Fri.Oct 04, 2019

How to go beyond the mobile app during the transition to digital banking

Mobile Payments Today

The successful transition to mobile banking requires a seamless, intuitive user experience built into a mobile app.

How Apple Card Brings ‘Existential Crisis’ To Smaller FIs


With the recent launch of the Apple Card , Apple has sent a signal that they seek to offer a better user experience than banks. In fact, their slogan for the card is “Created by Apple, Not a Bank?.”

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Credit Karma expands personal finance hub with high-yield savings accounts

Bank Innovation

Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. The FDIC-insured savings account is offered through custodian MVB Bank.

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Vista Looks To Sell Huge Stake In Finastra FinTech


Vista Equity Partners is reportedly thinking about selling a stake in London-based FinTech Finastra. Bloomberg is reporting that the sale could value Finastra at $10 billion with debt included. Vista is collaborating with Goldman Sachs to look for companies that might be interested in buying.

Credit Karma expands personal finance hub with high-yield savings accounts

Bank Innovation

Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. The FDIC-insured savings account is offered through custodian MVB Bank.

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What’s The Best Way To Navigate The New World Of Payments?


These are indeed the days for mergers and acquisitions (M&A) in the world of payments, and that trend looks likely to hold into the 2020s.

RBC rolls out AI insights for business customers

Bank Innovation

Royal Bank of Canada is adding in-app personalized insights on business owners’ cash flow to improve their expense tracking and analysis capabilities. The technology was developed by conversational AI company Personetics.

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Samsung Pay launches in-app international money transfers

Bank Innovation

In an effort to grow adoption, Samsung Pay is rolling out international money transfers to accounts in 47 countries, the company said this week. Called Samsung Pay Cash, the capability lets customers send money via direct deposit or arrangements to pick up funds in person.

PayPal Bails On Libra Crypto Project


And then there were 27. News came Friday (Oct. 4) that PayPal has withdrawn from Facebook’s Libra Association. As has been reported, the Libra Association was, until Friday, comprised of the 28 companies had been backing the development and ultimate deployment of the cryptocurrency known as Libra.

Weekly Wrap: PayPal guns for China, as Movencorp patents its personal finance tools

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending Friday, October 4, 2019.

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Taco Bell’s Strategy To Help Customers Own Their Ordering Experiences


Digital self-service kiosks and delivery options could help restaurants provide the seamless ordering experiences customers expect from their favorite brands.

TD Bank’s Fowler to speak at Bank Innovation Build

Bank Innovation

As vice president of enterprise machine learning at TD Bank, Matt Fowler faces the difficult task of overseeing the bank’s efforts to ensure its algorithms are free of bias.

How FinTechs Help Companies Tap Into Emerging Technologies


Businesses are becoming more aware of tech-enabled solutions and prioritizing tools that can help them work smarter — and not harder.

Another Disappointing Monthly Jobs Report for September


This morning’s Employment Situation report from the Bureau of Labor Statistics for the month of September came in weaker than expected. There were 136,000 jobs added in September, falling short of the expectation of an added 145,000 jobs.

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Does KBA Have A Place In Online SMB Credit Checks?


As digital identities fast become a part of everyday life, the identity verification market is expected to reach $12.8 billion by 2024.

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Regulators need new approach to innovation


FDIC Chairman McWilliams reaches out to tech pros to bring fresh ideas to the agency. Fintech Fintech regulations Regtech Consumer banking Innovation Jelena McWilliams FDIC

Payoneer Broadens X-Border Services To SMBs, Partners With Brex


Payments technology firm Payoneer has introduced a new cross-border service that includes functionality for small and medium-sized businesses (SMBs), the company announced Thursday (Oct.

Fannie and Freddie get to keep their earnings. Now what?


Allowing the mortgage giants to retain profits resolves a short-term capital shortfall, but how much capital they would need after exiting conservatorship is still the bigger question.

Credit Karma Now Offers A High-Yield Savings Account


Credit Karma , a company that enables people to gain access to their credit scores, is launching a high-yield savings account that customers can use through an app and online. CNBC reports that the savings account won’t have any fees and will not require a minimum balance to open.

Liquidity concerns force banks to get creative with deposit gathering


Many community banks are launching digital banks, more aggressively courting younger customers and abandoning the idea that only primary banking relationships are worthwhile. Community banking Deposits Generation Z Digital banking

Deep Dive: How Instant Payments And Solutions Are Changing Rebates


Retailers have long enticed consumers with rebates, cash back and other rewards. Savvy shoppers have found these traditional programs to be lucrative, but long wait times between purchases made and receiving disbursements have deterred others.

China leads the ecommerce market in APAC, Rakuten report finds

The Paypers

(The Paypers) A Rakuten Marketing report has revealed that China continues to lead the ecommerce market in the Asia Pacific with 61% of consumers shopping online

Fixing Fast Fashion’s Uncertain Fortunes 


When Forever 21 filed for bankruptcy earlier this week, there was much bemoaning but not a lot of actual surprise on offer.

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Senate pot banking bill may add weapon to fight money launderers


As Banking Committee Chairman Mike Crapo works on legislation enabling banks to serve cannabis businesses, one area of focus is combating risks tied to “legacy cash” that has accumulated in the marijuana industry.

How New Tech Is Changing Furniture Shopping


Look to furniture and home furnishings to drive more retail innovation. That includes robots. The era of robotic furniture is upon us – or it will be in 2020, if IKEA’s partnership with Ori to bring robotic furniture to the market pans out as planned.

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Access to cash at UK post offices? It just doesn't have the stamp of authenticity

ATM Marketplace

ATMIA Europe's Ron Delnevo believes post offices aren't a substitute for ATM's in the U.K.

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Florists’ Association Teams With First American For eCommerce, Payments


The PFS Floral Cooperative Association (PFS), created to help florists run their local businesses and compete with larger chains, has teamed up with First American Payment Systems, a global payment technology company, according to a release.

Libra may lose PayPal backing; CFTC levies rare swaps fine


The company was the only no-show at the gathering of Facebook’s payments partners; HSBC was fined $650,000 for violating swaps risk management rules. Morning scan Mortgages Court cases Capital requirements Regulatory relief Penalties and fines Libra PayPal

B2B eCommerce Tips The VC Scales


More than $874 million in fresh funding landed at B2B startups this week across a range of market segments and geographies. An Egyptian firm landed the MENA region’s largest-ever seed round, a California company proved U.S.-based

Advanced Terminals and ITMs are Changing the Face of Retail Banking

ATM Marketplace

Advanced terminals and ITMs can succeed for your financial institution with the right partners. BranchServ reviews the process of advanced self-service evaluation and implementation to ensure that you choose the right technology for your bank or credit union

Top News In Payments: Square Unveils CBD Early Access Program; New York Examines Payroll Tech Industry


Today in the payments news roundup, Square is rolling out CBD early access program that will allow U.S. vendors to sell CBD items. Also, New York is taking a closer look at the payroll technology space with the fallout from the scandal and collapse of MyPayrollHR.

What it means for Facebook's Libra to lose PayPal


Facebook's Libra cryptocurrency project has lost its first major ally. PayPal — where the head of Facebook's Libra project once served as president — has cut its ties. As a founding member, PayPal was expected to drive the payment-specific part of the cryptocurrency initiative.

EU Finance Ministers To Call For Worldwide Response To Stablecoins, Libra


At a G20 meeting in the middle of October, European Union finance ministers will reportedly tell their counterparts that a worldwide regulatory response is needed to so-called stablecoins like Facebook’s Libra.

Women in Banking rolls on, new CEO for Wells, GSE reform: Top stories of the week


The ‘Unsinkable Cathy Bessant’; Thasunda Duckett’s rising star takes center stage; the challenges facing Wells Fargo chief Charles Scharf; Fannie, Freddie to retain $45B in capital; and more from this week’s most-read stories.

How Small FIs’ SMB Lending Journeys Nudge The US Toward Open Banking


To service Main Street businesses, it’s an obvious advantage for a financial institution to actually be on Main Street. For community banks and credit unions, their physical proximity to the small businesses they’re servicing is often pointed out as a major advantage these smaller players hold over the big banks, enabling these FIs to develop deeper relationships with their small to medium-size business (SMB) clients, anticipate their needs and establish trust.

5G and Wi-Fi 6 will bring waves of change to banking


The next generation of cellular and wireless technologies is right around the corner, and in some places, it’s already here. As cities and companies begin to roll them out, 5G and Wi-Fi 6 will start transforming the way we live and work—and they’ll wave their magic wand upon retail banking, too.

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As Unemployment Hits Fresh Low, Signs That US Economy Is Cooling


The headline numbers trumpet that the unemployment rate is at a 50-year low. But the latest data points show a more mixed picture — not of where we’ve been but where we are going.

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