Wed.Jun 19, 2019

So, Facebook launched a currency …

Chris Skinner

I’ve blogged a few times about Facebook planning to launch a currency … Will Facebook become the world’s central bank? If Facebook launch a cryptocurrency, will US government shut it down? … and the fact that most regulators won’t like it.

G7 Raises Concerns Over Facebook’s Libra

PYMNTS

Things worth reading: 20th June 2019

Chris Skinner

Things we’re reading today include … Libra: Facebook launches cryptocurrency in bid to shake up global finance Donald Trump attacks ECB for ‘currency manipulation’ Challenger bank CYBG looks to Branson brand Lloyds staff happy with chief executive’s £6.3m

Risk.net names IBM for “Financial Crime Product of the Year” and “Best Vendor for Innovation”

Insights on Business

While there is no prize for stopping financial crime (though, arguably there should be), occasionally there is recognition for being an integral and pioneering part of the overall financial crime management effort.

Bitcoin Surges On Libra News, But Nears Overbought Status

PYMNTS

The announcement of Facebook’s Libra has buoyed other cryptocurrencies, especially Bitcoin, which gained in the neighborhood of 12 percent this week, to $9,477.

Personal finance app Tally raises $50m to grow its platform business

Bank Innovation

Tally, a consumer finance app that consolidates and pays down customers’ debts, raised $50 million this week to add new services.

Magento Integrates Braintree Into Progressive Web Apps

PYMNTS

As key shopping experiences along the customer journey such as checkout and payment are often the most complex and critical for developers to tackle, Magento has integrated Braintree into its default Venia Progressive Web Applications (PWA) storefront.

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More Trending

The World Gets Its Libra Look — And Is Divided On What It Sees

PYMNTS

The world has gotten its first good look at Libra — Facebook ’s long-anticipated move into cryptocurrency and global payments.

Cyber insurance- questions without many answers

Daily Fintech

image. TLDR When we last met it was agreed that cyber risk and cyber insurance are under-emphasized concepts in the SME insurance and InsurTech worlds, and discussion was had on the ‘underground’ nature of cyber attacks and associated non-publicity of cyber events.

Shopify Unveils AI-Powered Fulfillment Network

PYMNTS

Shopify, an eCommerce company, has announced a number of products and services meant to enhance merchant experience with the company, according to a report by VentureBeat.

Biggest changes in digital banking are just ahead

BankThink

Many might think that the technological disruption of the industry is already underway, but it’s likely that the most significant restructuring is still yet to come. Fintech Mobile banking Mobile technology Mobile payments Digital banking Square Google PayPal

Xero, Stripe Team On Small Biz Payments

PYMNTS

Small business platform Xero has announced a partnership with Stripe to work on small business payments innovations. The companies will develop new tools that aim to help small businesses get paid faster in various ways while also gaining more visibility over their business performance.

£5m for 5 – the SME fintechs who’ve been awarded RBS grants

Daily Fintech

Financial disaster has had a silver lining for some fintechs, with many benefitting from RBS’s remediation funding scheme, that was established in the wake of the financial crisis. Five fintechs are beneficiaries of the latest round of grants. We had a quick look at who they are, and what they do.

Plaid Co-founder To Step Down

PYMNTS

William Hockey, co-founder, chief technology officer and president of Plaid , is leaving the company next week. However, he will remain on the company’s board of directors. This conclusion was neither a rash nor a recent decision,” Hockey wrote in a blog post shared with reporters.

MSME Financing in India: Making it Easy, Accessible & Affordable

Let's Talk Payments

The contribution of Micro, Small and Medium Enterprises (MSMEs) to Gross Domestic Product (GDP), job creation, and balanced economic development is well-established.

 Blockchain Rx For Drug Supply Chains

PYMNTS

Libra may have dominated the news so far this week — and, of course, the new cryptocurrency announced by Facebook is underpinned by blockchain. But elsewhere, DLT continues to make inroads into tracking items as they move across supply chains.

Facebook Bank: Five Reasons Banks Will Compete with Facebook Sooner Than You Think

Banking Exchange

Facebook is looking to be the hub for consumers in every way Technology Retail Banking Lines of Business Tech Management Mobile Online Blockchain Fintech Financial Research Feature Financial Trends Feature3. 1Technology

LendingClub President On Credit That Builds Savings

PYMNTS

A fine line separates debt and savings (between the black hole of high-interest credit card payments and the slow progress of financial health), and that issue is taking on increasing importance as more consumers live paycheck to paycheck and use credit more liberally.

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Podcast: A $4 Billion Bank’s Nationwide Affordable Housing Strategy

ABA Community Banking

As banks across the country mark American Housing Month in June, the ABA Banking Journal Podcast sat down with Michael Petrie, who leads the $4 billion Merchants Bancorp in Carmel, Ind. -- one of the nation's largest affordable housing lenders. The post Podcast: A $4 Billion Bank’s Nationwide Affordable Housing Strategy appeared first on ABA Banking Journal. ABA Banking Journal Podcast Community Banking Economy Featured Mortgage Affordable housing Bank community engagement FHLBs GSEs

Social Data’s Impact On CU Member Personalization

PYMNTS

In the competitive financial industry, credit unions (CUs) remain popular banking options, with a recent CUNA Mutual Group report estimating that 324,000 consumers joined CUs in March 2019.

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Former CFPB official criticized for blog posts joins Ginnie Mae

BankThink

The mortgage agency has hired Eric Blankenstein, who sparked controversy while at the consumer bureau over past revelations of racially charged writings. MBS MSR Trump administration Race discrimination Ginnie Mae CFPB

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Lawmaker Calls For Moratorium On Facebook Crypto

PYMNTS

Facebook is facing more opposition regarding its cryptocurrency , with Congresswoman Maxine Waters (D-CA), chairwoman of the House Financial Services Committee, calling for a moratorium on the digital currency.

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The FinTech Chemist: Keeping an Open Mind with Open Banking

Let's Talk Payments

Studying the properties and composition that make up the FinTech ecosystem Welcome to this week’s industry analysis with the FinTech Chemist. While I may not be literally mixing solutions and preparing reagents, I am studying and testing out the latest and greatest in FinTech.

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PwC’s Xero Accounting Partnership Goes Global

PYMNTS

Corporate audit and accounting company PwC is expanding its existing collaboration with small business cloud accounting company Xero.

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An online-only bank's bold plan for small-business lending

BankThink

First Internet is poised to acquire an SBA lending team to help it meet an ambitious loan target for the year — a target the CEO plans on doubling in coming years. Small business lending Growth strategies Fintech Community banking SBA Indiana New Jersey

How Mobile Card Services Turn Location Into Loyalty

PYMNTS

In real estate, the mantra goes: It’s location, location, location. In commerce and loyalty programs, though, location matters, too.

Cards 198

Senate Banking panel sets hearing on Facebook's Libra

BankThink

Senators will examine the social media giant’s plan to offer a digital currency. House Financial Services Committee leaders have already criticized the idea. Cryptocurrencies Bitcoin Policymaking Fintech regulations Regtech Mike Crapo Sherrod Brown Maxine Waters Facebook Senate Banking Committee

Setting The Stage For Better Payments

PYMNTS

P2P payments can play a big role in the B2B realm, while artificial intelligence is pulling more weight in the world of fraud. Facebook is seeking more of a voice in digital payments, and work is increasing to solve the payments problem for elective medical procedures.

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'The risk isn't in the banks': Fed's Powell on leveraged lending

BankThink

Federal Reserve Chairman Jerome Powell says the agency is closely monitoring leveraged lending risks, but suggests further regulations on banks aren’t warranted. Leveraged loans Leveraged finance CLOs Digital currencies Digital banking Trump administration Jerome Powell Federal Reserve Facebook

Panera Eyes Delivery Opportunity With Dinner

PYMNTS

In an effort that could bring delivery opportunities, Panera Bread has been experimenting with a menu for dinner at a Jacksonville, Florida restaurant. The quick-service restaurant (QSR) is extending the test in July to nine Lexington, Kentucky locations, CNBC reported.

OCC Rescinds Guidance, Issues ‘Core Principles’ on Higher-LTV Loan Programs

ABA Community Banking

Acknowledging banks’ innovative efforts to meet the credit needs of residents in distressed communities, the OCC today rescinded 2017 guidance for banks seeking to develop programs to offer home loans with loan-to-value ratios of over 90 percent, known as “higher-LTV” loans.

Google Releases Open Source Cryptographic Tool

PYMNTS

Google has released an open source cryptographic tool called Private Join and Compute that allows for different datasets to calculate a result, while not revealing sensitive or private information about certain parts of the equation, according to a report by Wired.

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Startup Tally raises USD 50 mln for financial service automation

The Paypers

(The Paypers) US-based financial technology startup Tally has raised USD 50 million in new venture capital funding to automate the financial services of consumers at low cost

Strategic Procurement Casts A Wider Data-Capture Net

PYMNTS

B2B FinTech has made leaps and bounds in the world of procurement, enabling large enterprises to automate a significant portion of their purchasing processes.

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The 'secret enforcement tool' that has bankers spooked

BankThink

Banks claim that regulators have been avoiding using a transparent public process to implement new regulations, opting instead to use informal guidance that has the impact of policy. Financial regulations Regulatory reform Fintech Dodd-Frank Immersive

Payment Plans Could Propel Elective Medical Procedures

PYMNTS

Affordable healthcare is on many consumers’ minds, and tech companies like Amazon and Google have been making investments intended to disrupt the industry.

image.works Achieves Platinum Certification for Marketing Automation

Image Works Direct

The power of Marketing Automation (MA) is continuing to expand, as well as our image.works client base. As of March 2019, we are excited to announce that we have achieved Platinum Certification with our MA platform