Thu.Oct 03, 2019

How UK FinTech took over the world

Chris Skinner

In case you missed it 11FS, as well as doing podcasts, have made a movie. The movie is all about the 11 years since the financial crisis hit and how the conditions led to the rise of FinTech and, specifically, UK FinTech.

CIBC, First Citrus, Bridgeable discuss digital transformation

Mobile Payments Today

Legacy banks are struggling to transform their brick-and-mortar ecosystems to fit into an increasingly digital world. How do they do it? And more importantly, how do they do it without alienating customers who are used to one-on-one interactions

208
208

Things worth reading: 4th October 2019

Chris Skinner

Taxes 214

Digital and human: Inside BofA’s small business strategy

Bank Innovation

Digital-only lenders tout the speed and efficiency of their user experiences. However, for Bank of America, a “human-digital” approach is the cornerstone of its small business banking approach. It’s a strategy that’s yielding results for the bank.

Deep Dive: Unsupervised Machine Learning Steps Up To Fight Fraud

PYMNTS

Many FIs and merchants that have fallen victim to fraud traditionally respond by assessing the damage, pinpointing how the attack succeeded and implementing new measures to prevent similar schemes from happening again.

Fraud 262

Movencorp patents its personal finance technology

Bank Innovation

The road to differentiation among fintech startups entered a new phase this week: patenting technology to put a brand’s stamp on it forever. On Tuesday, personal finance technology startup Movencorp confirmed that it patented its digital financial wellness product.

Amazon Launches First Physical Store In MA

PYMNTS

Amazon has opened its first physical store in Massachusetts. Located at the Natick Mall in Natick, Massachusetts, the 4-star store is the fifth physical location nationwide for the eCommerce giant.

More Trending

Mastercard: Fraud-Fighting’s New Mantra — Test, Protect, Prevent

PYMNTS

The competition between cybercriminals and the fraud and security teams at banks, tasked with stopping their attacks, is incredibly lopsided. The fraud and security teams have to get it right 100 percent of the time to maintain their position of trust across the financial services ecosystem.

Fraud 247

Vanguard to challenge banks’ grip on $6 trillion currency market

Bank Innovation

Having revolutionized the business of buying stocks, Vanguard Group is now coming for currencies. The investing pioneer obsessed with lowering costs is testing a new way for asset managers to trade currencies and avoid big investment banks, according to a person familiar with the matter.

Trade Finance Gets Boost Via Banks, APIs

PYMNTS

Application program interfaces (APIs) are helping to speed Open Banking — and, by extension, bringing trade finance into the digital age. To that end, HSBC said last week that it is deploying an API designed to promote bank collaboration, with a focus on trade finance.

System 247

Public banking gets green light in California

BankThink

A new law authorizes municipalities in the nation’s largest state to charter their own financial institutions to reinvest public funds into the community. Affordable housing Public finance Marijuana banking Policymaking Gavin Newsom Bernie Sanders State of California 13069F California

Vendors Can Now Use Square For CBD Sales

PYMNTS

Square has announced that it’s launching a CBD early access program , which will allow vendors in the United States to sell CBD products using Square. CBD, short for cannabidiol, is a chemical compound from the cannabis plant without the THC.

ATM skimming and shimming: Is your fleet protected?

ATM Marketplace

Financial institutions have long been aware of skimming, where thieves attach readers to ATMs in order to strip card data. Shimming, however, is a fairly recent phenomenon

ATM 100

PayPal Is A No-Show At Libra Association Meeting

PYMNTS

Facebook’s proposed cryptocurrency Libra has had its fair share of scrutiny and regulatory issues, and now the Financial Times is reporting that PayPal is very close to leaving the 28-company coalition meant to help Libra gain legitimacy and come to fruition.

Cloud banking provider nCino raises $80 million

BankThink

The company will use the funds to increase research and development efforts as well as expand its global presence. Cloud hosting Cloud computing Venture capital Venture funding Software development

TaxCloud Announces New Stripe Integration

PYMNTS

TaxCloud has announced the launch of a new integration with Stripe. The move means that users of Stripe’s payments platform can now connect to TaxCloud to manage their U.S. sales tax obligations via the company’s sales tax application programming interface (API).

California gives more cover to firms banking pot businesses

BankThink

Officials said Thursday that they will not take regulatory action against state-chartered banks and credit unions solely for serving licensed cannabis businesses. Marijuana banking Compliance AML State regulators cuj bulletin lead State of California 13069F

Brex Launches Brex Cash As Bank Accounts Replacement

PYMNTS

FinTech startup Brex is launching a business cash management account to replace traditional business bank accounts, the company said in a press release on Wednesday (Oct. Even before customers think about credit cards, they need a place to store their business capital.

Boston 236

Citigroup’s Corbat issues call to action on equal pay, opportunity for women

BankThink

Citigroup CEO Michael Corbat said that unconscious bias has contributed to inequality in the workplace despite a decades-long effort by many companies to promote women.

For Better Banking, Is Consumer Control Actually Key?

PYMNTS

Consumers want control — everybody seems to know that. But what you probably don’t know is that consumers want the type of financial services control that could potentially reduce their risk for fraud and leave them responsible for more authentication tasks, according to fresh PYMNTS research.

Impeachment fight derailing banking bills? Think again

BankThink

Democrats’ investigation of President Trump has darkened the horizon for legislative activity in Washington, but prospects for a pair of bipartisan measures backed by the industry are surprisingly bright.

Uber Launches Uber Works To Connect Workers To Gig Jobs

PYMNTS

Uber is rolling out a new app called Uber Works that will help people looking for shift work connect with companies looking to hire temps, Reuters reported on Thursday (Oct. The app is being tested in Chicago and will show available shifts companies are looking to fill with temporary workers.

Corda powered SWIFT GPI Link could be a game-changer in global trade finance

Daily Fintech

In September, SWIFT – the inter-bank messaging firm, announced the successful proof of concept (PoC) of the “GPI Link” platform in collaboration with R3. The SWIFT Global Payments Innovation (GPI) platform has previously trialled Hyperledger without much luck.

Dama Financial Collabs On Cannabis B2B eCommerce Platform

PYMNTS

Dama Financial, a financial services provider that collaborates with banks to provide services to the legal cannabis industry, is collaborating with Helix TCS on a B2B eCommerce platform for the marijuana sector. The companies announced in a press release Wednesday (Oct.

Small banks don’t have to win the tech race to come out ahead

BankThink

Good customer service, layered with new technology, gives community banks an advantage over big banks. Community banking Employee communications Community banks Client communications Consumer banking Fintech Mobile banking Mobile technology Mobile wallets

Small Business Loan Fraud Puts FinServ On High Alert

PYMNTS

Though fraud technology has evolved to combat the monster of payments fraud, there is a growth threat for banks that innovators are also paying attention to as financial institutions (FIs) increase their appetite for such tools.

Fraud 207

Today, cyber resilience isn’t an option. It’s an imperative.

Accenture

In leading our Banking practice in the UK and Ireland, I’ve become well acquainted with the risks that keep bank CEOs awake at night. One of the biggest of these is cybersecurity—which is why I’ve decided to make it the focus of this latest blog. It isn’t hard to see why it’s such a major concern. Today’s banking industry has a combination of increasingly digitised services and a fast-evolving cyberthreat landscape.

Malaysia Wants To Slap Grab With $20M Fine 

PYMNTS

The Malaysia Competition Commission ( MyCC ) ruled that Singapore-based Grab is in violation of competition laws and is considering slapping them with a $20.5 million fine, Reuters reported on Wednesday (Oct.

How Woodforest National Bank Improves Customer Experience, ATM Management and Branch Profitability with Real-time Transaction Monitoring and Analytics

ATM Marketplace

Learn how Woodforest National Bank, with $6.4 billion in assets and 850 ATMs, improves operational efficiency and promotes fact-based decision making

PayPal Is A No-Show At Libra Meeting; Could Withdraw Support

PYMNTS

Facebook’s proposed cryptocurrency Libra has had its fair share of scrutiny and regulatory issues, and now the Financial Times is reporting that PayPal is very close to leaving the 28-company coalition meant to help Libra gain legitimacy and come to fruition.

Bank executives seek allies in fight for gender equality

BankThink

Speakers at the Most Powerful Women in Banking and Finance gala stressed the need to use their power to help the next generation of women as well as enlist others in seeking gender parity.

81

Inside Taco Bell’s Omnichannel Overhaul

PYMNTS

The latest figures from the National Restaurant Association paint a promising picture for the U.S. restaurant market. Overall, restaurant sales are on track to reach $863 billion by the end of the year.

Boston 202

INETCO Insight – Machine Learning and Risk Scoring for Real-time Payment Fraud Detection and Prevention

ATM Marketplace

Learn how mitigate the risk of major financial loss and customers dissatisfaction with real-time payment data acquisition, a highly configurable rules-based alerting engine and adaptive machine learning

Data 78

Notion Capital Goes After B2B SaaS With Launch Of Newest Fund

PYMNTS

based Notion Capital has announced the launch of its newest fund, Notion Capital Venture Fund IV, which will focus on investments in the B2B Software as a Service (SaaS) industry. In an announcement on the company’s website on Thursday (Oct.

Pay it forward: Citibank's Barbara Desoer

BankThink

Speaking at American Banker's Most Powerful Women in Banking and Finance gala, Citibank's Barbara Desoer said many successful executives had help in getting to their positions, and should use their power to help others. Women in Banking Gender issues Gender discrimination Barbara Desoer Citigroup

76

VSP Global Acquires Visionworks

PYMNTS

VSP Global announced that it has acquired San Antonio, Texas-based Visionworks. The deal, the details of which were not disclosed, is the single largest investment in VSP’s history.

A toast to the Most Powerful Women in Banking and Finance

BankThink

American Banker's Most Powerful Women in Banking and Finance gathered at the Gitano Jungle Room in New York on Wednesday for an evening of cocktails and conversation. Women in Banking Diversity and equality Consumer banking National banks Regional banks Community banks