Payments Dive
OCTOBER 22, 2019
Chime Bank is recovering from its third system outage since July, and this most recent incident is serving as a wake-up call for many in the industry about the vulnerabilities of managing critical financial services in a digital-only environment.
Chris Skinner
OCTOBER 22, 2019
Sometimes you debate stuff and a realisation comes. I had one of these today. When futurists talk about the future, they generally based their opinions on forces of change, known colloquially as PEST. Political, Economic, Social and Technological change. So I was having this debate with a friend about the … The post Why decentralised currencies are a PEST!
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Bank Innovation
OCTOBER 22, 2019
Across the U.S., banks and credit unions continue to face digital disruption. As mobile banking usage surges, branch visits continue to decline. A BI Intelligence study found that mobile banking is nearing ubiquity, with usage topping in at 83 percent. As banks and credit unions improve their online experience and make banking features more readily […].
Chris Skinner
OCTOBER 22, 2019
Things we’re reading today include … Morgan Stanley elbows out rivals for plum role in $1.5 billion IPO relaunch: sources Infosys: India software giant probes whistleblower claims LSE bids show exchange world’s new priorities UK cyber-centre targets payment card fraud Revealed: The passwords putting you at most risk of cyber … The post Things worth reading: 23rd October 2019 appeared first on Chris Skinner's blog.
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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
Bank Innovation
OCTOBER 22, 2019
Peer-to-peer payments network Zelle is growing transaction volume, according to numbers released Tuesday by its bank-owned network operator, Early Warning Services. According to Early Warning data, Zelle users sent $49 billion through the network during the third quarter of 2019, a 58% year-over-year increase. Meanwhile, users made 196 million transactions during the quarter, representing 73% […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
OCTOBER 22, 2019
Smartphones have made taking a photo and checking fantasy football scores a breeze, but inputting credit card details on that small screen can still be frustrating enough that many shoppers just give up, costing retailers billions. Now, the world’s biggest card networks — a group that includes Visa, Mastercard, American Express and Discover Financial Services […].
PYMNTS
OCTOBER 22, 2019
This developing world of payments and the fierce competition offered by non-traditional providers of financial services presents big challenges to smaller and community banks – those financial institutions (FIs) with less than $10 billion in assets. But merchant services programs can offer a way for those smaller FIs to gain and retain an edge – assuming, of course, it’s all done right.
Bank Innovation
OCTOBER 22, 2019
Mastercard is launching a suite of real-time payment capabilities to grow its value proposition to banks and corporate clients, including a modern twist on ‘cash on delivery’ which lets buyers pay suppliers with one click. The payments giant announced upgrades to its business-to-business payments and bill pay solutions this week, which the company said will […].
PYMNTS
OCTOBER 22, 2019
New York-based startup Moon will allow customers to pay for their Amazon purchases with bitcoin via the Lightning Network, bitcoin, Litecoin or Ether. “We believe that cryptocurrency is the future of money. Our team is building the technologies to bring this future to fruition. We are engineers, builders and enthusiasts who love bitcoin and the change it will bring to the world.
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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
Bank Innovation
OCTOBER 22, 2019
Payments giant Mastercard has acquired Boston-based SessionM, a nine-year-old software company that helps clients improve customer relationships through data analysis. The acquisition of the Boston-based company will let Mastercard’s client companies roll out personalized, real-time offers and comprehensive campaign measurement capabilities based on SessionM’s data analysis tools.
PYMNTS
OCTOBER 22, 2019
Mastercard is acquiring the U.S. technology company SessionM to help it build more profitable relationships with consumers, Mastercard said in a press release on Tuesday (Oct. 22). SessionM’s loyalty platform spurs stronger bonds with retailers, restaurants, airlines and consumer packaged goods (CPG) companies. The acquisition will help Mastercard use data-driven insights to offer personalized guidance to brands.
Bank Innovation
OCTOBER 22, 2019
Alberta Investment Management Corporation (AIMCo) is one of Canada’s largest and most diversified investment managers, committed to finding the best investment opportunities from around the world for its clients. To support its strategy of employing innovative, best-of-breed applications via a service-oriented architecture, it has chosen to use Nutanix Enterprise Cloud.
PYMNTS
OCTOBER 22, 2019
In early 2019, Visa launched the “ She’s Next, Empowered by Visa ” initiative to boost women-owned small businesses (SMBs) around the world through shared research, experience and technologies. Since its launch in the U.S. earlier this year, the program has hosted workshops in New York, Atlanta and, most recently, Washington D.C. to connect like-minded women founders with industry experts for education, inspiration and networking opportunities to help them build out their entrepreneurial visions
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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.
Payments Source
OCTOBER 22, 2019
As e-commerce becomes international, American merchants should embrace alternative payment methods in other countries, says PPRO U.S.'s Steve Villegas.
PYMNTS
OCTOBER 22, 2019
Facebook’s relationship with financial institutions could be threatened if it launches its cryptocurrency Libra without fully addressing concerns over money laundering, The Financial Times (FT) reported on Tuesday (Oct. 22). ING chief executive officer (CEO) Ralph Hamers told FT that banks are the “gatekeeper to the financial system” and they can’t bankroll companies that are suspected of “opening up [the system] for financial?.?.?.?
Payments Source
OCTOBER 22, 2019
Following months of preparation, Visa, Mastercard, American Express and Discover announced the launch of "click to pay," a new streamlined checkout process that functions similarly at all participating e-commerce sites.
PYMNTS
OCTOBER 22, 2019
British FinTech startup Revolut is collaborating with Mastercard to help it expand into the U.S. by the end of 2019, Mastercard said in a press release on Tuesday (Oct. 22). All of Revolut’s first debit cards in the U.S. and at least half in the U.K. will be issued with Mastercard. The payments giant has been partnering with Revolut since its 2015 launch.
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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.
Payments Source
OCTOBER 22, 2019
Retail technology provider Standard Cognition is putting its quick-rising valuation to work to stockpile tools as the checkout-free market enters a more competitive phase.
PYMNTS
OCTOBER 22, 2019
Carlos Costa, the head of the Bank of Portugal and member of the European Central Bank (ECB) board, said banks are going to have to be nimble and fast reacting if they want to stave off competition from FinTechs and digital banking apps. Costa spoke at a conference in Lisbon about the potential dangers facing the banking industry, and how it needs to be able to use new tools to deal with the “new reality” of the banking ecosphere, Reuters reported.
Payments Source
OCTOBER 22, 2019
The Treasury secretary repeated his concerns about the social media giant's proposed cryptocurrency, one day before Mark Zuckerberg is expected to face tough questioning from House lawmakers.
PYMNTS
OCTOBER 22, 2019
Increasingly, the physical and digital worlds are converging. Consumers own and use connected devices more than ever before, while brick-and-mortar retail is transforming the in-store experience by making it more digital. That’s exactly what Walmart and Mattel are trying to do using an interactive video store featuring different “floors” with toys. The store called KidHQ lets users browse through toys and has interactive “choose-your-own-adventure” type features.
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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.
Payments Source
OCTOBER 22, 2019
With the social media giant under heavy scrutiny for its cryptocurrency plan, the company's CEO plans to tell lawmakers that the Libra Association will take the lead.
PYMNTS
OCTOBER 22, 2019
Money constantly flows across borders in the increasingly interconnected global economy, from workers overseas back to their families, and from buyers to their suppliers. Any complications cause major headaches, and international payments are often more involved and costly than those made domestically. They frequently face delays and rack up fees as they pass through multiple FIs, and parties making these payments often wrestle with currency conversions and value fluctuations.
Payments Source
OCTOBER 22, 2019
HTC's blockchain phone; South Korea's digital ID project; Kik still kicking; and other information you need to start your day, from PaymentsSource and around the web.
PYMNTS
OCTOBER 22, 2019
“May you live in interesting times.”. The old Chinese saying has been likened to being less than a blessing and more of a curse. After all, “interesting” is not synonymous with peace or tranquility. Corporate treasurers live in interesting but hardly easy times. Managing cash positions has become an exercise in thinking big, thinking long-term, and at the same time addressing constantly shifting smaller details and demands of businesses that are increasingly global in scope.
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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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