Tue.Mar 12, 2019

How Wells Fargo Uses AI, Biometrics To Fight Money Laundering

PYMNTS

Digital banking customers of today aren’t looking for the bank with the newest features — they’re looking for the bank that can keep their data safe. Any security mishap can send customers to one of the other digital banking apps that are ready and waiting for them.

BI Ignite 2019: ID Verification Startup Diro Wins DEMOvation Challenge

Bank Innovation

Identity proofing and verification startup Diro Labs won the DEMOvation Challenge today at Bank Innovation Ignite 2019 in Seattle. In addition to bragging rights, the company will receive admission to the INV Fintech Accelerator and an advertising package on Bank Innovation.

Helping Community Banks Turn On The Innovation Switch

PYMNTS

Innovation has always been important for community banks, but the driving force of digitization over the last decade has greatly sped up the pace, said Kevin Tweddle, chief innovation officer for the Independent Community Bankers of America ( ICBA ).

Using Data Meaningfully on the To-Do Lists of Banks and Fintechs Alike

Bank Innovation

Lisa Frazier, Head of Innovation at Wells Fargo, says the bank wants to use artificial intelligence not just to make their customers' experience smoother and more delightful, but to help them make better financial decisions as well. “It’s

Chipotle And Venmo Link Up For Loyalty Program

PYMNTS

Chipotle Mexican Grill has teamed up with Venmo to expand its loyalty program amid huge growth of its digital platform. The quick-service restaurant (QSR) has introduced the points-based program, called Chipotle Rewards, in select markets, CNBC reported.

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Things worth reading: 12th March 2019

Chris Skinner

Things we’re reading today include … Wells Fargo’s CEO says the bank has changed.

Taxes 146

BigCommerce Takes On B2B eCommerce

PYMNTS

Online commerce solution provider BigCommerce is adding business-to-business eCommerce to its suite of services.

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Mastercard Buys Ethoca To Boost Fraud-Fighting Chops

PYMNTS

Mastercard announced Tuesday (March 12) that it has inked a deal to acquire Ethoca , a global provider of technology to identify and resolve fraud in digital commerce. Terms of the deal, which is expected to close in the second quarter, were not disclosed.

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Capital optimization for desk restructuring under FRTB

Insights on Business

Earlier this year the Basel Committee published its final of the final (until further notice?) review of the capital requirements for market risk regulations, namely the Fundamental Review of the Trading Book (FRTB).

US Treasury: Taxes On Digital Companies Are Discriminatory

PYMNTS

A U.S. Treasury official said a French tax plan targeting American digital companies is discriminatory against American businesses. Reuters reported that Chip Harter, the U.S.

Taxes 211

What in the world is blockchain?

Mobile Payments Today

Blockchain, cryptocurrency, bitcoin: These terms can often be highly confusing to those not in some level of the IT industry. Ray Wiley, CEO and co-founder of Hot Head Burritos and Rapid Fired Pizza helped bring some clarity to these topics during a session at the Restaurant Franchising & Innovation Summit

Amazon Prime To Top Half Of All US Households This Year

PYMNTS

A new study by eMarketer says more than half (51.3 percent) of U.S. households will have Amazon Prime memberships this year, a number that would equal 63.9 million households in total.

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Fame, feeling and fluency are the weapons to SME banking mass-market domination

Daily Fintech

According to an Adaptive Labs research report , 55% of SMEs would definitely pay more for banking services that were simple and easy enough to use, to free them up to get back to doing the bits they love, and a further 34% would consider it.

PayPal’s Path To Instant Money In The Bank

PYMNTS

Money moves only as fast as payments infrastructure will allow. To that end, there’s a bottleneck. The gig economy is gaining steam, as roughly a third (more than 35 percent) of U.S. workers are participating in part-time or project-based employment, and increasingly they want to get paid when the work is done. Roughly 85 percent of the several thousand gig workers we surveyed said they would work more often if they could be paid faster.

AfDB 2019 Annual Meetings set for Malabo, Equatorial Guinea

Bankelele

The African Development Bank, the leading development finance institution on the continent, has announced that it will hold its 2019 series of annual meetings from 11 to 14 June in Malabo.

MoviePass Unsure Of Subscriber Count

PYMNTS

The company that owns MoviePass admitted on Tuesday (March 12) they are unsure of how many paying subscribers are using the service. Bloomberg reported that in a filing, Helios & Matheson Analytics Inc. said it made a mistake in reporting $5.9 million in revenue from suspended subscriptions.

Change is coming: Are you ready for Windows 10?

ATM Marketplace

Although some financial institutions have implemented the transition already, many have decided to wait it out. But with Microsoft set to end support for Windows 7 in less than a year, there's no time like the present to make the switch and avoid ATM service delays

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For Omnichannel, The Revenge Of Brick-And-Mortar

PYMNTS

To lift a few lines from T.S. Eliot, “between the idea and the reality … life is very long.” That sentiment is a good place to start when thinking about commerce, specifically omnichannel — an idea that has come, and perhaps keeps coming, and where the reality has yet to catch up to that promise.

Meet Marta Czerep, a FICO Data Scientist in the DataIQ 100

FICO

One of the leading data scientists in the UK is Marta Czerep, a senior manager in the EMEA Analytic Consulting Team for analytic software firm FICO, who has been named one of the DataIQ 100 for 2019.

Stash Launches Mobile Bank With Stock-Based Rewards

PYMNTS

Stash, the FinTech aimed at simplifying how people save and invest, announced Tuesday (March 12) the launch of its mobile-first banking service that comes with a rewards program, enabling customers to invest as they spend.

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Majority of US adults value security measures for mobile transactions

The Paypers

(The Paypers) An Entersekt survey has shown that strong majority of US adults value additional security measures for mobile transactions

Pan European Regulator: Key Weapon In Money Laundering War?

PYMNTS

Among the latest headlines swirling in FinTech: Digital bank Revolut, based in the United Kingdom, has taken on an adviser, along with filling new positions, to bolster compliance teams at the firm.

MinerGate, Lumi Wallet partner to supporting EOS

The Paypers

(The Paypers) MinerGate has planned to become an EOS block producer, partnering with Lumi Wallet so that its users will be able to vote in the EOS ecosystem

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How Disbursements Are Moving Movers Toward Professionalism

PYMNTS

Approximately 40 million Americans move each year for a variety of reasons. While the moving industry is predicted to reach roughly $18 billion in value by the end of 2019, it still encounters payment frictions when it comes to compensating workers.

Risks never sleep – Be a Risk Keeper

Perficient Financial Servies

Nothing is too low for a bear. A bear doesn’t probably love to chase and hunt their prey. They are fond of any sorts of flesh and easily pick you when you are asleep. Bears can be predators even though they don’t have many enemies.

InComm To Enter Lottery Industry With Linq3 Acquisition

PYMNTS

Payments technology company InComm has acquired Linq3 Technologies with the purpose of entering the lottery industry, the company announced on Tuesday (March 12). Linq3, founded in 2007 in Atlanta, develops, builds and markets traditional and digital lottery products.

Mastercard acquires Ethoca to combat digital commerce fraud

The Paypers

(The Paypers) Mastercard has entered into an agreement to acquire Ethoca , integrating with its fraud management and security products suit, to bring protection in the digital space

How SMB FinTech Firms Boost Data Sharing Without Open Banking

PYMNTS

For proponents of open banking , the regulatory initiative seen in the U.K. and Europe is a natural progression from the surge in FinTech solutions offered to consumers, small businesses and enterprises. While policymakers target protection and customer ownership of data, one of the most prominent selling points for open banking is the ability for data to move seamlessly between once-siloed platforms.

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Plane Perspectives: Ethiopian Flight ET302 and the Boeing 737 MAX

Bankelele

Air crashes are always surprises, but the news, from the Prime Minister of Ethiopia’s twitter account, that Ethiopian Airlines Flight ET 302 flying from Addis Ababa to Nairobi on the morning of Sunday, March 10 had gone down, was particularly shocking.

AliExpress To Let Shoppers Use M-Pesa; CreditDigital Notches £2 Million Investment

PYMNTS

Welcome to The Axis, your late look at payments news from around the world. Coverage includes Safaricom ’s deal to let shoppers pay for goods on AliExpress.com through the M-Pesa mobile payment service, denominated in Kenyan shillings.

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Moneyhub integrates Starling Bank in its payment gateway

The Paypers

(The Paypers) UK challenger Starling Bank has become the first challenger bank to support PSD2 PISP legislation, according to a statement by financial management platform Moneyhub

UPI, NIBank Partner For Latin American Payment Solutions

PYMNTS

UnionPay International (UPI), a cross-border payments company based in China , has signed an agreement with Latin American bank NIBank to bring payment solutions, including prepaid cards, to the region.

EBA publishes clarifications to the first set of issues raised by its Working Group on APIs under PSD2

The Paypers

(The Paypers) The European Banking Authority has published clarifications to the first set of issues that had been raised and discussed by participants of its Working Group (WG) on APIs under PSD2, which met for the first time on 21 February 2019

Instacart Expands Alcohol Delivery Across The U.S.

PYMNTS

Instacart, the online grocery company, announced Tuesday (March 12) it has expanded alcohol delivery for customers across the U.S. In a press release , Instacart said customers in 14 states, as well as Washington D.C.,

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EVO Payments announces the acquisition of Way2Pay

The Paypers

(The Paypers) EVO Payments , a global payment technology and services provider, has announced the acquisition of Way2Pay , an Ireland-based payment gateway

The Rise Of Faster Disbursements

PYMNTS

Consumers are becoming more comfortable with real-time disbursements amid the rise of solutions that enable payments to be delivered shortly after they are authorized. In addition, the problem of fraudulent tax returns could keep growing as digital processes come to the tax-filing-and-return space.

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US invoice processor IPS launches AP solution Productivity Wrx

The Paypers

(The Paypers) US-based invoice processing and AP automation provider IPS has announced launching its accounts payable solution Productivity Wrx

US 52