Mon.Jan 15, 2018

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What Banks Are the Biggest Fintech Investors?

Bank Innovation

Big banks say they want to invest in fintech. But which are the ones actually putting their money on it? Well according to a report by CB Insights, of the ten bulge bracket banks, that would be Goldman Sachs. Based on the new report by CB Insights, which looked at top bulge bracket budget banks, […].

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e-Estonia, a country full of e-Everything

Chris Skinner

I visited Tallinn towards the end of last year. If you’re not familiar it’s the capital of Estonia, a country that is the most advanced digital economy in Europe. This all began due to a hack ten years ago, when intrepid Russians were commissioned to destabilise the country’s economy. This … The post e-Estonia, a country full of e-Everything appeared first on Chris Skinner's blog.

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The Data Behind B2B Payments’ API Excitement

PYMNTS

From market pressures in the U.S. that have encouraged data sharing between banks and FinTechs to regulations in the U.K. and EU like Open Banking and PSD2 that require such cooperation, APIs are emerging as an essential piece of the equation for payments innovation. That rings especially true in the areas of B2B payments and cross-border payments, which are complex, require the movement of data along with funds, and often involve multiple parties that have to all be on the same page about a tra

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Things worth reading: 16th January 2018

Chris Skinner

Things we’re reading today include … Panic buying Nationwide delays Open Banking launch Global banks slash chance of Brexit ‘no deal’ and raise UK growth forecasts PBOC official says China’s centralized virtual currency trade needs to end: source Productivity to pick up as banks at last get over the crisis, … The post Things worth reading: 16th January 2018 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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China Goes After Alternative Cryptocurrency Trading Platforms

PYMNTS

China steps up its regulation of cryptocurrency trading by going after online platforms and mobile apps. Citing people familiar with the matter, Bloomberg reported China’s regulators are eyeing internet-based platforms and mobile apps that provide customers with exchange-type services. Last year, Chinese authorities banned trading in cryptocurrencies, but recently the country has been seeking out alternative cryptocurrency trading venues.

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When B2B Payments Innovation Is All Talk, No Action

PYMNTS

It was only (relatively) recently that B2B payments finally secured significant attention and investment from innovators. A notoriously clumsy, friction-filled industry, B2B transactions must forge new paths to boost efficiency as businesses demand global solutions, speed and transparency. Investors are paying attention to that need, and are working to back the startups that develop solutions with these goals in mind.

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How blockchain and the IoT is laying the groundwork for the digital economy

Bobsguide

Over the last few months, several pioneers in the blockchain space have spoken to bobsguide about the exciting new world of the digital economy. Indeed, we’ve experience firsthand the sort of wild speculation rife in the community. It’s very well to hear about the future changes to.

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Visa Biometric Card Tech Eliminates PINs And Sigs

PYMNTS

Visa announced late last week that merchants can now tap into its suite of sensory branding via a pilot program. In a press release , the payments company said it is working with U.S. point-of-sale terminal manufacturers – such as Equinox Payments, Ingenico Group, Poynt and Verifone – to pilot sensory branding with merchant partners in the coming year.

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Social Engineering and Push Payment Fraud – Who Should Pay?

FICO

In a previous blog I wrote about authorized push payment fraud and how social engineering leads to victims making inadvertent payments to fraudsters. I highlighted the case for banks to use behavioral analytics to identify suspicious payments before they are made. This is particularly important when an irrevocable, real-time payments scheme such as UK Faster Payments or SEPA CT Inst is used.

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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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NA-KD, Swedish eCommerce Fashion Outfit, Grabs $45M In Series B

PYMNTS

Swedish fashion eCommerce firm NA-KD has raised $45 million in a Series B funding round. Of those funds, reports TechCrunch , is $5 million that comes from a “cash in,” as the site terms it, from early shareholders. The leader of the latest capital raise is Partech. TechCrunch noted there was additional participation from FJ Labs, with investments from backers who already hold investment positions, including eEquity, Jonas Norlander, Filip Engelbert and Northzone.

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Blockchain and cannabis – transparency, efficiency and trust

BankNXT

Brett King hosts Breaking Banks with Jason Henrichs, Penny Crosman and Jessica VerSteeg to talk about blockchain, cryptocurrency and the cannabis industry. Blockchain and cannabis – transparency, efficiency and trust on BankNXT.

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PayPal Processes $8.5 Billion In 2017 Donations

PYMNTS

More than $1 billion was donated to charities and nonprofits via the PayPal platform over the holidays, marking a milestone for the company, PayPal announced in a blog post. “This is the first time that we’ve ever crossed the $1 billion threshold for holiday giving … building on our record-breaking #GivingTuesday results, [which] truly shows the giving power, compassion and global reach (people donated from more than 180 countries) of the PayPal community,” PayPal President and CEO Dan Sc

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Why I like Turkish banks

BankNXT

Chris Skinner shares a recent interview he did for a Turkish magazine, where he's asked about why Turkey is so good at fintech, and what the digital future looks like. Why I like Turkish banks on BankNXT.

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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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Virtual Fitting Room Startup Raises $55M

PYMNTS

To help develop its technology to drive online clothes purchases through recommendations, a startup that uses machine learning to help pair consumers with clothes that fit their size and style raised $55 million in a Series C funding round, TechCrunch reported. True Fit , which describes itself as a “personalization platform for apparel and footwear,” raised the funds in a round led by Georgian Partners, with help from Cross Creek Advisors.

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Digital asset management and crypto funds – how has the model changed?

BankNXT

What lessons can we learn from the first few years of those that manage digital assets such as crypto funds, and how can the end investor benefit? Story by Pete Townsend. Digital asset management and crypto funds – how has the model changed? on BankNXT.

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Closing The Loop Between Food Stamps And Food On The Table

PYMNTS

There’s a disconnect between food stamps and the people who need them. To use San Francisco as an example, around one in four people face food insecurity and hunger, the SF-Marin Food Bank reports. Yet nationwide, according to the U.S. Department of Agriculture, eligible citizens are leaving $13 billion in food stamp benefits on the table. What is keeping people in need from accessing this available resource?

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Let a thousand bitcoins bloom

BankNXT

There is a collection of technologies, ideas and theories about a potential new architecture of money: an internet of money, says Stephen Peters. Cryptocurrencies, tokens and blockchains offer hope for a new monetary system. Let a thousand bitcoins bloom on BankNXT.

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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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NEW REPORT: How Managing X-Border Tuition Receivables Helps Manage Student Debt

PYMNTS

A new year is bringing new changes to the cross-border trade cycle, from logistics and freight to B2B payments. Recently, several companies swimming in the ever-shifting seas of global trade looked to fulfill their goal of making international payments less cumbersome with new solutions. Meanwhile, recipients remain eager to spend less time worrying and waiting for their funds to arrive.

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Saving the world from robo advisors

ABA Community Banking

Pilatus Bank seeks to fill mass-affluent service gap between robo advisors and white glove Retail Banking Technology Channels Fintech.

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PSD2 Takes Center Stage And Open Banking Era Opens

PYMNTS

And so, it’s finally here. If a monolith must move, can it dance? The monolith is the U.K.’s banking system. The “finally here” is the debut of Open Banking as part of PSD2, which of course extends across the 28-member EU. The dance? The nimbleness with which data is used – and that’s the promise and the peril. Here is a landscape where banking is dominated by a few marquee names – think Barclays, Royal Bank of Scotland and HSBC , among them.

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Fintech, regtech, and supertech meet state regulatory system

ABA Community Banking

Agenda includes new tech from data gathering by self-driving cars to sharing state exam data to streamlined licensing Management Financial Trends Compliance Compliance Management.

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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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Mall Stores Seek ‘Under-The-Radar’ Closures

PYMNTS

To avoid publicity, retail stores in U.S. malls are closing without a formal announcement or honoring the length of their leases, CNBC reported. Of the approximately 2,500 retail stores that weren’t department stores and closed in shopping malls in the U.S. over the past year, approximately 980 chose not to announce their closures. They’re also avoiding attention by letting their leases terminate, Jim Sullivan, president of Green Street’s Advisory Group, told CNBC.

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Visa starts pilots of EMV biometric payment card

The Paypers

(The Paypers) Visa has started pilots with Mountain America Credit Union and Bank of Cyprus of a new EMV dual-interface (chip- and contactless-enabled) payment card.

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CFOs, Treasurers Across Asia Eager To Add Biometrics To Payments

PYMNTS

Corporate treasurers and chief financial officers (CFOs) across Asia are eager to adopt biometric authentication technologies, according to new research from East & Partners Asia , reported Biometric Update late last week. Nearly one-third of corporates surveyed in the region believe biometric authentication is more secure than other tools and plan to implement the technology in the future.

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Paytm Money to focus on Investment and Wealth Management

The Paypers

(The Paypers) Paytm has announced, on the company’s blog , Paytm Money to build Investment & Wealth Management products for its users.

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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.