Wed.Feb 06, 2019

Why banks should stop closing branches

Chris Skinner

I wrote my blog about the bank branch being dead yesterday, just as a new report called for banks to stop trying to be cashless and branchless because it harms society.

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How financial services firms are using chatbot technology to transform their businesses

Insights on Business

The IBM Watson Assistant team has been busy in the past year helping clients implement state-of-the-art chatbots. The financial services industry is one of the fastest adopters of this technology. As a result, at IBM Think 2019 you’ll be able to find a number of client-led sessions.

Things worth reading: 7th February 2019

Chris Skinner

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Mastercard, Brex Pair On Biz Travel Rewards

PYMNTS

Brex has announced that it is partnering with Mastercard to issue the World Elite Mastercard for Business, offering an enhanced rewards structure and expanded suite of travel benefits.

As the U.S. Banking Sector Lags—Banking Brand Values Go Up

Bank Innovation

banks accounted for 81 of the 500 most valuable and strongest bank brands around the world on Brand Finance’s Banking 500 2019 list, released this week. Led by the Industrial and Commercial Bank of China, the world’s most valuable banking brand (at $79.8

Twitter CEO Supports Bitcoin, Faster Payments

PYMNTS

Jack Dorsey, billionaire tech founder and current CEO of Twitter, said he only owns bitcoin and that he supports the Lightning Network , a bitcoin network update that could make bitcoin payments speedier and less expensive, according to reports. Dorsey tweeted on Tuesday (Feb.

Stripe, a $23 Billion Startup, Reckons With Waning Globalization

Bank Innovation

In 2010, when Patrick Collison founded Stripe Inc. with his younger brother John, he thought the world was headed toward ever-increasing globalization, economic stability and international commerce.

More Trending

How Customer Expectations Spur Innovation, Partnerships in Cross-Border Payments

Bank Innovation

For small business owners, freelancers, and gig economy workers, the minute you’re online — you’re global.

Bank Of America Rolls Out Digital Tool For Entrepreneurs

PYMNTS

Bank of America announced on Wednesday (Feb. 6) the launch of Business Advantage 360, a digital dashboard aimed at helping entrepreneurs manage their business finances.

Consumer Expectation of Brand Trust is on the Rise

Bank Innovation

One of the tenets of marketing and running a business is building and maintaining trust in your company. That's because if you lose the trust of customers, they are no longer your customers. One might think the current climate would induce pessimism in consumers.

Mastercard Names New Payment Platforms President

PYMNTS

Mastercard has named Paul Stoddart its new president of New Payment Platforms.

IBM RegTalk webinar series 2019: The beginning of AI-enhanced AML

Insights on Business

Around the world, financial institutions and the regulatory bodies who govern them are awakening to the potential applications of technology in financial crime prevention. While this has long been a promise of technology providers in this area, it is now finally, coming to fruition.

Accountants Emerge At The Intersection Of Corporate Finance And IT

PYMNTS

Can Big Data Help Provide Affordable Healthcare?

Dataconomy

Big Data and AI can help with the growing care provider shortage. Here is how and why. One percent of the global population possesses 40-percent of all the world’s wealth, a persistent issue for which economists and politicians have debated about for some time.

Amex, Bill.com Launch Vendor Pay

PYMNTS

American Express and Bill.com have announced a partnership to introduce an accounts payable solution to joint customers. In a press release on Tuesday (Feb. 5), the companies revealed the rollout of American Express Vendor Pay by Bill.com.

SWIFT community boosted by gpi & R3 future | webinar

Bobs Guide

Cost-efficiency and an exciting roadmap - including the Corda R3 tie up - have galvanised the gpi community, a bobsguide poll conducted during a webinar this week, demonstrates. ‘A key solution to modern day payments’ was the primary priority for the webinar audience. During the

Raisin Raises $114M To Make Strategic Buys, Expand Internationally

PYMNTS

Raisin , the pan-European FinTech that operates a marketplace for savings and investment products, announced Wednesday (February 6) that it raised $114 million in venture capital funding, bringing the total amount it has raised to $200 million.

Isle Of Man initiates blockchain office and developmental sandbox

The Paypers

(The Paypers) The Isle of Man has announced the formation of a Blockchain Office and a developmental sandbox, according to ETH News

IKEA Tests Subscriptions In The Sharing Economy Age

PYMNTS

Brick-and-mortar retailers are reinventing their business models amid changes in consumer preferences and the emergence of the sharing economy. IKEA , which is known for selling flat-packed furniture from 276 locations in 25 countries, is experimenting with a subscription offering in Switzerland.

Metro Bank suffers text message banking fraud

The Paypers

(The Paypers) The Metro Bank has gone public with an announcement, mentioning that a small number of its customers has been hit by text message banking fraud

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Blockchain Gets A Nod In The Isle Of Man

PYMNTS

In regulatory efforts tied to blockchain, the British dependency Isle of Man has debuted a hub focused on blockchain development.

Central 1 allows financial institutions to offer SecureKey Concierge

The Paypers

(The Paypers) Central 1 has announces a technology that allows financial institutions to offer SecureKey Concierge, a single sign-on authentication service, to their members

Giving Health And Beauty Merchants A POS Makeover

PYMNTS

Consumers have thousands of health and beauty brands to choose from, and that pool has only grown larger as the global economy expands. To keep up with the competition, merchants recognize the need to innovate both online and in their physical stores.

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Europe sets out fintech stall to face economic headwinds

Bobs Guide

Company leverage hit a ten-year high in January, with 48% of fund managers who took part in Bank of America Merrill Lynch’s market survey believing balance sheets are overleveraged. Normally bullish wealth managers remind investors that doing nothing can often be an effective strategy. At the

Cold Storage Case File: Death, Crypto And A Lost Password

PYMNTS

It sounds like a movie. Picture a vast store of treasure, waiting to be claimed amid silent subterranean depths, in a vault. The vault? Well, it’s impenetrable, save for a key. The key belongs to one man, and one man alone. The man?

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Poor AML KYC leads to remediation projects on both sides of the Atlantic

Bobs Guide

Inadequate onboarding procedures have led to incomplete know your customer (KYC) compliance, and resulted in ongoing remediation projects to deal with the back log of accounts, according to Phil Masterson, senior vice president and managing director of SEI’s Investment Manager Services

Carvana, BOA Team Up For Online Car Sales

PYMNTS

In an effort to bring customers an easier and more streamlined online car buying experience, Carvana, an online-only used car dealer, has teamed up with Bank of America, according to a release from the companies. “We

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Apple Pay becomes available to Monese customers

The Paypers

(The Paypers) Monese , a banking service for mobile people, has announced that Apple Pay is now available for its customers

Apple 56

Bitcoin Daily: Bitcoin Can’t Break $3.5K; $312M In Mt Gox Tokens Likely Sold

PYMNTS

While the bitcoin price was holding steady on Tuesday (February 5), the crypto was still stuck below $3,500. In afternoon trading, a single bitcoin was worth $3,453.77, a 0.2 percent boost since Monday’s level on the Kraken crypto exchange.

NIBank to merge AML, KYC services into one platform with IdentityMind

The Paypers

(The Paypers) North International Bank (NIBank) has selected IdentityMind `s Version 2.0 SaaS-based platform to consolidate all of its KYC, AML, and transaction monitoring services into one platform

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How Betterment Is Using AI, Automation For Better Customer Engagement

PYMNTS

Catering to the needs of tech-savvy consumers means providing customer service that’s quick and adaptive, regardless of the channel. Automation, artificial intelligence (AI) and similar technologies can offer that adaptability, but they should not be used as a fix or alternative to human interaction.

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New protections for servicemembers and veterans alert

CFPB

A recent law provides additional protections for servicemembers affecting VA refinances, medical debt on credit reports, credit monitoring, and stays on foreclosure. Here’s what to look for in the new laws and when they go into effect. Info for consumers Mortgages Credit reports and scores Foreclosure Medical debt Homebuying Debt collection Servicemembers

Fleet Cards Caught In Crosshairs Of Corporate Card Fee Debate

PYMNTS

Fleet payments company FLEETCOR is facing criticism over fees associated with its fleet cards, according to reports in Bloomberg last week, which small businesses (SMBs) say are too high.

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Is this Swift's answer to Ripple?

BankThink

Swift is showing more swagger in its rivalry with Ripple thanks to progress it has made with a multifaceted payments-tracking technology called GPI. Cross border payments Faster payments Blockchain Distributed ledger technology SWIFT Ripple Citigroup

CFPB To Overhaul Payday Lending Rule

PYMNTS

As part of a move to revise a payday loan regulation from the Obama era, the Trump administration on Wednesday (Feb. 6) revealed a plan to remove a provision that would make it harder for companies to provide customers with high-cost loans, according to a report in The Wall Street Journal.

TIDAL integrates Venmo for subscriptions

The Paypers

(The Paypers) US-based global music streaming and entertainment platform TIDAL has partnered with Venmo to offer members a new payment method

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Payment And Retail Integration Flows From Many Digital Fronts

PYMNTS

One of the main goals of digital payments and retail is to encourage seamless connections – and not just when it comes to transactions. Smart operators are figuring out how to integrate payments into not only the workforce, but also the workflow.

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