Fri.May 17, 2019

End of life for certain POS terminals and the looming risk to retailers

Mobile Payments Today

Retailers need to be sure their point-of-sale systems are fully compliant, not only to avoid becoming obsolete, but to protect against fraud

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DoorDash Could Receive $500M+ In Funding

PYMNTS

In a reported funding round that could value the food delivery firm at roughly $13 billion, DoorDash Inc. may be raising at least $500 million. The size of such a round could go over that amount, but the funding round’s size is still being worked out per unnamed sources, Bloomberg reported.

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Challenger Bank Oxygen Serves Needs of Gig Economy Workers

Bank Innovation

When Hussein Ahmed was applying for a loan as a freelancer, he encountered a familiar roadblock: the lack of a predictable salary to show evidence of income. Without this information, it's hard for banks to grant credit.

Payday Lending, P2P And Innovation Topped The Week’s News

PYMNTS

Were you able to keep up with all the news that happened this week? We at PYMNTS are here to make sure you didn’t miss anything. Both Visa and Mastercard made big moves, and Karen Webster took a withering look at the Loan Shark Prevention Act (with help from a time machine).

Wells Fargo to Take New App National by Year’s End

Bank Innovation

As the mobile-first generation starts to earn more money, the arms race to earn market share is heating up as large banks look to grow their digital-only brands and earn lifelong customers.

Financial Software Firm OpenFin Raises $17M

PYMNTS

In a Wells Fargo & Co.-led led round, financial services software startup firm OpenFin notched $17 million in funding. Barclays also participated in the round, as did existing investors such as Bain Capital Ventures, Pivot Investment Partners and JPMorgan Chase & Co., Reuters reported.

ATM physical attacks: Why armor isn't enough

ATM Marketplace

One approach to the problem of ATM physical attacks has been to harden the machine. However, this only serves to increase the level of force used in an attack — and the degree of destruction it causes.

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More Trending

Mastercard SVP: Customer experience presents battleground for bigtech and banks

Bobs Guide

Banks and technology giants are locked in a battle to provide the best customer experience, though financial services firms often have the advantage of a better technological foundation. Speaking this week during a bobsguide webinar, Scott Abrahams, senior vice president of business development

Details Revealed About New Walmart HQ In Arkansas

PYMNTS

New details have emerged about Walmart’s planned new corporate campus in Bentonville, Ark., where the company is based, according to a report by Reuters.

College Admissions Scandal Revisited: Is an Ivy League Education Worth the Price?

Money Crashers

The recent college admissions scandal is an eye-opening example of how far some families will go to get their children into elite colleges. The FBI investigations are still ongoing, but so far, 50 people have been charged with participating in the scheme.

Apple’s R&D Spending Goes From $1B to $13B In 2019

PYMNTS

Apple has increased its research and development spending from $1 billion in 2009 to an estimated $13 billion this year, an amount that does not include stock-based compensation, according to a report from CNBC.

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Trump calls Fannie, Freddie a 'pretty urgent problem'

BankThink

His administration is looking at different alternatives to reform the housing finance system. GSE reform GSEs Housing finance reform Trump administration Donald Trump Ben Carson Treasury Department HUD Fannie Mae Freddie Mac

Crypto And The (Lack Of) Bank Funding Conundrum

PYMNTS

All businesses need capital to survive. That is especially true for embryonic firms with untested business models or products or services. The lack of access to capital can truncate firms’ ability to grab onto new opportunities, to gain scale, to build an audience or even to launch.

A remittance fintech aims to be first of its kind to offer banking

BankThink

Pangea says it is developing a digital account after customers complained that the bank relationship they had wasn't "for them.". Remittances Digital banking International business Mobile banking Mobile payments Mobile technology

Facebook COO Opposes Facebook Breakup

PYMNTS

Facebook Chief Operating Officer Sheryl Sandberg has pushed back against the idea that Facebook is too big and should be broken up, arguing that it wouldn’t fix the real issues, according to a report by CNBC.

The New White Walkers: Zombie Synthetic Identity Fraud

FICO

Spoiler alert: If you are watching Game of Thrones (GoT), but aren't fully caught up, you may want to read this later! In the past 6-12 months, synthetic identity fraud has skyrocketed and has been one of the hottest topics in the financial crimes domain.

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UK Pol Tom Watson Asks For Investigation Into Amazon’s Stake In Deliveroo

PYMNTS

Tom Watson, an MP and deputy leader of the Labour Party, has said he’s asking the U.K.’s s Competition and Markets Authority (CMA) to investigate Amazon’s $575 million investment in Deliveroo during its most recent funding round, according to a report by TechCrunch.

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Complaints over banking fraud surged by over 40 percent in UK

The Paypers

(The Paypers) Official figures have showed UK consumers` complaints over banking fraud have surged by over 40% to hit an all-time high in the 2018-19, driven by online scams

Chinese Coffee Co Luckin Has Strong Nasdaq Debut

PYMNTS

Shares in Chinese coffee company Luckin Coffee surged about 50 percent in the company’s debut on the Nasdaq on Friday (May 17), according to a report by CNBC. The opening trade for the company, which was under the symbol LK, was $25 a share.

Transform Business Processes – Oracle ERP and SCM Cloud [Webinar]

Perficient Financial Servies

Stallion Oilfield Services, a leading energy service company, struggled with non-standard business practices as well as antiquated and manual systems. The company needed to standardize processes across all business units and establish governance and accounting controls. A modern financial, procurement, and inventory management solution was the answer. Stallion selected Oracle ERP and SCM Cloud and partnered with Perficient to deliver the implementation in a six-month timeframe.

6 Benefits of a Liberal Arts College Degree in the 21st Century

Money Crashers

After a decade of tepid economic growth coupled with soaring college tuition costs, many are concerned about the value of a college education.

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Finlandâ??s banks target instant payments

Bobs Guide

The development of EBA Clearing’s RT1 platform has reached critical mass in Finland with the support of the country’s six major banks, says the payment service provider’s CEO Hays Littlejohn. “It’s not as though we made any kind of particular effort just for

25 attorneys general oppose CFPB's payday rule revamp

BankThink

The AGs say the agency's plan to rescind ability-to-repay requirements for payday loans would undermine states' ability to enforce their own laws. Payday lending Dodd-Frank UDAAP Small-dollar lending CFPB

Best-In-Class Series, Part One - Attracting Small Business Clients

Strategically Speaking

A common goal of every financial institution in the country is to attract and retain good clients. For many, this includes a focus on the small business community. There are more than 30 million small businesses in the United States. How do you attract them to your institution?

In New York, growing support for a public bank

BankThink

Undeterred by setbacks in other cities, a broad coalition of community groups is seizing on popular mistrust of traditional banks to press the case for a city-owned bank. Consumer banking Affordable housing Cash management Law and regulation New York

Tipalti, Everflow to offer performance marketing tracking, analytics, global publisher payouts

The Paypers

(The Paypers) Payables automation solution Tipalti has partnered with Everflow , which provides partner management, deterministic anti-fraud tools, and automated optimisation for marketers

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10 years after resurrection, BankUnited eyes Atlanta, servicing exit

BankThink

The moves are part of a plan by CEO Rajinder Singh discussed in a conversation with American Banker. Community banking Branch network M&A Revenue and expenses Servicing Sailthru NMN servicing no display BB&T SunTrust Florida New York Georgia

Avidia Bank to implement the RTP network from The Clearing House

The Paypers

(The Paypers) US-based Avidia Bank has announced that it has committed to bringing real-time payments capabilities to its customers through the RTP network developed by The Clearing House (TCH

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Consumer gripes grow, AI oversight, luring tech talent: Top stories of the week

BankThink

As CFPB mulls privatizing database, consumer complaints are on the rise; an argument for continued human oversight of artificial intelligence; how some banks are luring talent from big tech; and more from this week's most-read stories.

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Salt Edge Open Banking API now supports eIDAS PSD2 certificates

The Paypers

(The Paypers) Salt Edge has added the support of eIDAS PSD2 certificates in its system for TPP identification when they access ASPSPs’ channels

First American adds to Florida operations with Continental acquisition

BankThink

The Illinois bank is buying a bank formed in the 1970s to serve Cuban-Americans. M&A Commercial lending Community banking Florida

Cornèr Group partners with German open banking fintech NDGIT

The Paypers

(The Paypers) Cornèr Group has become the latest Swiss bank to sign with German open banking fintech NDGIT

Chase expands digital health care payments via InstaMed acquisition

BankThink

JPMorgan Chase is buying InstaMed, a cloud-based health care payments platform that’s seen significant growth in recent years from consumer medical payments. M&A Healthcare industry Payment processing JPMorgan Chase

Centralizing e-invoicing for international companies – Interview with Comarch

The Paypers

(The Paypers) Adam Beldzik , Comarch E-INVOICING Business Unit , discusses international e-invoicing, PEPPOL, and how international companies deal with mandatory e-invoicing and national legal compliance

White House considering Derek Kan for Federal Reserve Board seat

BankThink

The White House is considering Derek Kan, an undersecretary at the Department of Transportation, for one of two open seats on the Federal Reserve Board, according to two people familiar with the matter. Trump administration Federal Reserve

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Tipalti, Everflow to offer performance marketing tracking, analytics, global publisher payouts

The Paypers

(The Paypers) Payables automation solution Tipalti has partnered with Everflow , which provides partner management, deterministic anti-fraud tools, and automated optimisation for marketers

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Heritage Commerce bulks up in San Francisco with Presidio purchase

BankThink

Heritage will have 17 branches around San Francisco when it completes the $200 million acquisition. Community banking M&A Capital Growth strategies California