Wed.Nov 06, 2019

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.

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

Abrigio

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. .

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.

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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

How to Increase Member Business Lending

Abrigio

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.

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

Bank Innovation

JPMorgan Chase & Co. has long feared that technology giants will act more and more like banks. The firm’s surprising solution: help them do it. The bank has spent the last year developing an e-wallet tailored for companies such as Airbnb, Lyft Inc. and Amazon.com Inc.

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CA AG: Facebook Lags In Cambridge Analytica Probe Response

PYMNTS

California’s attorney general said that Facebook has continued “to drag its feet” when it comes to handing over documents pertaining to the state’s investigation into the social media giant and Cambridge Analytica. On Wednesday (Nov.

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More Trending

Libra Head Calls Bitcoin Volatile

PYMNTS

The head of Facebook’s Libra project said he doesn’t consider bitcoin to be a currency because it’s simply too volatile. “I I don’t think of bitcoin as a currency.

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.

UAE May Allow WhatsApp VoIP

PYMNTS

A source has revealed that the UAE may lift its ban on WhatsApp calls. Most Voice over Internet Protocol (VoIP) services — including Skype, FaceTime and WhatsApp — are illegal in the UAE.

What The Fed Pause Means For Commercial Loan Production

Banker to Banker

COMMERCIAL LENDING STRATEGIES

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.

ATM Marketplace: October Top 5

ATM Marketplace

Time to catch up on some reading? Popular stories last month included two on security — always a hot topic — and two from the ATM Industry Association conference in Rome

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Square Cash Bolstered By Bitcoin

PYMNTS

Square’s investors were happy as the market closed Wednesday (Nov. 6); the payments firm reported stronger-than-expected results for Q4 and a brighter revenue forecast for the remainder of 2019 than analysts were expecting.

The United States Of Fintech Startups

CB Insights

The fintech space is gaining momentum. Last year saw a double record of $46B invested across over 2,800 deals to fintech startups — a 92% uptick in funding year-over-year. GET THE 83-PAGE q2 2019 FINTECH TRENDS REPORT.

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.

SME insurance- you can lead a horse to water, can you make it drink?

Daily Fintech

image If 40% of the U.S.

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SoftBank CEO Vows WeWork Blunder Won’t Happen Again

PYMNTS

SoftBank CEO Masayoshi Son calls his company’s decision to save WeWork “an exception” that won’t happen again.

Client Note: Microsoft Debuts Quantum Computing Service, PayPal Invests In Japan, Benchmark Backs Open-Source RPA, And More

CB Insights

Fintech. Beauty CRM Boulevard raises Series A. Boulevard , an LA-based operations and customer management software company purpose-built for the beauty and self-care industry, announced closing an $11M Series A led by Index Ventures and with participation from Bonfire Ventures , among others.

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.

Podcast: With Rebrand, WaFd Puts Its Bank Identity Front and Center

ABA Community Banking

Washington Federal -- a $16.4 billion regional institution based in Seattle -- had a problem: many in the general public didn't realize exactly what it did. The post Podcast: With Rebrand, WaFd Puts Its Bank Identity Front and Center appeared first on ABA Banking Journal.

Uber CEO Says Its Business Is Stronger Than WeWork

PYMNTS

At a New York Times DealBook conference on Wednesday (Nov. 6), Uber CEO Dara Khosrowshahi defended the company’s business, saying that it is viable and very different from WeWork, which recently had to call off an initial public offering (IPO) over plummeting value and troubles about work culture.

Security Risk Assessments – A Balance of Risk and Controls

Strategically Speaking

Risk – the possibility that something undesirable will occur – is always around us. And we make decisions based around risk every day, from the moment we take our first step, ride our first bike, drive our first car, or buy our first home.

How Integrated Receivables Connect Corporates With Data And Analytics

PYMNTS

FinTechs are connecting banks with tools such as integrated receivables that they can provide to their corporate customers — and offer them one view of all their payments.

Anatomy of a Bank Acquisition Heading into 2020

ABA Community Banking

Four areas where boards may wish to focus their energies when presented with an acquisition. The post Anatomy of a Bank Acquisition Heading into 2020 appeared first on ABA Banking Journal. Community Banking Directors Briefing Featured Directors M&A

Deutsche Bank Backs Idea For Stronger Banking Union

PYMNTS

Deutsche Bank Deputy Chief Executive Officer Karl von Rohr said the bank welcomes a finance ministry proposal from Germany that would strengthen the European banking union, according to a report by Reuters.

What Does the GDPR Mean to Your Credit Union?

New York's State of Mind

Greetings, folks. Since the General Data Protection Regulation took effect in May of 2018, one of the great compliance questions has been: do we or don’t we comply with the GDPR? I’m here to say that I am no longer equivocating on this issue—in my opinion; the GDPR does not apply to your credit union […]. Compliance Legal Watch Regulatory technology cookies European Court of Justice European Union GDPR Google WAshington Post

Mining The Meaning Of China’s Bitcoin Mining Backtrack

PYMNTS

Mining — on again, off again, back on again in China. That is not the mining of which one might think — not the stuff that comes out of the ground, like metals and coal, but bits and bytes. Reports came on Wednesday (Nov.

Smaller banks take a turn swinging the ax

BankThink

While layoffs at big banks get the headlines, small and midsize lenders are also trimming payrolls in response to lower rates and fears that a recession is getting closer. Community banking Regional banks Recruiting Revenue and expenses Expense management

Wirecard Expands KMPG Audit To Clear Fraud Allegations

PYMNTS

Wirecard is having auditing giant KPMG expand the scope of its review of Wirecard financials as the company continues to defend against allegations of fraud. Reports in Reuters on Wednesday (Nov.

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'We don't need to be scared by sunshine': Industry backs CFPB rule

BankThink

At a forum convened by the CFPB, several bank and fintech executives argued that long-delayed rules required under the Dodd-Frank Act can help fight discrimination and shine a light on unsavory practices in the market for small-business credit.

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.

HomeStreet to pay fine for RESPA violations

BankThink

The FDIC ordered the Seattle bank to pay a nearly $1.4 million fine tied to improper agreements with real estate brokers and home builders. Community banking Regulatory actions and programs Mortgages Washington

Jersey City Votes To Tighten Short-Term Rental Regs

PYMNTS

Airbnb suffered a blow on Tuesday (Nov. 5) when Jersey City residents voted to apply more regulations to short-term rentals, a decision that could have repercussions as the company prepares for an IPO, according to a report by CNBC. More than 69 percent of voters cast their ballots for the measure.

U.S. Bancorp recruits Capital One exec to be its AI chief

BankThink

Tanushree Luke played a key role in Capital One's use of a conversational artificial intelligence technology known as Eno, and she previously worked for the U.S. government's Defense Advanced Research Projects Agency. Artificial intelligence

Top News In Payments: SoftBank Reports $6.5B Loss; FIS Sees Strong Merchant Sales In Q3

PYMNTS

In today’s top payments news, Japan’s SoftBank reported a $6.5 billion loss on Wednesday (Nov. 6) with its first quarterly drop-off in 14 years. Also, Fidelity National Information Services (FIS) reported Q3 results that beat expectations for adjusted earnings.

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Manufacturing 'an area we're watching closely': KeyCorp CFO

BankThink

Don Kimble assured investors Wednesday that the bank is being "very diligent" in lending to an industry some experts say is already in a recession. Echoing other banking executives, he also predicted that consumer lending would drive overall loan growth in the near term.