Tue.May 21, 2019

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Banking with a human touch (guest speech transcript)

Chris Skinner

Some bankers took exception to my calling them some of them morally bankrupt and socially useless. I’m not surprised, as I used those phrases intentionally to be provocative. Equally, I wasn’t saying that all bankers are corrupt and useless, just some. Some big names, but not all. Equally, I have … The post Banking with a human touch (guest speech transcript) appeared first on Chris Skinner's blog.

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Slowing mobile device cycle, consumer demand drive subscription revenue models

Payments Dive

A slowing cycle for new mobile device purchases and a changing demand by consumers who want freedom and flexibility in digital content is driving subscription payments as an increasingly popular model for e-commerce.

Mobile 331
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Things worth reading: 22nd May 2019

Chris Skinner

Things we’re reading today include … FinTech Expert Chris Skinner Reveals Keys to Becoming a True Digital Bank Americans Don’t Want A ‘Digital’ Bank Kard is a challenger bank for teens Even the banking giants will have to embrace crypto and blockchain Tesco Bank to pull out of mortgage market … The post Things worth reading: 22nd May 2019 appeared first on Chris Skinner's blog.

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Payments Startup Marqeta Confirms $260m Funding Round

Bank Innovation

Card issuing platform Marqeta confirmed a $260 million Series E funding round to expand to new geographies, build more features and support new customer acquisition. Hedge fund Coatue Management led the round, with participation from Vitruvian Partners, Spark Capital, Lone Pine and Geodesic. Existing investors include Visa, ICONIQ, Goldman Sachs, 83North, Granite Ventures, Commerz Ventures […].

Capital 244
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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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

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Allied Wallet Settles With FTC Over Fraudulent Payment Allegations

PYMNTS

Payment company Allied Wallet and its owner, Ahmad Khawaja, as well as two officers, Mohammad Diab and Amy Rountree, have settled with the Federal Trade Commission (FTC) over allegations of knowingly processing fraudulent transactions related to scams, the FTC reported on Tuesday (May 21). Allied Wallet was accused of processing payments for firms that were known by law enforcement agencies as fraudulent, such as Stark Law, a debt collection scheme; TelexFree, a pyramid scheme; and MOBE and Digi

More Trending

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Mastercard Enables Contactless Payments At TriMet

PYMNTS

Commuters in Portland, Oregon and Vancouver, Washington can now add a digital Hop Fastpass card to their iPhone or Apple Watch, thanks to an alliance between Mastercard and Apple. Mastercard announced Tuesday (May 21) that using Mastercard token services, commuters can add a card purchased through the Hop Fastpass App to Apple Wallet and tap their iPhone or Apple Watch to get on board public transportation.

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CULedger Partners with R3 on Blockchain-Powered Cross-Border Payments

Bank Innovation

A credit union consortium is working on a blockchain-based cross-border payments tool aimed at serving 89,000 credit unions globally. CULedger, a group of credit unions working on distributed ledger technology, today launched a partnership with enterprise software firm R3 on a cross-border payments tool built on its Corda blockchain platform, called CUPay.

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For Wells Fargo CEO, (A Lot Of) Scrutiny Ahead

PYMNTS

Wells Fargo has been under the proverbial microscope — and now, even more, so will its CEO. The scandal-scarred bank is on the lookout for its next chief executive, with Tim Sloan having departed roughly two months ago. At the moment, C. Allen Parker is interim head of the company. But as Reuters reports , when the next CEO takes the reins, he or she will be required to do everything from submit fingerprints to offer up tax documents, and will generally face a “vetting process that could rival t

Taxes 152
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Three reasons for risk analysts to get ready for quantum

Insights on Business

Rather than explain how quantum systems work, let’s discuss what quantum will do. For the financial industry, how is quantum computing helping? What problems will it solve in the future? How and why are financial institutions getting ready for quantum now? (For more insights see my ). IBM has several quantum computers and devices, known as IBM Q systems.

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The State of Automation in Financial Services 2024 Report

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

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German Savings And Investment FinTech Raisin Looks To Expand Into US

PYMNTS

German FinTech company Raisin, an investment and savings marketplace, is looking to expand its business into the U.S., according to a report by Reuters. The company, which is backed by PayPal, wants to attract customers with higher-yielding deposits from its various banking partners. The firm was founded in Berlin in 2013, and it has brokered 13 billion euros ($14.5 billion) in deposits for German banks like Commerzbank and N26.

Fintech 135
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5 ways mobile transit payments evolved—in just the past two months

Payments Source

The trend is moving far beyond the car, train, bus and car-sharing app. Transportation in 2019 has become a full portal to financial services—and a way to centralize urban movement at the same time.

Training 115
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IBM’s $34B Bid For Red Hat Subject To EU Regulator’s Approval

PYMNTS

IBM has bid $34 billion for the software company Red Hat , but the deal is subject to approval by EU antitrust regulators, according to a report by Reuters. The antitrust body will make the decision by June 27. The U.S. regulatory body already cleared the deal earlier this month without concessions. The deal, which would be IBM’s biggest, is intended to help the company expand its footprint into subscription-based software.

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Report: Fintech gender diversity and the unshifting pay chasm

Bobsguide

Over the past few years industries and governments have prioritized diversity and rectifying gender-related pay disparities, but a recent bobsguide survey suggests much is to be done within the fintech sector. The survey – carried out in March this year - revealed perceptions among.

Fintech 114
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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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.

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AI-Driven Sales Startup People.ai Raises $60M In Funding Round

PYMNTS

An artificial intelligence (AI)-driven predictive sales startup called People.ai has raised $60 million in a funding round, and has attracted some of the biggest-name investors around, according to a report by TechCrunch. The funding round was led by ICONIQ Capital, a VC that includes the office of Mark and Priscilla Zuckerberg, as well as Andreessen Horowitz, Lightspeed Venture Partners, Y Combinator and GGV Capital.

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Why credit card acceptance actually spurs cash use at vending machines

ATM Marketplace

Research confirms that cashless readers do not undermine cash sales in a vending machine. In fact, the technology serves to increase both cashless and cash-based activity, particularly for machines that historically have lower volume sales.

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Germany’s Central Bank Says Tech Presents Hurdles, Opportunities

PYMNTS

Bundesbank, Germany’s central bank, said increased use of financial technology in the country could present regulators with their biggest hurdle since the financial crisis, according to a report by Bloomberg. “We are seeing completely new business models like platforms and crowdfunding ,” said Joachim Wuermeling, a board member at Germany’s central bank.

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It's Time To Retire The Net Promoter Score (And Here's What To Replace It With)

Ron Shevelin

The Net Promoter Score is management snake oil. Here's why, and what to replace it with.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

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Jeff Bezos Says He’s Fascinated By Auto Industry

PYMNTS

At a recent all-hands meeting for Amazon employees in March, Amazon CEO Jeff Bezos said developments in autonomous automobile technology fascinated him, according to a report by CNBC. This was one of the reasons, he said, that he had Amazon invest $700 million in electric vehicle startup Rivian this past February. “If you think about the auto industry right now, there’s so many things going on with Uber-ization, electrification, the connected car – so it’s a fascinating industry,” Bezos said, ac

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How the rise of fee-charging ATMs threatens the U.K.’s small merchants

Payments Source

Fears are growing that the rapid rise in fee-charging ATMs could have catastrophic consequences for the U.K.’s fragile SME market, with major supermarkets and card networks predicted to be the biggest beneficiaries.

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Monese Brings Apple Pay To 13 Countries; UK Retailer Iceland Tests Mobile Wallet Tech

PYMNTS

Welcome to The Axis, your late look at payments news from around the world. Coverage includes the results of a ranking of cities and states in terms of digital payments adoption in India. Banking service Monese now offers Apple Pay through 13 countries in Europe , as the digital payment service has also arrived at National Australia Bank (NAB). And U.K. retailer Iceland has seen encouraging results from a mobile wallet technology pilot during a marketing campaign.

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Swift tests instant pay and settlement with European banks

Payments Source

Seven European banks are testing Swift's Global Payments Innovation real-time cross-border payments through the continent's Target Instant Payment Settlement process.

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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

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.

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ATM Real-Time Rules

ATM Marketplace

Rising ATM Fraud not only put financial institutions and business at risk of losing large sums of money, but also hurting their brand reputation. Learn how you can mitigate your ATM fraud risk and identify suspicious activity with this FIS whitepaper.

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5.21.19 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: WeChat Pay grows in Europe; Facebook sets up fintech in Switzerland; Russians dump cash; ABN Amro halts cryptowallet project.

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FIS' Open Test Solutions - Your Quality Confirmed

ATM Marketplace

Open Test Solutions enables reliable payment solutions, helps you save time and implement payment solutions that are adapted for the profound changes that the payment landscape is undergoing. Learn about all the tools FIS has to offer and why you should choose FIS as your ATM partner.

ATM 54
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Data breaches are too strong for encryption

Payments Source

In the era of big data, a more thorough, data-centric approach is needed for security than the traditional encryption of the past, argues comforte AG's Jonathan Deveaux.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.