Wed.Feb 12, 2020

The true meaning of BaaS

Chris Skinner

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

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.

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Things worth reading: 13th February 2020

Chris Skinner

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. Reading

Metro 202

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 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

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S&P: US banks relying less on big-box stores to house branch locations

Bank Innovation

The growth of mobile and digital banking is driving in-store branch numbers down. In-store branches are satellite bank branches located inside large retail spaces, such as supermarkets or chains like Walmart and Safeway.

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More Trending

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.

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.

The Big Spike In ‘CEO Fraud’

PYMNTS

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.

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FinCEN Clarifies Requirements of Reporting Financial Transactions

Abrigo

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).

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

PYMNTS

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.

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

Abrigo

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.

Chevron And Texaco Apps Now Accept Venmo

PYMNTS

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.

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.

Aussie Tax Office Warns SMBs To Pay Up

PYMNTS

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.

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How Nova Credit caught the eye — and dollars — of A-listers

American Banker

The fintech, which translates foreign credit reports to help immigrants get loans, says it has raised millions from venture capital firms and celebrities like Alex Rodriguez and U2's The Edge because its product addresses important economic and social needs.

The Coronavirus Is Making The Global Economy Sick

PYMNTS

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.

Wells Fargo ends mandatory arbitration in sexual harassment cases

American Banker

Wells is thought to be the first big U.S. bank to allow harassment victims to go to court instead of arbitration. An investment firm that advocates for progressive causes claimed credit for the policy change.

Esker Integrates With Stripe Connect For Streamlined Payment Processing

PYMNTS

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.

Broadway Financial in California pressed to sell by Sugarman-led group

American Banker

Capital Corps, founded by former Banc of California CEO Steven Sugarman, wants the minority-run Broadway sold to a buyer that serves low- and moderate-income borrowers. MWBEs Community banking M&A

Fenergo Lands $80M To Grow Banking Compliance Business

PYMNTS

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.

JPMorgan rejects calls to disclose lending’s impact on climate

American Banker

Activist investors say the lender's words on combating climate change have not matched its actions. But the company argues that requests to put climate resolutions to a shareholder vote amounts to micromanagement. Jamie Dimon Climate Change ESG Commercial lending JPMorgan Chase Energy industry

Fiserv’s Clover Lets Diners Scan And Pay With iPhone

PYMNTS

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.

Fed’s Powell open to more than one Libor alternative

American Banker

Federal Reserve Chairman Jerome Powell told senators that the central bank is willing to explore a credit-sensitive interest benchmark in addition to the secured overnight financing rate, which some banks say could cause problems during economic stress.

Facebook Ireland Holds Up Dating Feature Over Regulator GDPR Compliance Concerns

PYMNTS

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.

Heartland banks have a new worry in turbulent ethanol business

American Banker

Ag lenders say the Trump administration’s waivers for oil refineries threaten another source of revenue for corn growers and ethanol makers. Commodities Ag lending Community banking Regional banks Commercial lending Credit quality

Fiserv’s Clover Lets Diners Scan And Pay With iPhone, Apple Pay

PYMNTS

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.

Why the Fed is taking an incremental approach to faster payments

American Banker

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.

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

PYMNTS

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.

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‘We want to take the time to get it right’ — Fed’s Montgomery on FedNow

American Banker

Ken Montgomery, who is heading up the Federal Reserve's faster payments network, says the agency is taking an incremental approach to launching the service. Real-time payments Federal Reserve Faster payments Payments ACH Policymaking The Clearing House Association

Facebook Ireland Holds Up Dating Feature

PYMNTS

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.