Fri.Dec 21, 2018

article thumbnail

Facebook facing new regulatory scrutiny after data sharing allegations

Payments Dive

Facebook is facing increased calls from privacy advocates, public officials and others for government regulation and investigation following new allegations of unauthorized data sharing.

Data 315
article thumbnail

What 2019 Holds for Bank-Fintech Partnerships

Bank Innovation

There are startups that want to destroy banks and startups that want banks to buy their software. Luckily for the banks, there are many more of the latter than the former. Ben Savage, partner at the Los Angeles-based Clocktower Technology Ventures, told Bank Innovation that the flourishing fintech ecosystem holds both risks and opportunities for banks, […].

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Lloyds Tells Brokers To Go Digital In 2019 Or Go Home

PYMNTS

Lloyd’s of London has announced that it might impose a ban on insurance brokers who refuse to digitalize their business in 2019. In a press release , the company revealed that starting next year “each syndicate will be required to have written no less than 40 percent of its risks using a recognized electronic placement system with the target increasing to 50% in Q2.

Regional 188
article thumbnail

Fintech Unfiltered: Tokenization, APIs & Payouts on List for PayPal-owned Braintree in 2019

Bank Innovation

In the five years since payments company PayPal acquired Braintree, a comprehensive payment platform, it has seen over $500 billion in payment authorization volume and over 50 billion transactions, Juan Benitez, general manager at Braintree, told Bank Innovation. This, in part, is due to clients like Airbnb, Uber, and GrubHub, and represents a 54% year-over-year […].

Fintech 199
article thumbnail

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

article thumbnail

The Consumer’s Role In Battling Fraud

PYMNTS

You don’t always have to go out on a limb in payments to make an accurate prediction of things to come. Take the transition to EMV in the U.S., as Damon Moorer, president and CEO at TCM Bank N.A., told PYMNTS in a recent interview. Before the liability shift in 2015, the industry-wide prediction was that the onset of EMV would reduce occurrences of counterfeit card fraud in-store, but that the industry should expect to see a spike in card-not-present (CNP) fraud as fraudsters moved to easier ta

Fraud 187

More Trending

article thumbnail

Affirm’s Levchin On Changing The Consumer Credit Conversation

PYMNTS

The conversation about credit in the U.S. has become one of extremes. There is a growing chorus of voices that eschew credit as a “dangerous trap” that lures consumers into spending more than they can afford, in part, they say, because credit products are designed to make repayment expensive and therefore difficult. Avoiding that trap, they advocate, means consumers should avoid credit entirely — limiting purchases to only what they can afford to pay in full with funds on hand.

Tools 187
article thumbnail

Facebook Is Said to Develop Stablecoin for WhatsApp Transfers

Bank Innovation

Facebook Inc. is working on making a cryptocurrency that will let users transfer money on its WhatsApp messaging app, focusing first on the remittances market in India, according to people familiar with the matter. The company is developing a stablecoin -- a type of digital currency pegged to the U.S. dollar -- to minimize volatility, […].

article thumbnail

Grab May See $1B Investment From SoftBank Vision Fund

PYMNTS

Southeast Asia’s Grab might be in for more funding: SoftBank’s Vision Fund may invest $1 billion in the ride-hailing company, according to The Telegraph , and is reportedly nearing a deal. Grab has notched $2.7 billion in funding this year alone and has raised more than $6 billion overall. SoftBank is no stranger to Grab: The firm made a $250 million investment in the firm four years ago.

Capital 184
article thumbnail

Farm Bill plants seeds for legal cannabis payments

Payments Source

Hostilities toward the legal U.S. cannabis industry are softening considerably, with signs of further removing cash and digital workarounds from a market that has long been shunned by traditional payment cards.

Payments 110
article thumbnail

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

article thumbnail

Microsoft Issues Emergency Internet Explorer Security Update

PYMNTS

Microsoft issued an emergency security update for Internet Explorer after hackers were able to exploit a new flaw in several versions of the browser. “A remote code execution vulnerability exists in the way that the scripting engine handles objects in memory in Internet Explorer,” the company revealed in a statement. “The vulnerability could corrupt memory in such a way that an attacker could execute arbitrary code in the context of the current user.

Security 179
article thumbnail

2019: what to look out for in payments

Bobsguide

In December, an entire track at Fintech Connect in London was dedicated to the idea of a cashless society. In it, Paul Rodgers, chairman at Vendorcom, said the market needs to be “really careful” when looking at countries like Sweden as exemplars of cashless societies.

Payments 107
article thumbnail

Bitcoin Daily: SEC Regs Could Exclude Cryptos; Litecoin Founder Has Eye On Survival

PYMNTS

A bipartisan bill has been introduced by Congress that would aim to amend the Securities Act of 1933 and the Securities Exchange Act of 1934. According to CNBC , Reps. Warren Davidson (R-Ohio) and Darren Soto (D-Fla.) introduced the “Token Taxonomy Act,” which would not only redefine “digital token,” but ensure that securities laws would not apply to cryptocurrencies that have become a fully functioning network.

Bitcoin 175
article thumbnail

Google Payment expands with e-money license from Lithuania

Payments Source

Google Payment, a company owned by Alphabet Inc., obtained an e-money license in Lithuania, joining a growing number of fintech firms that have secured permission from the Baltic nation to offer financial services across the European Union.

Google 102
article thumbnail

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.

article thumbnail

New Products Bolster Nike’s Digital Sales

PYMNTS

With new products bolstering online sales of apparel and footwear, Nike came out ahead of Wall Street quarterly estimates. The company’s stock rose 7 percent on the news on Thursday (Dec. 20), Reuters reported. Nike has grown online retail partnerships over a period of more than a year, and it has also hastened the speed of new item releases. Reuters reported that Nike’s online sales jumped by 41 percent during the quarter and its digital sales increased by over 30 percent “in its home mar

article thumbnail

Can WhatsApp coin fix Facebook's payments trajectory?

Payments Source

Facebook’s payments ambitions have made banks wary for years, despite many false starts. But now it looks as if Facebook is pivoting to develop a remittance business, starting with a cryptocurrency project in India.

article thumbnail

Why Off-Price Retailers Are More Than Just Surviving In The eCommerce Age

PYMNTS

It’s a tale of two kinds of brick-and-mortar retailers amid the rise of eCommerce: Some traditional department store chains like JCPenney and Macy’s are shuttering stores, as some retailers with other business models are more than surviving. TJX, the owner of off-priced retailers like T.J. Maxx, is “growing steadily” in the words of the Los Angeles Times , and has brought in $36 billion in yearly sales.

Retail 170
article thumbnail

Mastercard hires Liz Oakes to bolster real-time payments

Payments Source

Former McKinsey & Company associate partner Liz Oakes has been named Mastercard's executive vice president of market development for the New Payments Platforms division.

article thumbnail

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.

article thumbnail

The Role Of Biometrics In Streamlining Order-Ahead

PYMNTS

Quick-service restaurants (QSRs) are breaking out loyalty rewards in hopes of luring customers away from the competition — and turning one-time buyers into loyal, frequent customers. Burger King , for one, recently turned heads with a rather pointed promotional campaign that rewards customers for abandoning McDonald’s and placing a mobile order with Burger King.

Mobile 168
article thumbnail

12.21.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web: Breach woes for Uber; Australia welcomes Alipay; payment tools for freelancers; and more.

Tools 69
article thumbnail

Food Pop-Ups Move Up To Retail’s Adult Table

PYMNTS

About 1,200 miles, one time zone and significant differences in climate and culture separate New Orleans and Philadelphia, but on Monday and Tuesday nights, that distance can seem much smaller. That’s when Yinzer’s Amazing Cheesesteaks , a 3-year-old food pop-up, serves its goods to bar patrons in this city of 24-hour bars, Mardi Gras and the raging football Saints.

article thumbnail

How Improved Consumer Confidence Can Lead to Increased Debt

SWBC's LenderHub

When we consider the U.S. economy, we see good and bad news. The good news is that we've almost reached full employment, and consumers are feeling confident about their ability to maintain a stable income, make large purchases, and repay loans. The bad news is that confidence may be misplaced, since U.S. consumers’ credit card debt is at an all-time high, and delinquencies are rising.

Cards 68
article thumbnail

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.

article thumbnail

Facebook Explores Blockchain Tech For WhatsApp Money Transfers

PYMNTS

In an effort to help WhatsApp users transfer money, Facebook is reportedly creating a digital currency. Unnamed sources told Bloomberg that the company is at work on a stablecoin, which is a cryptocurrency tied to the value of the U.S. dollar, and is reportedly eyeing India’s remittance market. According to sources, the company isn’t yet close to making the coin available and is still developing its strategy, such as how to use custody assets to shield the stablecoin’s value.

article thumbnail

Facebook is said to develop stablecoin for WhatsApp transfers

Payments Source

Facebook Inc. is working on making a cryptocurrency that will let users transfer money on its WhatsApp messaging app, focusing first on the remittances market in India, according to people familiar with the matter.

article thumbnail

Siri Has Gotten Smarter, But Lags Behind Google Assistant

PYMNTS

Apple’s voice assistant, Siri, has made some major improvements in the last few months, CNBC reported. Gene Munster and Will Thompson, two researchers from Loup Ventures, tested Amazon’s Alexa, Microsoft’s Cortana, Siri and Google Assistant. They found that Siri correctly answered 74.6 percent of the 800 questions administered. Alexa answered 72.5 percent correctly, Cortana answered 63.4 percent and Google Assistant scored the highest at 87.9 percent.

Google 161
article thumbnail

Google’s scale means early breach disclosure is paramount

Payments Source

The sheer number of users who trust large companies like Google with their personal data places a huge responsibility on these companies to proactively disclose any compromise of the data security as early as possible, writes Aman Khanna, vice president of products for ThumbSignIn.

Google 63
article thumbnail

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.