Wed.Oct 18, 2017

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The truth about bitcoin

Chris Skinner

It’s been an interesting few weeks, watching bitcoin’s rollercoaster ride as it rises to valuations over $4,000 and then dives to almost $2,000 before rising again to near $6,000. This is for an asset that just a year ago you could have purchased for a few hundred dollars. The rise … The post The truth about bitcoin appeared first on Chris Skinner's blog.

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Banks Still Aren’t Spending Money on Open Banking (Or Blockchain or Artificial Intelligence….)

Bank Innovation

EXCLUSIVE- APIs and open banking might be becoming more integral to financial institutions, but it doesn’t seem like banks are really working to push innovation in that space That’s according to Bank Innovation’s annual State of Banking Innovation for 2017, where none of the survey’s 151 respondents (the majority of whom are bankers) indicated that […].

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Things worth reading: 19th October 2017

Chris Skinner

Things we’re reading today include … Special Report: Backroom battle imperils $230 million cryptocurrency venture Could the 1987 stock market crash happen again? Lloyds ‘mugged’ shareholders with HBOS deal in teeth of financial crisis, High Court told UK banks ‘exposed to money laundering in South Africa’ Xavier Rolet to step … The post Things worth reading: 19th October 2017 appeared first on Chris Skinner's blog.

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SME App Seed Gets Rid of Monthly Fee

Bank Innovation

EXLUSIVE – SME-focused digital bank Seed is nixing its monthly fee and will now be free for customers. The San Francisco-based fintech used to charge its customers $9 per month, but after conducting a survey, CEO Brian Merritt told Bank Innovation that he realized Seed could serve customers better by being free. The mobile-first bank […].

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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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BofA Enhances The Spreadsheet With APIs, Artificial Intelligence

PYMNTS

In corporate finance, “Excel spreadsheets” is nothing short of a taboo. But a new solution from Bank of America Merrill Lynch is looking to make better use of the notoriously manual tool. The financial institution (FI) announced news on Tuesday (Oct. 17) that it is deploying artificial intelligence (AI) and API technology to integrate its solutions directly with Microsoft Excel.

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More Trending

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TRENDING: Is A ‘Mom and Pop’ Image Bad For Credit Unions?

PYMNTS

When catering to a limited group of members, credit unions need to think carefully about how to address member needs. That’s why some credit unions are embracing the market’s “mom and pop” legacy and emphasizing their ability to offer the type of personalized member services that rival banks and FinTechs struggle to deliver. The latest PYMNTS Credit Union Tracker™ , powered by CO-OP Financial Services, features news on new mergers and partnerships alike, along with notable recent headlines from

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Legacy is Not an Innovation Barrier: But Data Is, Microsoft Says

Bank Innovation

EXCLUSIVE-Legacy: it’s a bit of dirty word when it comes to banking innovation, but some companies, like Microsoft, are set to challenge that. “At Microsoft for 43 years we’ve had an amazing legacy, an amazing platform, an amazing set of performance,” Toni Townes Whitley, corporate vice president, industry, for Microsoft said during an Innotribe presentation […].

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In Financial Services Innovation, Disruption Isn’t Everything

PYMNTS

Innovation is oxygen in payments. For financial services firms, innovation is spurring speed, killing friction and fostering loyalty among customers. In fact, it should likely always be part of the corporate agenda — if it’s done right, that is. That, itself, begs the question: What is innovation, really? When are new rollouts just necessary updates to keep a product fresh, and when are bells and whistles just, well, noise?

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Russia Will Likely Ban All Cryptocurrencies – Except Its Own

Bank Innovation

The Russian government is poised to launch the world’s first national cryptocurrency, the CryptoRuble, in the next few weeks, after which it will likely ban all other cryptocurrencies, effectively establishing a state monopoly over the Russian cryptocurrency market. According to the Express, Russian officials have indicated that once the CryptoRuble launches, the state will ban […].

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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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How financial institutions can get started with AI today

Insights on Business

If 2016 was the year artificial intelligence (AI) became a buzzword for the financial services industry (among many others), then 2017 has been more a year of introspection. There’s a growing awareness on the state and application of AI within the industry. AI is not yet a magic switch, particularly for financial institutions (FIs) where data access and security play a critical role.

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Brazilian PFM GuiaBolso Raises $40 Million in Funding

Bank Innovation

Brazilian personal finance platform, GuiaBolso has raised $40 million in a series D funding. Of the amount, investment firm, Vostok Emerging Finance (VEF) invested $30 million, for which they will own a minority stake in the company as well as hold a position on its board. Other investors include Endeavor Catalyst, Ribbit Capital and International […].

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For MineralTree, Sowing The Seeds Of AP Automation

PYMNTS

Call it the 7 percent solution. Or rather, 7 percent … in need of a solution. Accounts payable (AP) remains a laggard when it comes to automating the cash flow cycle. Just 7 percent of U.S. firms automate that function, according to the Federal Reserve Bank of Minnesota. Other stats bear out just how far behind the curve technology is in fostering efficiency in this critical link tied to supply chain relationships.

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Singapore is Winning the March Towards Digital Economy [Curated Content]

Let's Talk Payments

Which cities and governments are ahead of the world in adopting digital money, and why is it important? Today’s top picks offer comprehensive answers. Cashless Cities: Realizing the Benefits of.

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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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Embracing The Cloud With FIs’ Corporate Clientele On The Line

PYMNTS

Banks have always turned to third-party FinTechs to integrate add-on services for their customers. As interest in corporate financial services heats up, financial institutions (FIs) are increasingly turning to these partners to enhance their B2B offerings, too. Like their corporate customers, FIs are beginning to trust the cloud to deploy and maintain some of these solutions.

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AI Will Teach AI How to Overhaul Industries

Let's Talk Payments

Human: What do we want? Computer: Natural language processing! Human: When do we want it? Computer: When do we want what? Source AI will add $126 billion to the US.

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Upper West Side Restaurant Lets Customers Pay In Bitcoin

PYMNTS

Upper West Side eatery La Sirène is now accepting bitcoin as a form of payment, according to news from The New York Post. Patrons of the New York restaurant, opened by chef Didier Pawlicki, will find that they can pay with cash, check, American Express and the cryptocurrency, but not the more traditional plastic options like Visa and Mastercard. La Sirène joins a mere handful of New York restaurants accepting the controversial cryptocurrency, which JPMorgan CEO Jamie Dimon described as a “fraud

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Sibos 2017: How blockchain may transform capital markets

Bobsguide

In one of the most eagerly received announcements of Sibos 2017 so far, today Broadridge Financial Solutions revealed the successful completion of an operational test case which demonstrates the capabilities of blockchain technology to enhance the operational efficiency and auditability of bilateral.

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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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Farmstead’s New Take On Grocery Delivery

PYMNTS

“In a world where everything can be delivered to my doorstep, why am I wandering around a Safeway at nine o’clock at night trying to buy milk – again?” It is a thought that has occurred to most parents in some form or another during the first few years of their children’s lives. Maybe they substituted “yogurt” or “bananas” for milk; perhaps they thought “Walmart” or “Whole Foods” instead of Safeway – but no matter the specifics, the sheer number of pajama-clad nighttime trips to a grocery

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Existing encryption's a casualty of the massive KRACK WiFi attack

Payments Source

Companies and households should therefore be on the lookout for security patches of their wireless access points and endpoint devices like laptops, desktops and mobile devices, write Steven Murdoch and Frederik Mennes from Vasco Data Security.

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Blockchain Provides Boost To Overstock Shares

PYMNTS

Shares of Overstock.com rose 11.6 percent on Tuesday (Oct. 17) as a result of the company’s investment in blockchain, CNBC reports. The stock has reached four-year highs due to investor interest in the technology. Overstock CEO Patrick Byrne has spent three years developing a blockchain-focused effort called Medici Ventures. Much of the investor excitement surrounds Medici’s subsidiary, tZero, a solution applying blockchain to stock trading and the exchange of digital coins.

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Why WePay? JPMorgan strikes back at digital rebels

Payments Source

By acquiring WePay, JPMorgan Chase — the bank that comes to mind when words like "incumbent" and "legacy" are uttered — proves that size does matter in the fintech game.

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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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Kroger’s Secret Ingredient In 2018: Data

PYMNTS

Spend smarter, not harder. That’s the approach Kroger is taking as it endeavors to reset its existing supermarket stores to optimize space and keep customer favorites front and center on shelves. The data-driven “Restock Kroger” initiative will largely take the place of new growth in the coming year, according to Supermarket News , with improvements to customer service and assortment winning out over expansion in 2018.

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'Cashless store' tests will fail unless consumers have a choice

Payments Source

While many consumers are indeed adding smartphone-driven digital pay and mobile order and pay options into their payments toolbox, cash continues to resonate with American consumers, who show little interest in being "all in" with cashless, or having their choices limited in any way, writes Brian Bailey, managing director of North America for Cardtronics.

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The Pixel And The Google Ecosystem

PYMNTS

The Pixel 2 isn’t Google’s first smartphone. It’s not even really technically its second phone — there were the Nexus devices of the past, and in some sense all Android phones. They weren’t Google phones exactly, but they were at least Google-adjacent smartphones. Perhaps more accurately, they can be categorized as the “not-Apple” phones. While Google became the vague banner under which all Android/“not-Apple” phones could be loosely grouped, a negation of an ecosystem does not itself an ecosyst

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Bitcoin dips most in month on oversight fear; that's not a lot

Payments Source

Traders waiting for a pullback in bitcoin’s price to rebuild positions in the world’s largest cryptocurrency may have the U.S. Commodity Futures Trading Commission to thank.

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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.