Payments Dive
JULY 30, 2019
Despite years of hype and expectations that failed to materialize, mobile payment adoption in the U.S. may be close to a breakthrough as issuers transition to contactless cards and retailers make significant upgrades in POS systems.
Chris Skinner
JULY 30, 2019
As banks embrace digital transformation, there is a high level of discomfort amongst bank staff around the change. First, they hear almost every day that artificial intelligence and machine learning will automate their jobs. They fear the future. They fear losing their job. How can you reassure them that they … The post Change is the only constant appeared first on Chris Skinner's blog.
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Bank Innovation
JULY 30, 2019
Glint Pay launched its gold trading and payment platform in the U.S. this week, part of the startup’s international expansion plans rolling out this year. Glint, based in London, offers users two separate bank accounts, one for fiat currency and one for gold. Users can transfer money between their two accounts in the app and […].
South State Correspondent
JULY 30, 2019
BANK CULTURE When it comes to corporate culture, many banks know that building a genuine and sustainable culture is like baptizing cats. It’s tough work fraught with many scratches and a lot of moving around. However, when it comes to corporate culture, Netflix is in the pantheon and can give banks insight. In 2011, their CEO, Reed Hastings, their Chief Talent Officer, and others produced a “Culture Doc” (below) that spread like wildfire among the Silicon Valley’s elite.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i
Bank Innovation
JULY 30, 2019
Capital One Financial said data from about 100 million people in the U.S. was illegally accessed after prosecutors accused a Seattle woman identified by Amazon as one of its former cloud service employees of breaking into the bank’s server. While the complaint doesn’t identify the cloud provider that stored the allegedly stolen data, the charging […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
JULY 30, 2019
Despite the hurdles involved in rethinking how a large, storied financial institution views customer experience, 235-year-old BNY Mellon is tackling the challenge head on. The bank and financial services holding company, which has $1.8 trillion in assets under management, offers investment services and wealth management products aimed at institutions and high-net-worth individuals.
PYMNTS
JULY 30, 2019
Global payments revenues are at an all-time high, and experts predict that they could even climb to be a $2 trillion industry by 2020. Cross-border payment revenues currently account for approximately $200 billion, a significant slice of the payments pie. Currently, there are 0.7 international transactions per capita every year, up from 0.5 in 2014.
Bank Innovation
JULY 30, 2019
Despite the hurdles involved in rethinking how a large, storied financial institution views customer experience, 235-year-old BNY Mellon is tackling the challenge head on. The bank and financial services holding company, which has $1.8 trillion in assets under management, offers investment services and wealth management products aimed at institutions and high-net-worth individuals.
PYMNTS
JULY 30, 2019
FinTech startup Flutterwave is teaming up with Alipay to offer digital payments between Alipay and African merchants. Founded in Nigeria, Flutterwave is a a payments API that makes it easier for banks and businesses to process payments across Africa. “We’ve managed to connect African countries…to each other, so it was about time we connected Africa to the world.
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Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.
Bank Innovation
JULY 30, 2019
While the jury is still out whether the Apple Card will be the disruptive force that Apple has claimed it will be, fintech firms and banks alike appear eager to beat the tech giant to the punch. Tuesday’s launch of Zerocard, a “debit-style” credit card from fintech firm Zero, in partnership with WebBank, Evolve Bank […].
PYMNTS
JULY 30, 2019
In the art and science of reaching a consumer, some things never change. The gold standard of marketing is, was and ever shall be the same: Put the right product in front of the right consumer at the right time. Though much has changed in how that is done, that basic tenant remains the same. “Digital has created a really interesting opportunity to engage the customer throughout their journey and make it possible to use the services that will help them have a better experience all around,” Franci
Abrigo
JULY 30, 2019
Why is writing effective credit memos so vexing? Given that a credit memorandum is one of the most critical documents in the life of the loan, it would seem like a straightforward process. However, lenders, credit analysts, and other banking staff frequently seek tips for writing better credit memos. One reason they do is that writing an effective credit memo is important.
PYMNTS
JULY 30, 2019
Not having enough money can be a very expensive — a genuine problem for the more than two-thirds of all American workers who report living paycheck to paycheck. Having a simple bank checking account costs an average a monthly maintenance fee of $13.58 or $163 a year. ATM fees, on the other hand, average around $4.66. Average overdraft fees are at $32.53, a slight decline year-on-year between 2017 and 2018, but still objectively high — and, statistically, more likely to affect low-income earners
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Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.
Payments Source
JULY 30, 2019
The Fed's involvement will inject competition into the market and offer merchants choice as they weigh their payments acceptance options, argues John Drechny, CEO of the Merchant Advisory Group.
PYMNTS
JULY 30, 2019
FinTech dLocal , which specializes in cross-border payments for emerging markets, has announced its expanded its payments network to include Indonesia, Ecuador and Bolivia. The company now supports more than 300 local payment methods in 15 emerging market countries, including the top five emerging markets in the world by population: Brazil, China, India, Indonesia and Mexico.
Insights on Business
JULY 30, 2019
Challenges from financial crime incidents and penalties grow. Criminal enterprises are becoming increasingly sophisticated at the same time as new payment methods are emerging (peer to peer and faster/immediate payments) and transaction volumes are exploding. And financial institutions across the globe are feeling the pain of high-profile financial crime incidents in the form of significant losses and regulatory penalties. “ As transaction levels continue to rise, so will the number of analysts
PYMNTS
JULY 30, 2019
The former president of the global services group at American Express will join Visa as its chief risk officer on September 3, according to a press release. Paul D. Fabara will take over the job from Ellen Richey, Visa’s former vice chairman and chief risk officer, who spent more than 11 years with the company before retiring. Fabara’s job will be to “maintain the integrity of the Visa payment system and protect the company and its assets from unexpected loss.
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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
BankBazaar
JULY 30, 2019
Yep, you read that right! Did you know you could actually save more money if you spend more but smartly? Well, read on and find out. Gone are the days when saving and spending were absolute polar opposites. In today’s world, customer reigns supreme and hence is pampered with a lot of return gifts whenever he or she shops. Here are some neat ways you can save money by actually spending more money!
PYMNTS
JULY 30, 2019
Three consortiums led by Taiwan and Japanese investors are getting the first virtual banking licenses issued by Taiwan’s Financial Service Commission (FSC), Reuters reported on Tuesday (July 30). One of the three licenses was granted to Rakuten International Commercial Bank, which is operated by Japanese eCommerce firm Rakuten Inc and Taiwan’s IBF Financial Holdings.
Payments Source
JULY 30, 2019
While traditional payment processors conquered bitcoin in the first battle, the disruptive potential of blockchain technology remains a potent threat and incumbent payment processors should prepare for a healthy new challenge.
PYMNTS
JULY 30, 2019
In the United Kingdom, Strong Customer Authentication (SCA) may have a rather bumpy road to implementation. The Emerging Payments Association said in a report released Tuesday (July 30) that merchants in the U.K. are decidedly not ready to tackle the SCA rules mandated by the second Payment Services Directive (PSD2). “This research has found a distinct lack of market readiness amongst all key stakeholders,” the EPA said in the report.
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.
Insights on Business
JULY 30, 2019
Challenges from financial crime incidents and penalties grow. Criminal enterprises are becoming increasingly sophisticated at the same time as new payment methods are emerging (peer to peer and faster/immediate payments) and transaction volumes are exploding. And financial institutions across the globe are feeling the pain of high-profile financial crime incidents in the form of significant losses and regulatory penalties. “ As transaction levels continue to rise, so will the number of analysts
PYMNTS
JULY 30, 2019
Facebook revealed that it is making progress on developing its brain -reading computer. The social media giant announced the program in 2017. “We are working on a system that will let people type with their brains,” the company said at the time. “Specifically, we have a goal of creating a silent speech system capable of typing 100 words per minute straight from your brain — that’s five times faster than you can type on a smartphone today.
ATM Marketplace
JULY 30, 2019
Chile's government-owned BancoEstado relies on a correspondent banking system to offer its services across the country. Operating as simplified bank branches in urban and rural settings, the bank's CajaVecina network provides low income Chilleans access to cash when and where they need it.
PYMNTS
JULY 30, 2019
You have probably noticed, but in case you haven’t, let’s just state the blunt truth: When it comes to subscription commerce, one of the hottest areas of payments and retail, things are getting brutal out there. Actually, not just brutal, but almost existential, in a fight-for-dominance type of way. At least that’s the view in the immediate aftermath of Uber’s debut of its own subscription commerce offering.
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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
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