Tue.Nov 05, 2019

Things worth reading: 6th November 2019

Chris Skinner

CIBC's Martinez-Moreno sees bank user experience as key to digital transformation

Mobile Payments Today

Leslie Martinez-Moreno, senior manager of user experience and design at CIBC, sat down with Tim Tang of Hughes, to discuss the role of design and user experience in the transformation to digital banking

Seven Fin and Tech truisms we wish were myths (with thanks to Anne Boden)

Chris Skinner

I attended the New Stateman’s FinTech Summit yesterday. I gave the opening speech and was followed by the indomitable Anne Boden, CEO and Founder of Starling Bank, who talked about the path to profitability.

Deloitte: Credit card companies should go beyond cash back perks

Bank Innovation

According to a Deloitte survey, discounts and cash back aren’t enough to maintain credit card customer loyalty, and providers need to look to more holistic personal financial management tools as differentiators.

Silicon Valley Bank To Lend $200M To Danish Tech Firms

PYMNTS

Silicon Valley Bank , a unit of SVB Financial Group , revealed plans to invest a minimum of $200 million to supply loans to Danish technology companies.

How PFM could be a differentiator for card companies

Bank Innovation

According to a Deloitte study, perks like cash back and discounts are continuing to drive the loyalty of credit card customers.

Wirecard To Buy China’s AllScore To Expand Cross-Border Licenses

PYMNTS

Wirecard announced that it is set to gradually acquire all shares in Bejing-based AllScore Payment Services so it can expand into cross-border licenses. After the deal is closed, Wirecard will hold 80 percent of the shares in AllScore.

More Trending

Bug In Robinhood App Allows Borrowing Of Excess Funds

PYMNTS

Robinhood Markets is reportedly experiencing a glitch that enables users to trade stocks with (essentially) free money. Launched in 2013, California-based Robinhood offers commission-free trading.

As banks transition to digital, ATMs become crucial customer touch points

ATM Marketplace

Experts believe that banks of tomorrow will be "phygital," a merger of the physical and digital worlds. Taking a central role in this transformation will be an app-based ATM

ATM 62

Data Breach Impacts 4.2M Members Of Canadian Cooperative

PYMNTS

The Canadian cooperative Desjardins Group has revealed that a data breach impacted all its 4.2 million members. The incident was first discovered in June.

Data 130

Introducing the Bajaj Housing Finance Limited Home Loan

BankBazaar

Thinking of affordable housing? Look no further as the Bajaj Housing Finance Limited Home Loan is here! Read on to know more! Are you tired of losing a big chunk of your paycheck to your monthly rent?

Taxes 52

Visa Teams With Tencent To Support Mobile Payments In China

PYMNTS

Visa has released a statement saying Tencent’s announcement that it will support international card schemes in its mobile wallet is “a great step forward” for the payments industry. Visa believes this is a great step forward, both for consumers travelling to China and the overall payments industry.

Cards 130

5 Ways Ant Financial & Tencent’s Fintech Growth Playbooks Are Evolving

CB Insights

There are just two China-based fintech businesses valued at over $100B in the world. The first is the financial affiliate of Chinese e-commerce giant Alibaba Group , Ant Financial , valued at $150B. The second, conceivably, is Tencent’s fintech business.

Coca-Cola Supply Co. To Expand Blockchain Efforts After Successful Trial

PYMNTS

Coca-Cola’s supply chain operations are run by an IT firm called Coke One North America (CONA), and the company recently had such a successful run with blockchain software provider SAP that it’s going to expand the program from two to 70 manufacturers, according to reports. .

Bye Bye Banking Integrations, Hello Bud

Daily Fintech

Jessica Ellerm is a thought leader specializing in Small Business and the Gig Economy and is the CEO and Co-Founder of Zuper, a neowealth disruptor in Australia.

Facebook Mistakenly Leaked User Info To Developers

PYMNTS

Facebook has revealed that it unknowingly gave outside developers access to some private user information.

Hemp Regulations Bring Banking Issues to the Forefront

New York's State of Mind

On October 29th, the USDA issued interim final rules providing a framework for the legal protection and distribution of hemp in states that choose to legalize it. The long awaited regulations bring about a new stage in what promises to be a phonetic period for compliance innovation as financial institutions begin to provide banking services […]. Compliance Legal Watch New York State Regulatory Controlled Substances Act farm bill hemp Marijuana NCUA THC USDA

Lawmakers Push For New Agency Focused On Big Tech Regulation

PYMNTS

Two Democrats have introduced a new bill that would create a federal agency tasked solely with regulating the tech industry. If passed, the Online Privacy Act, sponsored by U.S.

How Mastercard aims to help banks win back customers’ trust

BankThink

The financial services industry has struggled with how best to explain privacy and data-sharing practices to customers. Mastercard is offering a new framework. Data transparency Data ownership Data management Data sharing Mobile banking Digital banking APIs Mastercard

FIS Sees Strong Merchant Sales, Jump In Cross-Selling Activity In Q3

PYMNTS

Roughly three months after closing its $43 billion deal for payments processor Worldpay, Fidelity National Information Services (FIS) reported third-quarter results that showed some initial impacts of the revenue and cost synergies outlined when the deal was struck earlier this year.

ATM 130

Three bank failures in one week: A blip or something worse?

BankThink

Recent closings could portend a stiffer regulatory stance on capital adequacy and risk. Community banking Failures Deposit insurance U.S. New Jersey Ohio Kentucky

Walmart Rolls Out Paid Membership Program For Unlimited Delivery

PYMNTS

Walmart has introduced a new program called Delivery Unlimited in 1,400 of its stores. Customers who want to order groceries from Walmart without having to pay a per-delivery fee every time have the option of paying $98 a year or $12.95 a month, according to the company.

Big-bank executives: Many businesses don't want to borrow

BankThink

Top officials at Bank of America and Wells Fargo said that commercial loan demand is weak, even as U.S. consumers show strength. Their comments echo recent findings by the Federal Reserve.

US 62

Post-Worldpay Deal, FIS Sees Organic Growth In Merchant, eComm Businesses

PYMNTS

Roughly three months after closing its $43 billion deal for payments processor Worldpay, Fidelity National Information Services (FIS) reported third-quarter results that showed some initial impacts of the revenue and cost synergies outlined when the deal was struck earlier this year.

ATM 130

Comerica Chairman Babb to retire at year-end

BankThink

Ralph Babb had stepped down as CEO in April. Curtis Farmer, who succeeded him as chief executive, will assume the chairman's title starting next year. C-suite Commercial banking M&A Regional banks Comerica Bank

Ripple Accused Of Making False Claims About SWIFT’s Error Rate

PYMNTS

San Francisco-based blockchain FinTech Ripple is being questioned about its claims that rival cross-border payments firm SWIFT has a 6 percent error rate, AMBCrypto reported Tuesday (Nov.

Silicon Valley Bank targets Denmark, where lenders don't need licenses

BankThink

A California bank with deep ties to the U.S. venture capital industry is targeting Denmark for growth, as a lack of regulatory constraints on lending make the country a preferred destination in Scandinavia. Commercial lending Fintech SVB Financial Denmark

Visa And Tencent Team Up On Global Card Schemes

PYMNTS

Visa has released a statement saying Tencent’s announcement that it will support international card schemes in its mobile wallet is “a great step forward” for the payments industry. Visa believes this is a great step forward, both for consumers travelling to China and the overall payments industry.

Cards 130

After taking a body blow from Sapphire, Amex is reaping the benefits

BankThink

While American Express initially lost customers after JPMorgan Chase introduced the popular Sapphire Reserve premium card in 2016, the firm said it's seen a 60% increase in growth in Platinum accounts. Loyalty and rewards American Express JPMorgan Chase

Cards 62

Jamaican Shoppers Can Now Pay For Amazon Orders At Western Union

PYMNTS

Amazon shoppers in Jamaica can now pay for their items in local currency at Western Union locations across the country, according to a release on Tuesday (Nov.

Online 130

Washington flexes its muscles on small-business lending

BankThink

The CFPB, OCC and FDIC are signaling a renewed focus on the sector after regulation of it fell more to the states in recent years. Small business lending Financial regulations State regulators Litigation Dodd-Frank Kathy Kraninger CFPB OCC FDIC

Priority Technology Moves Beyond SMB Payments With Company.com Partnership

PYMNTS

Merchant acquiring and payments firm Priority Technology has teamed with Company.com to provide access to its full stack of technology, services and payments solutions to Priority Technology’s clients.

Schwab set to offer 'a lot more' banking capabilities

BankThink

After shaking up the financial services industry last month by eliminating commissions for all online trades, Charles Schwab is setting its sights on building out its lending services. Consumer lending Commercial lending Digital banking RIAs Charles Schwab

Walgreens Boots Could Go Private In Potentially Largest Buyout Ever

PYMNTS

Walgreens Boots Alliance could be going private in what would be the largest leveraged purchase of a company ever, according to a report by Bloomberg.

As federal fintech regulatory plans founder, a push for alternatives

BankThink

Many in the space are seeking the creation of a "flexible" supervisory regime that relies on existing authorities and a hands-off approach from state agencies, but such a plan faces an uphill battle. Fintech regulations Fintech CFPB OCC SEC CSBS

Walmart Introduces ‘Delivery Unlimited’ Program In 1,400 Stores

PYMNTS

Walmart has introduced a new program called Delivery Unlimited in 1,400 of its stores. Customers who want to order groceries from Walmart without having to pay a per-delivery fee every time have the option of paying $98 a year or $12.95 a month, according to the company.

U.S. shadow lenders see loan volume slow, quality decline

BankThink

The month of October brought some jumbo unitranche loans to the direct lending market. It also brought declines in the quality and terms of broader deals, according to some participants. Middle market Lower Middle Market Banking: subordinated debt