Chris Skinner
JUNE 26, 2019
Talking of partnering, many years ago, I was assigned the role of negotiating a contract with a partner for a large technology firm. The partner specialised in the insurance markets, my focus at that time, and we got into the game of contract wording. For quite a while, it was … The post Partnering in the ecosystem is not easy appeared first on Chris Skinner's blog.
Bank Innovation
JUNE 26, 2019
Money-transfer startup TransferWise is expanding the reach of its multi-currency debit card and, in doing so, wading into bank territory. The company's borderless account initially was made available to European customers in early 2018. Now, U.S. customers can take advantage of the multi-currency account compatible with more than 40 currencies through a Mastercard debit card […].
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Chris Skinner
JUNE 26, 2019
Things we’re reading today include … Bank of America will no longer do business with companies that run detention centers Startup bank Aspiration is trying to be the anti-Wells Fargo. It’s working Mifid II tightens Wall Street’s grip on trading Former UBS compliance officer convicted of another count of insider … The post Things worth reading: 27th June 2019 appeared first on Chris Skinner's blog.
Bank Innovation
JUNE 26, 2019
For customers who lose their debit cards, a visit to a nearby branch is often the quickest way to resolve the situation. The challenge is banks are less likely to do this anymore (JPMorgan Chase, for example, stopped issuing debit cards in branches two years ago, citing a fraud risk), and customers often have to […].
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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
Abrigo
JUNE 26, 2019
We are closing in on six months until the SEC filers’ CECL effective date. While credit unions have some additional runway after the November 2018 CECL delay, there is likely less time than expected. CECL is still happening, and in order to be ready to transition in time and with confidence, then it’s time to prepare now. “If you’ve kind of been dragging your feet on this, now is the time,” said Brandon Quinones, Manager of Credit Consulting.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JUNE 26, 2019
Consumers want the immediacy of brick-and-mortar shopping without sacrificing eCommerce convenience. They may enjoy strolling the aisles of physical retail, but many customers still want support features that enable them to quickly and easily find and buy items, through self-serve offerings and other automation technologies. Today, most automated retail models tend to follow either an Amazon Go -style, cashierless store or an intelligent cabinets approach.
Payments Source
JUNE 26, 2019
In the eyes of regulators, Facebook and bitcoin have a lot in common. Both challenge citizens' relationship to privacy, and both use technology in ways that current laws were unprepared for.
PYMNTS
JUNE 26, 2019
Online marketplace eBay has introduced numerous new API capabilities to enable developers to manage their businesses at scale, the company said in a blog post. “Our goal is to empower developers, enhance the ecosystem of eBay applications and add value for our buyers and sellers,” eBay said. The company launched the new Finances API, which aims to give developers a better view of eBay transactions and to allow for easier payouts to banks accounts.
Payments Source
JUNE 26, 2019
Apple Card's user experience will pressure contactless and digital wallet innovation, an area where banks have already fallen behind, contends MyGini's Mehmet Sezgin.
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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
JUNE 26, 2019
Two more financial regulators have warned that they won’t allow Facebook ’s planned cryptocurrency, Libra , to launch without looking at it closely. The international Financial Stability Board (FSB) and the U.K.’s Financial Conduct Authority (FCA) have joined the Bank of England (BoE) and the G7 in speaking out about the need to thoroughly vet Facebook’s plans to release Libra next year.
Payments Source
JUNE 26, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: Mastercard and N27 advance Nordic real-time payments; Amazon Prime Day gets longer; Swedbank adds watch payments; Minnesota legislators try to ban crypto political donations.
PYMNTS
JUNE 26, 2019
In the digital age of shopping for clothes and accessories, modern-day consumers don’t want retailers to entertain them: Instead, they want these merchants to bring them an easy experience, offering seamless shopping in store and online. According to the PYMNTS Connected Consumer Playbook , “Consumers may not call that ‘omnichannel,’ but that’s clearly what they want their favorite merchants to enable for them.
Payments Source
JUNE 26, 2019
Many businesses mistakenly see alternative payment methods as only for consumers, but there are use cases for B2B, argues Pat Bermingham, CEO of Adflex.
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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
JUNE 26, 2019
In the continuing move to bring data (and transactional data) to blockchain, among the latest examples is the announcement this week that the Society for Worldwide Interbank Financial Telecommunications (SWIFT) will enable blockchain-focused companies to use its global payments innovation (GPI) platform, as reported in Cointelegraph. SWIFT said it will allow gpi payments over DLT platforms, in an effort to help save money as trades are reconciled.
Jack Henry
JUNE 26, 2019
OK … let me begin by identifying myself. I am half Gen X and half Millennial in my habits. Let’s just say borderline on the age. Yes, I am that guy. I am notorious for downloading the app for every restaurant, gas station, movie theatre, hotel, airline, etc. And yes, I have an app for each of my credit cards and my bank. I like to see how a company represents itself digitally.
PYMNTS
JUNE 26, 2019
The U.S. Federal Reserve plans to hold Facebook ’s cryptocurrency, Libra , to high standards when it comes to consumer protection and regulation. “Libra’s a new thing; we are looking at it very carefully,” said Federal Reserve Chairman Jerome Powell on Tuesday (June 25), according to Reuters. “Given the possible scale of it, I think that our expectations — from a consumer protection standpoint, from a regulatory standpoint — are going to be very, very high.”.
Payments Source
JUNE 26, 2019
As the global gig economy expands, more workers moving between the U.S. and other countries for jobs or school need ways to handle funds in different currencies.
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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
JUNE 26, 2019
Some users of the Cash App, which is owned by payments company Square, can now deposit bitcoin, according to reports. Users could previously buy, sell and transfer bitcoin through the app, which is available on both Android and iOS, but now some users can deposit it as well. The Cash App added bitcoin compatibility in November of 2017, and it was eventually released to all users.
Payments Source
JUNE 26, 2019
Denmark-based payments technology developer Nets will develop new solutions for Vipps, Norway’s leading mobile payment app, under a new agreement.
PYMNTS
JUNE 26, 2019
Most of the insight into credit union spending priorities featured in the PYMNTS/PSCU Credit Union Playbook earlier this year is probably much in line with expectations. Anti-money laundering, data security, mobile/digital payments, fraud-fighting and payment tech rounded out the top five — with each ranking as a lead priority for over 50 percent of credit union executives.
BankBazaar
JUNE 26, 2019
Not all Mutual Funds are for the long run. Here’s what you should watch out for to see if you should sell or hold your funds. Everything is rated today. Mutual Funds are no exception. Many institutions award Mutual Funds star ratings. Obviously, a 5-star rated fund is the best of the lot. So, if you choose a 5-star fund you have nothing to worry about, right?
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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
JUNE 26, 2019
One year on, what has the General Data Protection Regulation ( GDPR ) wrought? The EU law has sought to let citizens decide how their data is used, and when, and by whom. The regulation, which debuted in May of last year, means firms that process data must disclose how it is processed and how long it is kept. As noted in the June PSD2 Tracker , there have been some financial repercussions for companies that do not comply.
ABA Community Banking
JUNE 26, 2019
On the latest episode of the ABA Banking Journal Podcast, CEO Brad Paige talks about "the first security enhancement that we've done that actually improved the customer experience." The enhancement: digital voice authentication. The post Podcast: How Voice Biometric Authentication Improves Bank CX appeared first on ABA Banking Journal.
PYMNTS
JUNE 26, 2019
FLEETCOR firm Comdata is enhancing its OnRoad solution, a combined fleet card and mobile app solution for fleet drivers and their managers. A recent press release said Comdata has added support for Touch ID and Face ID to secure user logins, as well as for real-time bank transfers and peer-to-peer payments, though the company did not disclose exactly how those transfers are facilitated, or in what context they can be deployed for fleet drivers and managers. “We recognize the financial chal
FICO
JUNE 26, 2019
It’s a great question, and needs to be asked. Cyber scores and ratings have been around for some time now, gaining steady momentum over the last five years. That said, the market for security risk assessment scores and ratings remains nascent, with a double-digit CAGR that will likely continue into the foreseeable future. With new data protection and privacy regulations coming online — such as the EU’s General Data Protection Regulation (GDPR) and the California Consumer Protection Act (CCPA) ––
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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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