Tue.Oct 23, 2018

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Bankers debate today's trends at Bank Customer Experience Summit

Payments Dive

Executives from MB Financial Bank, Wells Fargo and USAA gathered in Chicago for a rapid-fire round table discussion on a variety of topics in the banking industry.

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Ring out the old, ring in the new

Chris Skinner

Like many of us, I have several pet hates about banks. My main one is when they sting you with charges you don’t expect. I always remember getting a £50 charge for an unauthorised overdraft a few years ago. I’d been with the bank for over twenty years and never … The post Ring out the old, ring in the new appeared first on Chris Skinner's blog.

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The Struggles of Banks as Technology Companies

Bank Innovation

It's a common refrain from bank CEOs -- "My bank is a technology company." But the reality is much rarer. JPMorgan Chase is showing it takes fintech seriously by building (or buying) a Silicon Valley campus, which will house 1,000 employees, including 250 from recently acquired WePay. But some banks have taken it even farther. […].

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Amazon Launches Amex SMB Card, New Prime Features For Businesses

PYMNTS

Amazon Business is bolstering its services for small businesses through a new co-branded commercial card with American Express as well as enhanced Prime features for business users. In an announcement Tuesday (October 23), American Express introduced the Amazon Business American Express Card, offering businesses a streamlined checkout experience when purchasing on the Amazon Business and Amazon.com platforms.

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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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CB Insight’s Top 250 Fintechs Made 186 Deals Worth $24B This Year

Bank Innovation

CB Insights on Monday named its 2018 Fintech 250, a list of what the research firms considers the most promising fintech companies globally. Nearly half the companies are new to the Fintech 250 list, which was first published last year. These 250 companies have received a combined 947 equity investments worth $53 billion since 2013. […].

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Things worth reading: 24th October 2018

Chris Skinner

Things we’re reading today include … NatWest finds extra £2bn for firms preparing for Brexit A banker’s woe: Chinese wealth may get harder to snag for global bankers Deutsche Bank stumbles on path to profit as revenue recedes Barclays profits slip as fines take their toll Metro Bank profits soar … The post Things worth reading: 24th October 2018 appeared first on Chris Skinner's blog.

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Bank Of America Automates FX Conversion For Smaller FIs

PYMNTS

Bank of America Merrill Lynch (BofA Merrill) is introducing a new solution for other financial institutions (FIs) in the interbank payment system to automate foreign exchange (FX) conversion. The new solution, AutoFX, aims to make it easier for smaller banks to streamline cross-border payments for their customers by automating foreign exchange conversion before the transaction occurs, rather than relying on the receiving bank to conduct that transaction.

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Bank of America Introduces PFM Features on Virtual Assistant Erica

Bank Innovation

Bank of America’s virtual assistant Erica is a perfect example of how the bank is using “AI to make (BofA) better and make it better at scale,” according to Cathy Bessant, chief operations and technology officer at the bank. “Many banks describe themselves as a technology company,” Bessant said at the American Bankers Association conference […].

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What Does Blockchain Have To Do With The Gig Economy?

PYMNTS

In the pre-mobile world, in the time before the Uberization of every conceivable service, the gig economy existed — just not in the highly organized and monetized fashion as it is today. In fact, Head Blockchain Engineer Stan James at decentralized blockchain marketplace provider Origin told PYMNTS in a recent conversation that the central locus of the pre-digital gig economy was the community bulletin board.

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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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Marcus Treacher: Ripple open to collaboration with big fintechs

Bobsguide

Nearly a year has passed since Ripple spoke to bobsguide in late 2017, and 2018 has proven to be a big year for the blockchain cross-border payments startup. At Swift's flagship Sibos conference in Sydney, Australia, Ripple's head of strategic accounts, Marcus Treacher, discussed.

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Treasurers Begin Exploring New Open Banking Opportunities (And Risks)

PYMNTS

Open Banking regulations have gotten FinTech innovators’ brains churning over how to take advantage of the troves of data that traditional banks have typically kept locked away. With regulations like PSD2 and Open Banking emerging as ways to boost financial services competition, the bank-FinTech relationship has taken center stage. However, though it is certainly a major use case within Open Banking initiatives for FinTech firms to integrate into bank data streams via application programming int

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Supermarkets aren’t ready for Uber’s grocery service

Payments Source

Many of the factors that make Uber a natural fit for restaurant delivery don’t apply for groceries, according to Pradeep Elankumaran, founder and CEO of Farmstead.

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As Medical Billing Goes Digital, New Benefits — And Challenges — Arise

PYMNTS

As the benefits of bringing more digital power to medical billing become clearer, there are other issues and concerns rising that underscore just what a massive — and vital — task it will be to move one of the most important sectors of the payments world away from analog. The general pitch to make medical billing more digital is this: As people live longer, which can drive up healthcare costs, digitalization can help bring down expenses and lead to better care via more access to data and coordin

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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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How Amazon is fueling Amex's small-business expansion

Payments Source

American Express has positioned itself as a small-business champion for decades, but its partnership with Amazon illustrates the paradox of supporting mom-and-pop shops by enabling them to buy supplies from their largest competitor.

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When Commerce Goes Global, Should Payments Stay Local?

PYMNTS

In eCommerce, the readiness is all, to steal a line from Shakespeare. Merchants who have made the leap from bricks and mortar to clicks here in the U.S. have capitalized on a sea change in how we pay. Cross-border online commerce — awash with opportunities to claim new customers and, of course, grow top lines — should quicken the collective pulse of U.S. companies.

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CFPB Releases HMDA 2019 Filing Instructions Guide

CFPB Monitor

The CFPB recently released the Filing Instructions Guide for Home Mortgage Disclosure Act (HMDA) data that is collected in 2019 and reported in 2020. Reporting institutions should use the 2018 version of the Filing Instructions Guide for HMDA data collected in 2018 and reported in 2019.

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Grocers Consider Checkout Line-Free Future With Unattended Retail

PYMNTS

To help shoppers check out without waiting in line, grocery retailers are rolling out entire stores centered around cashierless shopping experiences, enabling consumers to purchase fresh food and grocery items with a mobile payments app. From North America to China, the concept is gaining ground around the world as retailers mull bringing the technology to multiple – even thousands of – locations.

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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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10.23.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Diebold Nixdorf adds partners; Paytm exec gets blackmailed; Swift and Microsoft's cloud advances; Klarna picks up merchant support.

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JPMorgan And Plaid Inc. In Data Sharing Deal

PYMNTS

JPMorgan Chase & Co. has inked a data sharing deal with Plaid Inc., the FinTech that connects banks with financial technology applications. Bloomberg , citing the companies, reported that under the deal, Plaid Inc. will let customers more easily send banking data to third-party apps for managing their finances. Plaid Inc. will be able to access JPMorgan customer data via its application programming interface (API) without storing usernames and passwords.

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Ant Financial joins Buffett in Brazil fintech IPO

Payments Source

Ant Financial, Alibaba’s finance affiliate controlled by billionaire Jack Ma, agreed to buy a stake in the Brazilian payments firm StoneCo Ltd after the company prices its initial public offering, joining Warren Buffett in investing in Brazil’s booming financial-technology startup landscape.

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How Canada’s Post Strike Could Boost Electronic B2B Payments

PYMNTS

Canada’s mail and parcel operations under Canada Post have been hit by a worker’s strike amid ongoing contract tensions with the Canadian Union of Postal Workers (CUPW). While the post disruptions are certainly a headache for the public (consumers, businesses and government entities alike), there may be an unexpected effect of the strikes: a boost in electronic invoicing and payment adoption.

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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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BTCC CEO: Donâ??t assume blockchain is for real-world assets

Bobsguide

Blockchain's primary use case remains the creation and movement of cryptocurrencies, said Bobby Lee, a board member of the Bitcoin Foundation and CEO of BTCC, at this year's Money20/20. “I see a big difference between cryptocurrencies like bitcoin and then the.

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Zelle, Venmo P2P Payments Race Gains Fresh Fuel In Q3

PYMNTS

The third quarter proved more than kind to peer-to-peer (P2P) payments , at least according to financial results for the two main competitors, Zelle and Venmo , which continue to duke it out for market share and consumer loyalty — and doing so as another big digital player prepares to debut a P2P offering. On Tuesday (Oct. 23), Zelle — the P2P service backed by Bank of America , JPMorgan Chase and other financial institutions (FIs) — said in its Q3 results that transaction volume increased 16

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FTC issues paper on informational injury workshop

CFPB Monitor

The FTC recently issued a paper outlining key takeaways from its December 2017 workshop examining injuries consumers may suffer from privacy and data security incidents. . The paper indicates that the FTC convened the workshop to better understand consumer injury for the following two purposes: To allow the FTC to effectively weigh the benefits of governmental intervention against its costs when making policy determinations .

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Aktis Platform Boosts Banks’ Corporate Governance Transparency

PYMNTS

Data intelligence firm Aktis is rolling out a cloud-based platform for banks to benchmark and analyze their market positions compared to industry peers. The company said in a press release on Monday (Oct. 22) that it is launching Governance.Direct, a platform that aggregates more than 800 governance data points from top global banks, including board size and composition, director expertise, gender diversity and committee structure.

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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.