Thu.Sep 05, 2019

The real reason for a regulatory sandbox … avoiding death and mayhem

Chris Skinner

I just spoke at Russia’s Eastern Economic Forum, a Davos for the Russian world and beyond. Hosted by Vladimir Putin there were stellar guests attending including Prime Minister Narendra Modi of India and Prime Minister Shinzo Abe of Japan, as well as other world leaders and Chris Skinner.

Why the insurance industry should prioritize digital payments

Mobile Payments Today

The insurance industry needs to consider how their payments technologies match up with increasingly disruptive trends in the financial services space

Things worth reading: 6th September 2019

Chris Skinner

Blockchain-Friendly Smartphone Introduced By Samsung

PYMNTS

Samsung ’s latest Galaxy Note 10 aims to boost blockchain adoption by making it more user-friendly, The Wall Street Journal reported Thursday (Sept. The new product will be marketed as a “KlaytnPhone,” named after a South Korean blockchain platform, sources told the WSJ.

Building a Future-Ready Billing and Settlement System

Mobile Payments Today

FSS helps a leading processor in Jordan to modernize its billing and settlement infrastructure

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China Central Bank Readying Crypto Launch?

PYMNTS

In China, the central bank will debut a state-backed cryptocurrency that initially will be issued to seven institutions in that country, Forbes reported this week. The news comes from Paul Schulte, who was head of financial strategy for China Construction Bank.

No one-trick pony: How Ally got to $100b in deposits

Bank Innovation

With the rise of digital-only challenger banks, it’s easy to overlook Ally Bank. But Detroit-based Ally, which has no branches, was the one of the earliest digital-only banking players, rolling out a product suite a decade ago when it rebranded from General Motors Acceptance Corporation.

More Trending

PayActiv adds instant payday advances to lure more employers to its platform

Bank Innovation

PayActiv is tapping into the demand for employee payday advances by linking up with employers to offer the feature directly through payroll. PayActiv’s growth is evidence of the strong demand for payday advance services.

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SWIFT Reveals New API Standard For Pre-Authorization Of Funds

PYMNTS

A new API standard for the pre-authorization of funds is being rolled out by SWIFT, clearing a path for a revolution in financial services enabled by open banking, the company said in a press release on Thursday (Sept. API standards accelerate the introduction of new services.

“We Spent All This Money on Software, Why Aren’t People Using It?”

Abrigio

When a community financial institution spends a lot of money on technology, the last thing management wants is to be disappointed. It’s actually the last thing the technology provider wants as well – if the vendor plans to stay in business. The good news is that financial institutions can take several steps to ensure they avoid troublesome software integrations, says Steven Martin of Marcato Advisors, a bank consulting firm focused on achieving success with fintech.

Nilson Report: U.S. Payment Card Market Tops $6T 

PYMNTS

Commercial and consumer cards issued in the U.S. generated $6.13 trillion in spending for goods and services in 2018, The Nilson Report said in a press release Thursday (Sept. Commercial card spending is up 11.7 percent, compared to consumer card spending, which grew by 10.1 percent.

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How can Banks Balance Digital Transformation with IT Costs?

ATM Marketplace

Digital transformation can mean huge IT costs. While traditional banks are absolutely right to invest, how can they do it in a way that doesn’t overstretch their budget? Discover Auriga’s top tips for banks saving money while future-proofing their business

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Facebook Launches Dating Service In US

PYMNTS

Facebook has announced the launch of Facebook Dating, created to gives users “a more authentic look at who someone is.” ” The service is launching in U.S.

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Building a Future-Ready Billing and Settlement System

ATM Marketplace

FSS helps a leading processor in Jordan to modernize its billing and settlement infrastructure

SMB Spend Management Revs Up For A New Decade

PYMNTS

Payments and cash flow can be the difference between life and death for small and medium-sized businesses (SMBs), This also applies to expense and spend management, which have a massive impact on cash flow.

Device Overload

Breaking Banks

Brett King hosts Dr. Julie M. Albright , the bestselling author of Left to Their Own Devices: How Digital Natives Are Reshaping the American Dream , talks to us about how devices are changing our behavior and the world around us, and how children are adapting to this future world.

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SCA Delay: A Payments Opportunity In Disguise?

PYMNTS

Opportunities come in various forms and disguises, and that could be the case for payments and commerce operators when it comes to the European Union’s revised Payment Services Directive (PSD2) and its strong customer authentication (SCA) rules.

FDIC: Bank Earnings Grow 4.1% Year-on-Year

ABA Community Banking

FDIC-insured banks and savings institutions earned $62.6 billion in the second quarter, a 4.1% increase from the industry’s earnings a year before, the FDIC said today. The post FDIC: Bank Earnings Grow 4.1% Year-on-Year appeared first on ABA Banking Journal.

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Stripe Rolls Out New Product To Help Online Businesses Tap Funds

PYMNTS

Stripe announced Thursday (Sept. 5) the launch of Stripe Capital to simplify the way internet companies can access funds. It remains difficult for online businesses to get access to capital.

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The Rise of Vietnam – the new Asian Innovation hub

Daily Fintech

Poor existing banking infrastructure? No major Unicorns from the local ecosystem? – No problem. The rise of Vietnam as an innovation/Fintech hotbed is a fascinating trend. A tech savvy population, supportive government regulations, and high smartphone penetration – a great combo that has done wonders to several countries across the world. Image Source Vietnam ranks […]. The post The Rise of Vietnam – the new Asian Innovation hub appeared first on Daily Fintech.

Biometrics And Beyond For Call Centers

PYMNTS

The latest Call Center Commerce Tracker looks at how call centers are using artificial intelligence (AI) and biometrics to keep customers satisfied and safe, as well as new voice and visual trends.

Bank industry earnings set yet another record in 2Q: FDIC

BankThink

Higher net interest income and securities gains boosted quarterly profit to $62.6 billion, which was 4% higher from a year earlier. But potential trouble signs from lower interest rates may emerge. Policymaking Net interest margin Earnings Lending Jelena McWilliams FDIC

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Western Union, TRUE North Team For Streamlined Tuition Pay

PYMNTS

Western Union is teaming up with TRUE North to offer students a simplified payments platform to pay tuition and expenses, Western Union said in a press release on Thursday (Sept. The new process will help funds to arrive on time and in full, without hidden charges to the educational institution. “We

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Cheat sheet: Trump administration’s road map for GSE overhaul

BankThink

The Treasury Department made clear in a much-anticipated report that it prefers Congress take up reform of the government-sponsored enterprises, but it also recommended steps that federal agencies could take without legislation.

Grab Accelerates AI Expansion With $150M

PYMNTS

Grab is planning to earmark $150 million for additional research into artificial intelligence (AI), Bloomberg reported on Thursday (Sept.

PayBright raises USD 34 mln in growth equity from goeasy

The Paypers

(The Paypers) Fintech company PayBright has raised USD 34 million in growth equity from alternative financing provider goeasy

How AI Makes Claims Payouts Faster And Smarter

PYMNTS

Seventy percent of gig economy workers are still living paycheck to paycheck, despite pulling in more money than ever. Instant payments and disbursements are therefore only growing more integral to every facet of the gig economy ecosystem. Nearly 40 percent of U.S.

Finastra launches SFTR with reporting tool for banks

The Paypers

(The Paypers) Finastra has launched a tailored, Securities Financing Transaction Regulation (SFTR) reporting tool that will help banks prepare for the April 2020 deadline

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YouTube Debuts Fashion And Beauty Vertical 

PYMNTS

YouTube has launched a brand-new fashion vertical meant to take advantage of all the massively popular beauty and style content on the platform, according to a report.

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Stopping MoviePass-style breaches is a two-front battle

Payments Source

There's equal importance on encrypting data and securing the server, says STEALTHbits Technologies' Adam Laub. ISO and agent Data breaches Payment processing Payment fraud

FinTech Chipper Cash To Expand Into Nigeria

PYMNTS

Chipper Cash, a no-fee, cross-border payment company started by Ham Serunjogi and Maijid Moujaled, has expanded into Nigeria, according to a report.

Starbucks CEO’s new ideas start with a pickup only store in NYC

Payments Source

They’ve scrapped the newspapers and beefed up the food, but most Starbucks cafes in the U.S. don’t look all that different today than they did a decade ago. That’s about to change. Mobile payments Retailers Digital payments Starbucks

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Deep Dive: The Unfolding Legacy Of South Dakota v. Wayfair

PYMNTS

Governments rely on tax revenues to fuel the vital services they provide to residents and businesses – from firefighting and public education to water system repair and road maintenance.

Successful bankers step outside the branch

BankThink

With brick-and-mortar locations dwindling, it’s even more important to meet potential customers in the field. Customer service Customer-centricity Branch banking Consumer banking

Apple Tests In-Screen Fingerprint Tech

PYMNTS

Apple is reportedly at work on in-screen fingerprint technology for iPhones as early as its 2020 devices. While the technology is in testing among Apple’s overseas suppliers and inside Apple, its release may fall to the 2021 revamp, Bloomberg reported, citing unnamed sources.

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Who’s afraid of the 'narrow bank'?

BankThink

A new kind of institution wants to make the interest rate the Federal Reserve pays to its member institutions more widely available, but that could have big implications for monetary policy. Monetary policy Interest rates Federal Reserve

Olo And SessionM Partner On QSR Loyalty Offers

PYMNTS

SessionM, a customer loyalty and engagement platform, has teamed up with food ordering platform Olo for new loyalty and discount offers within Olo, according to a release. .