact 113.5 million users. The company, which builds fitness tracking software for gyms and group classes, was acquired by gym and wellness scheduling service MINDBODY earlier this year for $15.3 million. Bob Diachenko, Hacken ’s director of cyber risk research, revealed the breach was caused by several servers that were left without a password.

Data 169
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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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Money — and cloud transformation — never sleeps

Insights on Business

A leading financial services institution knew its cloud transformation execution wasn’t hitting on all cylinders. The CIO had made modest gains in cloud adoption, using virtual machines in the data center and some off-premise cloud platform services for customer engagement. Defining agile teams and taking advantage of new capabilities in such areas as microservices architectures and artificial intelligence.

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Visa, Olympic Committee Pair On Integrated Payments

PYMNTS

Visa has announced that it is partnering with the International Olympic Committee (IOC) and the International Paralympic Committee (IPC) to offer enhanced payment technology for fans of the Olympics and Paralympics. Through its global network of 11 Innovation Centers, Visa will utilize its experience in transit, retail and conversational commerce to be the payment provider of faster and easier payment experiences for Olympics fans, including mobile ticket purchasing, in-seat ordering and retail

Payments 164
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10.12.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Chinese payment companies suffer breach; Mumbai transit adds PayPal; Shopify opens a store; Scotland makes contactless art.

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Today In Data: Digital Banking Cybersecurity

PYMNTS

With new risks come new solutions, and banks are taking this approach to data security: They are adopting technologies such as biometric authentication to protect sensitive information. At the same time, individual credit units may be small, but in aggregate they pack a punch. In addition, Snap’s stock has dropped precipitously since its initial public offering (ICO), and gig workers might drive longer hours or make more deliveries if they received quicker payments.

Data 153
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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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The rising threat of online card-skimming attacks — and how to prevent them

ATM Marketplace

E-commerce is drawing greater attention from criminals as a vehicle for data hacking and fraud. To protect themselves, e-commerce players must pay greater attention to data encryption, risk assessment and fraud indicators.

How To 77
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Walmart Adds Bare Necessities To Its eCommerce Acquisitions

PYMNTS

Walmart has announced its acquisition of online intimate apparel seller Bare Necessities. The deal will see Bare Necessities CEO and Co-founder Noah Wrubel join Walmart as the head of the intimates category across Walmart.com and Jet.com; he will also continue to run the Bare Necessities business. The announcement also noted that over time, Bare Necessities goods will begin to make an appearance on Jet.com and Walmart.com.

Branding 149
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An Ingenico takeover could end the era of independent POS hardware

Payments Source

The fintech wave has nearly devoured the entire point of sale industry, as lone major holdout Ingenico weighs an unsolicited bid from an investment bank’s payments group.

Groups 72
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Bitcoin Daily: Crypto Price Dive Sparks Coinbase User Flight; US Customs Eyes Blockchain Pilot

PYMNTS

New research has discovered a boost in the number of fake Flash installers placing cryptocurrency mining malware on computers — as well as installing the latest version of Flash on users’ machines. “As early as August 2018, some samples impersonating Flash updates have borrowed pop-up notifications from the official Adobe installer. These fake Flash updates install unwanted programs like an XMRig cryptocurrency miner, but this malware can also update a victim’s Flash Player to the l

Bitcoin 148
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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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Amex launches Early Pay for discounted supplier payments

Payments Source

American Express is launching Early Pay, a digital financing service that allows large U.S. companies and their suppliers to benefit from discounted bill payments.

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Brex’s Plan For Its New $125M In Funding

PYMNTS

When Brex CEO Henrique Dubugras first started out as an entrepreneur, his first destination wasn’t finance — it was virtual reality (VR) technology. But that changed when he went to try and get a corporate card for his firm and found that it was a bigger-than-intended hassle. Cards were hard to access, and he would have to put up a large personal guarantee to be issued one.

Cards 144
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Payments deliver highest M&A spike after three quarters

Payments Source

The payments industry stood out as an active market for mergers and acquisitions during the first three quarters of 2018 with a 33 percent increase in transactions over the same time period last year.

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JPMorgan Reports Growth In Card Spend, Mobile Users

PYMNTS

JPMorgan posted results on Friday (Oct. 12) that beat the Street on headline numbers – top and bottom – based on traction in consumer spending, and also showed growth in its mobile and digital initiatives. The bank is among a trio, including Citigroup and Wells Fargo, that typically kick off earnings season. According to reports , the company said that average core loans were up 6 percent year on year, a tally that excludes corporate and investment banking activity.

Cards 143
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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.

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Visa demos ‘couch commerce’ for future Olympic games

Payments Source

Visa showcased payment technologies it’s developing for future Olympic games, including in-home “couch commerce” leveraging augmented reality.

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Survey Shows Fall In US Consumer Sentiment

PYMNTS

Indicating that Americans may have a less favorable view of their own finances, the University of Michigan Survey of Consumers fell to a gauge of 99 for October. The expected reading was 100.4 per a Thompson Reuters survey, Financial Times reported. By contrast, September had a slightly higher reading at 100.1. Even so, FT noted that October’s gauge was still above the year’s average.

Survey 135
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Financial firms reap benefits of hot venture capital market

Payments Source

A $245 million funding round for the payments processor Stripe contributed to heavy venture capital investment in the third quarter.

Capital 63
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CVS Rolls Out Support For Apple Pay

PYMNTS

Months after Apple CEO Tim Cook said CVS would be accepting Apple Pay, the retailer has brought support for the mobile wallet to stores across the country. The retailer had reportedly slowly brought the functionality to its brick-and-mortar stores, and the rollout has now been publicized, MacRumors reported. “Get your essentials in a flash,” Apple said in a marketing email, according to the outlet.

Apple 135
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Top 10 Benefits of Automating Closing Documents

In the fiercely competitive landscape of commercial lending, where FinTech's digital transformation initiatives take center stage, the complexities of loan documentation are constantly evolving. Today, automating closing documents stands as a crucial component in FinTech's top priorities, addressing challenges from compliance demands to managing fluctuating volumes during uncertain economic times.