Fri.Nov 08, 2019

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Apple Pay facing additional scrutiny by EU regulators over competition questions

Payments Dive

European regulators are taking a hard look at Apple Pay amid concerns that it may be using its market position to crowd out rival mobile wallet services. Apple Pay has gained share in the U.S. market and European regulators have started to ask questions of various market participants to weigh in on Apple's behavior.

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First Internet Bank, Key, Grasshopper: Banks are facing talent shortages

Bank Innovation

Beyond technical debt, talent is the biggest obstacle to bank modernization, executives said at Bank Innovation Build. On a panel about designing the bank of the future, participants discussed how banks can keep up with consumer-facing tech companies like Amazon and Shopify. Jamie Warder, head of digital at KeyBank, said the competencies needed at big banks […].

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Digital investments and the growth of regional credit card issuers

Accenture

Guest blogger Tripp Gavin and Frank Martien examine the role technology investment has played in helping smaller banks grow faster than their larger counterparts. In the past 12months, U.S. regional credit card issuers have grown receivables by nearly nine percent, with the largest growth within this group being double digit. Over the same period, large….

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With Recurly and TransferWise, GoCardless tackles cross-border payments

Bank Innovation

GoCardless is continuing its international push through new partnerships. This week, the company confirmed tie-ups with subscription billing platform Recurly and cross-border payments company TransferWise in an effort to take market share away from banks. With TransferWise, GoCardless is allowing merchants to accept international payments on its direct debit payment platform.

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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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B2B CX: The new battleground

Accenture

The personal experiences of corporate banking clients—hyper-relevant, simple, instant and more—are shaping their expectations for their business-to-business (B2B) experiences. In payments, for example, corporate customers want immediate transactions akin to a retail purchase done over a mobile app. Payments leaders are taking notice and action. B2B payments leaders are prioritizing client experience for growth B2B….

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How Stress Test Results Can Yield Better Lending, Credit, and Risk Decisions

Abrigo

Stress Testing | 7 minute read Key Takeaways Stress testing is an important component of sound risk management. Top down and bottom up analysis can inform capital assessments. Stress testing can put a burden on smaller financial institutions, but today's technology "levels the playing field.". Some financial institutions may view stress testing as a “check the box” practice to satisfy regulators, but others are making the most out of the process.

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Andreessen Horowitz To Launch School For Blockchain/Crypto Startups

PYMNTS

Venture capital firm Andreessen Horowitz is offering a course to help entrepreneurs better understand blockchain technology and cryptocurrency companies, according to a report by CNBC. The firm was founded by Marc Andreessen and Ben Horowitz, and it has been one of the most active firms in the space, creating a $350 million fund dedicated to crypto investing.

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Morning Brief 11.8.19: European regulators have 'many concerns' about Apple Pay

Payments Source

UPI surpasses cards in India; Rapyd finds partners in Singapore; and other information you need to start your day, from PaymentsSource and around the web.

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Biometrics Innovation Tests Consumer Privacy Sentiment

PYMNTS

Biometrics isn’t as sci-fi as it once was. Thanks to smartphones equipped with facial and fingerprint recognition for security, many consumers now have up close and personal experience with newer forms of digital ID. Innovations — some more fantastical than others — keep emerging, though. Vein recognition? Voice patterns? Old hat. One of the newest forms of biometrics is the sound that an individual’s bones make.

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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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The Financial Brand, now for your ears

Matt Wilcox Pro

Jim Marous, editor and founder of The Financial Brand and personal friend, has launched a new podcast, Banking Transformed. If you’re looking for a way to make your commute time its most productive, I recommend giving it a listen.

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China Changes Rules To Lure More IPOs In Tech

PYMNTS

China has changed some IPO rules to entice more tech companies to list publicly in the country, according to a report by The Wall Street Journal. China previously attempted this and was focusing on large companies like Alibaba Group , but the plan never came to fruition due to a number of factors, including trade tensions and a lack of political support.

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Neobanks pose latest threat to prepaid card issuer Green Dot

Payments Source

Earlier this decade, a boom in low-cost prepaid cards undercut the firm's business model. Now the fiercest competition is coming from venture capital-backed startups that offer accounts with no overdraft fees.

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Companies Can Make Payments In Billions Through BoA App

PYMNTS

Bank of America offers its corporate clients a unique perk. They can make payments in the billions of dollars on smartphones using the bank’s CashPro app, according to a report by Bloomberg. One company completed a $1.6 billion payment, which was the biggest transaction ever made using the app. CashPro is targeted to corporate treasury departments and small to medium-sized businesses (SMBs).

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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 issuers add true names for transgender cardholders

Payments Source

Two Mastercard issuers have enabled Mastercard’s True Name feature for customers who opt to use their preferred name on credit, debit and prepaid cards instead of their legal name, to support gender inclusion.

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Top News In Payments: Wells Fargo Appoints Public Affairs Exec; CloudKitchen Gets $400M Investment

PYMNTS

In today’s top payments news, Wells Fargo has appointed William M. Daley, a former White House official, to the position of vice chairman of public affairs. Also, delivery startup CloudKitchens has notched a $400 million investment from Saudi Arabia’s Public Investment Fund (PIF). And Amazon Ring fixed a security flaw in its Ring Video Doorbell Pro.

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Alibaba spends $3.3 billion to raise stake in delivery arm

Payments Source

Alibaba Group Holding Ltd. will spend $3.3 billion to raise its stake in Cainiao, in an effort to exert more control over the logistics subsidiary that underpins its sprawling e-commerce empire.

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Stepping Into High-Fashion P2P Innovation, On-Rental

PYMNTS

Wardrobe , a peer-to-peer (P2P) fashion marketplace that gives users the chance to rent out designer and vintage items for a fraction of their purchase price, has recently debuted amid many competitors with similar concepts. The company brings two new ideas to the table: replacing warehouses with dry cleaners and making it easy for influencers’ closets to be duplicated.

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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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Why Term Insurance Is A Must Have!

BankBazaar

The future is uncertain and you may not always be around to take care of your family. However, by opting for a Term Insurance, you can ensure that your family is well taken care of in your absence. . Science may have advanced to a point where we can alter our genetic make-up to lower our predisposition to certain aliments, but we still cannot tell with much certainty what the future holds for us.

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The Vitamin Shoppe On Offering Subscriptions At The POS

PYMNTS

The subscription commerce market has grown by more than 100 percent each year for the past five years. While many businesses are wholly built on subscriptions, some are offshoots of existing brick-and-mortar retail chains or traditional eCommerce enterprises. Bloomingdale’s, Google and Nike are just some of the established companies branching out into the subscription space, along with retail businesses like nutritional supplement vendor The Vitamin Shoppe , boasting two subscription plans.

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Consumer Finance Monitor expands coverage

CFPB Monitor

Many readers of our blog, Consumer Finance Monitor , have also been receiving emailed legal alerts from Ballard Spahr’s Consumer Financial Services Group about private litigation developments and decisions involving issues relevant to consumer finance. In an effort to keep our clients even better informed, we have expanded Consumer Finance Monitor’s coverage beginning this week to include those developments and decisions.

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Bottomline Results Show 17 Pct Digital Banking Subscription Growth

PYMNTS

Bottomline Technologies reported fiscal first-quarter results that showed continued traction in areas of digital banking and accounts payable (AP) technologies. In terms of headline numbers, consolidated revenues were up 5.6 percent to $108.1 million, edging consensus by about $2 million. Adjusted earnings per share of 30 cents were two pennies above consensus.

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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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Tradition gives debit an edge in much of Europe

Payments Source

The adoption of payment cards over cash varies by nation, but debit ruled nearly everywhere on the continent.

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USAT: Why Unattended Retail Is Commerce’s ‘Great Equalizer’

PYMNTS

The rise of unattended retail – from yesterday’s vending machines full of candy and soda to today’s upscale self-service conduits where one can get kiosk champagne at a hotel (it’s true!) – all started with digital payments. In an interview with Karen Webster, Maeve McKenna Duska, senior vice president at USA Technologies , said that a few years ago, moving to digital payments was a leading way for businesses to grow organically.

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Podcast: Mastering the fine art of ATM cash management

ATM Marketplace

Managing cash is an important element of any ATM program. An understocked ATM can lead to unnecessary CIT costs; whereas an overstocked ATM risks greater losses in the event of theft and the opportunity loss of idle cash.

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Alibaba Looks To Beat Last Year’s $30B Singles Day

PYMNTS

Alibaba is about to hold its annual Singles Day , which is the largest shopping day of the year for the eCommerce giant, according to a report by Reuters. The company has plans for deep discounts, and singer Taylor Swift will perform as well. The event will be held on Monday (Nov. 11). Alibaba, which is worth about $486 billion, is going through some growing pains as the company’s longtime chairman Jack Ma is stepping down.

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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.