Tue.Nov 14, 2017

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U.S. Banks Officially Launch Their Real-Time Payment System

Bank Innovation

The real-time payments system created by The Clearing House, owned by U.S. banks, is officially up and running as of yesterday, according to the banks. BNY Mellon and US Bank carried out the first transaction of the RTP (short for real-time payments) network at approximately 5pm yesterday, moving $3.50 USD through two different accounts — […].

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13 key fintech partnership considerations for banks

Payments Dive

When considering a partner in the journey to reshape a bank's corporate and digital strategies, you need to ensure they are experienced, prepared, and committed for whatever may come their way.

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Meet the Most Innovative CEOs in Banking [SPONSORED]

Bank Innovation

The finance landscape is witnessing some significant changes and disruptions due to fintech companies, blockchain technology, and AI. Innovation in this highly regulated field is necessary, and even giants are rising to the challenge and trying to get more customer-friendly, agile or at least aligned to the new standards set by start-ups. Here is a […].

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Kim Jong-un isn’t that clever … is he?

Chris Skinner

OK, so I said earlier this week that I normally get asked about security by someone who is threatened by the onwards march of digitalisation. Sure, security is important, and the issue is that for every step of innovation we create a step of risk. We don’t know the risks … The post Kim Jong-un isn’t that clever … is he? appeared first on Chris Skinner's blog.

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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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Kony Wants to Help Smaller FIs Provide ‘Differentiated’ Mobile Banking

Bank Innovation

EXCLUSIVE–Just having a mobile app is no longer a differentiating factor for consumers when it comes to picking a bank, but that doesn’t mean consumers aren’t searching for a unique mobile banking experience. However, for those regional banks or credit unions without the assets of a Bank of America or JPMorgan Chase, providing a tailored […].

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Singapore Bank Consortium Releases Blockchain Prototypes to Promote Faster Intra-Bank Payments

Bank Innovation

A consortium of banks in Singapore led by the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS), made public three blockchain prototypes on inter-bank payments in hopes to encourage other banks to engage in innovation in this space. These prototypes are a part of the multi-phase Project Ubin, which the […].

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Top Corporate Treasurers Already Switching FIs To Gain FinTech Tools

PYMNTS

A new report by business banking market research and analysis firm East & Partners suggests corporations aren’t opposed to changing banks as a direct result of new FinTech solutions businesses want to use. Researchers announced East & Partners’ new report, “Financial Technology and the Corporate,” on Monday (Nov. 13). In a survey of corporate treasurers and CFOs at top corporations around the globe, 13 percent said they had already partially or totally switched their financia

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Standard Chartered to Power Banking Chatbot with Kasisto’s KAI Platform

Bank Innovation

Standard Chartered bank has plans to create a banking chatbot using Kasisto’s KAI banking platform, the bank announced today. The chatbot will use KAI, a conversational AI service developed by financial technology provider Kasisto, to provide text and voice assistant to bank customers, Standard Chartered said in a press release. The bot will be available […].

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AC Moore Makes Two Crafty Acquisitions

PYMNTS

Brick-and-mortar retailer of arts and crafts supplies, A.C. Moore, is making a big push into digital. A.C. Moore’s parent firm, Nicole Crafts LLC, has revealed news of its acquisition of Blitsy. An eCommerce player, Bitsy sells arts and crafts retail products online. Nicole Crafts has also secured a “exclusive partnership” as part of a major investment in handcraft marketplace Zibbet.

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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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A Steady Third Quarter for Fintech Globally

Bank Innovation

With one new unicorn and steady VC- backed deals amounting to $4 billion globally, Q3 2017 has been another positive quarter for the fintech industry. According to a CBInsights Report released earlier this month, Q3 saw 278 VC-backed deals equaling $4 billion globally, compared to $2.6 billion in the same quarter last year. And, despite […].

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Today In Data: Healthcare Debt, Unbanked Economy Boosters And Late B2B Payments

PYMNTS

B2B payments are powerful, but so are mounting debts. Innovative technology is making it increasingly easy for companies and individuals to exchange money for goods and services, but rising debts and other negative factors are making the risks of not getting paid for those same items a little too real. Today in PYMNTS’ data, rising healthcare costs and medical insurance deductibles are leaving consumers with hefty unpaid bills; billions of unbanked people (with payments-enabled smartphone device

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Old school market rules don't apply to new cryptocurrencies

Payments Source

There's talk of a bubble, but cryptocurrency creates value in different ways, so traditional market analysis doesn’t work, writes Mariam Nishanian, a representative for Dentacoin.

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Finding The Right Fit (With Smarter Technology)

PYMNTS

Lingerie retail has become a stunningly competitive world online. True & Co., Negative Underwear, ThirdLove and Brayola are just a few of the brands out there promising customers a better fit, a better feel and a better experience buying underwear. But Adore Me , which launched in 2014, set its sights on a much more challenging goal: disrupting the lingerie empire built by L Brands’ Victoria’s Secret.

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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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Evolution not revolution: How better customer data is at the heart of insurtech

Bobsguide

It's often said we are on the brink of a technological revolution, where every aspect of our lives will be changed beyond recognition by AI and other high-tech developments. All this talk about the big tomorrow makes it seem that someone will throw a giant switch whereby technology is not.

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Please Wait To Be Seated. Google Will Tell You How Long.

PYMNTS

The wait is over: Google has finally introduced a feature to help hungry searchers find out not only when a restaurant is likely to be busy, but how busy it actually is at the exact moment they’re searching and how long they would have to wait for a table. According to news from TechCrunch , the retail feature is serving up real-time data on nearly 1 million sit-down restaurants worldwide, building on data the search engine giant already gathers from its Google Maps’ install base to fuel its Pop

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Singapore FinTech Journey 2.0

Let's Talk Payments

Ravi Menon’s Remarks at Singapore FinTech Festival Singapore Expo – November 14, 2017 Ladies and gentlemen, good morning and welcome to the second edition of the Singapore FinTech Festival: • .

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Opus Bank Announces New CFO

PYMNTS

Opus Bank announced news of a new chief financial officer on Monday (Nov. 13). The financial institution (FI) said Nicole M. Carrillo, Opus’ current executive vice president and CFO, has resigned effective Nov. 9. Kevin L. Thompson is coming on board as Opus’ new EVP and CFO and will join its executive committee as well. Thompson is coming to the bank from Midland States Bancorp, where he was EVP and CFO as well.

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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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How One FinTech Startup Reduces Default & Interest Rates Through Electronic Consigned Credit Management

Let's Talk Payments

“There is no market in which we find that interest has not been reduced by our platform,” said Álvaro Amorim, CEO of Brazilian FinTech firm SalaryFits in Spain, and responsible.

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TRENDING: Bringing Brewers Into The Platform Commerce World

PYMNTS

Whether it’s helping brewers source the key ingredients for their latest recipes or making it easier to bring modern payment methods to foreign markets, platforms are making international commerce happen. The November edition of the PYMNTS Payments Powering Platforms Tracker™ , powered by WePay, features the latest headlines and news on how payment platforms are helping to simplify cross-border commerce. .

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PayPal Explores Crowdfunding, Launches Money Pools [Curated Content]

Let's Talk Payments

With its latest move, PayPal explores another line of business – crowdfunding – with a competitive edge for its current customers. While renowned platforms collect fees from campaigns, PayPal offers.

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Mall Moguls: Brookfield Talks A Sign Of GGP Weakness?

PYMNTS

One of the largest publicly traded U.S. shopping mall owners may be going private, according to news from CNBC. General Growth Properties (GGP) has reportedly held preliminary discussions with Brookfield Property Partners about the possibility of going private, with Brookfield submitting a $14.8 billion bid on Saturday to acquire shares of GGP that it does not already own in a real estate investment trust.

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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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As new real-time payments go live, much work remains

Payments Source

This week's first transaction over The Clearing House's Real-Time Payments system may be a huge step for speeding up payments in the U.S., but it also highlights the long road still ahead.

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Hurricanes Help Home Depot Earnings

PYMNTS

While many retail establishments saw their earnings blown down by the double punch of hurricanes Harvey and Irma, home improvement supplies company Home Depot was actually bolstered by them. Revenue from Hurricane Harvey and Hurricane Irma added an additionally reported $282 million to Home Depot’s sales total for the third quarter, according to CNBC reports and the company’s latest earnings release on Tuesday (Nov. 14).

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11.14.17 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Australia opens its first innovation hub in Australia; Collaborative mobile payments advance in Poland; Steem plots a blockchain wallet; CU Wallet founder joins credit union tech consultant.

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Research Brings Little Hope For Faster B2B Payments In Construction

PYMNTS

No industry is immune to the problem of late invoice payments, which has become a particular challenge for companies in the U.K. market. Recent research from Concur , released last week, found four in 10 businesses struggle with late B2B payments, and, contrary to popular belief, the problem isn’t plaguing only small businesses (SMBs). According to the report, 63 percent of medium-sized businesses said they receive a late payment at least once a month, compared to 40 percent of small firms.

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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.