Chris Skinner
FEBRUARY 6, 2020
I often talk about how banks have five times more regulation than technology firms. That stat comes from Bank of America Merrill Lynch who published this chart a while ago: This is confirmed by similar charts, such as this one from Benedict Evans, a Partner at the firm Andreessen Horowitz, … The post RegTech versus TechReg appeared first on Chris Skinner's blog.
Payments Dive
FEBRUARY 6, 2020
The e-commerce market in Latin America presents enormous potential for retailers. Despite the possibilities, there are a number of unique challenges that retailers and payments companies need to be aware of before making such a commitment.
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Bank Innovation
FEBRUARY 6, 2020
Seattle-based remittance startup Remitly is expanding beyond money transfers to a full suite of banking products for new arrivals to the U.S. The company this week launched Passbook, a bank account for immigrants that relies on foreign identity documents to help customers open accounts. “Where we have differentiation is being able to provide the trust […].
Payments Dive
FEBRUARY 6, 2020
Grubhub Founder and CEO Matt Maloney and CFO Adam DeWitt penned a letter to shareholders as part of the food delivery firm's quarterly earnings report, touting the progress made by expanding from 150,000 to 300,000 participating restaurants.
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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
FEBRUARY 6, 2020
Ally Bank is taking a page from fintech startups by rolling out auto-save features to encourage better money habits among its customer base. This week, the digital bank rolled out Buckets, or digital savings envelopes; and Boosters, which are automated contributions to savings accounts that can be tied to any U.S.-based checking account, even if […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
FEBRUARY 6, 2020
JPMorgan Chase & Co. is staking its consumer-banking strategy on digital technology. In 2020, that push will be spearheaded by a new team of executives. Three of the group’s top leaders — the chief executive officer, the head of digital technology and the chief of digital customer experience — have moved to new roles or […].
PYMNTS
FEBRUARY 6, 2020
Central bank leaders from six countries and the Bank for International Settlements (BIS) have planned an April meeting to discuss digital currencies and the parameters involved for launching their own, the Nikkei Asian Review reported on Thursday (Feb. 6). In January, the central banks of the U.K., Switzerland, Sweden, Canada and Japan, as well as the European Central Bank (ECB), partnered with the BIS to collaborate on the development of central bank digital currencies (CBDC).
Bank Innovation
FEBRUARY 6, 2020
Blend, a startup that sells its loan application technology to banks, is allowing consumers to close mortgages online. The feature, called “Blend Close,” is currently in a pilot stage and integrates into Blend’s existing application technology. “This [feature] can walk the customer through the closing with minimal effort from the lender,” said Nima Ghamsari, founder and CEO of Blend.
Abrigo
FEBRUARY 6, 2020
Key Takeaways The OFAC Symposium highlighted the "maximum pressure strategy" to address tensions. The OFAC has increased sanctions activity. The OFAC modernized communication to increase efficiency. After a three-year hiatus, the highly anticipated OFAC Symposium provided a wealth of information to financial institutions, attorneys, government officials and other attendees in a closed-to-the-press event.
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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
FEBRUARY 6, 2020
The year 2020 is off to a rocky start for food delivery platform Grubhub. Shortly after the new year began, rumors started circulating that Grubhub — facing increasingly stiff competition in a crowded food delivery service market — was actively seeking a buyer , as it had seen falling market share and rising costs. Reports indicated that the firm had gone so far as to hire financial advisors to guide it through the potential transition.
Payments Source
FEBRUARY 6, 2020
Barclays, in an effort to counter digital fintechs in omnichannel merchant acquiring, is working with BigCommerce to offer multichannel transactions enhanced fraud detection to its nearly 60,000 merchants online and improve fraud detection.
PYMNTS
FEBRUARY 6, 2020
Canadian global point-of-sale (POS) and eCommerce firm Lightspeed is teaming up with Silicon Valley payments platform Stripe to advance in-store and online payments for retailers and restaurants in the U.S. and Canada, the companies announced on Thursday (Feb. 6). . In order to offer payment functions to its customers, Lightspeed incorporated Stripe Connect — Stripe’s product for platform payments — and Stripe Terminal, Stripe’s programmable POS.
Payments Source
FEBRUARY 6, 2020
Visa typically adjusts its interchange rates every April and October, but this year it is getting an atypically strong response.
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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
FEBRUARY 6, 2020
Hester Peirce, a financial regulator at the U.S. Securities and Exchange Commission (SEC), said that tech startups may be able to raise money using digital tokens under current law, but that there would be stipulations, according to a report by Reuters. Tech firms will have to create a transition plan after a three-year period that illustrates whether the digital coins will be able to be traded in a “decentralized” framework.
Matt Wilcox Pro
FEBRUARY 6, 2020
Perhaps you heard: 2020’s tax seasons is upon us. You may also be aware that August of 2020 will mark 100 years since the adoption of the 19th Amendment, finally acknowledging women’s right to vote. It’s an issue that, like many, today makes us shake our heads to think it was ever hotly contested. It seems [.
PYMNTS
FEBRUARY 6, 2020
For Uber , black ink on the road ahead? The ride-hailing giant, extending its platform model into adjacent businesses such as freight and food delivery, is aiming to deliver a profit earlier than might have been anticipated — as in, the end of this year. Adjusted revenues were $3.7 billion, representing a 42 percent gain, and that number was in line with expectations.
Payments Source
FEBRUARY 6, 2020
The payments company is working with nonprofit organizations, law enforcement authorities, victims and others to make it harder for the criminals behind the modern slave trade to move money.
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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
FEBRUARY 6, 2020
For Google — and specifically for Google Pay — India’s continued push into digital payments offers a tremendous greenfield opportunity, and perhaps a roadmap to help shape (digital) go-to-market efforts in other parts of the globe. Amid several months of new service and product rollouts and refreshes spanning several months, Google said earlier this week that it has debuted a new feature that lets users in India browse mobile device plans and recharge prepaid plans using Google Search.
Payments Source
FEBRUARY 6, 2020
Nacha is readying its network to meet with the demands of its financial institution members.
PYMNTS
FEBRUARY 6, 2020
The busy business of home DNA facing its first major test, as consumer demand for the products is beginning to dim. The issue was surfaced by the announcement of the leading firm in the segment, Ancestry.com, which announced across-the-board layoffs earlier this week. The news of the firm’s shrinking workforce was paired with a blog post from President and CEO Margo Georgiadis that affirmed the slowdown.
BankBazaar
FEBRUARY 6, 2020
According to FM Nirmala Sitharaman, Budget 2020 has included provisions that would translate to more income and purchasing power for tax-paying citizens. From a personal finance view, here are five key changes that you should know about. On the 1 st of February, 2020, our Finance Minister (FM) Nirmala Sitharaman announced the Budget for FY 2020-21. Being one of the most anticipated events of the year, the entire nation was anxiously waiting for the announcement, hoping that this year’s Budget wi
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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
FEBRUARY 6, 2020
Chicago-based Signature Bank is rolling out a technology platform called Finrails AP to simplify B2B payments, the company announced on Thursday (Feb. 6). Finrails AP offers businesses a cloud-based accounts payable (AP) solution that automates B2B payments on a secure digital dashboard using numerous payment methods. Payments are facilitated using virtual Visa commercial cards, ACH and checks. “We recognized a need among our business customers for an automated solution that would help mod
Banking Exchange
FEBRUARY 6, 2020
Q3 2019 figures indicate “sound credit management” by consumers as total number of accounts falls for only the second time in seven years Payments Customers Channels Cards Feature3 Feature.
PYMNTS
FEBRUARY 6, 2020
New York Stock Exchange owner International Exchange (ICE) said it is no longer going to pursue plans to potentially purchase eBay after investors strongly fought back against the move, according to a report in The Wall Street Journal. After markets closed Thursday (Feb. 6), ICE said it discussed the potential purchase in an early morning earnings call with investors, which didn’t necessarily stop a slide in share value for ICE.
Banking Exchange
FEBRUARY 6, 2020
Goldman Sachs’ Chief Executive Officer stated at Davos that the firm will not bring an American company public that does not have either a woman or some other form of diversity Management Human Resources Feature Financial Trends Duties People Feature3.
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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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