Chris Skinner
JUNE 26, 2020
Another day and another headline about Wirecard: ‘The money’s gone’: Wirecard collapses owing $4 billion Wirecard’s Missing Billions Forces Out CEO, Panics Lenders Wirecard: Former boss arrested over €1.9bn scandal How Wirecard fooled most of the people all of the time Inside Wirecard Why was Frankfurt so blind for so … The post Wirecard or Weirdcard?
Perficient
JUNE 26, 2020
DevOps teams routinely deal with the most sensitive needs of an organization: security, governance, and compliance. However, not every organization is on the same page when it comes to DevOps, which can leave developers feeling overwhelmed and overworked. Sonatype recently released findings from its seventh annual DevOps Community Survey that examines the differences between mature and evolving DevOps practices, but with a new lens – how maturity levels impact developer happiness and culture.
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Payments Dive
JUNE 26, 2020
Restaurants looking to recover from the COVID-19 pandemic should consider a series of contactless ordering and payment technologies that will help bring customers back in a secure and healthy environment.
Perficient
JUNE 26, 2020
Some people are lucky enough to fall into a career they love and stick to it for their whole lives. However, many of us (myself included) have done complete 180s in search of finding a career we are not only good at, but enjoy. Here at Perficient, I’ve found that a lot of us have this is common. Migrating From Music to Coding. I recently got to virtually meet with associate technical consultant, Tom Phillips , to hear about his journey into the technology field.
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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
PYMNTS
JUNE 26, 2020
eCommerce has grown about as much in the past few months as it has in the past 10 years. Iain McNicoll , VP of Americas/SMB for payments platform Payoneer , recently told PYMNTS that eCommerce’s market share has risen to 27 percent from just 16 percent when the pandemic began. By contrast, it took a decade for it to hit 16 percent from less than 6 percent 10 years ago.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JUNE 26, 2020
Ernst & Young ( EY ), the global accounting firm hired to verify Wirecard’s financials, failed to request crucial information from a Singapore bank where the German payment processor claimed it had up to 1 billion euros ($1.1 billion) in cash, the Financial Times reported. That routine audit procedure could have uncovered the vast fraud at the suburban Munich company, the report said.
Gonzobanker
JUNE 26, 2020
It’s time for financial institutions to update their business continuity plans with lessons learned from COVID-19. A financial institution executive recently told me, “The difference between firefighting and fire prevention is a good contingency plan.” While logic and experience tell us the best time to prepare for a disaster or work interruption is before it happens, right after being involved in something like COVID-19 is the next best opportunity to start putting lessons learned into play.
PYMNTS
JUNE 26, 2020
Small business lending emerged as a common theme in this week’s B2B venture capital roundup, and it’s no surprise, considering the role small and medium-sized businesses (SMBs) play in supporting their local economies. Some startups focused on data aggregation to expand underwriting capabilities, while others operate platforms to facilitate financing.
Payments Source
JUNE 26, 2020
VCs and lenders rely on business data such as transaction records to inform funding decisions for fintechs or small businesses, but bias and uneven representation in management still result in gender and racial disparity.
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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
PYMNTS
JUNE 26, 2020
Amazon will reportedly pay more than $1.2 billion to acquire Zoox , the Foster City, California self-driving technology company, the Financial Times (FT) reported. . While the purchase could fuel Amazon’s delivery fleet, a source familiar with the deal told the newspaper it could signal the eCommerce giant’s entry into ride-hailing. The source said Amazon would collaborate with Zoox to create a ride-hailing fleet, taking on Waymo Co, the California-based self-driving industry leader backed by A
Bobsguide
JUNE 26, 2020
An increase in mobile banking application features may make them more vulnerable to fraud, experts say. According to Nikolay Anisenya, mobile application security research team lead at Positive Technologies, fraud protection is largely out of customers’ control.
PYMNTS
JUNE 26, 2020
Telegram consented to a $18.5 million penalty in a U.S. Securities and Exchange Commission (SEC) settlement over an unsuccessful token offering, Coindesk reported. The company will also tell the agency about any intentions for any kind of cryptocurrency issuance in the three years to come. Last year, the SEC sued Telegram following a $1.7 billion raise to back the creation of its Telegram One Network (TON) blockchain initiative.
Payments Source
JUNE 26, 2020
Amazon's Dash devices were an early, blunt take on the internet of things. But over the years Amazon has gradually phased out its Dash product line in favor of voice-based Alexa shopping and other alternatives.
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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.
PYMNTS
JUNE 26, 2020
According to auditor Ernst & Young (EY) , German payment processor Wirecard knowingly gave false statements and was in the midst of “elaborate and sophisticated fraud involving multiple parties around the world” in regards to $2.1 billion on its books that may not exist. The company was involved in deliberate deceit and had given false statements on escrow while EY was carrying out the 2019 audit of the company, which EY took to the relevant authorities, Reuters reported.
Payments Source
JUNE 26, 2020
Details about the level of global fraudulent attacks on consumer bank accounts during the coronavirus pandemic are coming into focus with new data from TransUnion.
PYMNTS
JUNE 26, 2020
U.S. consumer spending skyrocketed in May for the biggest jump on record, but the news was offset by a drop in personal income and the threat of another wave of economic disruption as coronavirus infections surge in the Sunbelt and now in California as well. Consumer spending jumped 8.2 percent in May, the U.S. Department of Commerce reported on Friday (June 26), representing the biggest increase since the federal government began tracking the number in 1959.
Payments Source
JUNE 26, 2020
It's not enough to just get rid of cash or go contactless. There's an entire experience to consider, says Tappit's Jason Thomas.
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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.
PYMNTS
JUNE 26, 2020
In today’s top news, Peter Hazlehurst, head of Uber Money, has resigned, and Brussels will investigate Germany’s financial regulatory authority over failing to supervise Wirecard. Plus, Amazon plans to acquire self-driving tech company Zoox. Uber Money Head Quits as Company Moves Away from Financial Services. Uber financial services leader Peter Hazlehurst has stepped down from his position as the rideshare company has put its plan to start a digital wallet on hold.
ATM Marketplace
JUNE 26, 2020
What will customers think about post-pandemic when it comes to the payments industry? Adam Crighton from NCR gives his take on the future.
PYMNTS
JUNE 26, 2020
People love to predict traditional money’s imminent demise. Countless think pieces have been written about how cash is on its last legs, but somehow it keeps sticking around. Brett Narlinger , head of global commerce at branded payments provider Blackhawk Network , said some of that stems from consumers who lack banking system access and find cash the easiest way to handle transactions.
FICO
JUNE 26, 2020
Today, FICO announced the FICO® Resilience Index, a new analytic tool designed to complement the industry standard FICO® Score. During economic uncertainty, lenders and investors need to be able to evaluate and balance portfolios based on rapidly changing conditions. This helps further the safety and soundness in credit, as well as support the global economy.
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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.
PYMNTS
JUNE 26, 2020
7-Eleven rocked the world of customer loyalty this week, which should be no surprise to anyone who has seen Tarang Sethia in action. As the company’s chief digital officer, Sethia and his team have built what is arguably the most valuable loyalty program in retail with more than 33 million members. And it’s all in the name of what Sethia said he sees as the company’s mission, which is a bit more complex than serving Slurpees and giant soft drinks.
BankInovation
JUNE 26, 2020
Almost a century ago, when the U.S. economy began to show signs of recovery after the initial shockwaves of the Great Depression, General Electric launched a point-of-sale lending product to provide cash-strapped customers with installment loans so the manufacturer could sell its product. “Since we spun out of GE Capital five years ago, we’ve just […].
PYMNTS
JUNE 26, 2020
It’s the end of the work week, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have deep dives on faster worker pay as well as cloud banking and news on WhatsApp’s payment functionality in Brazil. Top News . Wirecard’s End Appears To Begin In China. At least one lender is reportedly considering writing off approximately $90 million lent to Wirecard and wouldn’t extend the line.
BankInovation
JUNE 26, 2020
Payability, a digital SMB lender, has seen its lending portfolio surge 50% since the start of the pandemic, CEO Keith Smith told Bank Innovation. The company offers an invoice factoring product that pays clients’ invoices up front in exchange for a portion of the total. “Our offerings are tailored specifically for e-commerce businesses and SMBs […].
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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.
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