Chris Skinner
JANUARY 30, 2019
I often talk about changing core systems, and most people tell me I’m mad. It doesn’t have to happen. You can have an overlay of middleware to deal with it. You don’t need to change those old systems. It’s too risky and too costly. Blah, blah, blah, blah, blah. And … The post How to get rid of the legacy appeared first on Chris Skinner's blog.
PYMNTS
JANUARY 30, 2019
Stripe, the San Francisco digital payments startup, has landed a $100 million investment from Tiger Global Management, boosting its valuation above $20 billion. According to a report in CNBC , citing The Information, with the $100 million investment by Tiger Global Management , Stripe now has a valuation of $22.5 billion. It comes on the heels of Stripe raising $245 million in a Series E round of fundraising last fall.
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Chris Skinner
JANUARY 30, 2019
Things we’re reading today include … India’s largest bank SBI leaks millions of customers’ data Santander UK bank profits hit by uncertainty Taavet Hinrikus on disrupting the banks Visa profit beats estimates on higher transaction volume Barclays’ lawyers did not object to £322m fees paid to Qatar, court told So … The post Things worth reading: 31st January 2019 appeared first on Chris Skinner's blog.
Bank Innovation
JANUARY 30, 2019
Apple’s mobile payment service Apple Pay helped the company’s services business revenue grow 19% year-over-year to reach an all-time high of $10.9 billion in the first quarter of 2019. Apple Pay processed over 1.8 billion transactions in the holiday quarter, well over twice the volume of the same quarter in 2018, CEO Tim Cook said […].
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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
JANUARY 30, 2019
The Royal Bank of Scotland (RBS) is being sued by an unnamed British payments company over allegations that RBS froze accounts on suspicion of illegal activity by the company’s clients, according to a report in the Financial Times. The payments company, which was not named for legal reasons, said at least two of its accounts were frozen in October of 2015 after RBS filed suspicious activity reports (SARs) to the National Crime Agency (NCA) in the U.K.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JANUARY 30, 2019
With the fifth European Union (EU) Anti-Money Laundering Directive (AMLD 5) coming into force and raising a concern over the fourth AMLD, beneficial ownership is becoming front-and-center for financial firms. “This whole beneficial ownership aspect of a transaction is only becoming more and more important,” Global Data Consortium (GDC) Co-Founder Charles Gaddy told PYMNTS in an interview.
Bank Innovation
JANUARY 30, 2019
Ally Financial Inc.’s robust marketing strategy for its retail bank has paid off, as the bank today reported that half of its new retail customers were millennials. Of Ally Financial’s 230,000 new retail deposit customers via its retail side, Ally Bank, 126,500 were millennials, according to bank’s earnings report released today. "Millenial customers accounted for 55% […].
PYMNTS
JANUARY 30, 2019
The global economy offers a wide range of opportunities for businesses to expand their reach, and promote their brands to new markets. At the same time, however, expanding overseas comes with unique risks. Businesses must stay vigilant against bad actors who might engage with their enterprises under false pretenses, or in hopes of funneling money illegally.
Bank Innovation
JANUARY 30, 2019
It may take a few years for blockchain’s impact to be felt meaningfully, but it will provide some advancements in certain areas even as cryptocurrencies falter, according to JPMorgan Chase & Co. “Blockchain isn’t going to reinvent the global payment system, but it will provide marginal improvements,” JPMorgan’s chair of global research, Joyce Chang, said […].
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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
JANUARY 30, 2019
For cryptos to be used in the real world to buy and sell things — what a concept! — might academics succeed where entrepreneurs have not, at least so far? News comes that a number of high-powered bastions of higher learning have banded together to bring cryptocurrencies to the mainstream, in a way that bitcoin seemingly cannot, eyeing scale and processing speed.
Payments Dive
JANUARY 30, 2019
Andrew Barnard, Co-founder of BITSTOP demos the bitcoin ATM.
PYMNTS
JANUARY 30, 2019
Curve, the U.K. FinTech that enables customers to consolidate bank cards into a Curve card, was shut out by American Express just two days after announcing it had reinstated support of AmEx. TechCrunch , citing an email Curve sent customers on Wednesday (Jan. 30), reported Curve informed customers of the move, saying “Like thousands of other UK merchants, Curve has a valid merchant agreement to accept Amex payments into its e-wallet.
Bobsguide
JANUARY 30, 2019
Banks need to unbundle legacy IT infrastructure if they’re to take advantage of the benefits the cloud and APIs can bring, according to Danny Healy, financial technology specialist at MuleSoft. “Banks will typically layer new technology on top of what they’ve already built. This.
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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.
PYMNTS
JANUARY 30, 2019
Though Avon in some ways the great-grandfather of every direct-to-consumer brand out there today, when the company got its start in 1836 the original goal wasn’t even to sell cosmetics or beauty products at all. Avon founder David McConnell was an itinerant book salesman who gave away free perfume samples with his wares to attract female customers. According to Avon’s official history, McConnell quickly realized that the perfume had a following independent of the books and that his female client
Bobsguide
JANUARY 30, 2019
In the first half of 2018 the UK received record levels of investment in the fintech sector – with over $16bn investment, according to KPMG. That’s $2bn more than the amounts raised in the Americas and China, individually, and six more than the rest of Europe. But while the UK has been.
PYMNTS
JANUARY 30, 2019
In manufacturing plants, call centers and many other workplaces, automation is the standard. However, when it comes to corporate accounting departments, automation is still the exception. It is not from lack of interest. Most companies — especially those prone to payments innovation — believe automating their B2B operations can provide a host of benefits.
Payments Source
JANUARY 30, 2019
Payment companies and businesses that want to leverage blockchain need to properly connect the decentralized platform they use to existing databases and back-end systems, writes IIya Pupko, chief architect at Jitterbit.
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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.
PYMNTS
JANUARY 30, 2019
It’s all about the ecosystem, not the iPhones. If there was one takeaway from the earnings call yesterday (Jan. 29) with Apple CEO Tim Cook, that would be it. Apple entered this earnings season under a level of scrutiny and pressure to which the top-tier tech firm is wholly unaccustomed. In an early January letter to shareholders , Cook sought to brace investors for a miss on revenue targets that it set for the holiday quarter — pushed by macro conditions in the Chinese market, and weaker-tha
Payments Source
JANUARY 30, 2019
Fraudsters have evolved their strategies to focus on other flavors of fraud, and its actually encouraging to see retailers are still treating payment fraud as a top-of-mind concern as that evolution happens, according to Håkan Nordfjell, senior vice president of digital banking at Gemalto.
PYMNTS
JANUARY 30, 2019
Payments messaging company SWIFT said it will test gpi Link, “a gateway to interlink eCommerce and trading platforms with the SWIFT gpi payment service.”. According to a statement , “gpi Link will seamlessly connect gpi members to multiple trade platforms, thereby enabling gpi payment initiation, end-to-end payment tracking, payer authentication and credit confirmation.
Bobsguide
JANUARY 30, 2019
New findings from Adox Research has warned asset managers and investment banks that cloud deployed, insight-driven data management will become the mainstream model in two to five years time, leaving legacy on-premise solutions to collect dust. But the research conducted, which surveyed c-suite.
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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.
PYMNTS
JANUARY 30, 2019
Wirecard Chief Executive Officer Markus Braun saw his fortune take a hit as shares of his company declined due to a report that alleges fraud at the payments enterprise. Bloomberg reported Braun’s wealth declined $221 million Wednesday (Jan. 30) after the Financial Times reported that a senior executive at Wirecard used forged contracts. That sent shares of Wirecard down 13 percent to 145.15 euros.
Payments Source
JANUARY 30, 2019
The Society for Worldwide Interbank Financial Telecommunication is testing a link between e-commerce and trading platforms within its Global Payments Innovation network, with the first trial taking place on the Corda blockchain platform.
PYMNTS
JANUARY 30, 2019
A new study has found that in-line tenants in malls are signing on for shorter lease periods, while non-traditional tenants are opting to fill up the space. Data from CoStar has revealed that leases for general retail and apparel tenants have fallen from an average of six years in the five-year period ending in 2007 to 4.5 years in the most recent period.
Payments Source
JANUARY 30, 2019
The U.S. e-commerce explosion is driving about $150 billion annually in returns, and Returnly is riding the trend with a service to eliminate the waiting time for consumers to receive funds from items they plan to return to the merchant.
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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.
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