Thu.Aug 08, 2019

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Are these FinTech unicorns worth it?

Chris Skinner

There’s a regular itch that I feel in the back of my neck. I scratch it, but it won’t go away. The itch is an alarm call really, and it’s asking whether all this FinTech investment is worth it. Last year, $111.8 billion was invested in over 12,000 start-up FinTech … The post Are these FinTech unicorns worth it? appeared first on Chris Skinner's blog.

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Removing friction from the global travel space

Payments Dive

The travel indsustry is moving towards removing friction from the payments process, as consumer and business travel increasingly becomes more global in nature.

Payments 321
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Inside OTP Labs, Eastern Europe’s most adventurous bank innovation experiment

Bank Innovation

It might have $55 billion in assets and 10.5 million customers in 10 countries, but OTP Bank, one of the largest financial institutions in Central and Eastern Europe, might be one of the most unorthodox banks on the Continent. The Budapest-based bank is pursuing not just startup-driven innovation, but through a mix of internal and […].

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Things worth reading: 9th August 2019

Chris Skinner

Things we’re reading today include: Investec hit by shareholder protest over auditors Core elements of the global banking industry are moving to India HSBC sticks by US strategy despite missing targets Should we worry about a currency war? The trade war escalates, and the fog of war descends The Fed … The post Things worth reading: 9th August 2019 appeared first on Chris Skinner's blog.

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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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

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Green Dot seeks to stem the bleeding caused by new digital-only banks with Unlimited

Bank Innovation

Green Dot is feeling the pinch from digital-only banks on the market. To fight back the newfound competition, Green Dot is building its own digital-only banking brand with a look and feel that resembles Chime, Monzo, N26 and other banking startups. Founded in 1999, Green Dot provides a wide range of financial services products, including […].

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More Trending

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With Softbank investing, working-capital marketplace C2FO closes $200m round ‘for global expansion’

Bank Innovation

The business-to-business credit market just got a big boost from Softbank’s Vision Fund. C2FO, a nine-year old working capital digital marketplace, on Wednesday raised $200 million in a Series G funding round led by Softbank Vision Fund, with participation from Temasek and Union Square Ventures. The company declined to disclose the round’s valuation.

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Canadian Travel Agency Group Partners With Western Union For Payments

PYMNTS

The Association of Canadian Travel Agencies (ACTA) is collaborating with Western Union to make cross-border payments easier. The collaboration gives the 12,000-plus national ACTA members an opportunity to tap into Western Union’s payments expertise and knowledge of foreign currency transactions and currency risk management, according to a Western Union press release on Thursday (Aug. 8).

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Apple Card: 10 key takeaways

Payments Source

Apple's new credit card isn't just another virtual card in its virtual wallet. It borrows a lot of features from the most successful brands in payments and technology.

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How The FedNow Service Could Keep Checks In B2B Payments

PYMNTS

The Federal Reserve’s planned faster payments service, the FedNow Service, is slated to have an impact on the speed with which paper checks are processed, adding a new twist to the U.S.’s path toward faster, digital payments. Reports in NBC News this week said the FedNow Service aims to tackle the standard three-day wait for checks to clear, providing immediate access to funds when individuals or businesses are paid via paper. check.

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The State of Automation in Financial Services 2024 Report

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

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When Should You Lower Your Credit Limit?

BankBazaar

Having a higher Credit Card limit can help you in case of sudden financial emergencies, but in some situations, lowering your credit limit may be a good idea. If you got yourself a Credit Card when you just started working, chances are that over the years as your expenses and income have increased, the original credit limit on your Credit Card may not seem enough.

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Can Less Digital Security Actually Be More Secure?

PYMNTS

What was the color of the car you owned in 2005? Still remember it? Probably not. But you can bet someone knows — that someone being a fraudster. And that fact — shared by Cognito CEO Alain Meier during a recent PYMNTS interview centered around changes in digital ID – serves to show the weakness of knowledge-based authentication. “We used to provide a knowledge-based authentication system, but we found that the fraudsters, on average, were better able to answer the questions than were individual

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Warren presses Capital One CEO for more details about breach

Payments Source

The Massachusetts senator asked Richard Fairbank in a letter why the bank didn’t detect the breach for nearly four months and how it plans to prevent future cyber intrusions.

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As SCA Deadline Looms, EU Merchants Scramble

PYMNTS

Strong Customer Authentication (SCA) will officially roll out in one month. The regulation is aimed at protecting consumers and merchants alike from fraudsters and other online criminals wishing to access their financial information, which means increased security at online checkout. While the reason for the new rule is noble, most merchants within the European Union still don’t know it exists.

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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.

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'Same day' delivery is just the start of Amazon's threat to brick and mortar

Payments Source

The maturation of e-commerce has ushered in an era of personalization at scale and growing customer demand for convenient, flexible shopping experiences, writes Will Walker, enterprise manager at Roadie.

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Fighting Fraud With Identity Verification In The Sharing Economy

PYMNTS

The verification and authentication processes of many sharing economy platforms are poorly equipped to combat the growing risk of fraud. In technology news, smartwatches and wearables are among the hottest areas of digital commerce and payments. And, in retail, automotive sales are increasingly going digital as more shoppers are buying more used products online.

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PSD2 puts fresh pressure digital account opening

Payments Source

Know Your Customer and open banking create tough barriers for 'near real-time' account opening, says Entersekt's Jennifer Singh.

Payments 105
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A ‘Payment-Agnostic’ Approach To Accounts Payable

PYMNTS

The competition is heating up between payment technologies in accounts payable, with ACH and virtual cards seeing significant pushes in the B2B payments space to combat the dreaded paper check. Which will come out on top? That may be the wrong question to ask, considering the multitude of preference and needs both buyers and suppliers have when sending and receiving corporate payments.

Payments 143
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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

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Apple Card fortifies the digital model, and that's trouble for banks

Payments Source

Apple's massive user base, fully digital enrollment system, merchant reach and partnership with Goldman Sachs threaten retail banks on multiple fronts.

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Paytm’s UPI Usage Plummets While Google Pay, PhonePe See Spike

PYMNTS

After being a usage leader in India’s Unified Payments Interface (UPI), Paytm experienced a sharp decline in transactions in July, while Google Pay and PhonePe have seen usage skyrocket, sources told the Economic Times on Thursday (Aug. 8). . Paytm may have surrendered UPI market share to Google Pay and PhonePe, but the Noida-based licensed payments bank offers consumers many payment modes across wallets and bank accounts.

Google 141
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ATM users want choices, so why aren't we giving them any?

ATM Marketplace

According to a recent survey, more consumers indicated they would rather access a bank branch than an ATM. Maybe if ATMs offered more branch-like services, such as loans for consumers or cash-deposits for businesses, that story would be different.

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Facebook’s WhatsApp Still Vulnerable To Year-Old Chat Hack

PYMNTS

Internet safety authorities uncovered a means of hacking chats on WhatsApp last year, but Facebook has yet to fix the security flaws, The Financial Times reported. Security experts at Check Point said a hacker could change messages and the sender’s identity, “essentially putting words in [someone’s] mouth,” the FT reported on Thursday (Aug. 7). Facebook acquired WhatsApp in 2014 and was alerted to the security issue in 2018.

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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

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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InComm, LA Metro expand network for contactless transit card sales

Payments Source

InComm has partnered with the Los Angeles County Metropolitan Transportation Authority (Metro) to more than quadruple the number of retail locations at which customers can purchase and reload its contactless TAP transit fare cards.

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Chase Absolves Canadians Of Uncollected Credit Card Bills

PYMNTS

Chase Bank credit card customers in Canada were treated to an unusual gift when the lender forgave their outstanding debt, Fortune reported on Thursday (Aug. 8). Holders of the Amazon.ca Rewards Visa and Marriott Rewards Premier Visa Two credit cards can consider their obligation paid as Chase prepares to leave the Canadian market. Canadian cardholders were still making payments just a week ago when Chase decided to purge the debt instead of auctioning it a third party. .

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8.8.19 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: FCA recommends authentication delay; Visa CEO on gun payments; Fraud dips in Australia; Bitcoin tax bill advances; Stripe expands in Latin America.

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How Boutique Trucks Are Bringing New Meaning To Fast Fashion 

PYMNTS

Food trucks have been around since the 1970s, when taco trucks began making the rounds in New York City, but didn’t become a national sensation until 2008 when two events coincided in such a way as to make a long extant — but largely niche — subsegment of the restaurant game into a mass market phenomenon. According to Kenny Lao, co-founder of New York’s Rickshaw food truck, social media in general (and Twitter in specific) was blowing up in a good way, while the U.S. economy was blowing up in a

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.