Mon.Sep 09, 2019

Where the AI rubber hits the banking road

Chris Skinner

I was talking with a senior banker, who told me that he was in charge of the Artificial Intelligence program in the bank. I was impressed as he is part of the executive leadership team of the bank and not the CIO.

MoneyGram Teams With Visa On P2P Debit Card Deposits

PYMNTS

MoneyGram and Visa Direct have formed a strategic partnership to roll out a new debit card deposit service, the companies announced in a Sept. 9 press release. The person-to-person (P2P) money transfer option offers U.S.

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Things worth reading: 10th September 2019

Chris Skinner

Things we’re reading today include … Why are people shopping online late at night?

Data Shows China Slowdown Much Worse Than China Admits

PYMNTS

China’s second-quarter economic data shows a 6.2 percent growth; however, economists and investors believe the numbers are worse than what is being officially released, The Wall Street Journal reported. .

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How Academy Bank is using video to improve service efficiency

Bank Innovation

When customers walk into one of Academy Bank’s new branches, a banker will guide them to a screen where they can video chat with a specialist at Academy’s headquarters in Kansas City.

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Facebook Berated By Microsoft; Presses To Fight Tech Thieves

PYMNTS

Microsoft President Brad Smith is concerned about how thieves are weaponizing tech, and he is berating Facebook for allowing it to fester on its network, The Washington Post reported on Sunday (Sept.

Aiming high and low: Inside Personal Capital’s customer strategy

Bank Innovation

For Personal Capital, the path to scale is to go broad. As a result, the Redwood Shores, Calif.-based

More Trending

Leverage New Bank Technology by Examining Current Processes, Pain Points

Abrigio

Imagine buying a new engine for your car. Your car, however, happens to be 8 years old, with tread-worn tires, and a window that won’t roll up.

Shopify To Pass EBay, Become Second Only To Amazon

PYMNTS

The eCommerce brand Shopify is expected to pass eBay and become the second largest platform in the world in terms of sales volume behind Amazon , according to a report by CNBC. Stock in the company has been roaring in the past year, going up 150 percent and passing eBay’s market cap.

Fintech Unfiltered: Credit Sesame’s Nazari on personal credit management

Bank Innovation

Credit Sesame, which recently raised $43 million, allows users to access their credit scores and gain insights into how they can improve those scores.

The Treasurers’ Guide To Simplifying Cross-Border Payments

PYMNTS

The global economy is more interconnected than ever, with more companies doing business abroad than at any time in recorded history. On one hand, this brings opportunity, with businesses reaching more customers in more markets.

Worldline announces PSD2 readiness with 3D Secure 2.0

The Paypers

(The Paypers) Worldline has announced the readiness of its Acquiring and E-Commerce platforms with respect to the mandatory processing of transactions according to the new 3D Secure 2.0 standard

House Hearing Signals Fireworks On Big Tech Antitrust Issues

PYMNTS

For Big Tech , expect fireworks for fall, or a September to remember. This Thursday (Sept.

ING partners with Dutch supermarket to trial cashierless store

ATM Marketplace

ING has joined forces with Dutch supermarket chain Albert Heijn and U.S. tech startup AiFi to pilot a cashierless store. The partners have built a 14-square-meter store in the city of Zaandam to test the concept

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Jack Ma’s Legacy Of Commerce, Payments And Even Healthcare

PYMNTS

Some people build from the background, by design or default, working on seemingly small and mundane things that nevertheless have a great impact on the lives of millions upon millions of people.

Two live Blockchain use cases in Mutual Funds administration and four pilots

Daily Fintech

In Blockchain world everybody wants to be `the World`s first`.

Former Managing Director At Deutsche Bank Joins SWIFT 

PYMNTS

David Watson, the former managing director and head of cash management for Deutsche Bank in the Americas, as well as the head of global digital cash products, has joined SWIFT as the new strategic relationship director in North America, according to a release.

The State of Origination: 2019

ZootBlog

The post The State of Origination: 2019 appeared first on Zoot Solutions. Account Opening Data Acquisition Origination automation credit card customer experience demand deposit account loan underwriting

Paytronix CEO: Loyalty And The Power Of Anticipation

PYMNTS

A popular earworm rock song that hit the North American charts back in the 1990s assured the object of the narrator’s affection that he would walk 500 miles — and even 500 miles more — to “fall down at your door.” The song, from The Proclaimers (Is that chorus back in your brain now?)

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Binance receives NYDFS approval to roll out dollar-backed stablecoin

The Paypers

(The Paypers) Cryptocurrency exchange Binance has announced plans to launch a dollar-backed stablecoin in the US as it received approval from the New York Department of Financial Services (NYDFS

Payments Innovation Fuels Rise In Football Gambling

PYMNTS

A new NFL football season wasn’t the only thing that kicked off in recent days. It’s also the start of another football gambling season — one that involves mobile commerce and digital payments, and companies trying to innovate their way to success in this growing field of transactions.

Equity buys BCDC, its second bank in DRC

Bankelele

Kenya’s Equity Bank Group Holdings has entered an agreement with some shareholders of Banqué Commerciale du Congo (BCDC) to buy a controlling stake in the bank with a view to consolidate it with its DRC subsidiary. This comes a few years after Equity invested in DRC by purchasing a stake in ProCredit Bank. At the end of 2018, […]. The post Equity buys BCDC, its second bank in DRC appeared first on Bankelele. DRC Equity Bank M&A

California Senate Could Rule On Gig Economy Law This Week

PYMNTS

As early as this week, California’s state Senate will take up a measure that could forever change the future of the gig economy, and firms like Uber and Lyft , in both the state and nationwide.

Banks and TPPs provide update of their joint PSD2 task force to the European Commission

The Paypers

(The Paypers) Following the Joint Statement between the ECSAs and TPP associations, banks and TPPs now write to provide the European Commission with an update from the Joint PSD2 Task Force

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How Data Empowers The New Face Of SMB Accounting

PYMNTS

Accountants and bookkeepers have a new reality with their small business clients: machines can do number-crunching and calculations, and these professionals are now forced to examine how to elevate their role with SMBs to continue to provide value.

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Fannie, Freddie investors fighting profit sweep get key court win

BankThink

Fannie Mae and Freddie Mac investors won a victory in their long battle to reap benefits from their stakes in the mortgage giants with a court ruling letting them pursue claims that the U.S. sweep of the companies’ earnings is illegal. GSEs GSE reform Housing finance reform Fannie Mae Freddie Mac

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JD.com, Central Group Team Up For FinServ App

PYMNTS

JD.com and the biggest retailer in Thailand, Central Group, have launched a financial services app called Dolfin to help connect with local banks and increase the companies’ online presence, according to a report by Reuters.

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Samsung, Visa, Fiserv to turn smartphones into contactless payment terminals

The Paypers

(The Paypers) Fiserv , Visa , and Samsung Electronics have announced that they will launch SoftPOS, which turns smartphones and tablets into contactless payment terminals

How AI, ML Are Revitalizing The Insurance Claims Process

PYMNTS

The insurance industry has a reputation for slow procedures and even slower payments, and the claims process still often requires customers to deal with depositing physical checks.

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Enough With The 'AI-First' Hype!

Ron Shevelin

Banks no more need an AI-first strategy in 2019 than they needed a COBOL-first strategy back in 1959

CPPIB Invests $115M In Indian Logistics Firm Delhivery

PYMNTS

The Canada Pension Plan Investment Board (CPPIB) invested $115 million in Indian logistics company Delhivery, according to reports. Delhivery is backed by Softbank and Carlyle, and valued at $1.5 billion.

Everlink partners ACI Worldwide to augment fraud management solution

The Paypers

(The Paypers) Everlink Payment Services has extended its deployment of ACI `s UP Payments Risk Management solution to drive its machine learning fraud management solution eSCORE

U.S. Bank Buys Talech To Boost Digital Expertise

PYMNTS

Bank announced that it has acquired talech , a software company that offers an integrated point-of-sale (POS) system for small and medium-sized businesses (SMBs). Financial terms of the deal, which closed on Sept. 9, were not disclosed.

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American Express launches credit card for millennials

The Paypers

(The Paypers) American Express , one of the world’s largest card issuers by purchase volume, has announced the launch of the SmartEarn Credit Card for millennials in India

Target Circle Loyalty Program To Go Nationwide In October

PYMNTS

Starting on Oct. 6, Target reportedly plans to bring its revamped loyalty offering nationwide. The Target Circle program offers birthday rewards as well as other personalized coupons, CNBC reported.

Average U.S. FICO Score Ticks Up to 706

FICO

The latest data is in, and the average U.S. FICO® Score now sits at 706. Since bottoming out at 686 in Oct 2009, there have been nine consecutive years of increases in the national average FICO Score.

The Future Of Fitness With Connected Devices And IoT

PYMNTS

Peloton combines its own hardware, software and subscription model in a bid to win over fitness-minded consumers – an effort that could shed light in the coming few years on the future of connected devices and the development of the Internet of Things (IoT).