Tue.Feb 27, 2018

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How financial services will change in the next era of human-machine partnerships

Payments Dive

Mark Baunach, global financial services consulting industry leader at Dell EMC, discusses how blockchain and emerging technologies will reshape the financial services industry over the next decade.

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U.K.’s Virgin Money to Launch Digital Challenger Bank

Bank Innovation

Make way for a new digital challenger bank. U.K.-based lender Virgin Money said it will offer current accounts and savings products. In its earnings call today, Virgin Money said it will begin testing these products later this year and has already spent £38.3 million ($53.3 million) over the past year developing this digital bank. According.Read More.

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MasterCard strengthens ties to mobile network operators

Payments Dive

The Purchase, New York-based card network has already helped MNOs such as Vodafone Ukraine, Digicel Group in the Caribbean, Viettel Telecom in Vietnam and Taiwan's Chunghwa Telecom to roll out various services related to digital payments.

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Mastercard’s First Foray in the Canadian Insurance Payments Space

Bank Innovation

EXCLUSIVE – Mastercard has teamed up with cloud-based payment processor Dream Payments to provide Canadian insurance group FairFax Financial digital disbursements capabilities. The offering is a first of its kind in the Canadian insurance market and speaks to the Mastercard’s larger strategy of digitalizing payments that are traditionally not digital like check payments, Zahir Khoja,Read More.

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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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Don’t look to America for innovation

Chris Skinner

I recently wrote this piece for Raconteur’s Sunday Times supplement, and thought it might interest The Finanser’s readers: ‘When we in the West look to America for innovation, we are looking the wrong way’ I often talk about the world of change we are going through and how Europe and America are … The post Don’t look to America for innovation appeared first on Chris Skinner's blog.

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Things worth reading: 28th February 2018

Chris Skinner

Things we’re reading today include … The Rothschild banking dynasty is about to be passed to the 7th generation India gives its fraud-hit banks a 15-day ultimatum Africa’s banks are doing what U.S. banks aren’t: winning Hawk or dove? Bitcoin is forcing central banks to take sides | Howard Davies … The post Things worth reading: 28th February 2018 appeared first on Chris Skinner's blog.

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Melissa Widner, General Partner at National Australia Bank Ventures, Joins Bank Innovation 2018

Bank Innovation

EXCLUSIVE — Melissa Widner, General Partner at NAB (National Australia Bank) Ventures, has joined the speaker faculty for Bank Innovation 2018. Bank Innovation 2018 will take place March 5-6 in San Francisco. Prior to NAB Ventures, Widner led two companies as CEO to successful acquisitions that provided over a 10X return to investors. She co-founded.Read More.

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In the Gig Economy, (Payments) Speed Thrills, But Added Fees Chill

PYMNTS

The gig economy is out in full force, spanning the globe and any number of jobs, from welding to wedding planning, from knitting to pet sitting. The platform’s the thing, then, that brings the supply and demand together. Or, it should. In the latest Data Drivers, PYMNTS’ Karen Webster, along with Hyperwallet’s Michael Ting, senior vice president of digital markets, delved into the friction that exists in online marketplaces that brings together the gig worker and the gig worker employers …

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Circle Returns to the Center of the Crypto World with Poloniex Purchase

Bank Innovation

A few years back Circle was the darling of the crypto world, with its clean interface and smooth, un-Coinbase-like onboarding process. Then, in late 2016, the Goldman Sachs-funded Circle announced it was closing its cryptocurrency exchange (directing users to Coinbase) to focus on P2P payments. All was quiet for Circle, except for a few snarls.Read More.

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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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Zensoft Moves To Accept Cryptocurrencies For Enterprise Software Projects

PYMNTS

Enterprise software company Zensoft wants to accept cryptocurrencies from its corporate clients and has announced a partnership with OPEN to facilitate that goal. The companies said Monday (Feb. 26) they are working together to enable Zensoft to accept digital currencies as payment for enterprise software development projects. The software company will deploy OPEN’s API, its blockchain Scaffolds and its State transaction receipts solution.

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BofA Will Add 500 New Locations and Redesigns Old Ones With More Tech

Bank Innovation

Bank of America will open 500 new branches in the United States over the course of the next four years, the bank announced today. With these branches, the bank will also move into Cincinnati, Cleveland, and Columbus, Ohio. It will continue to make investments for both physical and digital growth, according to CNBC, and will.Read More.

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Prices Are Going Up To Cover Shipping Costs

PYMNTS

Shipping — by road, sea, air or rail — is becoming more costly as operators across shipping routes push for higher margins. That push has left some of America’s larger retail players like General Mills and Tyson in a rather difficult bind, according to a recent Reuters article. Such firms can either pay more for deliveries and see their own margins take a hit, or pass the costs to customers and risk alienating them with higher prices.

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FSS Issuance Hub

Payments Dive

Empowering Customers with Newer, Safer Ways to Pay

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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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Mastercard To Launch New Ways To Make Digital Payments

PYMNTS

Mastercard , the payment company, announced a series of digital payment initiatives on Tuesday (Feb. 27) aimed at different segments of the market. In a press release , Mastercard said that as of March 19, Mastercard ’s Qkr! with Masterpass will be available at all U.K. Pizza Hut locations. With the service, diners at its U.K. restaurants will be able to pay for their meals via their mobile phones without having to ask a waiter for the bill, which, the company said, will save customers 12 minu

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The future of regulatory compliance converges at IBM RegTech Europe

Insights on Business

A common assumption in risk and compliance is that financial institutions typically have to spend more to meet their regulatory obligations. While this has been mostly true for decades, regulatory technology, regtech, offers a new path forward for financial institutions who are seeking to manage their compliance requirements more efficiently and effectively.

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NEW REPORT: Mueller Indictments Prompt Renewed Look At Social Security Numbers

PYMNTS

In the digital identity space, biometrics have become all the rage. In several markets around the world, biometric solutions are gaining ground among consumers, companies and government organizations. These solutions could shift the way national security agencies in several countries operate, or force employers to change how they authenticate and identify their employees.

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Mobile payments are a new jolt for sales strategy

Payments Source

OEM and other mobile payments can feed sales, marketing and recurring transactions for lenders, according to Steve Yi, co-founder and CEO of MediaAlpha.

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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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Today In Data: Business Travel Spend, Digital IDs And AI-Powered Banking

PYMNTS

Today in PYMNTS data, businesses spend trillions on travel without knowing where the money goes, Nigeria’s digital identity program will cost millions more than expected and artificial intelligence (AI)-powered chatbots are changing how consumers interact with banks. In addition, auto leasing transactions are getting a modern facelift, and gig workers are looking for better payment options.

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02.27.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: PSD2 draws predictions of new jobs and worries about bank compliance shortcuts; A collaboration brings blockchain payments to Silicon Valley; Quebec's power overage could lure bitcoin miners.

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Sales Of Small Businesses To Spike, Driven By Tax Reform

PYMNTS

New analysis from the International Business Brokers Association (IBBA) suggests small business (SMB) sales will surge in the U.S. this year, driven largely by tax reform. The IBBA, along with M&A Source and the Pepperdine Private Capital Markets Project, announced their research on Monday (Feb. 26), which found that nearly three-quarters of surveyed advisors and brokers predict sales of SMBs in the country to increase this year.

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One of PSD2's greatest benefits is determining the scope of fraud

Payments Source

Limited data on fraud is a widely recognized issue and it was decided that incorporation into PSD2 was the most appropriate way to enforce a requirement, writes Matthew Attwell, Risk & Client Services Director at The ai Corporation.

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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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Viyet’s Second Act At Sotheby’s

PYMNTS

A common problem tends to crop up when it’s time to move: perfectly good furniture and home decor won’t fit a new space. For the “handcrafted” masterworks built out of Ikea boxes and clever renderings of particle board that define most of our national furniture castoffs, Craigslist , OfferUp , LetGo and Facebook’s Marketplace are all perfectly good places to find furniture a new home.

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PayPal settles Venmo disclosure complaints with the FTC

Payments Source

The Federal Trade Commission contends Venmo misled consumers on funds availability and security disclosures.

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Google Pay Smart Tap Hits The POS  

PYMNTS

To help shoppers use gift cards, coupons and loyalty rewards when paying with their mobile phones, Ingenico Group has made Google Pay Smart Tap available on its point of sale (POS) systems in the U.K. Ingenico made the announcement at the Mobile World Congress , the company said in a press release. By holding a phone to Ingenico’s NFC-enabled POS terminals, consumers can transmit loyalty and reward information stored in their Google Pay accounts, and can then apply it to transactions.

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Swift's cross-border payments 'in seconds' is taking off

Payments Source

The network says more than $100 billion in Swift GPI payment messages are sent daily, enabling payments to be credited to the end beneficiaries within minutes — and some within seconds.

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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.