Mon.Dec 18, 2017

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91% of consumers have no idea what Open Banking is

Chris Skinner

I was moderating a panel discussion about Open Banking and the panel’s opening was some research presented by Steve Ogborn and Benedict Ireland of the Unlimited Group. The guys said that only 9% of consumers had heard of Open Banking. That means 91% had no idea what it was. Even … The post 91% of consumers have no idea what Open Banking is appeared first on Chris Skinner's blog.

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Donors Gave $22M in Crypto to Fidelity Charity Arm in 2017

Bank Innovation

Givers to mutual fund investment company Fidelity’s charity arm, Fidelity Charitable, have donated $22 million worth of bitcoin this year. The charity will accept donations in bitcoin until December 22, according to the company. Donations in crypto through the month of November represented about $11 million, Fidelity Charitable said. It has since seen that figure […].

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Things worth reading: 19th December 2017

Chris Skinner

Things we’re reading today include … Is Monzo the Facebook of banking? Bob Diamond mulls UK retail banking return with Tandem stake Lloyds taps £20bn of Bank of England funds to boost profits not lending Bitcoin hits bigger stage as exchange giant CME launches futures UK cannot have a special … The post Things worth reading: 19th December 2017 appeared first on Chris Skinner's blog.

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New High Frequency, Zero Trading Fee Cryptocurrency Exchange Cobinhood Goes Live

Bank Innovation

EXCLUSIVE — Cryptocurrency exchange platform Cobinhood goes live today, as it gears up to launch its first digital wallet in the coming months. The online platform already has 40K signups, according to its Chief Executive Popo Chen, who told Bank Innovation the goal behind the platform is to allow traders more return on investment (ROI) […].

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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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IKEA Gamifies Store Openings With VR

PYMNTS

IKEA has already done some early work to embrace augmented reality in its brick-and-mortar stores. Through a recent design collaboration with Wavemaker, the company is taking the next step by using virtual reality (VR) to help shoppers more fully experience IKEA and learn more about what they’re buying. IKEA’s newest retail concept got its first test run at a Dallas store opening.

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More Trending

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Carrier billing in the Nordics: 2017 market report by Fortumo

Payments Dive

This market report gives an overview of the mobile payments landscape in Sweden, Denmark, Finland and Norway.

Report 150
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Indonesian Ride Share App Go-Jek Buys Three Fintechs

Bank Innovation

Indonesian car share app Go-Jek purchased three three fintech startups last week for an undisclosed amount, according to reports. These startups are all focused in the digital payments space: offline payments processor Kartuku, online payments gateway Midtrans, and lending network Mapan. Andre Soelistyo, president, Go-Jek, told Finextra: The year 2018 will be the year that […].

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Toyota’s Going Electric By 2025

PYMNTS

Tokyo-based car manufacturer Toyota led the clean cars movement with its release of the hybrid Prius a little more than a decade ago, but it has since fallen behind as the market has moved toward full electrification and eco-friendly automobile options. That looks to be changing, though, as the car company has announced that it plans to offer more than 10 purely battery-powered vehicles from 2020 on — with every car it sells available in an electric or hybrid model by 2025, TechCrunch reported M

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Genius of Things: Blockchain & Safety With IBM and Walmart [Video]

Let's Talk Payments

Frank Yiannas, VP of Food Safety at Walmart, and John Cohn, IBM Fellow & Chief Scientist for Internet of Things, share the opportunistic area of supply chain quality control in.

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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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Why The Future Of Payments Is Interoperable (Not Integrated)

PYMNTS

[link]. When one person is thinking about sending an email to another, there are all kinds of things to think about: how long or short to make it; whether or not to include pictures; whether an emoji is cute or will make them look immature. But what no one wonders about as they tap out an email on an iPhone is whether or not the receiver also has an iOS-enabled phone.

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What will be the most significant banking trends in 2018? From challenger banks to white label hubs

Bobsguide

Before bankers’ offices empty out and everyone heads home for mince pies and mulled wine, we wanted to take a moment and consider the year ahead for retail banking and self-service technologies. Here are the key trends we think could l shape the industry in 2018. Challenger banks to.

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Citi Begins Using Distributed Ledger Tech In Its Own Back Office

PYMNTS

Citi has implemented what it calls a “blockchain-inspired” distributed ledger technology in its back-office to manage collateral in its ledger and send cash or securities, the financial institution (FI) announced Friday (Dec. 15) in a press release. The bank implemented the distributed ledger platform with CME Group in an effort to accelerate settlement of collateral.

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Key ingredients to a Fast Close

Bobsguide

With the end of 2017 fast approaching, many finance professionals might be counting down the days with some degree of dread. Year End is just around the corner – whether you report on the December 31 or later – and with it comes the many long hours accountants will spend going over.

Report 76
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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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Regulatory Concerns Ease For The World’s CFOs

PYMNTS

Chief Financial Officers (CFOs) have more on their plates than ever before. Financial management and strategy is now only part of the job description, which has come to include guiding their organizations’ tech adoption, cybersecurity efforts and growth strategy as well. Amid these changes is a world of regulatory shifts, from tax reform in the U.S. to financial reform in China and Brexit in the U.K.

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Top-tier Mastercard debuts in Nigeria

Payments Source

Nigeria’s ProvidusBank is the first in the region to launch a World Elite Mastercard, a credit card offering rewards and travel perks such as global concierge services.

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The Power Of Platforms To Make Rental Income A Sure Thing

PYMNTS

Inspiration for innovators often comes out of the blue. In the case of Rented.com CEO Andrew McConnell, that unexpected moment happened over lunch several years ago as he and two family friends discussed the emerging wonder of renting out their vacation homes on VRBO.com. At the time, McConnell was confused because he had never heard of VBRO, but he was intrigued by his friends’ excitement about how “easy” it was to just list their Atlanta condo and Vermont ski house online — and reap the

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How community banks are leading the way with innovation

NCR

Community banks are an integral part of the US banking system. These smaller, locally-based financial institutions offer consumers an alternative to the major nationwide providers. In the US, a community bank is typically defined as one with assets of less than $1 billion – and for many people a local credit union or community bank is often the first choice when opting for a financial services provider.

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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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Walmart Pulls Cannabis Christmas Tree From Website

PYMNTS

Walmart was briefly helping shoppers deck the halls in an rather unusual way this year — with a $250 “weed leaf” artificial Christmas tree. Yes, for marijuana enthusiast with cash to burn, there exists in the world a 7 ft. tall tree described in its advertisement as an “alternative Christmas tree … perfect for personal top shelf life at home or as a medical dispensary decoration.”.

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3 Reasons Why PSD2 Could Mean Fewer Card Transactions

FICO

The use of credit and debit cards has grown for decades, and many observers, including Payments UK , are expecting growth in both value and volume of payments to continue. Recently this has been driven by the increase in the use of contactless payments and the use of mobile wallets aligned to credit or debit cards as well as the increase in online shopping.

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US Judge Sentences Man For $25M Supplier Invoice Scam

PYMNTS

A U.S. judge has sentenced a Nigerian man to three years and five months in prison for his role in a business email compromise scam. Reports in The Guardian said David Chukwuneke Adindu was sentenced by Manhattan District Judge Paul Crotty. Adindu was accused of facilitating a scam to defraud businesses of more than $25 million by sending fraudulent invoices that appeared to be legitimate bills from suppliers or company executives.

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Virtual cards can rescue small businesses from paper checks

Payments Source

SMBs are choosing virtual cards as their preferred form of electronic payments because they solve many of their payment challenges, while also helping them avoid the costs associated with custom software solutions designed for larger businesses, writes Blair Jeffery, COO of Noventis.

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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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France Seeks To Fine Amazon For Abusing Its Price Power

PYMNTS

According to new reports, France’s government has filed a formal complaint against Amazon alleging the eCommerce giant has abused its position in the market. The filing follows a two-year investigation by France’s local answer to the CFPB: the DGCCRF. According to news from Reuters , citing French newspaper Le Parisien , the Ministry of Economy and Finance is seeking to levy a €10 million (~$11.8 million) fine.

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12.18.17 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Thales agrees to acquire Gemalto; Citi starts a new blockchain project; North Korea's cryptohackers; Airwallex draws funding; ANZ cuts fees for transfers.

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Today In Data: Alexa Skills, Bitcoin Highs And Self-Serve Car Buying

PYMNTS

Today in PYMNTS’ data, Alexa keeps learning new skills, cryptocurrency is reaching ever-higher, all-time highs, car buyers save money with self-serve purchasing options, chief financial officers (CFOs) believe large companies will benefit from tax reform and credit unions are partnering with digital security firms to avoid fraudulent logins and account takeovers.

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As banks open up, Centana invests in tech firms

Payments Source

The cloud, open development and onboarding tools should get a boost from PSD2, with mandates that banks make it easier to share payment data with fintechs in Europe.

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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.