Chris Skinner
FEBRUARY 12, 2020
Just spent a day chairing a payments stream at a conference. We talked about AI, biometrics, central bank digital currencies or CBDCs as everyone calls them, infrastructure, pipes, plumbing … you name it … but the bit that intrigued me was the views of Kristian Luoma from OP Bank, a … The post The true meaning of BaaS appeared first on Chris Skinner's blog.
Bank Innovation
FEBRUARY 12, 2020
U.K.-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. Revolut’s efforts to expand means meeting regulatory requirements in each country in which the […].
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Chris Skinner
FEBRUARY 12, 2020
Things we’re reading today include … Banking in the new decade – profitability will remain a challenge: EY Barclays to be first big British bank to report since Brexit Barclays online banking down Metro Bank Chief Risk Officer exits following latest shakeup at the top Can the UK and EU … The post Things worth reading: 13th February 2020 appeared first on Chris Skinner's blog.
Bank Innovation
FEBRUARY 12, 2020
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 scores for consumers. “[Consumers] can access their credit history from their home country, and […].
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
South State Correspondent
FEBRUARY 12, 2020
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. In this article, we look at the two major overriding reasons of why your bank may want to hire and build out a development team in order to deliver a more customized banking experience to your customers.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
FEBRUARY 12, 2020
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. As for the scams themselves, those varied widely both in terms of tactics and targets.
Abrigo
FEBRUARY 12, 2020
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. Despite expectations for growth, bankers, regulators, investors, and others are watchful about potentially lower returns and credit risks ahead. To read news headlines, commercial real estate (CRE) is headed for a terrible 2020.
Payments Dive
FEBRUARY 12, 2020
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. Account validation capabilities have not kept pace.
PYMNTS
FEBRUARY 12, 2020
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. For retailers, 5G stands to be an opportunity to get closer to consumers and amp up the in-store experience.
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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
Payments Dive
FEBRUARY 12, 2020
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. For businesses relying on static PII as a fraud stopgap, SIF accounts is hard to difficult to interdict.
PYMNTS
FEBRUARY 12, 2020
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. 12). Laws that were passed in 2019 empowered the ATO to report small businesses’ tax debt to credit reporting agencies if certain criteria were met, such as if a business owed over $100,000 in tax debt or was more than 90 days in arrears.
Payments Dive
FEBRUARY 12, 2020
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.
PYMNTS
FEBRUARY 12, 2020
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. This round is reportedly one of the larger ones completed for an Irish FinTech. ABN AMRO and IT and tech consulting company DXC Technology were investors, and each received a 10 percent stake in the company.
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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
Payments Dive
FEBRUARY 12, 2020
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. Still, FIs see the rule as opaque and are finding that the collection and processing of beneficial ownership information costly.
PYMNTS
FEBRUARY 12, 2020
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. . Businesses that use Biller Genie can now collect payments with new templates for invoices, send invoices through traditional mail and set up payment plans, as well as use Apple Pay.
Bobsguide
FEBRUARY 12, 2020
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.
PYMNTS
FEBRUARY 12, 2020
FinTech Fiserv has introduced a new way to pay at restaurants through its Clover platform, called Scan and Pay, according to a release. With Scan and Pay, a guest can pay their bill using an iPhone and Apple Pay by scanning a QR code at the bottom of a receipt. They can even tip, without the need to download an additional app. “As a high-volume restaurant, we wanted a more efficient way for our guests to pay,” said Josh Molina, owner of Makers & Finders in Las Vegas.
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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 12, 2020
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.
PYMNTS
FEBRUARY 12, 2020
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. “Chevron updated its branded mobile applications to offer consumers access to Venmo to pay for fuel and car washes at the pump from their mobile devices,” said Bill Miner, Chevron’s general manager of Americas Marketing Sales & Services.
Payments Source
FEBRUARY 12, 2020
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.
PYMNTS
FEBRUARY 12, 2020
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. 27, has been officially called off by organizers, citing high-profile pullouts by Intel, Google, Sony, Vodafone, Nokia, Amazon and others over fear of encouraging the virus’ spread.
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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.
Payments Source
FEBRUARY 12, 2020
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.
PYMNTS
FEBRUARY 12, 2020
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. Facebook was allegedly unable to provide the agency with the correct paperwork in time to launch its dating feature on Thursday (Feb. 13).
Payments Source
FEBRUARY 12, 2020
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.
PYMNTS
FEBRUARY 12, 2020
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. eScooters Prepare As Germany Leaders Vote On Ban. Germany’s leaders will vote to amend the country’s Road Traffic Act on Friday, putting the fate of electric scooters in the hands of individual municip
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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.
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