Fri.Aug 16, 2019

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Payments fraud remains on the table as PSD2 delay takes hold

Payments Dive

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.

Fraud 348
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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. In an effort to solve this problem, Kapadia founded Deserve (formerly called SelfScore) […].

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Trending Sources

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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 Inc. did not have basic cybersecurity safeguards while it ran a service powered by artificial intelligence (AI) on the carrier’s website last year and in 2017, The Wall Street Journal reported. The suit claims that [24]7 waited over five months to tell the airline about the breach instead of immediately informing it.

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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. While Azlo, Oxygen and Joust also offer banking products for freelancers, Xolo aims to differentiate through additional accounting and […].

Retail 150
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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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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. They’ve been well-received by both QSRs and customers, with PYMNTS’ Restaurant Readiness Index finding that nearly 80 percent of both groups report having positive experiences with loyalty programs.

More Trending

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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.

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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. In this episode, Suman Bhattacharyya, deputy editor of Bank Innovation, speaks with Lindsay Davis, senior intelligence analyst at CB Insights, about several findings in her second quarter fintech funding report. Among the highlights: Which forces that have […].

Report 150
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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. According to a report in The Wall Street Journal , sources said that employees sent a warning to Capital One about high turnover in its cybersecurity unit as well as the failure to install some software to help spot and defend against hacks.

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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. It’s your refuge on bad work days and where you can be at peace with yourself, away from the maddening noise of the outside world. If you’ve been feeling that your house is in desperate need of a facelift of late but don’t have the funds for it, here are some easy DIY tips for home renov

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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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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. A big feat for such a small purchase, but on that day Brandenburger tapped VisaNet to do something unheard of in the world of commerce up to that point. He bought his album online, The next day, the following headline ran in The New York Times — Attention Shoppers: The Internet Is Open. .

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Beyond Apple Card: 5 unusual payment cards

Payments Source

Apple is far from the first to apply a high-tech spin to the ordinary payment card. Several other companies before it have experimented with technology and materials in the hopes of providing a unique form of payment.

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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. 16). United Income will maintain its current management team and operate autonomously.

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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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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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Hong Kong Probes China’s Citic Bank Lending

PYMNTS

Amid escalating political tensions between Hong Kong and China, the Financial Times reported Thursday (Aug. 15) that Hong Kong authorities have reportedly opened an investigation into Chinese banks operating in the city. According to the publication, Hong Kong has commenced multiple probes into Chinese conglomerates’ offshore finances, including the Hong Kong Monetary Authority’s investigation into China Citic Bank International.

Lending 148
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Siemens, Bytemark to connect multi-modal transit payments in Columbus, Ohio

Payments Source

Siemens Mobility has announced it’s working with Bytemark, a company Siemens partially owns, to develop a payment solution enabling riders to pay once for a trip across the city using multiple public and private modes of transit, from buses to scooters.

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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. Cities around the globe are looking to use the technology to address problems, such as by leveraging connected sensors to detect and report water system leakages. Security continues to be a top IoT concern, however: Mounting data breaches and newly discovered device vulnerabilities have prompted wariness around IoT adoption.

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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. Both Chase and Bank of America announced last year that they would open 400-500 new branches in the next half-decade.

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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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Closing The Last Mile In Prescription Delivery 

PYMNTS

In many retail markets, there is incredible pressure to pick up the pace of delivery. Amazon switched from two-day shipping as its standard base (rapidly followed by Walmart and others), groceries delivered within an hour or two is becoming increasingly mainstream and there is any number of services happy to deliver any type of food in an hour or less for a fee.

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Card issuers’ new focus on installment lending misses the point

Payments Source

Issuers like Chase and Citi that added installment features to compete with digital lenders will need to think beyond traditional card options.

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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. According to the chain’s website , “The Pasta Pass allows a Passholder to enjoy the Never Ending Pasta Bowl® menu at Olive Garden as many times as they wish in-restaurant for nine weeks.

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House Financial Services Committee finds megabanks need to improve their diversity

CFPB Monitor

Following hearings this past spring, Representative Maxine Waters (D-CA), Chair of the House Financial Services Committee, released a statement that the Committee finds more work is needed to improve diversity at megabanks. The statement, released on August 13, included data gathered from eight of the nation’s largest banks in response to letters to those institutions from Chairwoman Waters and Representative Joyce Beatty (D-OH).

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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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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. In fact, as PYMNTS found in recent research on the gig economy, 85 percent of gig workers would work more often if they were paid faster. In another stat, as estimated in the report Pay Advances: The Gig Economy’s New Normal done in conjunction between PYMNTS and Mastercard, many gig workers live

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[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!

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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 have launched an investigation following concerns reported in the media regarding the use of live facial recognition in the King’s Cross area of central London, which thousands of people pass through every day,” said U.K.

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Are Legacy Systems Holding Your Bank Back?

ZootBlog

The post Are Legacy Systems Holding Your Bank Back? appeared first on Zoot Solutions.

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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.