Wed.Feb 12, 2020

The true meaning of BaaS

Chris Skinner

Just spent a day chairing a payments stream at a conference.

Revolut automates compliance workflows to fuel expansion

Bank Innovation

based digital banking startup Revolut is expanding at a rapid clip. The company boasts more than 8 million customers across multiple continents. It operates in Europe and Australia, and last fall launched publicly in Singapore and in beta for U.S. customers.

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Things worth reading: 13th February 2020

Chris Skinner

Metro 253

Securing Faster Payments: Modernizing Account Validation

Mobile Payments Today

In 2018 alone, ACH network volume reached nearly 23 billion payments –70 payments per person in the U.S. In the 12 months ending February 2019, payment volume across the ACH network increased 7.2%, reaching over 100 million ACH payments per banking day, a first for the ACH network.

With new funding, Nova Credit to expand auto finance and mortgage businesses 

Bank Innovation

Nova Credit, a startup whose technology helps banks underwrite immigrants, is growing its auto finance and mortgage offerings. The San Francisco-based company, which partners with such large institutions like American Express, allows institutions to pull foreign credit data to develop U.S.-equivalent

The Hidden Costs of Synthetic Identity Fraud

Mobile Payments Today

Synthetic identity fraud (SIF) schemes create identities out of real and fake personally identifiable information. These schemes are difficult to detect as they combine valid information with fictitious e-mail and social media accounts.

Fraud 217

More Trending

The Evolution of New Account Fraud

Mobile Payments Today

According to a newly released white paper, commissioned by GIACT, and produced by Javelin Strategy & Research, new account fraud (NAF) is evolving. Fraudsters have piled into the digital channel and, with years of experience under their belts, they are diversifying their targets and tactics

Fraud 217

FinCEN Clarifies Requirements of Reporting Financial Transactions


In an effort to enhance regulatory efficiency and capture complete, accurate Currency Transaction Report (CTR) data to law enforcement, FinCEN has issued an administrative ruling regarding CTRs (FinCEN Form 112).

Report 195

Streamlining KYC: Best Practices in the Collection and Processing of Beneficial Owners

Mobile Payments Today

FinCEN put into effect the most stringent KYC regulations to date requiring FIs to comply with new Customer Due Diligence standards on beneficial ownership, along with multiple FAQs on ID collection and verification.

2020 CRE Outlook: Trends Expected to Shape Commercial Real Estate Lending


Key Takeaways Commercial real estate lending will be a top focus for many financial institutions in 2020. The Mortgage Bankers Association expects 9% growth in CRE originations in 2020.

Why Banks Need To Develop Their Own Customer-Facing Technology

Banker to Banker

CONTROLLING YOUR TECH FUTURE The build or buy decision should be a constant question in most bank’s decision making, and unfortunately, most banks default to the “buy.” In some cases, this is appropriate, but in many, it is not.

The Big Spike In ‘CEO Fraud’


According to the 2019 edition of the FBI’s Internet Crime Report , last year was both a lucrative and diverse year for cybercriminals and scammers. All in, the FBI’s Internet Crime Complaint Center (IC3) received a total of 467,361 complaints, with reported losses exceeding $3.5 billion.

Fraud 269

Apple Pay at the table: Clover pact adds QR option for dining

Payments Source

The advancement of mobile wallets has never quite aligned with U.S. dining habits, where patrons are accustomed to handing off their credit cards to wait staff — something they are less likely to do with their phones. Mobile payments Point-of-sale Fiserv Clover Apple Pay Merchant

Apple 129

Biller Genie Adds New Invoicing Features, Including Apple Pay Integration


Accounts receivable automation and eInvoice company Biller Genie has updated its service and added support for popular payment tools as well as emerging ones, to allow for faster invoicing, according to a release. .

Apple 203

Why the Fed is taking an incremental approach to faster payments

Payments Source

To address immediate market demand but allow time for the project to be done right, the official leading implementation of FedNow says the central bank envisions an initial release in 2023 or 2024 followed by subsequent updates.

T-Mobile And Sprint Merger Puts Spotlight On 5G At Retail


Regardless of whether you think it’s a good idea for the market or a legal misstep, the T-Mobile and Sprint merger is going to put 5G on a faster track. Exactly how fast the technology will be a consumer factor depends on the prognosticator you subscribe to. But one thing is clear.

Retail 200

Open banking providers target payments security for the U.K.'s energy sector

Payments Source

Despite advances in anti-fraud technology, scams remain a major problem for the energy industry, as criminals continue to exploit vulnerabilities present within the current system. Fintech Payment fraud U.K. Risk management APIs

System 111

Chevron And Texaco Apps Now Accept Venmo


Chevron has announced that its new Texaco and Chevron smartphone apps will have Venmo as an option for payment, according to a press release. Chevron is the first fuel company to accept Venmo for gas purchases at the pump.

Australian Fintech Assembly Payments Lands JV with Standard Chartered Bank

Daily Fintech

Jessica Ellerm is a thought leader specializing in Small Business and the Gig Economy and is the CEO and Co-Founder of Zuper, a neowealth disruptor in Australia.

Today In Payments: German Leaders To Vote On eScooter Ban; Softbank Takes Hit In Quarterly Earnings


In today’s top news, Germany’s leaders will vote on the Road Traffic Act on Friday, which will determine the regulation of eScooters in the country, and Softbank’s quarterly profit dropped 99 percent. Also, the FTC expanded its antitrust probe into Apple, Amazon, Facebook, Alphabet, and Microsoft.

Ohio 188

Pulling back the curtain to shine light on ‘scary’ insurance phrases

Daily Fintech

Reinsurance/ILS , Blockchain , and insurance financials. Not quite lions, tigers, and bears, but for many who follow insurance the three concepts are as daunting and pose discomfort in understanding. Why then the mention?

Esker Integrates With Stripe Connect For Streamlined Payment Processing


Artificial intelligence, automation and cloud computing company Esker has integrated with Stripe Connect to help companies streamline the processing of payments across borders using a single provider, according to a press release.

Small banks face increasing intraday liquidity pressure


Pressure is mounting on smaller financial institutions not only to monitor, but to actively examine and control intraday liquidity in real-time. Since the financial crisis, intraday liquidity management has become a focus for regulators. In April 2013, the Basel Committee on Banking

Aussie Tax Office Warns SMBs To Pay Up


The Australian Taxation Office (ATO) is warning small and medium-sized businesses (SMBs) that if they don’t pay their taxes on time, they could face consequences like a reduction in credit rating, Mozo reported on Wednesday (Feb.

Taxes 181

Banks seek software efficiency solutions to minimise tech spend


Fintechs that measure software efficiency may threaten tech jobs at large banks as management grapples with the shortcomings of legacy software, according to Jason Maude, chief technology advocate at Starling Bank. “I think junior engineers will be very worried and probably rightly so

The Coronavirus Is Making The Global Economy Sick


As the newsday ended on Wednesday (Feb. 12), the coronavirus that started in China’s Wuhan — now officially named COVID-19 — claimed its latest economic victim. The annual Mobile World Conference (MWC), scheduled in Barcelona for Feb. 24 through Feb.

Premium loyalty beats price for repeat business

Payments Source

The connection of an advanced loyalty program can woo consumers, even in a case where the merchant's products may cost more, says Clarus Commerce's Tom Caparaso. Digital payments ISO and agent Payment processing Merchant Loyalty and rewards

Fenergo Lands $80M To Grow Banking Compliance Business


Fenergo , a Dublin-based FinTech startup that helps other banking organizations deal with regulatory compliance, onboarding and “lifecycle management,” has raised $80 million and has a valuation of $800 million, according to a report.

Scarlett Sieber on How to Build an Innovation Culture

CCG Insights

Scarlett Sieber, CCG Catalyst’s Chief Strategy & Innovation Officer, was recently interviewed by Jim Smith, a Partner at the Boston-based firm BlueDun. Their conversation, which can be found in full.

Facebook Ireland Holds Up Dating Feature


Facebook Ireland put its planned dating feature on hold following a raid by the Irish Data Protection Commission (DPC) on Wednesday (Feb. 12), according to reports. The DPC — which acts as the regulator for all of Europe — searched the social media giant’s offices in Dublin.