Wed.Nov 13, 2019

Tomorrow’s bank? What do HSBC and Wells Fargo think?

Chris Skinner

I always like to hear what bankers think about the future of banking – it’s probably more accurate than what janitors or futurists think – and so was pleased to see two items in my in-tray this week, one from HSBC and the other from Wells Fargo.

BlackBerry On 5G And The IoT Security Problems That Must Be Fixed


IoT providers have hit an innovation streak in recent years, utilizing increasingly sophisticated technologies such as artificial intelligence (AI) and data tools like machine learning (ML) to rapidly expand the world of connected things.

Things worth reading: 14th November 2019

Chris Skinner

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Google To Team With Banks To Offer Consumer Checking Accounts


Google is planning to launch consumer checking accounts next year in partnership with Citigroup and Stanford University, The Wall Street Journal (WSJ) reported on Wednesday (Nov. Code-named Cache, the accounts will be handled by Citigroup and a credit union at Stanford University.

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With QuickBooks integration, Tide adds data-driven personalization

Bank Innovation

Tide, a U.K.-based based business banking startup, is integrating with Intuit QuickBooks to save users time and eliminate tedious bookkeeping tasks.

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FinCEN Releases Advisory On FATF’s List Of AML/CFT Deficiencies


The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to announce an updated list of jurisdictions with anti-money laundering (AML) and Countering Financing of Terrorism (CFT) Act deficiencies.

Temenos is betting on a social banking tool to help small banks compete

Bank Innovation

To Switzerland-based banking tech provider Temenos, a human-centered digital approach will help small institutions compete with large players. Through its acquisition of software-as-a-service provider Kony last August, Temenos added social platform Engage to its toolkit for client banks.

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More Trending

FICO fights fraud through selfie-based authentication tools

Bank Innovation

The identity verification process for financial institutions just got easier thanks to two new digital identity tools FICO rolled out this month.

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Why Specializing in Commercial Verticals Can Boost Bank Profitability

Banker to Banker

COMMERCIAL SEGMENTATION Much has been written about the merits of community banks developing banking expertise around specific verticals. We recently worked with a bank that won the banking mandate for a family-run funeral home. At first we were surprised that the term loan was 93% LTV.

Google partners with Citi to offer customers checking accounts

Bank Innovation

Google has partnered with Citigroup Inc. and a local California credit union to offer consumer checking accounts, a person familiar with the matter said.

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Here Is Daily Bank App Usage Patterns And Why It Matters

Banker to Banker

DIGITAL MARKETING If you think the average American is on their phone throughout the day you are largely right. However, they may not be on your bank’s app.

Nike To Pull Product Listings From Amazon


Nike announced that it is parting ways with Amazon and will no longer sell its products on the eCommerce marketplace, ending a pilot program that began in 2017, The Wall Street Journal (WSJ) reported on Tuesday (Nov. The sneaker and sports apparel company said it is going forge new retail partnerships and concentrate on its direct business. For many years, Nike opted out of an Amazon partnership due to concerns that it would weaken the brand.

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Google Is Going to Offer Checking Accounts Next Year

Perficient Financial Servies

Google is going to offer checking accounts next year. That’s big, and scary, for a lot of banks.

Does Nike Move Show An Amazon Weak Spot?


The knives are out for Amazon this week thanks to a major sneaker brand. But at this point, it seems unlikely that major changes are in store for the eCommerce operator.

How Adyen's using in-house issuing to counter bank and fintech rivals

Payments Source

Adyen has traditionally focused on streamlining card acceptance, processing and settlement for online payments, and now it wants control more of the merchant relationship by issuing its own virtual and physical payment cards.

Monetizing An Increasingly Connected World


The universe of smart devices and connected things is undeniably growing by the day – name a common household item and there is probably a smart version out there. The potential of constant connection is obvious, from retail to marketing to the opportunity to build entirely new business models.

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Two insurance innovations roads to be taken- it’s not all tech

Daily Fintech

image The Innovation road diverged in an InsurTech wood, And while I wanted to travel both And be one searcher, long I stood And looked down one as far as I could To where it was lost in unknown techo growth; Then took the other, as just as fair, And an improving process that […].

FinTech Boost Teams With J.P. Morgan For Automated Payments


New York-headquartered Boost Payment Solutions is collaborating with J.P. Morgan’s Single-Use Card Accounts (SUA) to offer automated commercial card payments, Boost said in a press release on Wednesday (Nov. 13). .

Banks and payment techies benefit when they stop being rivals

Payments Source

With the help of fintechs, some of the world’s largest financial institutions have gotten ahead of the curve to implement data sharing programs, says Urjanet's Sanjoy Malik. ISO and agent APIs Digital payments Fintech

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NEW REPORT: Behind Regions Bank’s AI-Powered Digital-First Push


In the face of growing competition, banks around the world are working hard to become the first choice of today’s customers. Recent PYMNTS research indicates that 34.8

Are China’s overtures to foreign payment companies a real policy shift?

Payments Source

For decades card networks and issuers outside of China have tried to enter the giant Chinese consumer payments markets, but mostly have run into walls because of shifting regulations. Payment cards Payment processing China UnionPay Visa Mastercard PayPal Ant Financial WeChat China

FIS: The POS As The Last (And Perhaps Best) Stop To Cement Customer Loyalty


A satisfied customer is a loyal customer. Perhaps. But, then again, maybe not.

Boost to deliver electronic payments for JPMorgan commercial cards

Payments Source

With a growing number of banks adopting digital technology to move B2B commercial cards into mobile wallets, JPMorgan is collaborating with Boost Payment Solutions to automate the delivery of single-use and commercial card accounts to clients.

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Why FATF’s New Digital ID Report Will Be A Boon For Payments


The timing seems about right. As a brand-new decade looms – one that promises great strides for digital payments and commerce – digital ID, already on the ascent, is getting a big seal of approval from an influential global group. The approval serves as a signal that digital ID efforts are ready to grow up in the new decade, so to speak, and also to do more heavy lifting when it comes to financial inclusion.

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Google partners with Citi to offer customers checking accounts

Payments Source

Google has partnered with Citigroup and a California credit union to offer consumer checking accounts, a person familiar with the matter said. Checking Disruptors Edit License Google Citigroup

Retail Seeks More Loyalty From Sustainability-Minded Shoppers


Sustainable notions of commerce are moving ever more to the forefront of retail, and judging by shifting consumer trends — especially the preferences of younger consumers coming into their own — you can bet the trend will only get more intense in the coming years. And recent retail innovations would seem to bolster that point.

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What supply chain pros can learn from their salaries

Payments Source

Payroll processing provides the same kinds of efficiencies that can streamline procure-to-pay systems, says Nvoicepay's Jim Wright. ISO and agent B-to-B payments Payroll Payment processing Digital payments

China Eases Growth Targets To Boost SMB Lending


China’s regulators have revealed that the country will be moving away from setting sharp growth targets at its biggest banks, in an effort to increase lending to small businesses (SMBs).

Australia's EML expands in Europe with Prepaid Financial Services deal

Payments Source

EML has agreed to pay £226 million (US$290 million) to acquire Prepaid Financial Services, one of Europe’s largest e-money issuers. M&A Digital payments Payment processing Europe Australia

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Amid eCommerce Store Launch, Fiverr Touts Studio Gigs In Q3 Results


Fiverr , an online marketplace for freelance services, reported a 42 percent year over year revenue gain for the third quarter of 2019 on Wednesday (Nov. The company filed for its initial public offering (IPO) back in May. For the third quarter of 2019, the company’s revenue stood at $27.9 million.

PBOC wants ‘controllable anonymity’ in China’s digital currency

Payments Source

China wants to balance functionality with concerns about anonymity as it works toward launching a digital version of the yuan, according to an official from the People’s Bank of China. Cryptocurrencies Digital payments China

Sis-id, Tradeshift Team Up Against Payments Fraud


Fraud protection company Sis-id and supply chain and marketplace company Tradeshift announced on Wednesday (Nov. 13) a partnership to help with the risks and costs associated with payments fraud. The collaboration resulted in an app that’s available in the Tradeshift app store.

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Visa, Mastercard draw FTC inquiry over debit card transactions

Payments Source

Visa and Mastercard are once again in the crosshairs of U.S. antitrust regulators over policies that can prohibit merchants from routing card transactions over alternative debit networks. Debit cards Retailers Visa Mastercard FTC

Why Subscriptions Rule Retail And Amazon Is King


The third quarter of 2019 saw decreased revenue for meal kit subscription service Blue Apron, a company that is struggling to stay afloat in the increasingly saturated subscription commerce market.

Morning Brief 11.13.19: Libra exec says the project won't profit off of data

Payments Source

Veem locks in exchange rates; Chargebacks911 sub centralized Thomas Cook claims; and other information you need to start your day, from PaymentsSource and around the web. Briefing

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Deep Dive: The Benefits And Limitations Of Video-Based KYC For FIs


FIs cannot afford to be lax with KYC and AML procedures, and their handling of sensitive information means they are held to some of the highest KYC standards.

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India’s Account Aggregation Framework – Q&A for Beginners

Let's Talk Payments

India has had a very different and intriguing approach to Open Banking. Read more