Payments Dive
JULY 31, 2018
Some retail outlets are experimenting with moving to digital payment-only operations. As non-cash payments become the norm, some retailers, particularly in hospitality, no longer accept cash. While there are downsides to managing cash, what are the pitfalls of refusing to deal with it?
Chris Skinner
JULY 31, 2018
KPMG’s Pulse of FinTech report came out this week. It makes for interesting reading, especially as investment in FinTech has raced ahead to levels unseen before. Globally, $57.9 billion was invested in FinTech firms in the first half of the year. These figures were slightly inflated by the $14 billion … The post Over $100 billion invested in FinTech in 2018?
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Bank Innovation
JULY 31, 2018
It might seem like blockchain has been all the rage among banks and fintech companies, but a recent Bank Innovation poll found that many of these companies don’t have any blockchain projects in the current pipeline of their innovation initiatives. When asked to describe their company’s involvement with blockchain technology, 30% of the poll-takers said […].
Chris Skinner
JULY 31, 2018
After my recent blog about challenger banks, I received an interesting email from David Parker challenging the idea that a start-up is actually a challenger. Chris I continually argue that Revolut is not a challenger bank – it does not today have a banking licence. If you want to say any prepaid … The post Why we need to define: ‘challenger’ bank appeared first on Chris Skinner's blog.
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Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.
Bank Innovation
JULY 31, 2018
It’s good news for fintechs in lending and payments that want a federal banking license, the Office of Comptroller of the Currency (OCC) has started accepting applications starting today. The fintech charter does not require deposit insurance from the FDIC, per a recommendation from the Treasury Department. The Treasury Department, which today endorsed the idea […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
JULY 31, 2018
Provident Financial Services will be implementing the Zelle P2P payment system “later this year,” according to CEO Chris Martin on the bank’s 2Q18 earnings call yesterday. However, Provident Bank director of marketing Rob Capozzoli told Bank Innovation in June that it plans to roll out Zelle in August. Capozzoli did not provide a specific date for the August […].
Chris Skinner
JULY 31, 2018
Things we’re reading today include … Major Swiss Online Bank Posts Soaring Profits After Offering Clients Crypto Investing World’s Third-Largest Bank Issues Farmland Mortgage Loan on a Blockchain Australian ‘Big 4’ Bank Taps Ethereum Blockchain for 17-Ton Almond Shipment to Germany Lloyds Bank profits leap despite another hefty PPI hit … The post Things worth reading: 1st August 2018 appeared first on Chris Skinner's blog.
PYMNTS
JULY 31, 2018
Across the U.S., financial players are still exploring the best practices to offer faster payments to corporate clients. A recent survey of 20 of the nation’s top-60 banks found that there’s a lack of consensus among banks when it comes to managing and charging businesses for real-time payments. However, efforts are underway to make adoption and use less friction-filled.
Insights on Business
JULY 31, 2018
IBM RegTech Innovations. IBM recently announced its acquisition of Armanta , a provider of aggregation and analytics software to financial services firms. Armanta’s technology platform allows financial institutions to aggregate data across multiple systems in near real-time speed. We caught up with Peter Chirlian, CEO of Armanta, an IBM Company, to tell us more about Armanta’s innovative approach to aggregation and risk analytics.
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Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.
PYMNTS
JULY 31, 2018
Kroger might expand on a ban on Visa credit cards imposed by its unit in California — proof that retailers are ready to fight back against the $90 billion they pay in swipe fees every year. This week, Foods Co., a subsidiary of grocery giant Kroger , has announced that 21 of its grocery stores and five of its gas stations in Central and Northern California are officially through with Visa branded credit cards as a form of payment, effective August 14, 2018.
Bobsguide
JULY 31, 2018
Contracts, compliance, policies, bookkeeping - financial services has always been a sector burdened by administration and paperwork. Even as the industry has moved from recording everything on paper to digital systems and face-to-face service to contact centres and online, the fundamentals have.
PYMNTS
JULY 31, 2018
Driven by spending at restaurants and on accommodations, U.S. consumer spending increased in June, setting the stage for a strong economy heading into the third quarter. According to a report in Reuters citing the Commerce Department, consumer spending rose 0.4 percent in June. Meanwhile, data was revised upward for May, showing that spending increased 0.5 percent instead of 0.2 percent.
Payments Source
JULY 31, 2018
The larger the business grows, the more difficult and time-consuming it will be to make the fundamental changes required, according to Justin Shipe, vice president of information security for CardConnect, and Aaron Largent, director of infrastructure for CardConnect.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
PYMNTS
JULY 31, 2018
Business is often about cultivating relationships – and partnering with the right people at the right time – while offering the right product for a particular market. This month, startups such as Tipalti have brought on three partners to extend value to its clients, while startups such as AvidXchange are deepening their existing relationships. At the same time, FitPay is gearing up to launch a contactless payment wearable, while DadeSystems , Modo Payments , nanopay and Emailage are focused on
Bobsguide
JULY 31, 2018
This article updates Six stages to a robust operational risk framework, written by Richard Pike in September 2011. It explains how a financial services company can create and implement a stable and manageable framework for risk management. 1. Risk identification. In this section in.
PYMNTS
JULY 31, 2018
A fter beginning to recover from a months-long slide, bitcoin prices once again showed signs of weakness on Monday (July 30) after Goldman Sachs warned in a research note that the recent turnaround in prices will be short-lived, according to reports. Sharmin Mossavar-Rahmani, chief investment officer of the bank’s Private Wealth Management (PWM) Group, wrote that bitcoin does not fulfill any of the traditional roles of currency.
Insights on Business
JULY 31, 2018
Since the 1960’s, IBM has worked with banks to help simplify their payment operations by upgrading payment processes, integrating existing silos and renovating legacy systems. In today’s drastically changing payment landscape, banks now wrestle with implementing new real-time payment schemes while satisfying new regulatory mandates and the demands of industry bodies, customer and merchants.
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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
PYMNTS
JULY 31, 2018
In an effort to extend its brand beyond fabrics, Jo-Ann Stores has shortened the name of its brick-and-mortar stores. The locations, which were previously branded as Jo-Ann Fabrics, are now known as JOANN, AdWeek reported. “We have a big opportunity to let people know that ‘Hey, we sell everything that the other craft stores sell,’” Jo-Ann Stores’ senior vice president of marketing and eCommerce, Steve Miller, told AdWeek.
FICO
JULY 31, 2018
This is the fifth in my series on five keys to using AI and machine learning in fraud detection. Fraudsters ensure that protecting customers’ accounts is very complex and dynamic, a challenge where machine learning thrives. For continual performance improvement, fraud detection professionals should consider adaptive technologies designed to sharpen responses, particularly on marginal decisions.
PYMNTS
JULY 31, 2018
Visa has announced a strategic global partnership with Sabre that will allow the technology provider for the travel industry to utilize CyberSource , Visa’s payment management platform. The partnership will enable Sabre to offer integrated travel reservation and fraud management solutions to airlines, hotels, travel agencies and other travel organizations worldwide.
Independent Banker
JULY 31, 2018
“It’s up to each of us to make the time to create a strategic vision for ourselves and our banks.”. By Rebeca Romero Rainey, president and CEO, ICBA. Summer is a time to reflect. Whether it’s a well-deserved vacation or simply a slower day in your schedule, I encourage you to carve out time to reflect on where you are and where you want to go as a community banker and as a leader.
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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
PYMNTS
JULY 31, 2018
Payroll cards are an important vehicle to ensure that employees — particularly those who are underbanked and unbanked — are able to efficiently receive their wages. Yet, the tool has also earned a controversial reputation, thanks to legal disputes and regulatory concerns over high fees that can come with certain payroll card products. Clearly, there is room for improvement.
Payments Source
JULY 31, 2018
The information you need to start your day, from PaymentsSource and around the Web: Today: Jamie Dimon discusses health care initiative; Apple Pay's contactless dominance has its limits; Gaming blockchain rewwards; Square's brand pops up in phishing scheme.
PYMNTS
JULY 31, 2018
Dixons Carphone, the U.K. mobile phone and electronics retailer, disclosed on Tuesday (July 31) an update on a data breach in which it found unauthorized access in the past to some of its data. In a press release , the company said that since discovering the breach on June 13, it has been putting more security measures in place to safeguard customer information, increased its investment in cybersecurity and added more controls.
Payments Source
JULY 31, 2018
Visa has partnered with U.S.-based fintech Novae to launch an omnichannel digital rewards platform for Visa card-issuing banks in Latin America and the Caribbean. The collaboration with San Francisco-based Novae is an example of the card network's open approach to fintech.
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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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