Payments Dive
FEBRUARY 11, 2020
What we know is that PSD2 has profound implications for the e-commerce landscape across Europe. However, the implications may reach across the Atlantic, as U.S. merchant with cross-border ambitions need to take notice.
Chris Skinner
FEBRUARY 11, 2020
Anyone who’s read this blog since 2007 or my books since 2014 will know that I have a regular rallying call: replace core systems; refresh the bank’s technology stack to an open architecture; embrace APIs, apps and analytics; deep dive on data; transform to be digital and not industrial; rethink … The post Q: Do investors believe bank digital transformations are succeeding?
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Bank Innovation
FEBRUARY 11, 2020
Mastercard Inc. won approval to set up a bank card clearing business in China, gaining access to a $27 trillion payments market as part of the nation’s financial opening. The announcement by the People’s Bank of China on Tuesday signals the country is moving ahead with the speedier opening of its financial system that was agreed on […].
Chris Skinner
FEBRUARY 11, 2020
Things we’re reading today include … Wells Fargo CEO Scharf shakes up management at scandal-hit bank ABN Amro’s fourth-quarter net profit misses on low interest and rising impairments German digital bank N26 pulls out of UK, blaming Brexit Blockchain: The revolution that hasn’t quite happened Challenger bank N26 to shut … The post Things worth reading: 12th February 2020 appeared first on Chris Skinner's blog.
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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
Bank Innovation
FEBRUARY 11, 2020
This week, digital banking startup Varo received approval from the Federal Deposit Insurance Corporation, a significant milestone in the company’s three-year quest to become a bank. The 5-year-old company still has two more key hurdles to overcome in this process, including approval from the Office of the Comptroller of the Currency and the Federal Reserve. […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
FEBRUARY 11, 2020
U.K.-based payments consolidation startup Curve has officially opened its first North American office in Brooklyn, N.Y., aiming to extend its products to a select group of U.S. customers by the end of this year. ? Curve plans to invest $17 million in research and development in the next decade. Its product offering is a physical and digital card that consolidates multiple bank accounts and cards into […].
PYMNTS
FEBRUARY 11, 2020
Cloud accounting firm Xero and payments services company Square are collaborating to offer small businesses a tool for faster invoicing and payments, according to reports on Tuesday (Feb. 11). Small and medium-sized businesses (SMBs) using Xero can email invoices with the built-in Square payment functionality. Customers can then pay invoices immediately with a credit or debit card.
Bank Innovation
FEBRUARY 11, 2020
N26, the Berlin-based digital-only bank that has raised more than $670 million and gained 5 million users globally, announced Tuesday that it will leave the U.K. The company cited Brexit as the primary reason for the decision, saying it could no longer operate in the U.K. with its European banking license. All N26 accounts in […].
PYMNTS
FEBRUARY 11, 2020
China’s central bank gave Mastercard the go-ahead on Tuesday (Feb. 11) to set up a bank card clearing business, granting access to a $27 trillion payments market, according to reports. . The People’s Bank of China said in a statement that it has approved an application by Mastercard’s Chinese joint venture to conduct bank card clearing business in the country.
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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
Bank Innovation
FEBRUARY 11, 2020
As part of a comprehensive organizational overall, Wells Fargo & Co. has created a group to focus on strategy, digital platforms and innovation, The Wall Street Journal reported today. According to Wells, the Strategy, Digital Platform and Innovation group will report directly to the bank’s CEO, and will be responsible for all corporate strategy and […].
PYMNTS
FEBRUARY 11, 2020
The phrase “out of stock” is starting to show up in discussions about the coronavirus. As Chinese companies and American companies doing business in China grapple with quarantines and proliferation the disease, U.S. retailers are concerned about a supply chain problem. While no direct evidence has been presented for a supply chain interruption from China, a new Wells Fargo report says concerns are rising among retailers.
Bank Innovation
FEBRUARY 11, 2020
Shopify Inc. reported fourth-quarter revenue that topped analysts’ estimates and gave an optimistic forecast for this year, boosted by holiday shopping and add-on services such as payment and marketing tools. The shares surged the most in almost four years. Sales grew by 47% to $505.2 million in the quarter, Ottawa-based Shopify said in a statement […].
PYMNTS
FEBRUARY 11, 2020
In a move that bolsters its financial technology presence in India, Uber has put an Uber Money team into place in Hyderabad. Uber Money teams are also located in Palo Alto, Amsterdam, New York and San Francisco tech centers, Livemint reported. The Uber Money team will be geared toward putting into place new payment methods, harnessing smart routing technologies for payment gateways, using Uber artificial intelligence (AI) models for intelligent risk decisions and enabling as well as developing f
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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.
Bobsguide
FEBRUARY 11, 2020
The last twenty-four months have seen the publication of hundreds upon hundreds of articles decrying the lack of impact that Open Banking has made upon the finance sector or for the consumer. Even those supportive of Open Banking continue to limit their horizons to some of the challenger banks or.
PYMNTS
FEBRUARY 11, 2020
Google ‘s plan to buy Fitbit isn’t going as well as it had hoped, reports said. The search engine giant has been running into a wall of regulatory red tape, as competition officials across multiple continents worry that the mass control of data by tech giants could have negative implications. The acquisition — worth $2.1 billion on Google’s part — would give the tech giant control over Fitbit’s array of smartwatches, fitness trackers and other such wearable devices, anoth
Payments Source
FEBRUARY 11, 2020
Traditional ATMs are vanishing in the U.K. and other parts of the world, but there may be a growing market for their crypto counterparts.
PYMNTS
FEBRUARY 11, 2020
Geoff Seeley, former Airbnb marketing official, is now working with payment company Afterpay as its global marketing leader. Seeley has over 25 years of experience in marketing and worked with Airbnb on its Homes business, where he had responsibilities in things like regional brand marketing, product marketing, global media, brand partnerships, marketing analytics and research.
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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.
Payments Source
FEBRUARY 11, 2020
Mastercard Inc. won approval to set up a bank card clearing business in China, gaining access to a $27 trillion payments market as part of the nation’s financial opening, though more regulatory steps will be required.
PYMNTS
FEBRUARY 11, 2020
Consumers’ interest in unattended commerce goes far beyond candy and soda vending machines. There are 48.7 million consumers in the U.S. who would like to buy a wide variety of products and services through unattended retail channels, such as vending machines, self-service kiosks and even fully automated stores. This works out to about one in every five U.S. consumers expressing interest in unattended channels to shop for clothes, electronics, cosmetics and health products, to cite a few example
Payments Source
FEBRUARY 11, 2020
The German challenger bank said that its "several hundred thousand" customers in the U.K. have until April 15 to withdraw money or transfer it to another account.
PYMNTS
FEBRUARY 11, 2020
To improve the financial lives of millions of Americans, speed matters — especially for FinTechs seeking to bring new products to market digitally and to target consumers underserved by traditional banking models. In an interview with Karen Webster, Sherri Haymond, executive vice president of digital partnerships at Mastercard, and Diwakar “Dee” Choubey, founder and CEO of digital banking membership MoneyLion, delved into how collaboration between the card network and the FinTech will foster new
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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.
Payments Source
FEBRUARY 11, 2020
Square is adding to its menu of services just as long-established competitors embed expanding payments technology into their own product mix.
PYMNTS
FEBRUARY 11, 2020
In a ruling that goes against a state-led lawsuit that aimed to stop a deal that would reshape the wireless industry, T-Mobile US Inc. has received court approval for its Sprint Corp. takeover. The combined firm will have a base of approximately 80 million monthly subscribers, which would put it in the same arena as Verizon Communications Inc. and AT&T Inc., Bloomberg reported.
Payments Source
FEBRUARY 11, 2020
The U.S. telco sector has worked hard to control the mobile wallets developed on its phones. While its earliest efforts didn't last long, companies like T-Mobile and Sprint took decidedly different paths to reach where they are now.
PYMNTS
FEBRUARY 11, 2020
In today’s top payments news, Mastercard was approved for a bank card clearing business in China, and a judge rejected Uber and Postmates’ request to stop California’s new gig economy law. Also, the Department of Justice charged four Chinese intelligence officers with the 2017 cyberattack on credit reporting giant Equifax. Mastercard Gets Nod To Join China’s $27T Payments Market.
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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.
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