Wed.Dec 11, 2019

Traditional banks are suffocating … they just don’t know it yet

Chris Skinner

An interesting lunch discussion about data the other day.

OnDeck wants to become ‘mom and pop’ bank of the future

Bank Innovation

Small business lender OnDeck is making a pitch to Main Street. The company, which has been outspoken about its pursuit of a bank charter, is trying to move beyond loans and become a digital bank for small businesses.

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Things worth reading: 12th December 2019

Chris Skinner

Things we’re reading today include … This Is What Racism Sounds Like in the Banking Industry Bank of America CEO Brian Moynihan says confident consumers are spending 5.5%

Revolution Payments Expands Service To Lower Biz Card Fees


The interchange fees associated with commercial card acceptance are the latest target of commercial card optimization company Revolution Payments, which announced a new service designed to further reduce that burden on business-to-business (B2B) suppliers. In a press release Wednesday (Dec.

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How Chase is fighting screen scraping through API-based data access

Bank Innovation

JPMorgan Chase has entered into a data-sharing agreement with aggregator Envestnet Yodlee in an effort to enhance customer control over their account information.

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Why P2P Could Soon Play A Leading Role In Middle East FinTech


When it comes to lending — to say nothing of the wider world of payments — innovation and disruption have been on the rise in recent years thanks to digital and mobile technology, along with online marketplace models. That doesn’t mean it’s been easy.

Alexa von Tobel’s Inspired Capital bets on business neobank Rho

Bank Innovation

Venture capital firm Inspired Capital, which is led by LearnVest founder Alexa von Tobel, is making a bet on business banking startup Rho. Rho, a business banking startup established in 2018, seeks to simplify money management for business owners.

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No Elephant is an island- resources maketh the beast

Daily Fintech

No one can know all in an industry, and surely that thought applies to insurance and InsurTech. The Insurance Elephant knows the business is comprised of many parts that in aggregate lead to the insurance customer.

Mastercard Pilots Digital ID Verification Program In Australia


Mastercard is launching a new digital resource that has the potential to instantly authenticate someone’s identity in a secure manner, the company said in a press release on Wednesday (Dec. The pilot will roll out in Australia with Australia Post and Deakin University.

Increase Customer Loyalty and Business Value with Captive Financing

Perficient Financial Servies

While countless companies specialize in financing equipment acquisitions for customers, there is a growing trend for manufacturers to provide such financial services themselves.

WAYV Offers Line Of Credit For Cannabis Firms


Cannabis logistics startup WAYV has launched a payment solution for the cannabis supply chain, according to a report.

Digital Payments Deliver in Money Moments of Need

Strategically Speaking

Most everyone would agree that technology has vastly changed the way we live our daily lives. With more than 203 million daily active users, Snapchat has taken over the way we communicate.

Mobile Card Apps: The Future Isn’t Plastic


It took 70 years for a majority of U.S. adults to possess a credit card , so the warp-speed adoption of mobile card apps has been a comparative blur.

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Podcast: Consciously Cultivating an Internal Talent Pipeline

ABA Community Banking

After her bank's CEO unexpectedly died a quarter century ago, Annette Russell was suddenly thrust into the top job at Security Federal Savings Bank in Logansport, Indiana. But if Russell has anything to do with it, the next transition won't be so abrupt.

Upcycling Dog Treats Into Sustainable Snacks With eCommerce


To enable pet owners to feed their dogs snacks sourced from sustainable ingredients, innovators are upcycling products that might go to waste. Shameless Pets, in one case, offers an array of flavors from lobster to egg through its eCommerce website.

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Client Note: Goldman’s Robo-Advisor, A New Blockchain Unicorn, Intel Announces A Quantum Computer Chip, And More

CB Insights

Fintech. Goldman Sachs plans to launch robo-advisor. Want the full post? Become a CB Insights customer. If you’re already a customer, log in here.

AI’s Place In The $50B RV Market


Consumers are beginning to express more preferences regarding their buying and selling experiences on online marketplaces, which are seeing an increased amount of competition in the market as they attempt to hold onto their customer bases.

Here’s A 12-Month Strategy For Boosting Your Credit Score In 2020


Have you struggled with a poor Credit Score in 2019? Here’s your chance to boost your Credit Score in 2020! Maintaining a good Credit Score requires financial discipline. Poor repayment habits such as missing payment deadlines and not paying in full can cost you dearly in the long run.

Will Contactless Move Credit Union Cards To Top Of Wallet?


Get ready for the contactless card surge. This holiday season may remind you of the “hurry up and wait” component of brick-and-mortar commerce. Standing in line, juggling packages and wallets, counting cash at the register to make exact change.

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In retail's innovation frenzy, the sharing economy finds fertile ground

Payments Source

WeWork has gotten its share of bad news this year, but parts of its concept are filtering into small business retail, providing one clue of what the next wave of shopping and payments will look like. Retailers Point-of-sale Real-time payments Mobile payments Mobile wallets

NY Financial Watchdog Calls For Easier Introduction Of Virtual Currency


The New York State Department of Financial Services (DFS) is proposing revised rules for the listing of new virtual currencies and will review the state’s BitLicense , the regulator announced in a press release on Wednesday (Dec. DFS Superintendent of Financial Services Linda A.

Payment companies need to see mobile as the incumbent channel

Payments Source

The new decade will see Generation Z become adults, and they will expect more services and activities to be facilitated by their device of choice, says Zoomd's Omri Argaman. ISO and agent Generation Z Mobile payments E-Commerce Retailers

How Pharmacies Are Driving Retail Innovation


The nearly universal need for medication and other remedies is driving retail innovation via the pharmacy sector — and that includes the area of customer experience.

ACI expands features of Speedpay wallet

Payments Source

Payments and banking software provider ACI Worldwide says it has added improved communications and security tools to its ACI Speedpay bill payment service that businesses can offer to customers. Bill pay Mobile wallets ACI Worldwide

SMBs Remain Hot Spot For Open Banking Business Models


As the open banking business model permeates into the B2B financial services market, FinTechs and traditional financial institutions continue to find new use cases for API integrations and connectivity to elevate the business-user experience.

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Gojek near $120 million deal for mobile payment startup

Payments Source

Indonesia’s ride-hailing giant Gojek is close to acquiring a mobile point-of-sale startup called Moka for at least $120 million, as it aims to become a leading player in the country’s digital payments industry, according to people familiar with the talks.

The Architecture Of A Cross-Border B2B Payment


For years, any attention given to solving B2B payments friction was typically focused on the payer. Yet, as innovators have chip away at friction points, they have recognized the value of incorporating a supplier’s accounts receivable (AR) experience into their solutions.

Full speed ahead: New York's contactless fare system exits pilot

Payments Source

Going contactless has been a bigger challenge in New York because of the size and complexity of its transit systems. Contactless payments Mobile payments Mobile wallets Wearable payments pso cardline lead 2 pso intraday lead New York

China Continues Facial Recognition Adoption With Airport Scanners


Beijing Daxing International Airport has been incorporating facial recognition software more and more, and it’s being used to do everything from identifying passengers to purchasing items from the duty free store, according to a report by Bloomberg.

Fraud prevention doesn't work if it stops more than fraud

Payments Source

If your current program incurs a high number of false declines; blocks orders from specific countries or entire regions based on fraud; or blocks deliveries to specific countries or regions for fear of fraud, then that fraud prevention strategy is hindering your sales and growth.

BoA’s Virtual Assistant Exceeds 10M Users; Launches New Features


Bank of America (BoA) is introducing new features for its virtual financial assistant Erica, which has over 10 million users since launching nationwide last year, the company said in a press release on Wednesday (Dec. BoA’s mobile app provides consumers with personalized finance guidance.

Three men are charged in $722 million cryptocurrency fraud

Payments Source

Three men were charged by U.S. prosecutors with helping run a $722 million cryptocurrency fraud that amounted to a “high-tech Ponzi scheme.”. Cryptocurrencies Bitcoin

New Paths For Payments And Commerce In The 2020s And Beyond


An Airbnb move could change up payments as customer relationship management ups its own game. Fraud detection systems have a big problem with at least one type of lucrative scam, while blockchain is set to reinvent lending and APIs change finance.

Morning Brief 12.11.19: Walmart tests driverless delivery in Houston

Payments Source

Mastercard makes a 'green' deal; Apple Pay reaches more banks in Germany; and other information you need to start your day, from PaymentsSource and around the web. Briefing

Visa Partners With NY’s MTA To Expand Tap To Pay Locations


New York’s Metropolitan Transportation Authority (MTA) will join Visa and Chase at a press conference on Thursday (Dec. 12) to announce the expansion of tap to pay at Penn Station. The MTA started piloting the system – called OMNY, short for One Metro New York – in May.

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Just What Does Your Cyber Policy Protect You Against in the First Place?

New York's State of Mind

Have you come to work recently and gotten an e-mail from your boss requesting that you take out large amounts of money in either transfer funds or gift cards with a promise for reimbursement? I have, as have many other people in the industry. Now, imagine if one of these scams cost your company almost […]. General Legal Watch technology cybersecurity Eleventh Circuit FFIEC Ironshore Principle Wells Fargo

Giving Truckers Better Loans Can Lower Carbon Footprints: Here’s Why


Of late, California’s emissions standards have become a source of some controversy as the state’s ability to set emission standards for cars and trucks that are higher than the standards imposed by the U.S. Environmental Protection Agency has been questioned by the Trump administration.