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


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


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. .

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


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.

More Trending

The Quick And Quiet Evolution Of Insurance Toward Instant Payments 


Hurricane Dorian may be officially over, but for those in the Southeastern United States and the Bahamas, the rebuild is just getting started. According to the experts, the damage Dorian left in its wake was massive – and costly. Insurers estimate it will cost them as much as $25 billion.

Leverage New Bank Technology by Examining Current Processes, Pain Points


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


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


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.

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

House Hearing Signals Fireworks On Big Tech Antitrust Issues


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


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`.

How Data Empowers The New Face Of SMB Accounting


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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The State of Origination: 2019


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

Target Circle Loyalty Program To Go Nationwide In October


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.

U.S. ATM inventor celebrates its 50th anniversary

Payments Source

Donald Wetzel, the man who devised the first U.S. cash dispenser, says automated tellers will always exist — even as they evolve beyond their initial purpose. ATMs Cash Consumer banking Customer experience Technology JPMorgan Chase New York

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Paytronix CEO: Loyalty And The Power Of Anticipation


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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Fiserv, Visa and Samsung bring massive scale to mobile POS

Payments Source

The large payment processor mergers were meant to give bigger companies a better way to compete against the nimble startups that were luring their customers away for digital services such as mobile point of sale. And post-merger, Fiserv and First Data have fired their first salvo.

Former Managing Director At Deutsche Bank Joins SWIFT 


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.

How Brexit and the trade war force change in B2B payments

Payments Source

Brexit, the U.S.-China China trade war, and warning signs of a recession are pressuring cross-border supply chains, accelerating the impetus to streamline payment processing for transactions that are still relatively large, recurring and paper-based.

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Payments Innovation Fuels Rise In Football Gambling


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


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


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.

'What's your pet's name?' is no way to authenticate someone

Payments Source

Static fraud prevention has no place in the current digital world, says Accertify's Stuart Mann. ISO and agent Authentication Payment fraud Security risk

Fraud 65, Central Group Team Up For FinServ App

PYMNTS 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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Password reuse is the bain of digital IT

Payments Source

It's not on consumers to fix this problem, says NuData Security's Justin Fox, who argues organizations must get more cooperative and proactive to improve authentication. ISO and agent Authentication Data breaches Payment fraud Risk

How AI, ML Are Revitalizing The Insurance Claims Process


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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