Payments Dive
AUGUST 2, 2019
While data shows that credit card fraud has decreased from the standpoint of payment volume, there remains a concern in the industry that cybercriminals are using sophisticated methods of changing tactics to avoid detection and put consumer payment information at risk.
Bank Innovation
AUGUST 2, 2019
When it comes to bank-fintech collaborations, banks are finding more failure than success. That’s according to a study by Bank Innovation and INV Fintech, a startup accelerator, released today.
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PYMNTS
AUGUST 2, 2019
Western Union ’s stock price was down in after hours trading, after missing on earnings but lodging a narrow beat on revenue. Adjusted earnings per share (EPS) came in at $0.45 per share, missing analyst consensus estimates of $0.48 per share. This compares to earnings of $0.46 per share a year ago. Net income of $614.8 million, or $1.42 a share, in the second quarter, compared with $217.6 million, or 47 cents a share, a year earlier.
Bank Innovation
AUGUST 2, 2019
To TD Ameritrade, checking up on a portfolio is a task customers should be able to do on the go. Therefore, the brokerage firm has enabled in-car “experiences” to make that happen. “Leveraging technologies like AI and machine learning, voice and audio, our customers can engage in a way that makes this experience more intuitive […].
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i
PYMNTS
AUGUST 2, 2019
To combat fraud — especially phishing — united we stand? The advent of mobile and app-based channels to lure victims to send money to fraudsters has been on the rise, with email and text-based communications the weapons of choice. As noted in the latest Digital Fraud Tracker , phishing attacks are up 76 percent this year compared to last year. Verizon has estimated that 30 percent of phishing messages are opened by their intended targets.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
AUGUST 2, 2019
MoneyGram International posted results that missed top-line expectations, but beat at the bottom as restructuring efforts continued amid weakness within the company’s domestic money transfer business but growth in international corridors. In terms of headline numbers, adjusted earnings of 12 cents a share beat the Street by a nickel. Revenues of $323.8 million were down 13.6 percent year on year and missed the consensus by roughly $20.5 million.
Bank Innovation
AUGUST 2, 2019
Nyca Partners has closed on $210 million for its third investment fund, a vehicle that will let it continue to support the growth of fintech innovation, David Sica, partner at the New York- and San Francisco-based venture firm, told Bank Innovation. “I think there’s still a lot of opportunity,” Sica said. “There’s really good entrepreneurs […].
PYMNTS
AUGUST 2, 2019
In a recently reported data breach, Poshmark said it recently learned that an unauthorized third party acquired data from some users. The fashion marketplace company said the information does not include physical addresses or financial data, according to a web post. The company said in the post, “We take the trust you have placed in us extremely seriously, and since learning of this incident, we’ve expanded our security measures even further.
Bank Innovation
AUGUST 2, 2019
Welcome to the latest episode of our weekly wrap video series, for the week ending August 2, 2019. In this episode, Suman Bhattacharyya, deputy editor of Bank Innovation, and Jake Martin, associate editor, discuss the following developments: At the Customer Experience in Financial Services conference in Boston this week, bank executives on several panels spoke […].
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Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.
PYMNTS
AUGUST 2, 2019
To let consumers spend the value of their digital currency, instant crypto loan company Nexo is rolling out a cryptocurrency credit card that is Mastercard-branded. The company says that the card is the first card around the globe that lets users spend their digital currency’s value without actually spending the crypto, Cointelegraph reported. Nexo said, according to the outlet, “When using the Nexo Card to purchase goods and services, you actually pay using your Nexo flexible open-ended revolvi
Bank Innovation
AUGUST 2, 2019
American Express acquired business-to-business payment company Acompay this week, allowing the company to automate the accounts payable process for business customers. The acquisition comes at a time when large institutions are looking to grow their business clientele through new underwriting tools and other technology. Acompay automates the payment process for businesses so they can pay […].
PYMNTS
AUGUST 2, 2019
Walmart has filed a patent application for a “digital asset” that would be based on a type of block production, according to reports. The patent marks Walmart’s fourth blockchain-related patent. The patent application said the initiative would be: “… generating one digital currency unit by tying the one digital currency unit to a regular currency; storing information of the one digital currency unit into a block of a blockchain ; buying or paying the one digital currency unit; determining
Payments Source
AUGUST 2, 2019
Walmart has filed a patent application for a digital currency that, like Facebook's Libra, would be a stablecoin backed by traditional currencies. And it envisions a very specific use case where its coin could stand in for cash — or even for a bank account.
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Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.
PYMNTS
AUGUST 2, 2019
Data storage firm Seagate revealed that it has moved its anti-fraud blockchain project with IBM into the pilot stage. Launched in 2018, the project monitors products sent via several steps to the customer, including product returns, to prevent counterfeit drives from being sent back. The technology could also be used to verify that any returned drives have undergone a “certified erase” process to remove any user data.
CFPB Monitor
AUGUST 2, 2019
The CFPB recently updated the TRID rule FAQs to address questions about providing a Loan Estimate to consumers. The FAQs mostly confirm guidance previously provided by the CFPB in various forms. The FAQs focus on the obligation of a creditor to issue a Loan Estimate once the consumer submits the six items of information specified in the definition of “application” applicable to the TRID rule.
PYMNTS
AUGUST 2, 2019
Mastercard has teamed up with retailer Fred Segal Sunset and Made to sell limited-edition products that showcase female artists and designers, as well as demonstrate Mastercard’s blockchain-based Provenance solution, which illustrates the journey of a product from start to store. “The first output from this partnership is a collection from Rodarte designers and sisters, Kate and Laura Mulleavy, featuring artwork by artist and painter, Mari Eastman.
BankBazaar
AUGUST 2, 2019
Wondering how different your financial life would be if you completely ignored your Credit Score? Well, read on to find out the banes of doing so! Thinking of giving your Credit Score the cold shoulder? Well, brace yourself! Of late, Credit Scores have become very important in the financial world, and the hype is surely real because it is one of the most important tools used by lenders to gauge if a person is credit-worthy or not.
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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
AUGUST 2, 2019
The Federal Reserve orchestrated an official investigation of an Amazon facility in Virginia, kicking off what is expected to be ongoing oversight of cloud providers, people familiar with the matter told The Wall Street Journal on Thursday (Aug 1). The investigation was in April, ahead of the Capital One hack that resulted in the arrest of a former Amazon engineer.
Payments Source
AUGUST 2, 2019
Younger consumers still like to go to the mall. Keeping them there requires a mix of easy payments, financing and shopping in multiple channels, says Nufar Segal, general manager of consumer financing for at Jifiti.
PYMNTS
AUGUST 2, 2019
Financial institutions (FIs) and merchants worldwide understand how instant payments and disbursements could change the way customers and businesses operate and disrupt numerous industries such as the gig economy. However, some markets, like insurance and pension that have previously lagged behind on embracing faster disbursement solutions, appear to be stepping up their adoption efforts.
Payments Source
AUGUST 2, 2019
Apple Inc. and Barclays Plc have dropped the rewards program from their longtime credit-card partnership in advance of the debut this month of a new Apple Card with Goldman Sachs Group Inc.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
PYMNTS
AUGUST 2, 2019
Amazon’s push-to-order Dash buttons will totally cease Aug. 31, CNET reported . The online giant first discontinued Dash button sales in February but had said it would support product reorders if customer demand was there. But an Amazon spokesperson told CNET on Thursday (Aug. 1) that usage “has significantly slowed.”. In its place, Amazon created virtual dash buttons for customers who had physical ones and will still offer the Amazon Dash Wand that has a built-in microphone and barcode scanner.
Payments Source
AUGUST 2, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: Digital payments advance in sports; Amazon Dash set to expire; Albania cracks down on tax pay cheats; Facial recognition ATMs expand in Spain; A stablecoin for legal weed.
PYMNTS
AUGUST 2, 2019
For years, it was thought that apparel, if not an eCommerce-proof area of retail, was at least an eCommerce-resistant one. For ultra-casual clothing, where fit isn’t a hugely important consideration and the price point is low enough, buying online was viewed as a reasonable option. But for apparel that costs more and needs to look nice, the conventional wisdom was that consumers wouldn’t be as willing to make a blind buy.
Payments Source
AUGUST 2, 2019
The question of upgrading to 3D Secure 2.0 authorization is relatively easy for European e-commerce merchants, since it's a straightforward way to comply with part of PSD2, the revised Payment Services Directive.
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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
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