Fri.Mar 02, 2018

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Mark Carney slams bitcoin

Chris Skinner

The Governor of the Bank of England, Mark Carney, has slammed the rise of cryptocurrencies insisting the costs to mine bitcoin is ‘enormous‘ and that the energy consumption is worrying, declaring current costs of electricity consumption used to mine the coins are “double the electricity consumption of Scotland.” The UK’s leading … The post Mark Carney slams bitcoin appeared first on Chris Skinner's blog.

Bitcoin 243
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Company Culture, Money, And Mentorship: The Path to the C-Suite for Women in Fintech

Bank Innovation

EXCLUSIVE— Banking, like so many other industries in today’s world, is facing a diversity problem: and, just like the engineering or technological fields, the problem only gets worse the higher in the company one goes. While companies are making concentrated efforts to hire more women in entry or manager level positions, women in the C-suite.Read More.

Company 239
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Mobile Payments Today: February's top stories

Payments Dive

It's time for a look back at last month's most-read articles and blog posts on Mobile Payments Today.

Mobile 267
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Bank of America to Launch Erica This Month

Bank Innovation

EXCLUSIVE – Bank of America is all set to launch its AI powered bot Erica this month, Michelle Moore, head of digital banking at BofA told Bank Innovation. “Our focus with innovation has been on, how can we make the lives of our customers easier?” Moore said. “With Erica, customers can use their voice or.Read More.

America 236
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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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Feds File Charges In International Fraud Scheme Involving A Picasso

PYMNTS

For their alleged roles in a massive stock fraud and money laundering scam involving a Picasso, the U.S. Department of Justice has criminally charged 10 defendants. Prosecutors named U.K.-based Beaufort Securities Ltd and two of its managers, among others, in the case, according to news from Reuters. Prosecutors said Beaufort and managers Peter Kyriacou and Vinesh Canaye manipulated the prices of U.S. stocks through “pump-and-dump schemes,” while hiding their ownership in the companies.

Fraud 161

More Trending

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TransNational Rolls Out Payments API With AI-Powered Security

PYMNTS

TransNational Payments is launching a payments application programming interface (API) for developers, the company announced on Thursday (March 1). In a press release , TransNational revealed the launch of Pi, short for “perfect integration,” to support developers’ implementation of its payments processing solution into their own solutions. The API was created using JSON, a JavaScript data interchange format, which, according to TransNational EVP Mark London, makes the solution “more agile, sinc

Payments 139
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ACH Fraud, Already Rampant, Is Accelerated by Faster Payment Push

Bank Innovation

EXCLUSIVE - My colleague JJ Hornblass recently commented on the ACH fraud that took place at our company, and how one of its most striking aspects was the casual way in which the bank reacted to it. This casualness may be due to ACH fraud not being anything new to the industry. What is new.Read More.

Fraud 218
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Millenials Lose More Money To Scams Than Seniors

PYMNTS

Millennials are apparently reporting losing money to fraud more often than seniors. But when seniors do become financial victims, they typically take a bigger hit than millennials do, the Federal Trade Commission (FTC) said in a press release. Forty percent of those aged 20-29 who reported fraud indicated they lost money, while only 18 percent of those 70 and older said they lost any funds.

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Japanese Crypto Exchanges to Create Self-Regulatory Body After $530M Heist

Bank Innovation

The 16 registered cryptocurrency exchanges currently operating in Japan will soon form a self-regulating body, after a $530 million heist of digital coins in the region led to investor concerns, Reuters reported today. The decision comes after hackers stole the above sum from Japan exchange Coincheck Inc in January 2018, raising questions regarding the regulation.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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Rethinking The Reputation Of The Merchant Cash Advance

PYMNTS

Of all the loan options available to small businesses today, the merchant cash advance (MCA) may not be a borrower’s first choice. Like the payday loan, the MCA has a reputation for high fees, and is sometimes the only option for borrowers with poor credit histories. “The merchant cash industry first started as a product for unbankable clients,” said Andrew Mallinger, COO of PIRS Capital, in a recent interview with PYMNTS.

Capital 119
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WorldRemit Opens International Money Transfers in New York

Bank Innovation

Global money transfer service WorldRemit is launching in New York, providing state users the ability to transfer funds to nearly 150 countries, the company announced yesterday. There are 4.5 million immigrants in New York, according to WorldRemit, which the company is focused on: the service allows users to send money internationally without the need to.Read More.

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AltFin Shines As Investor Interest In B2B FinTech Continues

PYMNTS

Toward the start of 2018, analysts began to highlight the potential for venture capital (VC) to embrace the B2B business model. American Banker reported last December that Silicon Valley Bank Head of Payments Strategy and Solutions Reetika Grewal predicted B2B payments to be one of the top targets for FinTech investors, while other focuses with B2B applicability — including blockchain, artificial intelligence (AI) and RegTech — would also be popular with VCs in the coming year.

Fintech 118
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Putting the (artificial) intelligence back into banking

Bobsguide

Financial services and technology vendors make for uneasy bedfellows. While tech has formed banking’s bedrock since the Big Bang deregulation of the 1980s, in the last decade financial services (FS) organisations have seen the new “masters of the universe” steadily – almost.

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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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Alibaba Is Hungry For More Of Food Delivery Service Ele.me

PYMNTS

In a possible deal to strengthen its delivery network in China, Alibaba reported plans to buy out Baidu and other investors in food delivery startup Ele.me. If the deal goes through, Alibaba would control a large portion of the online food delivery business in China, Bloomberg reported. Already, Alibaba owns 23 percent of Ele.me — which translates to “hungry yet?

Mobile 116
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How the countdown to GDPR is unfolding | Editor's picks

Bobsguide

In preparation for the next podcast in our Fintalk series - Ready for GDPR? - we've pulled together our most popular articles on the financial industry's 'favourite' upcoming legislation. From a consumer perspective, data protection rights, engendered by GDPR, are a much.

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TRENDING: Buskers Add mPOS To Their Act

PYMNTS

For street performers who swallow fire or twist into contortions, not getting hurt might seem like their biggest concern. But, increasingly, buskers are facing a new hurdle, one that threatens their income rather than their bodies. The problem? With more consumers turning to mobile and card-based payments, few carry cash that can be spared for tips.

Trends 115
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7 brands pushing the limits of mobile technology

Payments Source

Even if most consumers aren't leaving their plastic cards at home in favor of mobile wallets, the very idea of using a mobile wallet is no longer cutting-edge. But a few companies go the extra mile.

Mobile 77
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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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Amazon’s Alexa Lost Her Voice This Morning

PYMNTS

If Amazon wants everyone to rely on its voice-activated smart assistant Alexa, today revealed that many, many people are doing exactly that; Alexa complaints lodged with the service Down Detector spiked massively on Friday morning (March 2). It appears a regional outage that affected Amazon Web Services (AWS) caused the voice assistant to go temporarily silent.

Regional 113
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European payment regs will push retailers to rethink authentication

Payments Source

Retailers and payment service providers will need to report on at least a quarterly basis on performance against the reference fraud rates, writes Matthew Attwell, Risk & Client Services director at The ai Corporation.

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The Newest Bitcoin Heist – Boosting The Mining Tech

PYMNTS

Why steal bitcoin when you can steal the technology that enables one to make more of it? Clearly, this is the question a group of Icelandic thieves pondered before making their move on 600 computers used to “mine” bitcoin. The hardware was reportedly snatched from data centers in Iceland in what local law enforcement calls the biggest theft in the island nation’s histor y.

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Why Amazon is spending a fortune to put cameras in your homes

Payments Source

The Amazon Go store isn't just reinventing retail; the company's recent acquisitions of Ring and Blink indicate Amazon wants to reproduce its model of camera-fueled commerce in consumers' homes.

Retail 65
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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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Cardtronics Identifies Crypto, P2P Payments As Business Risks

PYMNTS

As new payment technologies — such as digital coins make it less necessary for people to handle cash, Cardtronics said cryptocurrencies could impact its business. The disclosure was made in a 10-K report to shareholders and was filed with the U.S. Securities and Exchange Commission (SEC), CoinDesk reported. “New payment technology, such as Venmo , Zelle and virtual currencies such as bitcoin or other new payment method preferences by consumers, could reduce the general population’s need or dem

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Equifax cites 'ongoing investigation' by CFPB, other agencies

Payments Source

The Consumer Financial Protection Bureau is among several agencies that "continue to investigate events related to" last year's Equifax brief, the credit reporting firm said in a securities filing.

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Internal Auditor Charged In $2B India Bank Fraud Scandal

PYMNTS

An internal auditor at a Mumbai branch of Punjab National Bank is accused of conspiring with other officials to defraud the lender of $2 billion, reported Reuters. Citing Federal police in India, Reuters reported the Central Bureau of Investigation (CBI) said it has arrested Mohinder Kumar Sharma, an auditor at the lender, as the probe into the fraud continues to expand.

Fraud 108
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How banks can tackle the rising threat of account takeover fraud

NCR

As financial institutions move forward in 2018 faced with an expanding range of potential security threats, one danger that businesses need to be prepared for is account takeover fraud. With relatively recent developments such as the widespread rollout of EMV chip technology in the US offering better protection against more traditional types of card fraud, criminals are turning their attention to other, more lucrative schemes.

Fraud 72
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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.