Wed.Oct 17, 2018

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11:FS launches Banking-as-a-Service

Chris Skinner

I don’t normally share press releases or advertorial, because this is my blog and it’s meant to be neutral and independent, but I have a stake in 11:FS and so this is different. 11:FS, for those who are unaware, are a challenger consulting firm, focused on FinTech (click links on … The post 11:FS launches Banking-as-a-Service appeared first on Chris Skinner's blog.

Fintech 331
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Carrier billing in 2018: Middle East & North Africa

Payments Dive

This market report gives an overview of the mobile payments landscape of the Middle East and North Africa. It covers 10 markets where Fortumo has coverage. These markets are (by population): Egypt, Turkey, Algeria, Iraq, Morocco, Saudi Arabia, Tunisia, United Arab Emirates, Kuwait and Bahrain.

Mobile 218
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Open Banking has arrived, whether you like it or not

Chris Skinner

Ten years ago, I was presenting the concept of Banking-as-a-Service, with the idea that I could find a wide range of plug-and-play software in a cloud-based marketplace, and build my own bank by bringing these pieces of code together into an easy-to-use banking service. A decade later, that vision has … The post Open Banking has arrived, whether you like it or not appeared first on Chris Skinner's blog.

Software 319
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Visa Accelerates Tokenization Of Credentials On File For Digital Payments

PYMNTS

Visa announced today the commercial expansion of its Visa Token Service for “credential-on-file token requestors.” This expansion involves adding 20 acquirer gateway and technology partners as token requestors — including the likes of PayPal, Worldpay and Adyen — who can now, or soon will be able to, tokenize credential-on-file digital payments for their merchant and payment clients.

Payments 217
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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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Things worth reading: 18th October 2018

Chris Skinner

Things we’re reading today include: Growing corporate debt echoes 2008 crisis It’s time to worry when the Bank hears echoes of the sub-prime crisis Further blow for scandal-hit Danske Bank as regulator blocks board’s CEO pick Bank of England raises alarm over surge in high-risk lending Britain fell for a … The post Things worth reading: 18th October 2018 appeared first on Chris Skinner's blog.

Lending 186

More Trending

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SEC Warns Cos To Prioritize Cybersecurity

PYMNTS

The U.S. Securities and Exchange Commission (SEC) has issued a stern warning to public companies: tighten cybersecurity controls or risk being in violation of federal law. The regulator issued a report based on the SEC Enforcement Division’s investigations of nine public companies that lost millions of dollars as the result of cyber fraud. The companies, which each had securities listed on a national stock exchange, were in sectors including technology, machinery, real estate, energy, financial,

Fraud 190
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HSBC Bank USA to Launch Roboadvisor

Bank Innovation

HSBC Bank USA will join the likes of Betterment, and Acorns by stepping into roboadvisor territory. For the task, HSBC has tapped Providence, R.I.-based wealth management platform Marstone to create a software-based solution that's an end-to-end digital experience on both the customer-facing side and the backend. The bank intends to launch a pilot in November, […].

Software 150
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Noncash Payment Fraud Values On The Rise Since 2012

PYMNTS

Fraudulent noncash payment values have increased by a lot in the U.S. between 2012 and 2015, surpassing growth in noncash payments, the Federal Reserve found. According to data from the Federal Reserve Payments study, it found the value of noncash fraud jumped 37 percent to $8.3 billion in 2015 from $6.1 billion in 2012. During the same period, the Federal Reserve found the total value of noncash payments increased to $180.3 trillion from $161.2 trillion.

Fraud 184
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Virtual Banking Assistants Still Mostly Limited to Simple Transactions

Bank Innovation

Virtual banking assistants seem to be all the craze lately. Just ask Bank of America, whose Erica crossed 3.5 million users, or Capital One’s Eno which claims to have one of the highest user ratings and can even communicate with consumers through text outside the banking app. For many banks, a virtual assistant is already on […].

America 150
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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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Accenture Debuts Blockchain Procurement Solution In Thailand

PYMNTS

Business services conglomerate Accenture is expanding its blockchain solution offerings with the development of a procurement platform launched in Thailand. The company announced this week that it collaborated with Thai FinTech firm Digital Ventures, a subsidiary of Siam Commercial Bank, to create a blockchain-powered solution that facilitates the buying and selling of goods for businesses and their vendors.

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Blockchain payments can make ‘medical tourism’ more efficient

Payments Source

Blockchain can power faster, cheaper and much more secure transactions, independent from governments, banks and national borders, writes Ali Hashem, an account manager at Dentacoin.

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AFP ‘Troubled’ Over Corporate Treasurers’ Lack Of FinTech Adoption

PYMNTS

Corporate treasurers have said they’re interested in a slew of cutting-edge FinTech solutions that experts believe will disrupt financial business management. Yet, a new report from the Association for Financial Professionals (AFP) warned of only minuscule adoption of these tools so far, a trend that analysts described as “troubling.” In its 2018 AFP Technology Survey , underwritten by corporate treasury management firm BELLIN , the AFP surveyed 708 corporate finance executives

Fintech 177
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Your everything IBM at Sibos guide

Insights on Business

The Sibos conference in Sydney is less than a week away. It’s time to pack those bags and hop on a plane. While you’re planning, make sure to book some time with IBM. Starting now and running through the event, I will update and revise this blog several times a day with news, announcements, videos, and blogs live from the floor at Sibos.

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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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Fraudsters Prize Payment Via iTunes, Walmart Gift Cards

PYMNTS

A new report from the Federal Trade Commission (FTC) says that fraudsters are increasingly requesting to be paid with gift cards, with some even asking for certain brands such as Google Play and iTunes gift cards. The FTC examined fraud reported directly to the agency and excluded reports about shop-at-home purchases, finding that from January through September of this year, gift cards and reload cards were reported as a payment method in 26 percent of the fraud reports, up from just 7 percent i

Cards 174
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As Canada legalizes pot, Amex and Visa agree to handle payments

Payments Source

This week marks the official start of Canada’s legalized recreational cannabis industry — and American Express and Visa are ready to handle the new market's payments, in a stark contrast to their stance in the U.S.

Payments 113
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NATO Cybersecurity Push Promises Lessons For Payments And Commerce

PYMNTS

The business of payments and commerce is not war — despite all that tough motivational talk that insists otherwise, almost always from people who’ve never suffered through combat — but war, and the preparation for it, has a way of influencing business. Just look at the logistical lessons learned during World War II that were applied to post-war industry, or even the development of the internet and how U.S. defense plans for communication in the nuclear age influenced that.

Payments 168
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Payments boom could make PSD2 headaches worthwhile

Payments Source

The European data sharing regulation, PSD2, is often seen as a compliance burden for banks — but if used correctly, the rules provide a path to boosting digital payments revenue.

Payments 103
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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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Starbucks Sees Its Future In China

PYMNTS

When it comes to planning for the future, Starbucks is focused on China. The company is building a new store in the country every 15 hours, and views boosting growth there as one of its “three strategic priorities,” said Starbucks CEO and President Kevin Johnson at the Fortune Global Forum in Toronto on Tuesday (Oct. 16). With more than 3,000 stores already in operation in the country, another 2,000 are slated to open by 2021.

US 161
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How the U.K.'s Marks & Spencer is refining cashierless checkout

Payments Source

Marks & Spencer is the first major U.K. retailer to launch a mobile scanning and payment app in its stores. Several U.K. supermarket chains have launched pilots of cashierless and checkout-free mobile shopping, but have yet to roll out services.

Mobile 89
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Google Shopping Partners With Nike, Best Buy, Sephora

PYMNTS

Google has announced new Shopping Actions partnerships with Nike , Best Buy and Sephora that allow shoppers to search and shop for tens of thousands of products, just in time for the holidays. The retailers join hundreds of other merchants already in the program, a sevenfold increase since it was launched. In fact, a recent study shows that Google is the first place U.S. shoppers go to discover or find a new brand or product.

Google 157
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Know Your Country: Keeping pace with the sanctions tsunami

Insights on Business

During the last few months, the current U.S. administration has repeatedly utilized economic sanctions to further its foreign policy objectives. This includes the withdrawing from the Joint Comprehensive Plan of Action (“JCPOA”) with Iran, designating a series of Russian oligarchs and government officials and entities owned by those individuals, imposing new sanctions to apply economic pressure on North Korea, unveiling unprecedented sanctions aimed at limiting the Government of Venezuelan from

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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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Standard Chartered, Huawei Turn To IoT For Smarter Trade Finance

PYMNTS

Standard Chartered is collaborating with Huawei on enhancing trade finance through Internet of Things (IoT) technology. Reports in Global Trade Review on Wednesday (Oct. 17) said the bank and technology conglomerate are working on an application that will allow Standard Chartered to track goods in real-time as they move through the supply chain. That ability can automatically trigger payment instructions or financing to streamline trade finance and payments in the global trading process.

Big Data 156
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Suburbia founder: Startup or corporate, you're doing data wrong

Bobsguide

The world’s biggest banks and corporations still rely on archaic data sources which haven't improved in decades, according to Hamza Khan, founder of alternative data provider Suburbia. "Data is expensive, it's slow, it's often out of date before it's even released.

Data 83
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DMG Blockchain Targets Cannabis Supply Chain Traceability

PYMNTS

Blockchain company DMG Blockchain Solutions is rolling out a new supply chain management solution designed for the legal cannabis market. The company announced via press release on Tuesday (Oct. 16) that it is collaborating with technology and finance partners to develop a supply chain management platform for the cannabis market, with plans to first deploy the solution in Canada before global expansion.

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Worldnet adds Google Pay to feed acquirers' need to embrace omnichannel shopping

Payments Source

Worldnet is adding Google Pay to its cloud-hosted platform to address the pressure on payment service providers and independent sales organizations to securely embrace multiple payment channels and computing devices.

Google 79
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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.