Payments Dive
DECEMBER 12, 2019
As a rising number of consumers use digital payments to conduct ecommerce transactions, businesses need to make sure their mobile apps are secure. Customer identity and payment information is increasingly at risk as fraud actors find new ways to compromise mobile platforms.
Bank Innovation
DECEMBER 12, 2019
Half a year after Bank of America’s AI-powered digital assistant Erica reached 7 million users, Erica has surpassed 10 million users, Bank of America reported this week. The virtual financial assistant is on pace to complete 100 million client requests in the coming weeks, according to the bank. Christian Kitchell, AI solutions and Erica executive […].
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Chris Skinner
DECEMBER 12, 2019
As it’s Friday the Thirteenth I thought I’d cheer you up with yet another core systems renewal story. There’s a great article that resonated with me in the Financial Times the other day, talking about ‘technical debt‘. The line that has stayed with me is this one: “Stripe estimates that … The post Catch 22: to die or maybe die? appeared first on Chris Skinner's blog.
Bank Innovation
DECEMBER 12, 2019
U.K.-based card startup Curve is launching payments through wearables, including on Garmin, Fitbit and Sony Wena devices. Th company offers a physical and digital card that consolidates multiple bank accounts and cards into one payment vehicle, supported by Mastercard. It’s available as app and card, and lets keep track of their incoming and outcoming transactions […].
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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
Chris Skinner
DECEMBER 12, 2019
Things we’re reading today include … ING working on digital assets custody technology Battle over Volcker’s rule outlives its creator Central bankers debate tackling climate change Citi, Credit Suisse drop China’s Ucommune U.S. IPO over valuation -sources EU confirms one-year Brexit reprieve for clearing houses America wants the World Bank … The post Things worth reading: 13th December 2019 appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
DECEMBER 12, 2019
Executives at Home Depot said opioid addiction in the U.S. might be part of the reason for a recent escalation of thefts in its stores, Bloomberg reported on Wednesday (Dec. 11). . An organized band of thieves are swiping merchandise totaling millions and stowing the goods in warehouses, the company said. The thefts — which retailers call shrink — will result in lower operating profit margins in 2020, Home Depot executives told analysts and investors during a meeting.
Bank Innovation
DECEMBER 12, 2019
On the heels of a $200 million debt capital raise confirmed this week, corporate card and financial product startup Brex plans to ramp up its product offerings for e-commerce entrepreneurs. The company currently offers credit cards for e-commerce companies, a product that was first launched in February. Chief Financial Officer Michael Tannenbaum told Bank Innovation […].
PYMNTS
DECEMBER 12, 2019
Though the U.S. continues to take significant steps toward a faster payments ecosystem , the market undoubtedly lags behind others across the world in the path toward real-time payments ubiquity. There are a variety of reasons why this is the case, which stem beyond one of the most common explanations — that the U.S., unlike markets like the U.K. and Europe, lacks the same government push for change, and in some cases, mandatory changes.
Payments Source
DECEMBER 12, 2019
New York crypto reg changes move ahead; PayPal's Ready heads to Google; and other information you need to start your day, from PaymentsSource and around the web.
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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
DECEMBER 12, 2019
The company behind QuickBooks , Intuit , announced it is releasing an expanded suite of online payroll offerings to help small to medium-sized businesses (SMBs) automate payroll and tax filing, according to a press release. The suite has built-in tax penalty protection and helps with access to services like human resources (HR), benefits and compensation for injured workers.
Payments Source
DECEMBER 12, 2019
PayPal — which is rarely thought of as a prepaid card company — has filed a lawsuit against the CFPB over its rules on prepaid accounts, underscoring the rapid changes in digital financial services and PayPal’s own expanding financial services ambitions in recent years.
PYMNTS
DECEMBER 12, 2019
When Visa launched a contactless payments pilot with New York’s Mass Transit Authority (MTA) seven months ago, the company started small, and with modest goals. This “public pilot” made contactless payments available on a few train lines, and only at 16 stations, including Grand Central Station and Union Station. A bit of caution was well warranted, as Visa’s Global Head of Contactless Payments Dan Sanford told Karen Webster in a recent discussion, given the massive size of the New York public t
Bobsguide
DECEMBER 12, 2019
Bobsguide have complied a list of the global fintech conferences that will take place during 2020. This page will be updated as and when new information is provided. January. Paris Fintech Forum. January 28-29. Where: Palais Brongniart, Paris. For: Fintechs, banks.
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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
DECEMBER 12, 2019
Yooz , a company that provides a cloud-based purchase-to-pay automation solution for companies, has announced a partnership with Microsoft , according to a press release. The partnership will combine Yooz’s paperless accounts payable technology with the Microsoft Azure cloud system to help companies automate their accounting processes and increase efficiency.
Payments Source
DECEMBER 12, 2019
If the intention is for FedNow to give the market a choice, particularly to smaller, local banks then interoperability between the TCH and FedNow is a must, says FIS' Elena Whisler.
PYMNTS
DECEMBER 12, 2019
It’s been said that the holy grail of commerce is data. Even that holy grail has a holy grail — where data is accessible and usable in real time. Payments are becoming increasingly invisible, embedded in the consumer experience offered by merchants. Consumers view payments as part of their experience, regardless of what setting they might be in — whether online or in-store — or what device they may hold.
CFPB Monitor
DECEMBER 12, 2019
The CFPB has issued a special edition of its Supervisory Highlights that focuses on compliance with the FCRA and Regulation V. The report contains two main sections, with one devoted to supervisory observations at furnishers and the other devoted to supervisory observations at consumer reporting companies (CRCs). (The report was published in yesterday’s Federal Register.).
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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
DECEMBER 12, 2019
The U.S. Securities and Exchange Commission is turning its attention to a lack of transparency within corporates’ investor disclosures as more businesses use supply chain financing. Reports in Bloomberg Tax this week said SEC Corporation Finance Deputy Chief Accountant Lindsay McCord spoke Tuesday (Dec. 10) during the American Institute of CPA’s (AICPA) annual conference, held in Washington D.C.
SWBC's LenderHub
DECEMBER 12, 2019
Not everyone is familiar with how valuable the role of dealer relationship officer can be for a financial institution. I sat down with Jennifer Cook and Tiffany Nelson, the dealer relationship officers at Security Service Federal Credit Union, to take a deep dive into what this job is all about.
PYMNTS
DECEMBER 12, 2019
PayPal has filed suit against the Consumer Financial Protection Bureau (CFPB), alleging that the agency has dismissed its arguments that digital wallets do not operate in the same way as reloadable debit cards — and that disclosure rules mandated by the agency require the payments giant to make “misleading and confusing” disclosures about its products.
CFPB Monitor
DECEMBER 12, 2019
In an 8-1 decision, the U.S. Supreme Court has ruled in Rotkiske v. Klemm that the FDCPA’s one-year statute of limitations (SOL) runs from the date of the alleged violation and not from a consumer’s discovery of the violation. The decision resolves a circuit split, with the Third Circuit having taken the position adopted by the Supreme Court and the Fourth and Ninth Circuits having ruled that the discovery rule applies to the FDCPA’s one-year SOL.
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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
DECEMBER 12, 2019
Players in the sharing economy must contend with an increasingly complex online payments ecosystem as they move into new regions and attract participants to their platforms. They must also take a more balanced approach to growth, sidestepping the payments innovation mistakes that established players have already made, according to Colin Gardiner, chief revenue officer for shared RV marketplace Outdoorsy.
CFPB Monitor
DECEMBER 12, 2019
Our podcast looks at the proposed changes to HUD’s rule for establishing liability under the FHA for discriminatory practices based on disparate impact even without discriminatory intent. We discuss the proposal’s history, five-part burden-shifting framework, available defenses (looking closely at those for models used to assess credit risk), and HUD’s likely next steps.
PYMNTS
DECEMBER 12, 2019
The travel industry is a highly fragmented, complex web of suppliers, distributors, tourism companies and online travel agents (OTAs), all hustling to keep pace with the changes occurring in how travelers — both for pleasure and business — plan, book and pay for their trips. A lack of standardization and infrastructure capabilities makes connectivity difficult for a supplier — for example, a hotel group — trying to integrate its inventory (room) availability to a distributor, so that the distrib
Payments Source
DECEMBER 12, 2019
In updating its point-to-point encryption standard, the PCI Security Standards Council says the resulting simplified validation process for component and software providers will result in more products available for cardholder data protection.
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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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