Wed.Nov 06, 2019

FX transfers that are wise

Chris Skinner

I got an email the other day from TransferWise, a service I use frequently. Why do I use it? Because I moved to Poland. Poland’s currency is the Zloty and paying everything on my card in British Pounds with conversion rates seemed stupid. It really struck home when I was … The post FX transfers that are wise appeared first on Chris Skinner's blog. Fintech Grid

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It’s time for banks to take cues from big tech

Bank Innovation

Last week’s Money 20/20 in Las Vegas showcased numerous innovations in financial services, ranging from the launch of Uber Money to Facebook’s continued push for Libra, and the growth of Amazon Pay. But perhaps more interesting was what the conference lacked: fresh ideas and product propositions from incumbents. Financial institutions’ long-held fears of increasing competition […].

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Things worth reading: 7th November 2019

Chris Skinner

Things we’re reading today include … Deutsche Bank collapse rebuttal sets off Twitter storm Factbox: How the SEC is making life easier for corporate America Goldman’s journey: from high finance to the Mittelstand Second U.S. law firm plots rival London forex class action London Stock Exchange considers shorter trading day … The post Things worth reading: 7th November 2019 appeared first on Chris Skinner's blog. Reading

Deloitte Digital taps Finxact to help banks boost digital capabilities

Bank Innovation

As legacy banks build competitive arsenals against digital-only challengers, partnerships are the way forward. Deloitte and Finxact, a Jacksonville, Fl.-based based core banking provider, are working together to help banks create and integrate new digital products for customers, the companies confirmed this week. According to Frank Sanchez, Finxact’s CEO, the tie-up will enable banks to create […]. Carousel Customer Experience Premium Retail Banking Deloitte Finxact

5 Things a Data Scientist Can Do to Stay Current

DataRobot together with Snowflake – a leading cloud data platform provider — is helping data scientists stay current with the latest technology and data science best practices so that they can excel in an increasingly AI-driven workplace. Five Things a Data Scientist Can Do to Stay Current offers data scientists guidance for thriving in AI-driven enterprises.

Amazon To Build $40M Robotics Innovation Hub Near Boston

PYMNTS

Amazon is planning to build a $40 million state-of-the-art robotics innovation hub near Boston that will result in the creation of 200 tech and manufacturing jobs, Amazon announced in a press release Wednesday (Nov. Tye Brady, chief technologist at Amazon Robotics, said the new hub will speed-up innovation and will be a “world-class facility, where our teams can design, build, program, and ship our robots, all under the same roof.”.

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More Trending

Facebook To Enhance Encryption On Messenger Despite Regulators’ Protests

PYMNTS

Facebook said it is going to enhance encryption capabilities on its Messenger communication platform, despite requests from lawmakers and regulators not to do so because of the potential result that pedophiles and criminals will be harder to track. Facebook also said it is going to go over safety measures and tell users how to avoid unwanted content, or how to report it, Reuters reported.

4 Trends From Money 20/20 That Will Influence Your Bank

Banker to Banker

Last week’s Money 20/20 conference in Las Vegas proved that it remains one of the best conferences for banks that are serious about innovation, particularly as it revolves around payments. The conference is big, the hallways are endless, everybody and their granddaughter is a speaker, the expo hall is ginormous, and the whole conference is almost unwieldy. However, despite these flaws, Money 20/20 is still a gathering that shapes our financial future.

Why Barclaycard Says Consumers Are Key To SCA Success

PYMNTS

As Strong Customer Authentication (SCA) becomes fully implemented, the merchants, banks and third-party payment services within the European Union (EU) are still working out the particulars. The impact of the regulation on the way payments and authentication can be conducted is being felt throughout the EU, but regulators in a variety of markets are still evaluating how SCA can best be applied.

What The Fed Pause Means For Commercial Loan Production

Banker to Banker

COMMERCIAL LENDING STRATEGIES

The Best Sales Forecasting Models for Weathering Your Goals

Every sales forecasting model has a different strength and predictability method. It’s recommended to test out which one is best for your team. This way, you’ll be able to further enhance – and optimize – your newly-developed pipeline. Your future sales forecast? Sunny skies (and success) are just ahead!

Building A Challenger Bank That Actually Challenges Traditional Banking

PYMNTS

There are several reasons why consumers might complain about the services provided by their traditional banks. Perhaps the worst, HM Bradley CEO Zach Bruhnke told Karen Webster in a recent conversation, is when one gets the feeling that their bank isn’t all that interested in them — until it is suddenly. This isn’t just a hunch, he told Webster, but something he personally experienced in his earliest days as an entrepreneur — and a successful entrepreneur, at that.

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FinCEN Issues Advisory on the Financial Action Task Force Updated List of Jurisdictions with AML/CFT Deficiencies

Abrigo

3 minute read Key Takeaways Three countries are added to the FATF list: Iceland, Mongolia, and Zimbabwe. DPRK and Iran continue to need enhanced due diligence. FinCEN released update guidance around these FATF updates. . On October 18, 2019, the Financial Action Task Force (FATF) issued a publication updating its list of jurisdictions with anti-money laundering and combatting the financing of terrorism (AML/CFT) deficiencies.

P2P Payments’ Rising Appeal Beyond Millennials

PYMNTS

Peer-to-peer ( P2P ) payments are exploding. P2P payment network Zelle’s Q3 results show its year-over-year payment values rose by 58 percent, while transaction volume increased by 73 percent. During the quarter, $49 billion was sent through the Zelle Network in 196 million transactions. Today, one in two adults with a U.S.

How to Increase Member Business Lending

Abrigo

Small Business Loans | 5 minute read Key Takeaways Credit unions' small business loans hit a record low, while small business lending continues to remain strong at big banks and community banks. Going digital can help reduce the cost of small business lending and capture more member business loans. SBA loans do not count against the MBL cap and can be a great way for credit unions to support local businesses and entrepreneurs. . Credit unions' small business loans at a record low.

The Empowered Consumer

When it comes to working with the empowered consumer, AI has the power to help your business thrive by leveraging your own data to better understand your customers. Read our ebook, The Empowered Consumer, to learn more about how AI can help you connect with your customers.

Coupa Taps Amex, Mastercard Track In Spend Management Expansion

PYMNTS

Enterprise spend management solution provider Coupa is expanding its offering with new features and a partnership with American Express, the companies said Wednesday (Nov. In a press release , Coupa announced the launch of Source Together, a solution allowing businesses to harness the power of group buying to obtain greater leverage to access discounts and savings.

Processors often overpromise, leaving businesses holding the bag

Payments Source

Firms often say they’ll increase conversion rates and offer discounts, but the reality is more complicated, contends 2Checkout’s Erich Litch. ISO and agent Payment processing Retailers Digital payments Payment cards Security risk

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Fiserv Payments Revs Up 6 Pct, While eComm Gains Double Digits

PYMNTS

Fiserv reported results for the third quarter that, in the wake of its acquisition of First Data, showed progress on realizing revenue synergies and growth in sales of its Clover offering. The company posted adjusted earnings of $1.02, which topped consensus of 99 cents. The consolidated top line was $3.9 billion, better than the $3.8 billion expected.

How Europe's banks plan to counter Visa, Mastercard

Payments Source

Isolationist politics are creeping closer to the payments industry, with European banks threatening to build a localized payment ecosystem to push back against the major American card brands. Network rules Payment processing Cross border payments Europe

B2B Pocket Playbook: End-to-End Guide to Sales Enablement

Sales enablement is the strategic process of providing sales teams with the content, guidance, and mentorship needed to engage targeted buyers. It’s all about equipping sales professionals with the tools they need to put their best-selling foot forward. And if sales teams want to continuously sell better -- and faster -- their sales enablement process must have a game-winning strategy. It's time for you to start selling smarter - and hitting your sales number - with the best B2B database in the market. Get started today.

Why Being Proactive Can Create Fraud Blind Spots

PYMNTS

When it comes to fighting fraud, it’s not really what you know – not exactly, at least. It’s what you don’t know, and how you go about finding those gaps and putting up defenses via better data and new technology.

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JPMorgan has a plan to help Amazon and Airbnb look more like banks

Payments Source

An e-wallet in development would give tech companies the ability to provide millions of customers virtual bank accounts and to offer perks such as car loans or discounts on home rentals to those who keep money stashed there. Payments Digital banking E-Commerce JPMorgan Chase Amazon Uber Airbnb

JPMC Opens eWallet So Tech Firms Can Offer Virtual Bank Accounts

PYMNTS

JPMorgan Chase developed an eWallet product for tech companies like Airbnb, Lyft and Amazon designed to help them provide customers with virtual bank accounts, Bloomberg reported on Wednesday (Nov.

Amex, Coupa Pay chart a global course for digital supply chain payments

Payments Source

American Express is integrating its virtual cards with Coupa Pay's corporate business spending platform for clients in the U.K and Australia by the end of 2019, with plans to extend the service in the U.S. in mid-2020. B-to-B payments Digital payments Payment processing Payment cards American Express

Data Science Fails: Building AI You Can Trust

The new DataRobot whitepaper, Data Science Fails: Building AI You Can Trust, outlines eight important lessons that organizations must understand to follow best data science practices and ensure that AI is being implemented successfully.

Ikea, H&M Funding Tech Startups To Sidestep Retail Disruption

PYMNTS

Ikea and Hennes & Mauritz ( H&M ) are putting money into technology startups as a way to help them sidestep retail disruption, the Financial Times (FT) reported Wednesday (Nov. Ikea, the largest furniture retailer worldwide, and H&M, the second-largest clothing store, have been making venture capital investments into a variety of technology companies.

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Asian firms set a payments innovation example for the world

Payments Source

Ant Financial's success is instructive in the way it developed products that reach many different areas of their finances. And it's hardly the only success story to come out of the Asia Pacific Region, says Rapyd's Eric Rosenthal. ISO and agent Digital payments Mobile payments Ant Financial Grab Uber Asia

FinTech Startup Digits Notches $10.5M

PYMNTS

FinTech startup Digits has announced the close of a $10.5 million Series A funding round, led by Benchmark. There was also participation from 72 angel investors in the funding, including founders and CEOs from companies like Box, GitHub, Tinder, Twitch, Stitch Fix, SoFi and others. “We’re also excited to share that Peter Fenton has brought his wealth of board experience from AirTable, Twitter, NewRelic, Yelp and many others to Digits,” the company wrote in a blog post.

Morning Brief 11.6.19: Paytm sheds one-time passwords for most payments

Payments Source

Interac makes an ID deal; a Calibra exec takes a long view for Libra; and other information you need to start your day, from PaymentsSource and around the web. Briefing

Pressure Points: How to Ensure Your B2B Pipeline Passes Inspection

This eBook highlights best practices for developing a pipeline management process that helps sales leaders and their team C.L.O.S.E (you’ll see what we mean in this eBook) more revenue through data-driven prospecting, stage analysis, and subsequent sales enablement.