Sun.Nov 24, 2019

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Ana Botin of Santander on FinTech and Blockchain

Chris Skinner

Really interesting interview here with Ana Botin, Executive Chair of Santander, on Bloomberg. It starts with talking about how Santander can make a difference on climate change with Ana claiming that the bank is voted the most sustainable bank in the world. But when the interviewer, Erik Schatzker, asks her … The post Ana Botin of Santander on FinTech and Blockchain appeared first on Chris Skinner's blog.

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GoExpedi Closes $25M Funding Round Led By Top Tier

PYMNTS

GoExpedi , an eCommerce, supply chain and analytics startup, has raised $25 million in Series B funding led by Top Tier Capital Partners. CSL Ventures, Crosslink Capital, Bowery Capital, Blue Bear Capital and other current investors also participated in the round. GoExpedi provides more than 200,000 critical parts and supplies, offering complete transparency on price, supplier choice and availability.

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Trending Sources

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Things worth reading: 25th November 2019

Chris Skinner

Things we’re reading today include … NatWest’s new digital bank Bó is here Totally Sardonic Bank Good company: the capitalists putting purpose ahead of profit India’s Paytm raises $1 billion in fresh funding HSBC’s top duo put futures on line with overhaul Cryptoqueen: How this woman scammed the world, then … The post Things worth reading: 25th November 2019 appeared first on Chris Skinner's blog.

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JPMorgan Explores Use Of Blockchain For Vehicle Tracking

PYMNTS

JPMorgan’ s wholesale car financing arm has filed a patent application to use blockchain to track the automobile inventory it finances for car dealers. The application describes a distributed ledger-based version of floorplan lending, a revolving line of credit that allows car dealers to borrow against their retail inventory. The bank wants to tie each car’s individual vehicle identity number (VIN) to a blockchain that can get rid of any inefficiencies when it comes to auditing a dealer’s invent

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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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Gig economy opens a door for instant issuance

Payments Source

Stripe and Adyen are among the best known and most VC-friendly firms that enable quick account onboarding for gig economy supply chains — but a lot of competitors are gunning for their position.

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PSD2 is opening a new world for U.K. merchants

Payments Source

Merchants are embracing open banking at a high rate, creating new opportunities once consumers get on board, says Nuapay's Brian Hanrahan.

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Amazon Seeks China Market Share With New Store On Pinduoduo

PYMNTS

A source told Reuters on Sunday (Nov. 24) that Amazon is opening a store on the Chinese eCommerce site Pinduoduo. . Amazon closed its marketplace in China in July after realizing it could not compete with rivals like Alibaba’s Tmall marketplace and JD.com. Although Alibaba and JD.com usually lead China’s eCommerce market, the four-year-old Pinduoduo is “popular with China’s lower-tier city residents.

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Time Tried, Panic Tested. The Forgotten Story of the First National Bank of Keystone

Jeff For Banks

September 1st, 1999, regulators from the Federal Deposit Insurance Corp, at the behest of the Office of the Comptroller of the Currency, descended on a small coal mining town in Keystone, West Virginia. The town, already depressed from coal's decline, had a population of 600. Clearly, blue-suit regulators stood out. The bank, First National Bank of Keystone, was $1.1 billion in assets, had 87 full-time equivalent employees, and accounted for two-thirds of the town's tax revenue.

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CurrencyFair Launches Cross-Border Collections Solution

PYMNTS

International payments and money transfer service CurrencyFair has announced Friday (Nov. 22) the launch of its new cross-border collections solution for marketplaces, according to a press release. Dublin-based CurrencyFair has a user community of 150,000, who have traded the equivalent of over 9 billion pounds ($11.6 billion) and saved more than the equivalent of 230 million pounds ($296 million) using the service.

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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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FedNow is necessary, Fed digital currency is not: Mester

Payments Source

The Cleveland Fed president dismissed concerns about the central bank's faster payments system competing with The Clearing House's network, while saying that a national digital currency is less of a necessity in the U.S. than in other countries.

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Malls Close Vacancy Gap With 1700+ Online Retailers

PYMNTS

As traditional mall merchants go under, online brands are expanding into brick-and-mortar, the New York Post reported Saturday (Nov. 23). More than 1,700 physical stores in the U.S. were digital merchants first, the Post reported, citing Fifth Wall and Thinknum Alternative Data. One example is New York’s UNTUCKit , which started as an online men’s clothing store and grew into a global brand.

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Bite-Sized Insurance Is Taking Over the Insurance Industry

Let's Talk Payments

We’ve witnessed bite-sized financial instruments being provided by lending companies in the form of micro/nano loans and investment companies in the form of micro-investments.

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Indian Café Criticized For Billing Customers Through Facial Scanning

PYMNTS

Customers at a popular Indian cafe chain are unhappy that the company is using facial recognition software to bill its customers, CNN reported. Nikhil Pahwa, an internet activist and founder of Indian media watchdog MediaNama, posted a video on Twitter last week showing the facial recognition in a Chaayos store in Delhi. It led other social media users to voice their own concerns over the technology’s use.

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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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Cancer Insurance in Kenya

Bankelele

Kenyan insurance firm, ICEA Lion (the Insurance Company of East Africa), launched a cancer insurance policy in October. They have been advertising in newspapers, TV with the promise of cover for just Kshs 165 ($1.$ per month). Yet there is a billboard, and their own FAQ’s, that state that the policy is NOT a medical […].

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NEM Ventures Invests In Crypto Payments Provider Cyclebit

PYMNTS

NEM Ventures , the venture capital and investment arm of the NEM blockchain ecosystem, announced that it has made a strategic investment in Canadian cryptocurrency payments provider Cyclebit. “Cyclebit is already an established player in the crypto and fiat payments space, and we are thrilled to make a strategic investment in this project at a time of major growth for the organization,” said Dave Hodgson, director and co-founder of NEM Ventures, in a press release.

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Banks Losing Customers Who Want Seamless Digital Experiences

The Financial Brand

Banks and credit unions face threat of attrition as consumers try fintech and big tech options for checking, savings and cards. The post Banks Losing Customers Who Want Seamless Digital Experiences appeared first on The Financial Brand.

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Veem Now Offers Locked Exchange Rates For Foreign Payments

PYMNTS

Cross-border payments processing company Veem has announced that it is offering locked exchange rates for foreign exchange payments. The feature will allow small businesses to lock in an exact exchange rate for up to 92 days in advance for incoming or outgoing payments scheduled during that time. Veem currently has a network of more than 150,000 businesses all over the world.

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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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5 Key Trends Financial Marketers Must Understand Before 2020

The Financial Brand

Martech's rising role, more focus on institutions' social positions, need for digital smarts, and data privacy regulation demand attention. The post 5 Key Trends Financial Marketers Must Understand Before 2020 appeared first on The Financial Brand.

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US Businesses Tap The Brakes On Spending

PYMNTS

Economic uncertainty and fear of the unknown have prompted big businesses to pull the plug on investments and reduce spending, The Wall Street Journal (WSJ) reported Sunday (Nov. 24). On the flip side, overall U.S. business activity is starting to show signs of rebounding as global economies slow down, a Nov. 22 WSJ article said. Data firm IHS Markit ’s composite Purchasing Managers Index (Composite PMI) for the U.S. showed a four-month high of 51.9 in November, up 1 percent over the previous mo

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5 Big Trends Impacting Financial Marketing Strategies in 2020

The Financial Brand

Martech's rising role, more focus on institutions' social positions, need for digital smarts, and data privacy regulation demand attention. The post 5 Big Trends Impacting Financial Marketing Strategies in 2020 appeared first on The Financial Brand.

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What This Bank’s Gutsy Digital Moves Reveal About the Future of Banking

The Financial Brand

Everybody talks transformation but how many institutions actually do it? The CEO of one bank that did talks candidly about the challenges. The post What This Bank’s Gutsy Digital Moves Reveal About the Future of Banking appeared first on The Financial Brand.

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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.