Sun.Oct 06, 2019

Facebook has forced the world’s banks to innovate

Chris Skinner

It’s been interesting to watch the development of Facebook’s Libra project. As I expected, regulators hate it and are asking lots of questions about it. Most seem to want to ban it. And now PayPal has dropped out of the original founding team, with Visa and MasterCard rumoured to follow.

Google Beefs Up Vacation Rental Search

PYMNTS

Google is stepping up its vacation rental business with enhanced listings that will include reviews, photos and more, and appearing before competitors on search, Skift reported on Saturday (Oct.

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The Finanser’s Week: 30th September – 6th October 2019

Chris Skinner

The main blog headlines are … Banks are product not customer focused I walked into a grocer’s store the other day. The store was resplendent with fruits of all colours and continents.

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Apple Boosts iPhone 11 Production

PYMNTS

Increased demand for iPhone 11 has prompted Apple to step production by about 10 percent, Nikkei Asian Review reported on Friday (Oct. Previously, Apple was quite conservative about placing orders”, which were less than for last year’s new iPhone, a source told Nikkei.

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Things worth reading: 7th October 2019

Chris Skinner

Fraud 198

Walmart Finds Buyer For ModCloth

PYMNTS

Go Global Retail announced its plans to acquire the assets of ModCloth from Walmart.

Tokenized Venture Capital

Daily Fintech

Tokenization has the power to impact the entire VC industry, from the way venture capital is raised, to the way it is invested in startups and projects.

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A battle royal for online deposits

BankThink

A combination of mutual and clashing interests has driven many players — big banks, community banks, credit unions and fintechs — to offer high-interest, digital-only savings and checking. Digital banking Mobile banking Demographics Robo advisors

Coinbase Eyeing Omni’s Crypto Engineering Team For Acquihire

PYMNTS

Coinbase is reportedly in talks to acquire rentals startup Omni’s engineering team. Two sources told TechCrunch that Omni also laid off seven operations team members on Friday (October 4). The startup has also received interest in its engineering team from Thumbtack.

Measuring the mixed impact of PSD2 legislation 18 months on

The Paypers

(The Paypers) We discussed with Nans Lorenzini , Legal and Compliance Officer at Limonetik , to learn more about the impact of PSD2, 18 months after it was adopted in January 2018

Barn2Door Lands $3.4M To Help Farmers Sell Online

PYMNTS

Barn2Door has revealed that it raised a $3.4 million investment round led by Lead Edge Capital, with participation from Global Founders Capital and other investors. The startup, which creates eCommerce software for farmers, has now raised more than $4.5

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Razorpay raises over USD 18 mln

The Paypers

(The Paypers) Razorpay , an online payments solution provider, has secured around USD 18.37 million from its US-based parent company Razorpay Inc

Coinbase CEO: US Should Support Libra Or ‘Get Left Behind’

PYMNTS

Coinbase CEO and co-founder Brian Armstrong tweeted that he thinks the U.S. should get on board with Facebook’s Libra, Cointelegraph reported on Saturday (Oct. There are many cryptocurrencies, and Libra is just one of them. But the way the U.S. government reacted, it’s like they almost want to be left behind,” Armstrong tweeted on Friday (Oct. Armstrong also tweeted that as China gets ready to announce its own cryptocurrency, U.S.

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Even in tech-savvy Canada, digital ID must overcome outdated ideas

Payments Source

Canada is often at the forefront of payments innovation, with active fintech hubs and a national initiative to restructure the country’s transaction system for e-commerce. Yet outdated attitudes about identity risk linger, showing how hard it will be to achieve global digital ID at scale.

87 Pct. Of US-Bound Counterfeit Products Came From China Last Year

PYMNTS

Small business owners are trying to fight back against counterfeiters in China. Data from the U.S. Customs and Border Protection’s Office showed that last year, 87 percent of all counterfeit products seized at U.S. ports came from China or Hong Kong.

In Banking, Soft Skills Remain Blah Blah Blah

Jeff For Banks

Weakness: Middle Management. I hear this often. Why is it so common in community banks? I have opinions. Peter Principle is alive and well in banking. We elevate superior performers in their functional position to leadership positions to which they are ill prepared.

Business email fraud makes gift card fraud even worse

Payments Source

Crooks can impersonate IRS officials, tricking people into using gift cards to pay for a fake penalty, says Chargeback 911’s Monica Eaton-Cardone. ISO and agent Payment fraud Retailers Risk

Fraud 60

Why Can’t Banks Get Digital Account Opening Right?

Ron Shevelin

Seriously now, how hard could opening a bank account through digital channels be

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Banking Is Facing Unequaled Transformation: Are You Ready?

The Financial Brand

Fast-moving changes impact consumer expectations, competition, business models, the need for digital-ready talent and profitability. The post Banking Is Facing Unequaled Transformation: Are You Ready? appeared first on The Financial Brand.

GreenState CU Buys Naming Rights to Fieldhouse

Keith Leggett's Credit Union Watch

GreenState Credit Union (North Liberty, IA) bought the naming rights to the fieldhouse attached to Xtream Arena (Coralville, IA), according to The Gazette. The credit union, formerly University of Iowa Community Credit Union, will pay $1.4 million over 10 years for the naming rights. The 53,000 square-foot fieldhouse will be called GreenState Family Fieldhouse. Read more. Branding Naming Rights Spending Big

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Proposed Minneapolis credit union may be in jeopardy

CU Insight

A proposed credit union to serve the black community in North Minneapolis that has been in the making since 2017 suffered a major setback after its executive director was ousted for alleged financial misconduct, mismanagement and gross negligence.

Diversity Insight: People with disabilities can be great employees

CU Insight

October is National Employment Disability Awareness Month. Credit unions have a lot to gain from hiring some of the 61 million Americans who have a disability. Only 18.7 million were employed in 2017, so the population of people with disabilities is largely untapped in terms of potential workers.

Leagues/CUs Hike the Hill in support of SAFE Banking, other priorities

CU Insight

Credit union leaders from six states visited Washington, D.C. during a busy week in the Nation’s Capital, discussing credit union concerns with policymakers as the House was preparing for its historic vote on the Secure and Fair Enforcement (SAFE) Banking Act.

Fed’s Quarles: LIBOR transition poses stability risks

CU Insight

As the London Interbank Offered Rate (LIBOR) is set to stop publishing after 2021, Federal Reserve Vice Chair for Supervision and Chair of the Financial Stability Board Randal Quarles is warning that the transition away from the rate could pose financial stability risks. Quarles, speaking at the European Banking Summit, said he was concerned about institutions preparing to transition at different speeds. Similar concerns have also been expressed by other members of the Federal Reserve system.