Mon.Nov 18, 2019

Google, Facebook, Amazon and Co are NOT offering banking, so stop saying they are

Chris Skinner

In the last month, there’s been a wave of announcements from Facebook, Apple, Google and Amazon about banking.

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The future of banking is about data-driven experiences and not products: HSBC

Bank Innovation

The bank of the future will cease to be about specific products and services. Instead, it will offer embedded “experiences” based on data the institution has on its customers, according to a report released by HSBC this month.

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Things worth reading: 19th November 2019

Chris Skinner

Things we’re reading today include … How To Succeed As A Challenger Bank Ant Financial May Join Race for Singapore Virtual Bank Licenses ‘Why economists get things wrong’ Sexist and biased?

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BMO rolls out photo-based autopay feature

Bank Innovation

Bank of Montreal is rolling out a new feature that allows customers to pay bills without having to log into their online bank accounts. Earlier this month the bank launched BMO QuickPay, through which customers can take a picture of their bill and email it to BMO.

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What the SAFE Banking Act Means for Financial Institutions


Key Takeaways Cannabis-related businesses operate in high cash volumes, creating a public safety concern. The SAFE Banking Act looks to create a safe harbor for institutions looking to bank legitimate CRBs.

Facebook beefs up e-commerce capabilities with digital payment wallet

Bank Innovation

Facebook is adding a digital payment method to its platform, a move which will facilitate retail transactions, and ultimately encourage customers to stay within its ecosystem. Facebook Pay, which was announced last week, will link to most credit cards and debit cards, much like Amazon Pay and Venmo.

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Elavon Spends $300M For Sage Pay


Bancorp subsidiary Elavon is acquiring U.K. payments gateway Sage Pay for $300 million, according to reports on Monday (Nov. The deal comes as Sage Pay’s parent company Sage Group said in September that it was seeking “strategic alternatives for the payments business.”

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More Trending

Why Tuesdays and Thursdays Are Your Best Banking Days

Banker to Banker

BANK WEBSITE MARKETING While last week we focused on bank mobile app usage, in this article we take a look at how mobile and online usage compares to see what insights we can glean for bank marketing and customer experience management.

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China’s Byton Gets License To Launch Electric SUV In US


Chinese startup Byton announced Monday (Nov. 18) that it has secured a distributor license from California, bringing it one step closer to bringing its first electric SUV, Byton M-Byte, to the United States.

An Agile Approach To Better Lending, Deposit and Fee Products

Banker to Banker

NEW PRODUCT DEVELOPMENT In past articles, we have talked at length about using agile methodology for application development, for technical product innovation, and for your risk processes.

Corporates Brace For BEC Scam Ramp-Up


Cybersecurity experts are warning that the next year, and beyond, will continue to present an elevated threat level to businesses at risk of payments fraud — and governments are taking steps to react accordingly.

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Crypto's road to respectability is long but true

Payments Source

As deployments accelerate it's hard to ignore the validity of cryptocurrency. But there's still work to do, says Polyient Labs' Brad Robertson. ISO and agent Cryptocurrencies Bitcoin Digital payments Retailers

How APIs, The Gig Economy Drive Payroll-Accounting Connectivity


With Open Banking business models inspiring FinTech innovators to explore other use cases for data integrations, the B2B financial services market has seen a swath of collaboration between traditional financial institutions and FinTech firms — and between FinTech firms themselves.

Global Fintech Report Q3 2019

CB Insights

Globally, fintech deals rebounded slightly in Q3’19, but will likely fall short of 2018’s record. This short-fall is due in part to the continued pull back in early-stage investing. Early-stage deals (seed/angel and Series A) fell to an eleven-quarter low, and funding hit a seven-quarter low.

Amex Offers Big Cash Incentives To Businesses To Boost Acceptance


American Express, which has long lagged behind rivals like Visa and Mastercard in terms of business acceptance, has been aggressively pushing to close the gap, offering some businesses thousands of dollars in sign-up fees as well as other incentives, according to a report by The Wall Street Journal.

How To Succeed As A Challenger Bank

Ron Shevelin

Challenger banks need product--not just user experience--differentiation. Oh, and a marketing budget

Fundera Integrates SMB Finance Into Logistics Platform Ware2Go


UPS-owned Ware2Go, which connects merchants with logistics and fulfillment services, is integrating small business financing to the platform through a collaboration with Fundera. In a press release issued on Monday (Nov.

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Gamification via a Fintech ecosystem wins a UN Global Climate Action Award

Daily Fintech

A 3yr old Corporate Social Responsibility – CSR – initiative that took a life of its own, has resulted in a 2019 UN Global Climate Action Award for Alipay AntForest App. A great example of gamification and network effects on an ecosystem like Alibaba.

Why Google’s Deal With Citi Isn’t About Becoming A Bank (But Is Still A Big Deal)


It was the gasp heard ‘round the world last week. Google confirmed that it will partner with Citi and Stanford Federal Credit Union to launch a checking account linked to Google Pay sometime next year. Media outlets and pundits have chalked this up to Google doing what every other ecosystem player wants to do: finding new ways to keep consumers inside the Google ecosystem and monetize those interactions. I think it’s more than that.

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Morning Brief 11.18.19: Facebook adds donation buttons for charity payments

Payments Source

Apple Pay supports new dApp payments; Digital ID advances in Singapore; and other information you need to start your day, from PaymentsSource and around the web. Briefing

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PayPal On Facebook Pay And The Power Of Consumer Choice


With so many mobile wallets littering the landscape, it can be hard to keep up with everything that is already out there, let alone trying to keep track of all the newcomers. But some players are so large that their entrance into just about anything is going to be head-turning, no matter how crowded the field already is. Facebook — the owner of the eponymous social media site as well as Instagram and WhatsApp — with billions of users stretch across all corners of the globe, is one such player.

Global Fintech Trends In Q3 2019

CB Insights

The post Global Fintech Trends In Q3 2019 appeared first on CB Insights Research

Digital Disruption Meets Automotive Repairs


It’s a cliché (but a true one) to say that the automotive world, and the culture attached to it, is undergoing a massive, historic change — thanks to digital and mobile technology, and a shift in consumer preferences. Cars and trucks are becoming rolling centers of commerce and payments. Ridesharing and other programs are changing the concept of what it means to be a driver, rider and user of transportation in general.

Mastercard works with Zambian fintech to expand financial inclusion

Payments Source

Zazu Limited, a Zambian fintech, has partnered with Mastercard to launch a mobile wallet that supports a prepaid account instantly issued from the app to any local consumer — with or without a bank account. Financial inclusion Mobile wallets Mobile payments Prepaid cards Mastercard Zambia

DOJ Seeks To End Ban Of Hollywood Studios Buying Theaters


The U.S. Department of Justice (DOJ) will request the end of a ban that prohibits Hollywood studios from owning movie theaters. The 70-year-old antitrust settlement, known as the Paramount Consent Decrees, no longer serves the public interest. In a speech on Monday (Nov.

Wirecard to reward digital app users by paying interest

Payments Source

Wirecard will begin giving German users of its boon Planet digital account 0.75% interest on funds held in the prepaid card account beginning next year. Prepaid cards Digital payments Mastercard Wirecard Germany

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DOJ Big Tech Probe Could Expand Beyond Antitrust


To potentially challenge companies such as Facebook and Google on multiple fronts, the Department of Justice (DOJ) could go beyond looking into potential antitrust violations, per comments made by Deputy Attorney General Jeffrey A. Rosen.

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Secondary Capital and its Limits

New York's State of Mind

At first, it surprised me that NCUA’s denial of credit union secondary capital plans was the issue most frequently being appealed under NCUA’s new regulatory appeals process. However, as I read these decisions and studied the history behind secondary capital, the increasing frustration on the part of credit unions stemmed from NCUA’s contradictory policy goals […]. Compliance General Regulatory Debbie Matz NCUA safety and soundness secondary capital

Free Amazon Music Debut Sinks Spotify Shares


Amazon has launched a free version of its music streaming service supported by ads, according to Reuters. The company has set its sights on competing with rival Spotify , which has about 140 million listeners for its free version.

Top 5 FAQs About Credit Score


Got queries regarding Credit Score? No worries! We’ve identified and answered the top five commonly asked questions about Credit Score. Hope this helps!

Germany’s Hahn Air Introduces Blockchain-Powered Tickets


A German airline has issued the first airplane tickets powered by blockchain technology, according to a report by Reuters. Hahn Air, an airline that flies throughout Europe, said the blockchain tickets were a partnership with open-source travel distribution platform Winding Tree.

United States Fines Former Deutsche Bank Managing Director

Banking Exchange

Charges are that he misled investors regarding the risks involved in the loans surrounding $1.42

Gett Closes Down NY Ridesharing Brand Juno; Partners With Lyft


Ridesharing company Gett, which operates under the name Juno in New York City, is shuttering its operations there and entering into a partnership with Lyft to take on its accounts, according to a report by TechCrunch. Gett is backed by Volkswagen and has a valuation of about $1.5 billion.

Four Corners Community Bank Refers to Millenial Employees as a Consideration in Choosing Fintech Partners

Banking Exchange

Banks are in need of young leaders that naturally keep up with current technology Customers Community Banking Feature3 Fintech Feature Technology Retail Banking Human Resources Management Financial Trends Tech Management Mobile Online. 1Community Banking

Google Maps Pilot Allows Users To Follow Local Guides’ Recommendations


Google Maps is going to test a new social feature in which users can follow Local Guides to help discover restaurants and other business locations, according to a report by TechCrunch. The guides are members of the Maps community that review and posts pictures of businesses to pass on to others.

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Building the right sandbox to attract fintechs

Payments Source

Congress can help create a more uniform federal regulatory testing ground to foster innovation. Fintech Fintech regulations Cryptocurrencies State regulators Facebook House Financial Services Committee

Snap CEO Addresses Pressure On Big Tech


As politicians and regulators up their pressure on so-called Big Tech in the U.S., it can be difficult to see where all that effort will lead, especially given the timetable for antitrust actions at the federal level. That was one message on Monday (Nov.