Fri.Aug 16, 2019

Payments fraud remains on the table as PSD2 delay takes hold

Mobile Payments Today

As the payments industry works to get through an 18-month delay in implementing Strong Customer Authentication, retailers and consumers remain vulnerable as criminal fraudsters will likely seek to take advantage of the lull

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Chatbot Company Sued By Delta Over Data Breach

PYMNTS

Delta Airlines Inc. has filed a lawsuit against a firm that powered a chatbot on its website. The lawsuit alleges that [24]7.ai

How credit startup Deserve aims to reach the ‘unscoreables’

Bank Innovation

When Kalpesh Kapadia moved to the U.S. from India as a student more than 20 years ago, access to credit was a major challenge for him. Without credit, buying car, a home or even signing a lease can seem out of reach.

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Global Cross-Border Payments Expected To Grow, But Challenges Remain

PYMNTS

Cross-border payments are expected to surge over the next few years as the economy becomes increasingly global and interconnected. These transactions reached $144 billion in value in 2014 and could hit $240 billion by 2024.

Inside Xolo’s plan to win the banking business of contractors

Bank Innovation

Xolo, an Estonia-based financial platform for freelance workers, is launching a product to allow European contractors to set up a financial toolkit in a matter of minutes, which includes bank accounts, legal cover and accounting services.

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How Chipotle Is Keeping Rewards Out Of The Hands Of Hackers

PYMNTS

Mobile order-ahead apps are becoming more and more popular among quick-service restaurants (QSRs), and many eateries are turning to loyalty and rewards programs to encourage customers to make return visits.

Funding Circle surpasses $10b in loans, plans aggressive partnership strategy

Bank Innovation

Funding Circle, the U.K.-based based peer-to-peer lending platform, hit a $10 billion milestone in loans to small- to medium-sized (SME) businesses on Thursday. The nine-year-old company plans to continue to develop its “partnership strategy,” Bernard Martinez, U.S.

More Trending

Weekly Wrap: Several key findings from CB Insights’ 2Q fintech funding report

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending August 16, 2019.

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Visa On eCommerce’s First Quarter Century — And Next Inflection Point

PYMNTS

On August 11th, 1994, Philadelphia’s Phil Brandenburger purchased a Sting album (“Ten Summoner’s Tales ,” to be specific) with a Visa card, and changed the world forever.

Card skimmers are targeting gas stations and older ATMs

ATM Marketplace

Card skimmers at ATMs and gas pumps are common ways for cyberthieves to steal credit and debit card numbers. Cybersecurity expert Scott Schober spoke to ATM Marketplace about some of the latest trends in credit card skimming. Here's what he had to say

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Cap One Employees Warned Of Security Issues Pre-Hack

PYMNTS

Capital One employees raised red flags over security risks before the company suffered a massive data breach.

[LIVE WEBINAR]: 2019 ATM and Self-service Software Trends and Analysis

ATM Marketplace

Date: September 12th, 2019 | Time: 2:00 PM EST | Duration: 1 Hour | Join us for a webinar with KAL and learn the latest insights from their report. Register now

Pasta Passes Sell Out At Olive Garden

PYMNTS

With fans of the restaurant chain looking to get an unlimited fix, Olive Garden ‘s Never Ending Pasta Pass sold out in one second. All 24,000 passes were bought by customers, Fox Business reported. Members spent more than $100 for a nine-week pass.

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Easy DIY Home Renovation Tips On A Budget

BankBazaar

Home renovation and remodelling can be a costly affair. That’s why we’ve come up with easy, DIY ideas that you can use to give your home a facelift. Your home isn’t just a place you come back to every day.

People Still Use Hacked Passwords, Google Says

PYMNTS

Over 300,000 people who were compromised online are still using logins that were hacked, according to a new Google study unveiled at the USENIX Security Symposium in Santa Clara, California this week. The Next Web reported on Friday (Aug.

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AI use carries bias risk for financial regulators

BankThink

Agencies like Fincen and Finra that use machine learning must pay close attention to potential bias in supervisory algorithms, especially with data on women and minorities. Artificial intelligence Race discrimination Gender discrimination AML Fair Housing Act FinCEN FINRA CFPB

Closing The Last Mile In Prescription Delivery 

PYMNTS

In many retail markets, there is incredible pressure to pick up the pace of delivery.

This week in Fintech

Daily Fintech

Every day we bring you fresh insights about Fintech from an elite group of Authors who are just like you – senior executives, entrepreneurs and investors working in the global Fintech revolution.

iRobot On Cleaning Up Smart Home Security

PYMNTS

With more than 8.6 billion connected devices in use worldwide, the appetite for IoT is only growing, with the technology being put to use beyond consumer products.

Are Legacy Systems Holding Your Bank Back?

ZootBlog

The post Are Legacy Systems Holding Your Bank Back? appeared first on Zoot Solutions. Credit Risk Management Customer Acquisition and Retention Operational Efficiency automation digital banking innovation risk management user experience

Capital One Acquires FinTech Robo-Adviser United Income

PYMNTS

The retirement-focused United Income will now give automated advice as part of Capital One, which is looking to expand its robo-adviser offerings. . Capital One purchased the company for an undisclosed amount after taking a 10 percent stake last year, American Banker reported on Friday (Aug.

Capital One bulks up in robo advice with United Income buyout

BankThink

United, which helps retirement-age savers find the best ways to manage their wealth, is Capital One's answer to a flurry of similar deals made by rivals. M&A Robo advisors Automated investing Decumulation Retirement income Retirement withdrawals Capital One

GE Accused Of $38B Accounting Fraud

PYMNTS

General Electric has been targeted in accusations of massive accounting fraud by the whistleblower that called out Bernard Madoff’s Ponzi scheme, reports in CNBC said on Thursday (Aug.

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House Hacking: 10 Real Estate Strategies to Live for Free

Money Crashers

According to Business Insider, Americans blow an average of 37% of their after-tax income on one expense: housing. Imagine what you could do with all that extra money if you no longer had to pay for housing. Fortunately, with great cost comes great opportunity to save.

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Why ‘Liquidity As A Service’ Is A Gig Thing

PYMNTS

For gig workers, a growing subset of the economy where at least one-third of the U.S. workforce has taken on project-based work, getting paid in a timely manner can be critical to financial well-being.

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Why modern banks are (still) investing in brick-and-mortar branches

Cisco

Despite the trend toward digitization and a shrinking branch footprint, the brick-and-mortar bank isn’t disappearing anytime soon. In June, JPMorgan Chase opened one of the largest branches in the country—a 12,500-square-foot emporium in Midtown Manhattan.

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Why Communication Is Key To Faster Construction Payments

PYMNTS

Late payments are a headache for any industry, but the construction sector has seen some particularly detrimental effects from cash-flow bottlenecks. In the U.K., the collapse of construction conglomerate Carillion pulled back the curtains on the corporate’s B2B payment practices.

German regulator BaFin takes action to enforce bank compliance to PSD2

The Paypers

(The Paypers) German Federal Financial Supervisory Authority BaFin has warned banks that it cannot offer fallback exemptions under PSD2 considering the current level of compliance in applications

Deep Dive: Why Cross-Border Payments Need Transparency Overhaul

PYMNTS

Consumers and businesses have grown accustomed to having various speedy services available on demand — they can order food, request car rides or send money all from their smartphones. Corporate leaders want cross-border systems to deliver that same level of responsiveness.

Zappix launches fintech solution for payments processing and AR automation

The Paypers

(The Paypers) US-based fintech Zappix has launched a solution designed to deploy payment processing, accounts receivable, and viewing past transactions

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Small Biz FinTech Leads Week’s B2B Funding Roundup

PYMNTS

With more than $200 million in venture capital funding landing with B2B FinTechs this week, investors had their eyes set on a variety of pain points in corporate finance. Small business finserv was a popular target this week, with startups securing funding for their SMB banking, lending and accounting tools. Meanwhile, logistics, data analytics, and business travel technologies also won over investors. Below, PYMNTS breaks down the latest in B2B FinTech funding. Joust.

Leader Bancorp in Mass. spins off fintech platform for property managers

BankThink

ZSuite Technologies digitizes a number of services that banks provide to landlords. Community banking Digital banking Growth strategies

Negative Interest Rates And Negative Ripple Effects

PYMNTS

Please take out a loan. Stimulate the economy. We’ll pay you to do it.

Lower securities yields could squeeze banks' 3Q profit, report says

BankThink

M&T Bank, Zions and Comerica are among the regional banks facing the most pressure on net interest margins, Wells Fargo analysts said in a research note to investors. Net interest margin Interest rates Securities Earnings Treasurys M&T Bank Zions Bancorp. Bancorp Comerica Bank

UK Investigating Facial Recognition Use In London

PYMNTS

The data protection regulator for the U.K. has opened an investigation into the use of facial recognition technology at property developer Argent’s 67-acre estate in London. “We

BofA’s CEO says the biggest recession risk is the fear of recession

BankThink

Bank of America’s customers spent $1.9 trillion this year through Aug. 12, an increase of 5.9% from a year earlier — a sign that the economy, driven by the consumer, remains strong, Brian Moynihan said. Economy Consumer banking Brian Moynihan Bank of America

Bitcoin Daily: Ripple Xpring Provides 1 Billion XRP Grant; Walmart Files Blockchain Patent For Drones

PYMNTS

Ripple’s Xpring has made a 1 billion XRP grant in Coil , a platform dedicated to reimagining monetization on the web for creators and their fans. The funds will be use to drive adoption of XRP and the Interledger Protocol (ILP) via Coil’s monetization platform.