Mon.Mar 18, 2019

article thumbnail

Women in FinTech: do you care?

Chris Skinner

I’ve written quite often about Sexism in the City and am intrigued by discussions of diversity, or the lack thereof, in both banking and technology. Google and more have been told they’re not hiring enough women, and Amazon’s AI engine recently trained itself to ignore women’s applications based on historical hiring. … The post Women in FinTech: do you care?

Fintech 285
article thumbnail

Why Technology Isn’t Bank Transformation’s Silver Bullet

PYMNTS

Is there a right way and wrong way to innovate? For banks interested in transforming their brick-and-mortar branches, maybe, according to Diebold Nixdorf Senior Director of Advisory Services Chris Gill. Gill asserts that most financial institutions, left to their own devices, may end up following a less than optimal path to innovation, and not because they have selected the “wrong” technology solution, since in Gill’s experience, what’s “wrong” for one FI might be right for another.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Things worth reading: 19th March 2019

Chris Skinner

Things we’re reading today include … Are 40-year mortgages becoming the new normal? U.S. firm FIS buys Worldpay for $35 billion in payments deal bonanza FIS/Worldpay: thrust and parricide Goldman Sachs sets targets for Hispanic and black entry-level hires Why has the US Fed turned away from interest rate rises? … The post Things worth reading: 19th March 2019 appeared first on Chris Skinner's blog.

US 179
article thumbnail

FIS Buys Worldpay In $35B Cash, Stock Deal

PYMNTS

Fidelity Information Services ( FIS ), a global financial services technology company, announced Monday (March 18) it is merging with Worldpay , the global eCommerce and payments company, in a roughly $35 billion dollar deal. In a press release , FIS said the deal expands its capabilities by enhancing its acquiring and payment offerings. For Worldpay, it expands its distribution footprint and accelerates its entrance into new regions.

article thumbnail

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

article thumbnail

Some Credit Unions Turn to Blockchain to Improve Customer Experience

Bank Innovation

Eight large U.S. credit unions are testing a blockchain-based digital credential system in different pilots ranging from mobile banking to voice banking and even call centers to improve customer experience, Bank Innovation has learned. This blockchain-based digital credential system is called MyCUID. It was created and issued by CULedger, a credit union service organization (CUSO) […].

More Trending

article thumbnail

JPMorgan Looks to Court Fast-Growing Startups As Brex Goes Upmarket

Bank Innovation

JPMorgan Chase & Co. plans to merge its middle-market technology and emerging growth commercial banking teams to better serve fast-growing startups, Reuters reported last week. The resulting technology and disruptive commerce industry group will zero in on startups specializing in software, semiconductors, food, health and wellness, lifestyle, and pet products.

Software 170
article thumbnail

Will Consumers Want To Monetize Their Own Data?

PYMNTS

If headlines are any indication, data breaches have made off with consumers’ most sensitive bits of information, such as Social Security numbers, credit card info and bank details. Advertisers pay Facebook to display targeted ads, and Facebook shares data (though it maintains it doesn’t sell it). On and on it goes — and it seems, to the casual (or even sharp-eyed) observer, that there’s no shortage of companies busily tracking everything a consumer does, sees and buys.

Data 194
article thumbnail

Things worth reading: 18th March 2019

Chris Skinner

Things we’re reading today include … Regulators press for overhaul of Metro Bank board UK bankers on standby as City readies no-deal contingency plans More than £100bn of UK property is secretly owned Brexit spurs biggest cut in UK business investment in 10 years: BCC Banks discriminating against the vulnerable, … The post Things worth reading: 18th March 2019 appeared first on Chris Skinner's blog.

Metro 165
article thumbnail

Investors In 19 Countries Sue Danske Bank Over Money-Laundering Scandal

PYMNTS

An international coalition of pension funds, government entities and asset managers is suing Danske Bank over a far-reaching money-laundering scheme tied to Russia, and its subsequent cover-up. Law firm Grant & Eisenhofer announced the lawsuit as being tied to “one of the most egregious money laundering scandals in history.” The suit seeks $475 million in damages for investors in 19 countries, saying numerous institutional investors, “including many of the world’s largest pension funds, suff

article thumbnail

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

article thumbnail

FIS’s $34 Billion Bid for Worldpay Drives Payments M&A Spree

Bank Innovation

Fidelity National Information Services Inc. agreed to acquire Worldpay Inc. for about $34 billion in cash and stock, the biggest deal ever in the international payments sector. The industry is at the heart of a dealmaking boom as consumers change the way they pay for goods and legacy providers are challenged by rivals from startups […].

Payments 150
article thumbnail

Citi Cancels Plans For Its Own Cryptocurrency

PYMNTS

JPMorgan Chase isn’t the only bank that has been working on a cryptocurrency. Citigroup was as well, but ultimately decided to scrap it instead of bringing it to market. That’s according to CoinDesk , which cited Gulru Atak, head of Citi’s Innovation Lab, as saying that after working on a cryptocurrency since 2015, the bank came to the conclusion that while the technology had potential, there were other ways to improve payments.

article thumbnail

Stop money laundering with a proactive AML approach

Insights on Business

The recently revealed $8.8 billion Troika Laundromat offshore money laundering scandal was a vast and complex deception. Not just a limited scheme, between 2006 and 2013 it facilitated fake trade deals, reinsurance fraud, tax evasion, hidden investments, a fuel pricing fraud scheme at Sheremetyevo Airport—and much more. The Organized Crime and Corruption Reporting Project and other news organizations are publishing the details.

article thumbnail

Deep Dive: An Automated Approach To The $2T Global Money Laundering Problem

PYMNTS

The term “money laundering” is believed to have originated as a result of infamous Chicago gangster Al Capone’s habit of channeling criminally obtained funds through laundromats, as their cash-heavy nature made it more difficult for the right side of the law to detect such money mixed in among legitimate payments. Money laundering has evolved greatly since Capone’s activities in the early 1900s, though, and it is becoming harder to combat.

article thumbnail

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.

article thumbnail

The Problem For Small-Town Banks: Technology Has Redefined Community

Ron Shevelin

The traditional definition of "community" was a geographic construct, referring to a town, a county, or some other geographic region. The new definition of community is based on affinity, not geography.

Community 158
article thumbnail

Chase Tries To Win Over More Unbanked Consumers

PYMNTS

The percentage of unbanked people in the U.S. recently fell to the lowest rate since the 2007-2009 financial crisis, but a new product launch from JPMorgan Chase & Co. underscores the fact that tens of millions of U.S. households remain unbanked. The financial institution on Monday (March 18) “began offering checkless accounts with access to its mobile app, branches and ATMs for $4.95 a month and no minimum balance,” according to Reuters.

America 175
article thumbnail

FIS in $43 billion deal for Worldpay as fintech consolidation ramps up

Payments Source

Financial services technology company FIS has agreed to buy Worldpay in a deal valued at $43 billion, which allows FIS to counter the transaction processing scale Fiserv received when it acquired First Data earlier in 2019. The merger price is based on a $34 billion bid plus $9 billion of Worldpay's debt.

Fintech 134
article thumbnail

Supply Chain Management’s Impact On Hospitals’ Financial Health

PYMNTS

It is generally accepted that digital supply chain management (SCM) strategies are good for business, yet it can be difficult to put a price tag on just how beneficial enhanced SCM can be. In the healthcare sector, tight margins have hospital executives looking to their supply chains as a source of strengthened financials, particularly as they shift their focus from driving revenue to cutting costs, as per Becker’s Hospital Review analysis.

Analytics 172
article thumbnail

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.

article thumbnail

Banning Cashlessness

Matt Wilcox Pro

As of July 1, cashless stores and restaurants in Philadelphia will be no more. Existing cashless businesses will not be grandfathered but required to revert. Outside of a few exceptions such as parking lots, hotels, and car rental agencies, the Philadelphia City Council has deemed cashless businesses discriminatory. If you have a bank account, as [.

article thumbnail

Refill Startups Go Green With Sustainable Packaging

PYMNTS

When cleancult Co-Founder Ryan Lupberger looked at other brands of cleaning products, he noted that the same problems always appeared to arise even with better-for-the-world offerings. “They used really heavy plastic packaging,” Lupberger told PYMNTS in an interview, adding he also didn’t understand their ingredient lists. At the same time, he said, “no brand has come at this from an online perspective” through new branding and distribution online.

Branding 145
article thumbnail

FIS-Worldpay deal spotlights PSD2's high stakes

Payments Source

Bank technology giants FIS and Fiserv are spending nearly $66 billion between them in just the past few weeks to add a broad swath of payments technology — including a few key nuggets that will help them go toe to toe with fintechs.

Fintech 108
article thumbnail

Ingo CEO On Why Digital Disbursements Need Simplicity, Ubiquity

PYMNTS

When it comes to payments, consumers overwhelming prefer them to be faster. It’s a trend visible in the latest edition of the PYMNTS/Ingo Money Disbursements tracker , where three-quarters of consumers responded that they actively wanted faster payments. It is also the conclusion of common sense, Ingo CEO Drew Edwards noted in a recent conversation with Karen Webster.

Cards 144
article thumbnail

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.

article thumbnail

5 key takeaways from the FIS-Worldpay deal

Payments Source

Given the size of the deal — which includes about $9 billion of Worldpay’s debt on top of a $34 billion bid — the pressure’s on to build a global powerhouse that can counter other major fintech mergers announced in the past weeks. FIS must also emerge as a nimble rival to the startups that threaten the old order.

Fintech 93
article thumbnail

Report Finds CEO Pay Rises After Data Breach

PYMNTS

A new research report from Warwick Business School at the University of Warwick has found evidence that corporate cyberattacks lead to higher profits for chief executive (CEOs) officers at those firms. Reports in Business News Daily on Friday (March 15), co-authored by Assistant Professors of Finance Dr. Daniele Bianchi and Dr. Onur Tosun, found that data breaches at large organizations may cause financial losses at those companies, but they eventually lead to greater investments in their CEOs.

Data 141
article thumbnail

Credit Card Fraud Is Down, But Account Fraud That Directly Hurts Consumers Remains High

Tom Groenfeldt

EMV chips have reduced POS card fraud as expected but fraudsters are moving into new areas such as opening new accounts in a stranger's name, taking over accounts or hitting reward programs for profits.

Fraud 92
article thumbnail

Wirecard, Ingenico Buoyed By Worldpay Acquisition

PYMNTS

Shares in Euro payments tech companies rose on Monday (March 18) after news of the Fidelity National Information Services (FIS) takeover of Worldpay, a London-based payment processing company, according to a report by Reuters. FIS paid $35 billion for Worldpay and other companies’ shares floated up on the news. FinTech company Worldline was up 3.1 percent, and software company Atos, which owns about a 50 percent stake in Worldline, was up 1.2 percent.

article thumbnail

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.