Fri.Aug 10, 2018

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Phishing Attacks Continue to Rise as Malware Moves from Attachments to URLs

Bank Innovation

The sophistication of cyber attacks on financial services continues to evolve, yet instances of long-established tactics like email phishing and malware attacks persist. A July 2018 study conducted by Proofpoint, a Sunnyvale, Calif.-based cybersecurity software company, found that email is the “most frequent source of advanced attacks.” But the attack vector has shifted slightly.

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According to one banker, banks are just like sewage

Chris Skinner

Now I didn’t make this statement, to be clear. A banker did. He was talking about the four quadrants of service, and said that banking needed to become like the sewage system: invisible, but incredibly important that it works especially when it’s urgent. I liked his ideas, and he presented … The post According to one banker, banks are just like sewage appeared first on Chris Skinner's blog.

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Lack of Collaboration Within Banks Holds Back Machine Learning Initiatives

Bank Innovation

Artificial intelligence and machine learning capabilities are increasing in financial services, but a lack of collaboration between banks and within banks is holding back progress, according to Nisha Talagala, vice president of engineering and CTO at ParallelM, an “MLops” software company based in California whose portfolio consists of 50% financial services clients.

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Podcast Episode 5: Citi Managing Director discusses loyalty programs and the mobile experience

Payments Dive

Host Will Hernandez discusses mobile loyalty programs with Citi's managing director of customer engagement and innovation. Will also chats with Elliot Maras, editor of Kiosk Marketplace and Food Truck Operator, about the relationship between mobile and kiosks.

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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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How Banks Can Use Information Modernization to Avoid Being Amazon-ed

Bank Innovation

You’re probably aware that the way we bank has evolved dramatically over the last few years, but that banking business models have been slow to keep pace. Combined with the general lack of trust in our banking institutions, the industry is poised for massive disruption. Failure to keep pace with changing consumer preferences has opened […].

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Can Grover Do For Gadgets What Netflix Did For Films?

PYMNTS

As the digital economy expands, notions of ownership and loyalty change. The so-called sharing and gig economies enable consumers and workers to use products and take jobs without full commitment. Now a young company in Germany called Grover hopes to use a fresh investment worth about $47 million to expand its business of offering rentals of phones, consumer electronics, drones, gaming gear and other products to consumers and startups.

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PIN on 'glass' and 'mobile' aren't the same. Too many merchants don't know that.

Payments Source

PIN on Mobile (PoM) and PIN on Glass (PoG) are two of the most commonly mislabelled emerging technologies. While the two terms are treated as though interchangeable, each has differing benefits and features. They also serve merchants in a different manner, so choosing the right one for a particular business is crucial, according to David Poole, global head of mobile POS solutions for MyPinPad.

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Low-Cost Mobile Card Readers Have Security Flaws

PYMNTS

Positive Technologies researchers Leigh-Anne Galloway and Tim Yunusov are warning that new lower-cost payment systems could hurt companies because of security flaws that could enable hackers to steal credit card data or change the value of what people are purchasing. CNET reported the researchers released their findings during the Black Hat security conference being held this week in Las Vegas, saying hackers are targeting cheap card readers, which have gained in popularity because they are easy

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Changing the way money moves across Asia Pacific: Sibos 2018

Insights on Business

We very much look forward to hosting the premier global financial services industry conference in Sydney, Australia from October 22-25. Given IBM’s experiences helping clients accelerate their digital transformation journey with Cloud and AI, we’re particularly excited that “Enabling the digital economy” is the Sibos 2018 conference theme. We see a market with many opportunities to create exponential advantage and produce out-sized achievements when the right business strategy is matched with

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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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146B Customer Records On Dark Web By 2023

PYMNTS

A new report has found that over 33 billion records will be stolen by cybercriminals in 2023 alone. The new findings gathered by Juniper Research and published in its report, “The Future of Cybercrime & Security: Threat Analysis, Impact Assessment & Leading Vendors 2018-2023,” shows that there will be a staggering increase of 175 percent in cybercrime in 2023.

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Changing the way money moved across Asia Pacific: Sibos 2018

Insights on Business

We very much look forward to hosting the premier global financial services industry conference in Sydney, Australia from October 22-25. Given IBM’s experiences helping clients accelerate their digital transformation journey with Cloud and AI, we’re particularly excited that “Enabling the digital economy” is the Sibos 2018 conference theme. We see a market with many opportunities to create exponential advantage and produce out-sized achievements when the right business strategy is matched with

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Singapore Provides ‘Springboard’ To Asian Markets For FinTech

PYMNTS

Singapore’s FinTech scene is booming: Funding for the burgeoning sector in the island country topped nearly a billion dollars in 2017, reaching $983.6 million that year. Hong Kong, by comparison, saw $596.8 million in funding for FinTechs at the time. Singapore overtook Hong Kong in FinTech funding in 2016. In that year, Singapore pulled ahead of Hong Kong with $310.5 million in funding compared to Hong Kong’s $191.2 million.

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Visa, Mastercard agree to cut Canada interchange fees

Payments Source

The U.S. companies agreed to reduce the average annual interchange rate in Canada by 10 basis points to 1.4 percent on cardThe new rate takes effect in 2020 and runs for five years. The government estimated that small and medium-sized businesses could save C$25,000 over the period.

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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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Visa, Mastercard Cut Canadian Interchange Fees

PYMNTS

Visa and Mastercard have agreed to cut Canadian credit card transaction fees, which could save smaller businesses (SMBs) C$250 million ($192 million) a year. The companies agreed to reduce the average annual interchange rate in Canada by 10 basis points to 1.4 percent on cards, according to Canada’s finance department. “The voluntary commitments announced today are good news for Canadian businesses that accept credit cards, and good news for Canadian consumers,” said Finance Minister Bill Mornea

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Most popular articles: BaaS | blockchain | fraud evolution

Bobsguide

We're trying something different at bobsguide. Dave Beach talks through the most popular stories this week. 1. Banking-as-a-Service set to transform age-old model | fireside video chat with Sophie Guibaud, Fidor Solutions. 2. Blockchain cross-border payments: the companies.

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McDonald’s McGold Card Promotes Online Ordering

PYMNTS

To help drive customers to its online ordering system, McDonald’s is rolling out a free food “for life” promotion. The winner will score a McGold Card that gives two free meals a week over a 50-year period, USA Today reported. According to the contest’s website , the prize is worth $52,350. The contest kicks off on Friday (August 10) and concludes later in the month.

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8.10.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: PGA suffers ransomware attack; U.K. consumers don't always know where payments fraud comes from; Apple Pay's usage jumps; Wearables go to beach volleyball; Intuit earns a payment patent.

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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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Retail Pulse: Mattress Firm Mulls Bankruptcy; Walmart Plans Robotic Grocery Pickup

PYMNTS

Brick-and-mortar retailers have sought to reduce their retail footprint in hard times, and Mattress Firm, Inc. is no exception. The brand could close between 600 to 1,000 of its 3,000 locations this year, according to some predictions – and is reportedly considering bankruptcy, people familiar with the matter have told Reuters. Steinhoff International Holdings NV, which acquired the company in 2016, has reportedly sought to restructure some of its subsidiaries’ debt.

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Singapore banks add B2B app to drive cashless initiative

Payments Source

PayNow Corporate enables corporations, businesses and government agencies to pay and receive funds instantly by linking a unique entity number to their Singapore bank account.

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Retailers Rethink Store Concepts, Digital Strategies Amid New Realities

PYMNTS

Traditional retail locations, ranging from fashion and home furnishings to hardware and department stores, have been forced to make significant changes in the face of heightened competition from eCommerce giants like Amazon and omnichannel powerhouses, like Walmart and its online unit, Jet.com. In many cases, the stores have been slow to develop their own eCommerce strategies.

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6 ways the 'Pay' wallets are fighting harder

Payments Source

Each of these wallets has developed its own personality — and, presumably, its own must-have feature to pull consumers and merchants away from the competition.

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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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Intuit Secures Bitcoin Payment Patent

PYMNTS

Business software company Intuit has secured a patent for bitcoin payment processing, according to Coindesk reports on Thursday (Aug. 9). The U.S. Patent and Trademark Office published the patent , which describes a method to process bitcoin payments sent via text message that includes payment amount and validation based on a virtual payer account maintained by the payment service.

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Facebook's Marcus leaves Coinbase board over potential conflict of interest

Payments Source

Facebook in May placed Marcus in charge of a blockchain initiative, which would likely include some of the same work that is taking place at Coinbase.

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IBM, Maersk Blockchain Venture Reduces Shipping by 40 Percent

PYMNTS

IBM’s blockchain partnership with shipping company Maersk TradeLens has added 94 more partners, resulting in shipping times that have been reduced by 40 percent. According to a report in CNET , citing Marie Wieck, head of IBM’s blockchain efforts, Wieck said the new partners include shippers, ports and other that are part of the process of getting goods shipped around the globe.

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Private Equity Real Estate (PERE) investment servicing: data management with underlying assets

Bobsguide

Beyond the imperative of return on investment, the entire collective enterprise of PERE investment relies upon collaboration between a growing number of parties; investors, investment managers (IM), management companies, asset servicers, custodians. Further, there is the wider circle that includes.

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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.