Payments Dive

OCTOBER 8, 2019

As American Express and Discover plan to implement SRC, there are a few issues to consider regarding how this will impact your business.

Mobile 259

Mobile 259

South State Correspondent

OCTOBER 8, 2019

Strategic Planning and Innovation If you look at the sensitivity in a bank’s budget, $1 of investment in a new line of business usually doesn’t break even for two to three years. $1 invested in finding a new customer usually returns about 9%, while $1 invested in a new product is usually above 20%. This all compares to about a 40%+ return invested in improving processes (loan, branch, cash management, etc.) and about an 80% plus return spent on reducing customer churn, increasing lifetime value

Innovation 220

Innovation Management 220

Chris Skinner

OCTOBER 8, 2019

Things we’re reading today include … Deutsche Bank Plans About Half of 18,000 Job Cuts in Germany Baptism of fire for new RBS boss: Alison Rose faces court battle over claim that bank trashed small businesses Race to become UK digital banking leader hots up Unicef now accepting donations through … The post Things worth reading: 9th October 2019 appeared first on Chris Skinner's blog.

Digital Banking 172

Digital Banking 172

Bank Innovation

OCTOBER 8, 2019

As big banks focus on attracting more small business clients, they should be leaning more on digital than human, according to a recent Forrester Research study. Peter Wannemacher, principal analyst at Forrester and an author of the study, said banks should be investing more in digital services that make onboarding processes simpler for their small […].

Study 170

Study Meeting Customer Experience 170

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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

Lending

PYMNTS

OCTOBER 8, 2019

Citi has recruited foreign exchange management firm Kantox to enhance its FX services for corporate clients, the companies said in a press release on Monday (Oct. 7). According to Kantox, the company will provide its FX management and business payment solutions to Citi Commercial Bank’s international businesses based in the U.S., enabling those firms to access a custom platform that integrates with Citi’s existing foreign currency payments solution.

Software 186

Software Management Trends Tools 186

PYMNTS

OCTOBER 8, 2019

The umbrella company running Bitfinex and Tether , iFinex, has been hit with a $1 trillion class-action lawsuit. Plaintiffs say that the actions of iFinex was “part fraud, part pump-and-dump and part money-laundering.”. “Together, Bitfinex and Tether manipulated a market that, by design, is supposed to be decentralized,” states the lawsuit. The filing comes days after the company revealed that it was expecting a lawsuit to be filed against it.

Bitcoin 181

Bitcoin Taxes cryptocurrency Innovation 181

Bank Innovation

OCTOBER 8, 2019

According to International Data Corp, banks are expected to spend more than $53 billion on cloud services by 2023. The cloud is a business asset no modern bank or credit union–regardless of size–can afford to bypass. It’s become clear that any financial institution relying on a legacy infrastructure cannot compete against faster and more innovative […].

Security 150

Security Innovation Data 150

PYMNTS

OCTOBER 8, 2019

New regulation principles to govern digital currencies are in the works by the European Union’s finance commissioner after fears ignited by Facebook’s planned Libra coin launch, Reuters reported on Tuesday (Oct. 8). France and Germany are among the many countries alarmed that the size and scope of Libra could disrupt legal control over the currency.

cryptocurrency 174

cryptocurrency Meeting Washington Regulation 174

BankBazaar

OCTOBER 8, 2019

Planning to buy a car soon? Before you take the plunge, learn how you can save on your purchase by following these pointers. Tired of haggling with auto rickshaw drivers over fares and shelling out a bomb as surge fees during traffic hours and inclement weather? Buying a car may help you get out of this rut, but you should consider several things before you take the plunge.

Marketing 113

Marketing Resources Meeting Mobile 113

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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

Report

PYMNTS

OCTOBER 8, 2019

As of Sept. 14, the legal deadline for the strong customer authentication (SCA) requirement of the Second Payment Services Directive (PSD2) came and went. However, as is often the case when big ecosystems attempt wide and systemic changes, things have not gone quite according to plan. Only 75 percent of issuers said they were prepared to make the jump as of the deadline.

Compliance 156

Compliance Security Industry Regulation 156

Payments Source

OCTOBER 8, 2019

The information you need to start your day, from PaymentsSource and around the web. Today: EU regulators question Libra; Payment startup pulls huge IPO; Sacramento Kings add blockchain; Stripe expands to Malaysia.

Sacramento 87

Sacramento blockchain Regulation Payments 87

PYMNTS

OCTOBER 8, 2019

Three months to go, more or less. In terms of the total amount invested to date in FinTechs, as tracked by PYMNTS via the India FinTech Tracker, the year to date tally stands at just under $3.7 billion. Of that, logistics holds sway, at just over 29.5 percent, eCommerce at 23.8 percent and Alternative Finance at about 14.3 percent. Taking the pulse of where we stand coming into the last few months of 2019, deal activity has seemingly been concentrated within the alternative finance and invest

Fintech 144

Fintech Capital United States Groups 144

Payments Source

OCTOBER 8, 2019

Europe's PSD2 doesn't directly impact Hong Kong, but its monetary decision makers support open banking frameworks, sparking a network of banks to support that effort through the help of HSBC and Swift.

Payments 83

Payments 83

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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.

Lending

PYMNTS

OCTOBER 8, 2019

Visa has teamed up with business expense management firm Payment Logic to support the use of commercial cards in accounts payable for Australian businesses. Reports in IT Wire on Monday (Oct. 7) said Visa and Payment Logic are launching Yak Pay, a new company that connects small businesses with a supplier payment solution. The tool is designed to enable SMBs to pay their vendors with commercial cards, even if that vendor does not accept them.

Marketing Strategies 144

Marketing Strategies Cards Security Payments 144

Payments Source

OCTOBER 8, 2019

Rather than homing in on specific methods to accommodate real-time payment processing, Wells Fargo realized a mix is the best bet to avoid inadvertently leaving parts of its client base in the dark.

Strategy 72

Strategy Payments 72

PYMNTS

OCTOBER 8, 2019

Kazakh FinTech group Kaspi.kz has decided to postpone its U.K. initial public offering (IPO), which was poised to be the biggest IPO by a central Asian company since the 2008 global financial crisis. Although the company said there had been “significant interest,” Kaspi.kz still decided to postpone its listing “in light of currently unfavourable and uncertain market conditions, particularly in the technology sector.” “We are pleased with the very strong interest shown by investors and thei

Marketing 139

Marketing Fintech New York Maine 139

Payments Source

OCTOBER 8, 2019

U.K. fintech Revolut will use Bottomline Technologies' Universal Aggregator to manage a software-based real-time payments button.

Payments 87

Payments Software Fintech Technology 87

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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.

US

PYMNTS

OCTOBER 8, 2019

Silicon Valley tech startup Neighborly is having money woes and can’t make payroll, Bloomberg reported on Monday (Oct. 7). Anticipated funding did not close and the firm’s chief executive officer Jase Wilson told employees to stop working, according to a memo obtained by Bloomberg. “As of tonight, we are not in a position to compensate you,” Wilson said in the Sunday (Oct. 6) memo.

San Francisco 137

San Francisco Kansas Maine Community 137

Payments Source

OCTOBER 8, 2019

If time seems to move faster when a payments compliance deadline is looming, then owners of gas station/convenience stores in the U.S. will feel like October of 2020 will be upon them in no time.

Compliance 69

Compliance Payments Fraud Retail 69

PYMNTS

OCTOBER 8, 2019

The Facebook probe announced by attorneys general in September now has 40 states signed on to investigate allegations of the social media giant’s anti-competitive practices, The Washington Post reported on Monday (Oct. 7). Sources told Reuters that several state attorneys general met with U.S. Attorney General William Barr, Deputy Attorney General Jeffrey Rosen and Antitrust Division head Makan Delrahim to discuss the investigation.

District of Columbia 135

District of Columbia North Carolina Nebraska Iowa 135

Payments Source

OCTOBER 8, 2019

Crypto assets such as Libra could have a systemic effect on financial stability and should be regulated by the European Union, according to the bloc’s incoming financial services chief.

Regulation 68

Regulation System cryptocurrency Compliance 68

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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.

Compliance

PYMNTS

OCTOBER 8, 2019

Accounts payable (AP) departments all too often employ inefficient processes that slow down workflows, and delay supplier payments. Reliance on outdated practices — including paper checks, manual data entry and payment processing, and even fax machines and snail mail — creates major speed bumps, and introduces opportunities for human error. Delays related to these practices can result in strained relationships with vendors, and interruptions in cash flow.

Cards 135

Cards Data Technology Tools 135

Payments Source

OCTOBER 8, 2019

Companies like Stripe provide a needed source of capital, but should expand lending beyond their existing base, says Become's Eden Amirav.

Lending 78

Lending Fintech Capital Company 78

PYMNTS

OCTOBER 8, 2019

The year’s final quarter is upon us, marking an opportunity to look back at Q3 and obtain a reading of small businesses’ most pressing — and most timely — concerns. This week’s B2B Data Digest dives into the latest surveys of U.S. small businesses and finds, unsurprisingly, a trove of challenges on business owners’ plates. Cyberattacks continue to rise, for example, with experts warning that small businesses are especially at-risk.

Survey 134

Survey Taxes Data Report 134

ATM Marketplace

OCTOBER 8, 2019

Banks are under pressure these days to go digital and create personalized experiences for customers, but many are still trying to figure out what sort of experience to deliver.

64

64

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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.

Lending