Fri.Oct 13, 2017

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SWIFT Calls Its Blockchain Trial a Success

Bank Innovation

SWIFT has dubbed its blockchain projects successful, according to a report published today regarding its proof-of-concept with the technology. The inter-bank network’s proof-of-concept, announced back in January 2017, was aimed at testing whether blockchain could be used for more efficient international transactions. Specifically, the test dealt with funds in Nostro accounts, and sought to determine […].

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Things worth reading: 13th October 2017

Chris Skinner

Things we’re reading today include … Who is John Flint? The new HSBC boss knows the business inside out UK banks plan biggest squeeze on consumer credit since 2008 Lloyds Bank swoops on Zurich’s UK pensions and savings business Equifax removes webpage after malware issue JPMorgan’s card gamble lures millennial … The post Things worth reading: 13th October 2017 appeared first on Chris Skinner's blog.

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Bitcoin Miners Hack Amazon Web Services

Bank Innovation

The RedLock security intelligence group has discovered that Hackers used Amazon’s Web Services (AWS) computing resources to mine bitcoin. The company issued a report outlining its finding following the discovery that certain AWS, Microsoft Azure, and Google Cloud administrative consoles were not password protected and therefore presented a perfect target for hackers.

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One brilliant thing is way better than 1000 average ones

Chris Skinner

I’ve blogged on some of the themes I’m going to cover below, but the story gets clearer and clearer in my head the more I blog about and talk about it, so this version may be a little clearer than some that have gone before. The first is that banks … The post One brilliant thing is way better than 1000 average ones 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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AmEx Wants to Hit the Sweet Spot Between Banks and Marketplace Lenders with New Business Loans

Bank Innovation

EXCLUSIVE— Small businesses looking for capital mostly have to deal with banks that have data and assets but no speed, or with marketplace lenders who have speed but may not have an adequate amount of data or assets. Credit card company American Express thinks it can slide neatly into that gap with its new Business […].

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More Trending

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Indian Bank Signs Pact with UAE to Facilitate Fintech Growth

Bank Innovation

India’s YES Bank and the Abu Dhabi Global Markets (ADGM) have signed a pact to facilitate interaction between the fintech industries of India and United Arab Emirates. Under the pact, fintechs from the Middle East will be able to apply to YES’ fintech Programs, while Indian fintechs will be able to apply to ADGM’s Regulatory […].

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Post-Equifax Breach, Security Industry Shockwaves And Tremors

PYMNTS

Sometimes events in the payments world are seismic ones. A rumbling, a shakeup that puts everyone off balance and then the regrouping — it’s those aftershocks that need watching. So it is with Equifax. No need to go over the numbers tied to the seismic breach because they keep changing, and may be changing even as you read this eBook. When the impact stretches across oceans, nations and demographics, though, and those affected number in the hundreds of millions, a sea change is a-swelling.

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Mexican Startup ePesos Gets $6M from Santander InnoVentures

Bank Innovation

Santander InnoVentures, the venture capital arm of Santander Bank, has invested $6 million in Mexican fintech ePesos. InnoVentures was the leader in the round, though VilCap Investments, Finlab, and Pomona Impact also invested. This investment marks the first Santander’s venture fund has ever made in Latin America. The fund was launched in 2014 and has […].

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Elan Brings Two-Way Fraud Alerts To Debit Cards

PYMNTS

Payments provider Elan Financial Services announced that along with Ondot Systems , the leading provider of mobile-based card services, they have enhanced the My Mobile Money app so that it now offers two-way fraud alerts for Elan processed debit cards. With real-time alerts via My Mobile Money, financial institutions can communicate directly with debit cardholders to confirm transactions, which will not only reduce the risk of a payment being declined due to fear of fraudulent activity, but ca

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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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Wells Fargo: More NFC Powered ATMS, Less Branch Interaction

Bank Innovation

EXCLUSIVE – People’s interaction with ATMs is shifting more and more towards cardless transactions, at least according to Wells Fargo. In its earnings call today, Wells pointed out that 40% of its ATMs have been near-field communication (NFC) enabled. This is part of the bank’s previously announced strategy to allow more and more customers to make […].

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Big-Name Backers Pump $324 Million Into B2B FinTech

PYMNTS

B2B FinTech saw one of its most stellar funding weeks in a while, led, of course, by the high-profile Bill.com investment. But that wasn’t the only — or even the largest — investment round confirmed. In all, the industry secured more than $324 million with B2B payments, logistics and artificial intelligence leading the way. PYMNTS looks at all the funding rounds, led by some big-name backers like ex-PayPal president Scott Thompson, JPMorgan and the International Finance Corp., below.

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JPMC’s Lead Grows in Mobile Banking Users

Bank Innovation

Back in 2013, when mobile banking wasn’t discussed on earnings calls (and if analysts asked about it, they often caught the CEOs off-guard) JPMorgan Chase and Bank of America were neck and neck in number of mobile active users, with Wells Fargo a few million behind. Those days are gone. As the graph below shows, […].

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The Role Of Reputation In Managing Risk

PYMNTS

On Wall Street, you are only as good as your last trade. In banking, you might only be as good as your latest customer’s reputation. Sound far-fetched? Consider Know Your Customer (KYC). Now, let’s extend the links in the chain just a bit: Know Your Customer’s Customer. A recent whitepaper by G2 Web Services , titled “Why Reputation Monitoring Matters for Strong KYC,” found that manual searches for consumer complaints and negative news about banking customers has its limits.

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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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Hong Kong FinTech Week – The Perfect Stage for Global FinTech Business

Let's Talk Payments

At the beginning of September, Invest Hong Kong (InvestHK) announced that Hong Kong’s regulators, along with a host of private sector partners, entrepreneurs and industry leaders, will participate in the.

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Amazon Sizzles, CX Border Fizzles And Humans Win One Against The Machines 

PYMNTS

Sizzle Of The Week: Humanity. Humanity has gotten a bum rap of late – particularly when it comes to our capacities as workers. Because, if the conventional wisdom is to be believed, robots are out to get our jobs. By some estimates, automation could replace some 800,000 jobs in the economy. And it’s looking like the youngest generation of workers might be on the front lines to be disrupted by that automation.

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Big Data Finance 3.0, the Value of FinTech & The Evolution of Retail [Curated Content]

Let's Talk Payments

The choice was difficult today – talented people are tireless in enriching the pool of knowledge for the community of finance and tech professionals. On the other hand, the Internet.

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Emailage Braces For Holiday Fraud Uptick

PYMNTS

It’s no surprise that the holidays mean increased eCommerce traffic – and therefore, increased instances of fraud. The fraudsters often get away with it, too, simply because many merchants are overwhelmed by the volume of traffic and can’t give sketchy transactions their due consideration. Sometimes, they don’t even notice the sketchy transactions at all.

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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 innovation is breaking barriers between the ATM and mobile

NCR

In today’s increasingly dynamic, multi-channel financial services industry, providers should always be looking for ways to break down barriers between the various methods consumers use to manage their money. As easy as it might be to perceive a big divide between the modern-day mobile space and more traditional, physical banking via the branch and ATM , it’s becoming increasingly clear that these channels can function in harmony and complement one another.

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NEW REPORT: Cashing The Paper Check Out Of The Loyalty Cash Back Equation

PYMNTS

There are several features that retailer loyalty programs can offer to win over customers, including travel-related rewards and zero APR. But, to really win over consumers, retailers need to pony up and offer cash back, which is the most popular incentive a rewards program can offer. And, when it comes to receiving cash back, consumers don’t want to wait for checks to arrive in the mail.

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Core Banking Transformation: Starting from Z

Insights on Business

A fresh look at the strategic nature of core banking platforms. I love doing research! And so, in preparation of producing a banking perspective on IBM’s groundbreaking launch of the z14 mainframe this summer, I dove into all the analysis, surveys and opinions I could find. Patterns in my research led me to identify three main industry drivers for this shift: cyber-attacks on client accounts and personal data that put trust at risk; a new generation of connected and empowered consumer who demand

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TSYS’ ProPay Sets Up Shop In Australia

PYMNTS

TSYS’ merchant services company ProPay is expanding into new territory. The company announced in a press release this week that ProPay has launched in Australia, bringing small- and medium-sized businesses (SMBs) there to its merchant acquiring payment network and enabling them to efficiently accept card payments. The solution is built for direct-selling companies, micro merchants, distributors and payment facilitators.

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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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7 plans to kill cash and checks

Payments Source

Cash is resilient, especially during times of crisis or uncertainty. But there are significant efforts to make cash less relevant in areas where it has typically been a mainstay.

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American Express Expands SMB Lending Services

PYMNTS

American Express is expanding its small business lending services. The company said Thursday (Oct. 12) it is rolling out a new suite of small business financing products. Business Loans, as the services are called, provide small and medium-sized businesses (SMBs) with working capital and short-term financing solutions, American Express said in a press release, enabling small businesses to access up to $50,000.

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For the First Time, AI Is Ready to Power Human-Like Conversations – Exclusive Interview With Kasisto

Let's Talk Payments

MEDICI now! startup stories highlight the companies that are shaping the new FinTech industry. On the quest to shed light on some of the most talented FinTech entrepreneurs developing innovative.

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Domino’s Sees A Same-Store Slowdown In Q3

PYMNTS

Domino’s Pizza, a fast food pizza chain with a well-known propensity for digital innovations, saw a cooldown in same-store retail sales growth last quarter, according to a report from Reuters. The restaurant’s stocks dipped nearly 5 percent on Thursday (Oct. 12), following the release of its quarterly results. “In some ways, Domino’s is a victim of its own success, as tremendous sales and margin performance makes it challenging to see where [the] upside will emerge going forward,” said Jason Wes

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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.