Wed.Nov 20, 2019

article thumbnail

Regulators: damned if they do and damned if they don’t

Chris Skinner

I was running a fun panel on regulation this week. That kind of sounds like a lie – whatever can be fun about regulation – but hey, it was. I often reflect on the fact that regulators run with their eyes in the rear-view mirror. They can’t see what’s ahead … The post Regulators: damned if they do and damned if they don’t appeared first on Chris Skinner's blog.

article thumbnail

CIMB Bank Philippines is using smartphone data for underwriting

Bank Innovation

CIMB Bank Philippines, a digital-only bank, is using data points from customers’ mobile phones, including the number of apps installed, calendar invites and the percentage of unread emails, to underwrite customers for personal loans. In a country where 77% of the population is underbanked, the personal loans are a move by the bank to cater […].

Data 240
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Frost and Sullivan honored FSS with the India Best Practices Award, 2019.

Payments Dive

Recently Frost and Sullivan honored FSS with the India Best Practices Award, 2019.

230
230
article thumbnail

Fintech and blockchain: Where Silicon Alley meets hyperconverged infrastructure

Bank Innovation

You may not have heard of the term “Silicon Alley,” but I am sure you are aware of the game-changing financial technology that is emanating from it. “Silicon Alley” was initially coined in the mid-1990s as a way to group media startups housed around the Flatiron neighborhood of Manhattan. I hope that doesn’t give you […].

Meeting 236
article thumbnail

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

article thumbnail

NEW DATA: Two-Thirds Of SMBs Say Immediate Payments Can Improve Their Cash Flow

PYMNTS

U.S. suppliers face a $3.1 trillion accounts receivable (AR) problem. That is how much their buyers collectively owe them on any given day. Waiting to receive $3.1 trillion in IOUs is more than a headache for the treasurers who handle their balance sheets, and it threatens to stall payments throughout the supply chain. A business that does not pay its suppliers hinders its business partners from paying their own suppliers, and so on down the line.

Payments 172

More Trending

article thumbnail

Top Issuers Embrace FinTech Collaboration For Biz Card Innovation

PYMNTS

Much of what commercial card innovators seek to address is a massive pain point for adoption: supplier acceptance. Such was the strategy of JPMorgan in its latest corporate card initiative. However, in this week’s Commercial Card Innovation roundup, it wasn’t the point of friction that technology firms were addressing. Visa and American Express (Amex) turned their attention to promoting virtual card adoption as a technology that enables greater visibility and security in B2B transact

Cards 155
article thumbnail

WorldRemit opens Toronto office to help grow Canadian customer base

Bank Innovation

U.K.-based digital money transfer company WorldRemit opened its Canadian headquarters in Toronto this week, a move that puts it in the midst of a growing market for cross-border payments solutions among immigrant populations. The company’s Canadian operations were based in Montreal since 2011, but Corey Myckan, Canada country director at WorldRemit, said the company decided […].

article thumbnail

Visa: Keeping Online Merchants Safe From The Pipka Skimmer

PYMNTS

Online sales during the season are expected to soar, with recent estimates projecting gains of 14 percent over last year to $143 billion. It’s no surprise, then, that fraudsters go where the valuable data goes, focusing their attacks on eCommerce sites. Where brick-and-mortar had once been their hunting ground, card-not-present transactions are increasingly in the crosshairs.

Online 142
article thumbnail

Robinhood plans free U.K. stock-trading launch in first quarter

Bank Innovation

Robinhood Markets Inc. plans to offer its stock-trading service outside the U.S. for the first time, launching in the U.K. in the first quarter of 2020. The startup, valued at $7.6 billion in its most recent fundraising, received authorization from the Financial Conduct Authority to operate in the U.K. in August, has gained a following among U.S. millennials by […].

article thumbnail

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

article thumbnail

Digital Retail Investments Are Paying Off In Q3

PYMNTS

As the year winds down – and holiday shopping picks up – clarity is emerging about which retail investments might pay off in the new decade, and which merchants might be in trouble. Investors this week were disappointed in retail earnings from the likes of Home Depot and Kohl’s, “raising fresh doubts about whether American consumers can keep up robust spending as the crucial holiday season approaches,” according to an account from Bloomberg.

Retail 135
article thumbnail

Digital Bill Pay: The Next Big Tech Transformation

Jack Henry

Let’s face it, if someone asked us the top three things we hate to do, paying our bills would probably rank somewhere between going to the dentist and cleaning the toilet as far as our level of despise goes. Electronic bill pay has been around since the late 1990s and gained traction in the early 2000s as internet access became a household commodity.

article thumbnail

Why Visually Enabled Retail Is Fast Coming Into View

PYMNTS

It’s not only shopping that is getting more visual via new and emerging technologies, a trend that promises to get more intense in the 2020s, especially with the deployment of 5G mobile network technology. Indeed, the entire commerce experience is getting more visual, and that will not only impact retail and retail logistics in the coming years, but will have strong ties with the process of payments as well.

Retail 134
article thumbnail

Can PayPal’s $4B Honey deal create stickier consumer relationships?

Payments Source

By attaching to Honey and its base of 17 million mostly young, female consumers who use the platform to find the best price on e-commerce deals, PayPal also is aiming to get closer to merchants with customized offers.

Online 99
article thumbnail

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.

article thumbnail

Can AI Pass The Nike Test?

PYMNTS

There is often a significant gap between efficiency and creativity, and that’s playing out now in the world of artificial intelligence (AI), and could have impacts on payments and commerce. The first stop on this small tour of ongoing AI developments involves Nike, the iconic global shoe brand. Jean-Baptiste Le Divelec, who on his website describes himself as a “meme dealer/gamer/creative copywriter,” recently unveiled what he calls “A Nike Commercial Generated by a Neural Network.”.

Tools 126
article thumbnail

The one true currency a payment startup has is trust

Payments Source

New fintechs, particularly those that handle data, will falter without transparency and information stewardship, says AvidXchange's Steve Boehm.

Fintech 110
article thumbnail

Barclays Enhances Biometric Authentication For Corporates

PYMNTS

Barclays is collaborating with Hitachi on a biometric scanner designed to accelerate and boost the security of corporate transactions. Planet Biometrics reported on Wednesday (Nov. 20) that its updated finger vein scanner, the Barclays Biometric Reader (BBR), which integrates Hitachi’s VeinID technology, will be deployed for corporate clients of Citi’s Trade and Treasury Services unit.

Security 124
article thumbnail

How Target's $550 million purchase of Shipt has shaped up

Payments Source

The most recognizable brands in retail are making substantial investments that connect digital and offline channels, with results that have been encouraging enough for Target to get on board.

article thumbnail

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.

article thumbnail

Elliptic Ties $400M In XRP Tokens To Illegal Activity

PYMNTS

Cryptocurrency forensics and analysis firm Elliptic found that roughly $400 million worth of XRP tokens on the Ripple payment network is connected to illegal transactions, Elliptic said in a press release on Wednesday (Nov. 20). The London-based startup said the illicit activity represents less than 0.2 percent of total XRP transactions. . “We began researching XRP more than a year ago and have already identified several hundred XRP accounts linked to illicit activity ranging from thefts to scam

article thumbnail

Denny’s adopts Presto pay-at-table hardware

Payments Source

Denny’s has partnered with Presto, a maker of restaurant industry hardware, to provide tablets for customers to pay at the table using credit and debit cards for contact and contactless payments.

Cards 75
article thumbnail

Automating Access To The Perfect Cup Of Coffee

PYMNTS

Blanchard’s Coffee Roasting Co. has been a wholesale coffee roasting merchant in Richmond, Virginia, for years, but has recently started to include direct-to-consumer sales. The operation found it was doing its best work when it was able to educate its customers, and the best way to accomplish that aim was to have a direct outlet to them. Customers love buying coffee straight from the source, and the company has been welcoming customers into its roasting facility to buy coffee.

article thumbnail

AI's bias problem resides at the start

Payments Source

It is important to understand how bias may be found naturally in your own existing customer base, and how this may affect your inferences, since these naturally need checks and balances to avoid sampling bias, argues Callsign's Stuart Dobbie.

Retail 71
article thumbnail

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.

article thumbnail

PSCU Expects To Issue More Than 3M Contactless Cards In 2020

PYMNTS

Payments credit union PSCU is prepared to handle what they predict will be a rush in 2020 to adopt contactless cards, the company said in a press release on Wednesday (Nov. 20). The credit union service organization (CUSO) has already rolled out over a half-million contactless cards to members from 14 owner credit unions through natural reissuance. In 2020, PSCU anticipates distribution of more than three million new contactless cards to 100-plus credit unions.

Cards 117
article thumbnail

Podcast: Celebrating Bankers’ Community Commitment

ABA Community Banking

The latest episode of the ABA Banking Journal Podcast continues a pre-Thanksgiving tradition by interviewing the winners of ABA's 2019 Community Commitment Awards. These stories present the perfect inspiration as we prepare for the season of thanks and giving. The post Podcast: Celebrating Bankers’ Community Commitment appeared first on ABA Banking Journal.

article thumbnail

How Scotiabank Manages Fraud Protection For A Data-Driven Future

PYMNTS

FIs’ fight against fraudsters is growing ever more complex. It is estimated that more than 4.1 billion user records have been exposed in the first half of 2019, and more than 20 breaches are reported every day. This rampant availability of users’ data makes it easier for bad actors to wreak havoc and commit fraud. Many FIs have looked to mitigate this growing threat by deploying advanced learning tools such as artificial intelligence (AI) and ML, but fraudsters are quite familiar with them

Fraud 117
article thumbnail

Deluxe to handle Synchrony’s bill-remittance business

Payments Source

Deluxe Corp. will take over bill payment processing for private-label credit card issuer Synchrony beginning next year, absorbing Synchrony’s remittance operations and employees in Florida and Georgia.

Georgia 69
article thumbnail

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.