Mon.Jul 09, 2018

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How much did Nigel Farage make out of #Brexit?

Chris Skinner

I picked up Bloomberg’s Business Week in the airport lounge at the weekend. It always has interesting reading, but this one stood out because of the front-page cover. Of course, it should have occurred to me that Brexit was a great way to make money, and the article outlines how … The post How much did Nigel Farage make out of #Brexit? appeared first on Chris Skinner's blog.

Course 419
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Microlender SoLo Funds Could Help Banks Enter $90-Billion Payday Loan Space

Bank Innovation

A new fintech startup is letting consumers make loans to peers and positioning itself as an alternative to the payday loan industry, and there’s something in it for banks too. Since launching this past April, SoLo Funds, a P2P lending platform, has processed nearly $200,000 in small-dollar short-term loans. With small loan amounts and a default rate […].

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World of Money to bring readers the latest news about financial tech

Payments Dive

Newsletter will selectively curate content daily from among the top stories and information sources to bring readers the news they need to succeed in a fast-moving and highly competitive global economy.

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How TBC Bank Created a Neobank Called ‘Space’ in Just 8 Months

Bank Innovation

For a digital bank, time to market is one of the most important innovation mandates. For Lasha Gurgenidze at Tbilisi, Georgia-based TBC Bank, this mandate combined with low operational costs were the two fundamentals he and his team followed in launching TBC’s digital-first Space Neobank. “We started only eights month ago,” Gurgenidze, who is currently […].

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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

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Things worth reading: 10th July 2018

Chris Skinner

Things we’re reading today include … Bank outages should be limited to two days, say regulators Banks told: Look, your systems WILL fail. What is your backup plan? Brit bank Lloyds carves out role for ex-Microsoft design guy Dan Makoski 28% of Canadians fear bankruptcy ahead of Bank of Canada … The post Things worth reading: 10th July 2018 appeared first on Chris Skinner's blog.

More Trending

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Macy’s Online Customers Warned Of Data Breach

PYMNTS

After Macy’s cyber tools detected suspicious logins on June 11, the retailer is warning customers about a data breach. The retailer said that a threat targeted the profiles of customers for nearly two months, Detroit Free Press reported. In a letter to its eCommerce customers, Macy’s said that a third party was behind the suspicious activity, and that party had received information from a non-Macy’s source.

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The modern mainframe â?? a platform for the digital age?

Bobsguide

When we take money out of an ATM, open a new bank account, get a new car insurance quote online, or simply check our account balance on a mobile device, a mainframe somewhere is handling the request. Mainframes are the bedrock of the financial services industry. According to a study by BMC, over.

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The Warranty As An eCommerce Plug-In

PYMNTS

Retailers face a challenge when it comes to offering warranties for their customers: A warranty program can take months to set up and launch. But offerings such as Mulberry Platform seek to dramatically speed up that timeline to under a day. “We want the retailers to be able to a launch a best-in-class warranty option in less than an hour,” Mulberry Platform Co-founder Chinedu Eleanya said in an interview with PYMNTS.com.

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Beyond blockchain? Nanopay, Interac ramp up speed for cross-border payments

Payments Source

Nanopay is planning to add bank, processor and accounting software partners for a B2B cross-border and domestic transfer service which it says exceeds the performance of blockchain-based systems.

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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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All About The Bots – And Valuations, Too

PYMNTS

In the land of startups, and valuations of startups, it’s all about the Benjamins. And the bots. And the Benjamins that can be made from bots…. The much-storied tales about tech unicorns, those young firms that have logged valuations of at least $1 billion, got a new chapter on Monday, after California firm Automation Anywhere stated that it had raised $250 million in a fundraising round from the likes of Goldman Sachs and others.

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Removing too much 'friction' makes payments unsafe

Payments Source

By intelligently applying friction, where the entry of a PIN or a swipe of the screen can be used to correlate against known data, we can better prove that the correct user made the transaction and avoid the costs and disruption associated with fraud and disputed claims, writes Zia Hayat, CEO of Callsign.

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Verifone CEO To Change Once Go-Private Deal Completed

PYMNTS

Verifone , the payments company, announced on Monday (July 9) that its Chief Executive Officer Paul Galant has decided to relinquish his role effective as of the close of the previously announced deal with Francisco Partners. In a press release , Verifone said the transaction is expected to close during the third quarter. At that point, Michael Pulli, formerly CEO of Pace Plc until its acquisition by ARRIS Group, will become CEO.

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7.9.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Exxon's new rewards program stumbles out of the gate; Monaco pays big for crypto.com domain; WeChat Pay expands to the French Riviera; Western Union expands in Russia.

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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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Fighting Fraud By Finding The Gaps

PYMNTS

The problem with fighting fraud — according to GIACT EVP of Product David Barnhardt in this week’s edition of the PYMNTS Topic TBD — is how much information fraudsters have at their fingertips about regular consumers. Between the Equifax hack last year, the Exactis hack last month and the thousands of other data breaches, big and small, that happened between them (not to mention before them), the average American consumer can rest assured that some or all of their personal data is floating aro

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Mifid II call recording failure: problems of procurement?

Bobsguide

Few anticipated Europe’s largest set of financial rules to be a walk in the park – even after the one-year delay that many had hoped would give market participants time to get their compliance requirements in order. Several months in, however, and many are still struggling: recent.

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Who Will Control Connected Cars?

PYMNTS

Think of it, perhaps, as the race to become the best backseat driver. As car manufacturers, software providers, payments and commerce players and others build the connected vehicle ecosystem, there is increasing experimentation and competition in regards to the best operating systems to install. Recent evidence of that came from Volvo when it announced that it would embed Google Assistant, Google Play Store, Google Maps and other Google services into its next-generation Sensus infotainment syste

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An indie film dips into fintech to cut distribution costs

Payments Source

The film industry may be setting new box office records this year, but it still struggles with how to adapt its distribution methods for a digital audience. That's where blockchain — the distributed ledger technology originally developed for bitcoin — plays a starring role.

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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 More Things Change…

PYMNTS

Everyone remembers the adage: The more things change, the more they remain the same. Though much has changed in the digital age, much does remain the same. We still watch TV , albeit different from the way we once did. We want good customer service, though — worldwide — we don’t necessarily need it from a person. Buying toys, particularly around the holiday season, continues to be the plan for 2018 , despite the end of Toys R Us.

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Chronic credential reuse is making data breaches universal

Payments Source

All service providers, even those with a strong security posture, are only as secure as the Home Depots, LinkedIns and Equifaxes of the world, argues George Avetisov, chief executive of HYPR.

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Nike Live To Provide Unique Shopping Experience For Loyalty Members

PYMNTS

Nike is launching Nike Live, a new shopping concept for local members of the company’s NikePlus loyalty program. The first location, Nike by Melrose, will open on July 12 on Melrose Avenue in Los Angeles. The products and services offered in the store will include online best sellers, as well as essential running, training and sportswear products. “It has pop-up vibes, and it will operate like an experimental digital-meets-physical retail pilot — but it’s not going anywhere anytime soon, a

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How Brexit could improve the U.K.’s Rural Payments Agency

Payments Source

The U.K.’s Rural Payments Agency has long been renowned for its inefficiencies in processing timely and accurate financial support payments to farmers across the country. But now industry figures expect Brexit will lead to an improvement in performance due to a loosening of the EU-driven bureaucratic regulations.

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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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Tech Firms Hit Speed Bumps In GDPR Adoption

PYMNTS

It’s been just a few weeks since the General Data Protection Regulation (GDPR) took effect — and speed bumps remain. As noted this past week, research from the EU Institute shows that some of the larger tech firms, international in scope, have yet to comply with that law’s mandates, which stipulates how individuals’ data can be shared. The data shows that of 14 firms that utilize AI when it comes to data privacy, a third of those firms showed that there were potential problems with policies alre

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Verifone CEO Galant to step down as private equity takes over

Payments Source

Paul Galant will leave the CEO post at Verifone in the next few months, following a tenure in which he helped diversify and automate Verifone's merchant acquiring business and led a recovery from a series of strategic and economic missteps.

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Timehop Discloses Data Breach That Impacts 21M Users

PYMNTS

Timehop , the mobile app that gathers photos from social media, disclosed on Monday (July 9) that it was the subject of a data breach. In a blog post, the company said that on July 4 it experienced a network intrusion that led to a breach of some of its customers’ data. It said the incident affected approximately 21 million of its users, but that no private/direct messages, financial data or social media or photo content was impacted. “We learned of the breach while it was still in p

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Small banks are told they are targets for launderers

Payments Source

A money-laundering scandal at Denmark's largest bank has prompted increased regulatory scrutiny at larger banks, so criminals may try to filter dirty money at smaller institutions, a regulator warned.

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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.