Sun.Feb 02, 2020

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The Finanser’s Week: 27th January 2020 – 2nd February 2020

Chris Skinner

The main blog headlines are … A Davos Day I’ve watched Davos from afar for years now and often wondered what it would be like to be there so, when I got an invite this year, I took it straight away. The United Nations Media Group asked if I could … The post The Finanser’s Week: 27th January 2020 – 2nd February 2020 appeared first on Chris Skinner's blog.

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Installment payment platform Splitit partners with Stripe to attract merchant clients

Bank Innovation

The race to reach consumers at checkout continues to intensify. Installment payment platform Splitit recently integrated with the payments infrastructure giant Stripe to draw new clients and speed up its onboarding process. “Before, we were partnering with multiple different payment gateways in multiple different instances, which made it complex, slow and cumbersome for our merchants,” […].

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Things worth reading: 3rd February 2020

Chris Skinner

Things we’re reading today include … Credit Suisse espionage scandal deepens as report suggests bank spied on Greenpeace Credit Suisse proposes Richard Meddings for election to the board ‘I wasn’t allowed to buy my burrito with cash’ EU states look in poor health to withstand a global crisis Chinese shares … The post Things worth reading: 3rd February 2020 appeared first on Chris Skinner's blog.

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Inside Brex’s approach to raising money

Bank Innovation

Brex, a corporate card and financial product startup aimed at businesses, has raised $615 million in combined equity and debt since its founding in 2017. According to Brex Chief Financial Officer Michael Tannenbaum, the company has been successful at fundraising through clearly defined roles for the leadership team when meeting with investors “The primary question […].

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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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Transparent climate-related financial disclosure

Chris Skinner

I write a lot about purpose-driven banking, and many folks came back to me saying that what I had written sounded a lot like community banking. Community banks stand for something, they have a purpose and much of it is directed towards their members’ interests and the local community. And … The post Transparent climate-related financial disclosure appeared first on Chris Skinner's blog.

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Financial Horoscope For 2020

BankBazaar

So, will you be minting money or is it going to be a tough year financially for you? Let’s find out what the stars are saying. We get that this is a little late post, but aren’t you a little curious to know how this year is going to turn out for your finances. We bet you are! Check out great deals on Credit Cards and Personal Loans. So, will you be minting money or is it going to be a tough year financially for you?

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Proposed Fed Rules Could Allow Banks To Fund Startups

PYMNTS

A proposed change to a post-financial crisis rule could shake things up for banks, making it easier for them to invest in or sponsor venture capital funds, The New York Times reported. The Federal Reserve unveiled the proposal Thursday along with other banking agencies. Under the proposal, the Volcker Rule will be revamped. The Volcker Rule was created with the 2010 Dodd Frank bill, keeping banks like Goldman Sachs , JPMorgan and others from making risky bets with customer deposits.

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Skimming has gone to a dangerous new level

Payments Source

Magecart attackers steal credit card or bank data directly from the checkout pages on e-commerce websites and resell them on the dark web, says PerimiterX's Ameet Naik.

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‘Ghost Kitchens’ Set Up Shop In Malls

PYMNTS

Property builders are constructing kitchens in empty malls to help fill food-delivery orders, a new strategy to service the flourishing business segment of driving restaurant meals to people’s homes, the Wall Street Journal reported on Sunday (Feb. 2). Two industries forever changed by eCommerce — restaurants and malls — are coming together to develop an affordable system to meet the rising demand for online meal delivery.

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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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Ingenico gets on board with transit for digital diversification

Payments Source

Transit systems have become an outlet for new payment technology for both challenger fintechs and incumbents, with terminal maker Ingenico targeting North America for open loop transit payments in the next year.

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Accounting Firms MYOB, Xero Eye Invoice Finance Solutions

PYMNTS

Accounting software providers MYOB and Xero are exploring invoice finance solutions while retaliation ensues in the background regarding products that charge fees to small businesses in exchange for faster access to unpaid accounts. Many of Australia’s largest firms have been questioned regarding their use of “dynamic discounting” supply chain finance, The Sydney Morning Herald reported Sunday (Feb. 2).

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Why Your Next Regulatory Examination Requires Your Full Attention

Banking Exchange

Seasoned bankers know how critically important it is to have a good exam, the future of the enterprise is at stake Compliance Risk Management Compliance Management Operational Risk Compliance/Regulatory Feature3 Feature Management.

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OneWest Bank Unveils Mobile App For Small Businesses

PYMNTS

CIT’s Southern California branch network, OneWest Bank , unveiled a new mobile app to help small businesses meet their financial goals. “Small business owners are often on-the-go and are increasingly reliant on digital banking tools to keep up with their busy schedules,” said Heather Ellison, head of Retail Banking for OneWest Bank in an announcement.

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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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When a small town loses its only bank

American Banker

The people of tiny Duncan, Ariz., have found creative ways to adapt to life in a banking desert, but their experience augurs a worrisome future for many other rural communities.

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Japan’s Line Social Network Approved To Trade Cryptocurrency

PYMNTS

Japanese social media network Line can begin trading its own digital currency among its 700 million users beginning in April 2020. Available since 2018, Line’s currency is called Link and has not been available in the Japanese or United States markets due to government regulation in its country of origin. As a result, Line began its own exchange, BITBOX, that enabled Link currency users in areas challenged by regulations to engage in trades with the cryptocurrency.

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Tearing up CFPB’s mortgage underwriting rule is the easy part

American Banker

Now that the Consumer Financial Protection Bureau says it will scrap an unpopular standard for so-called qualified mortgages, the big question is what will take its place.

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WeWork Gets New CEO

PYMNTS

WeWork , a shared workspace and real estate company, named industry veteran Sandeep Manthrani as its new chief executive officer, according a report Saturday from Reuters. The SoftBank-backed office-sharing firm added in its official statement that Manthrani will join on February 18 th and will report to Executive Chairman Marcelo Claure. Current Co-CEOs Sebastian Gunningham and Artie Minson will remain with the company and advise the new leader as Manthrani takes the helm.

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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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Marcus: A Digital Bank To Keep Rivals Up at Night

The Financial Brand

With the addition of a mobile app, checking and wealth management, Marcus from Goldman Sachs is positioned to be a major player in retail banking. The post Marcus: A Digital Bank To Keep Rivals Up at Night appeared first on The Financial Brand.

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India’s Gaana Streaming Service Far Surpasses Apple, Spotify

PYMNTS

India has access to the well-known music streaming sites Spotify and Apple Music, but it’s the country’s homegrown Gaana that is getting the majority of listeners, the Wall Street Journal (WSJ) reported on Sunday (Feb. 2). Gaana — Hindi for “song” — used a grassroots strategy and budget prices to take on rivals. It now boasts 152 million monthly subscribers — 50 percent of Spotify’s global customer base, double Apple Music, and ahead of YouTube Music and Amazon music. .

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Bleak Future for Community Financial Institutions That Fail to Adapt

The Financial Brand

Bank and credit union leaders analyze the challenges facing smaller institutions, and bluntly assess how they must regain competitive mojo. The post Bleak Future for Community Financial Institutions That Fail to Adapt appeared first on The Financial Brand.

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Apple To Temporarily Shutter All China Stores 

PYMNTS

The spread of the coronavirus has prompted Apple to shutter its corporate offices and 42 retail stores in mainland China through Feb. 9, Bloomberg reported on Saturday (Feb. 1). Apple said the decision was made with an “abundance of caution and based on the latest advice from leading health experts.” Apple’s online store will remain operational. In addition, the Silicon Valley-based tech giant is limiting business trips to China to critical situations only.

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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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Beneficial Ownership: Is the U.S. Doing Enough to Pierce the Corporate Veil?

Abrigo

Key Takeaways The global AML community has long seen the U.S. as behind in KYC. The CDD Rule has strengthened U.S. CDD expectations – both at onboarding and with ongoing monitoring. Pressure continues for increased transparency and verification to fight money laundering and terror financing through shell companies. Anonymous shell companies are one of the most widely used methods for money laundering and hiding the proceeds of corruption around the globe.

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FCC To Crack Down On Sharing Of Mobile Users’ Location Data

PYMNTS

Wireless networks that sold their customers’ real-time location data violated U.S. law, Federal Communications Commission (FCC) Chairman Ajit Pai wrote in a letter to Congress on Friday (Jan. 31). The letter indicates that the FCC’s enforcement bureau “has concluded that one or more wireless carriers apparently violated federal law.”. Pai said “a formal notice of liability” affecting at least one wireless firm would be sent by him to the five-member FCC commission.

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SMBX, Degrees Plato Partner For Bond Offering

PYMNTS

Small business bond marketplace SMBX and taproom and eatery Degrees Plato are partnering to introduce Degrees Plato’s Small Business Bond offering, the firms announced Friday (Jan. 31). The offering is structured so that the community can put as little as $10 directly into the business. This, in turn, gives the business a quicker avenue to get capital.

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