Tue.Nov 13, 2018

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Account opening? Oh, 1-2-3. Easy as A-B-C. Not!

Chris Skinner

There’s nothing like a true story to bring a point home, so here’s my latest one. I’m starting a new venture. It’s a philanthropic thing, thing to do with banking, but because we are seeking sponsorship, we need to open a bank account. I choose to open an account with … The post Account opening? Oh, 1-2-3. Easy as A-B-C. Not! appeared first on Chris Skinner's blog.

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Banks versus fintechs – Is it still the right question?

Payments Dive

While the emergence of fintechs has challenged established financial service institutions, the collaboration taking place has blurred the some of the distinctions between the two.

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Legacy vendors are more of an issue than legacy systems 

Chris Skinner

I often find myself in weird or frustrating situations that I don’t know how to break. For example, dealing with clients who require a Government Tax Residency Letter and multiple hurdles to be cleared before they can make payment; or dealing with American clients who want to pay me by cheque; or, worst of … The post Legacy vendors are more of an issue than legacy systems appeared first on Chris Skinner's blog.

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Payment Players Launch U.S. Faster Payments Council To Speed Up Payments

PYMNTS

A group of payment players announced Tuesday (Nov. 13) that they created a new organization, dubbed U.S. Faster Payments Council (FPC), aimed at working toward a ubiquitous payment system that enables Americans to safely and securely pay anyone, anywhere and at any time with near-immediate funds availability. In a press release, the group said the mission, structure and focus of the U.S.

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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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Things worth reading: 14th November 2018

Chris Skinner

Things we’re reading today include … IMF says governments could set up their own cryptocurrencies Australian court rejects regulator’s record fine against Westpac Top law firm linked to subject of UK’s first unexplained wealth order The scandal of Goldman’s secret agent Goldman Sachs bankers ‘cheated’ Malaysia over 1MDB: PM Mahathir … The post Things worth reading: 14th November 2018 appeared first on Chris Skinner's blog.

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Things worth reading: 13th November 2018

Chris Skinner

Things we’re reading today include … CYBG cancels digital bank deal with ex-Barclays chief Five ways banks are responding to the fintech threat Mark Carney ‘has damaged credibility of Bank of England’ Central bank independence – Is that even a thing? Rabobank explores sale of U.S. retail, wealth operations: sources … The post Things worth reading: 13th November 2018 appeared first on Chris Skinner's blog.

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Where Bank Account Data Alone Falls Short For SMB FinTech

PYMNTS

An application program interface (API) ecosystem is growing to transform the financial services (FinServ) sector, and small business (SMB) banking won’t be left out of the shift. APIs offer third-party FinTech firms new opportunities to make use of valuable data stored within traditional bank accounts. In some instances, these systems deploy this data to create a solution that banks haven’t developed themselves, often due to restricted investments in small business product developmen

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If Recession Comes in 2020, What Will Innovation Look Like?

Bank Innovation

JPMorgan Chase last month predicted a 60% chance of recession by 2020, and that increases to an 80% chance by 2021. It’s not clear how traumatic an event it would be for the U.S. economy, but considering all the new players that have jumped onto the financial scene since the last downturn a decade ago, […].

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Diebold Nixdorf On Why Banks Could Be Digital Identity’s Future

PYMNTS

Digital identity in the last few years has gotten a major boost — as of 2018, 60 nations worldwide have embraced some version of a digital identity scheme. But digital identity, and leveraging it properly, as Diebold Nixdorf ’s Scott Anderson noted in a recent conversation with Karen Webster of PYMNTS and Diebold Nixdorf’s John Spenler , is rather easily misunderstood.

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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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If Recession Comes in 2020, What Will Innovation Look Like?

Bank Innovation

JPMorgan Chase last month predicted a 60% chance of recession by 2020, and that increases to an 80% chance by 2021. It’s not clear how traumatic an event it would be for the U.S. economy, but considering all the new players that have jumped onto the financial scene since the last downturn a decade ago, […].

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Community Banks Debut FinTech Alliance

PYMNTS

Collaboration amid competition has been a hallmark of the financial services space, as traditional financial institutions (FIs) join forces with FinTech startups. To that end, news came earlier this week in the United States that a dozen community and regional banks have formed a group aimed at exploring the opportunities amid FinTech offerings. The group, to be known as Alloy Labs Alliance, according to a press release , is being managed by FinTech Forge.

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Why data scientists solve irrelevant problems

Bobsguide

In today’s challenging financial market businesses need to utilize every available resource and technology to reduce risk when processing payments and credit applications. One area in particular that is often talked about, but still either under or incorrectly utilized, is data science.

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Target Confirms Twitter Scam Involving Bitcoin

PYMNTS

Target’s Twitter account got hacked earlier Tuesday (Nov. 13), with the bad guys using the retailer’s Twitter feed to trick unsuspecting consumers into giving away cryptocurrency. According to a report in The Next Web , scammers tweeted out links to scam giveaways that encourage users to send small amounts of cryptocurrency to have a chance at winning more than $31 million worth of bitcoin.

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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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Ripple is aiming to overtake Swift banking network, CEO says

Payments Source

Ripple Labs Inc., the blockchain startup whose digital money is often used as a proxy for other cryptocurrency payments, is gaining new customers because financial firms are seeking faster, more up-to-date technology than the Swift banking network, Chief Executive Officer Brad Garlinghouse said.

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TRENDING: BigCommerce On How Platforms Solve Big eCommerce Payment Complexities

PYMNTS

When consumers make a purchase online or through a mobile app, they expect the process to be simple and secure. However, they also expect to be able to pay using the method of their choosing, and in their local currency. That puts pressure on eTailers that are increasingly finding themselves in competition with merchants from around the world. In the latest Payments Powering Platforms Tracker , PYMNTS explores the latest efforts by industry giants and platform powerhouses to improve their payme

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Why we need to embrace digital HR

Bobsguide

You may feel you’ve heard the term ‘digital transformation’ discussed a lot. Maybe too much, and you couldn’t be blamed for feeling a little IT industry hype fatigue. But while you may feel slightly jaundiced about the term, the trend it describes – and the dynamic.

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Tantalum CEO Talks What’s Working (And What’s Not) In The Connected Automotive Ecosystem

PYMNTS

One might have to squint, but they can certainly see it coming — for real (not just hype) in some press release, interview, film or TV show. The push to bring connected vehicles to more consumers — vehicles that can enable their own fuel payments , parking arrangements , restaurant reservations and other such tasks — is significant. It’s advanced enough (even if still in early stages) that one can see how cars and trucks outfitted with the latest software, integrated with the latest paym

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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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Will Amazon's new HQs fast-track modern transit payments?

Payments Source

Amazon’s transit-friendly posture should provide momentum for digital ticketing and other subway improvements in Queens, N.Y., and northern Virginia — and if recent history is any indication, Amazon may take an active role in improving that infrastructure.

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Apple Supplier Lowers Outlook, Prompting Stock Slip

PYMNTS

Apple stocks fell 5 percent on Monday (Nov. 12) morning after one of its suppliers slashed its outlook. According to CNBC , Lumentum , which makes lasers that can sense in 3D, announced the latest outlook on Monday. The company manufactures components for the front-facing camera of Apple’s latest iPhones, which enable Face ID, augmented reality (AR) and facial recognition technology.

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Poynt raises $100 million in funding from Elavon, National Australia Bank

Payments Source

Payment terminal maker Poynt, a rival to Square and other hardware providers with customized software applications for merchants, has raised $100 million in a Series C funding round with strategic partners Elavon and National Australia Bank.

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Bitcoin Daily: HSBC Backs Blockchain Firm Axoni, Researchers Uncover New Crypto Malware

PYMNTS

HSBC , the U.K. bank, is backing a U.S. startup in the blockchain field called Axoni , Cryptovest reported. The firm plans to put the funds to use by growing its AxCore system, which is based on distributed ledger technology (DLT), as well its smart contracting language called AxLang. (It also plans to enhance its technology for data synchronization.

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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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An AI approach to bot attacks on payment systems

Payments Source

The massive number of fraudulent bot attacks on the payments ecosystem and financial services is compounded by the fact that many current data protection tools are not designed to detect this automated crime network.

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Amazon Picks Two HQ2s

PYMNTS

Amazon is expected to announce later Tuesday (November 13) that it chose New York City and Northern Virginia as the homes for its second and third headquarters, reported the Wall Street Journal. Citing people familiar with the matter, the Wall Street Journal reported Amazon will split its second headquarters evenly between Long Island City in New York and Arlington County’s Crystal City in Virginia.

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China’s payment détente is too little too late

Payments Source

China has been promising openness to outside payment companies for more than a decade. So far it hasn’t delivered, according to Eric Grover, a principal at Intrepid Ventures.

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Connecting The Dots On Paying With Connected Devices

PYMNTS

Black Friday looms. The holidays loom. Time to take stock, then, of How We Will Pay – in the retail setting, of course, the focus of our latest survey of how devices and apps will drive sales. The registers, virtual ones and real ones, are set to ring – to peal, even – like carol bells. Ours is an age where the consumer is connected to an average of 4.4 devices, up from 4.2 last year.

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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.