Thu.Oct 10, 2019

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Innovation? Humbug!

Chris Skinner

Bill Gates said in the early 1990s that “we need banking but we don’t need banks anymore”. He was wrong. I hosted a banking seminar in the late 1990s where David Llewellyn, a Professor of Money, stood up and stated that “there will be more change in the next five … The post Innovation? Humbug! appeared first on Chris Skinner's blog.

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Banks seek ways to create personalized experiences in digital age

Payments Dive

Banks are under pressure these days to go digital and create personalized experiences for customers, but many are still trying to figure out what sort of experience to deliver.

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Things worth reading: 11th October 2019

Chris Skinner

Things we’re reading today include … Data on modern finance reveals uncomfortable truths Indian banks’ share prices are being hammered Hong Kong’s pursuit of the London Stock Exchange ends in tears A group of fintech firms are changing the way consumers borrow The issuer of a star cryptocurrency is being … The post Things worth reading: 11th October 2019 appeared first on Chris Skinner's blog.

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The Push And Pull Of Real-Time Payments

PYMNTS

With real-time payments spreading throughout the world (perhaps more slowly than expected, but still spreading), the characteristics of pull payments mean they are likely to play only a marginal role. That’s the view shared by Trevor LaFleche, director of product management and marketing for Enterprise Payments Solutions at Fiserv , during a recent PYMNTS discussion that centered around the spread of real-time payments, and their global prospects going into 2020.

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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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Wellness platform Branch is now a challenger bank

Bank Innovation

Against the rising tide of digital-only banks, Minneapolis-based personal finance platform Branch has taken the plunge. The four-year-old company offers a suite of personal finance tools, including payday advance, to hourly workers through integrations with employer payroll platforms, which currently include Pizza Hut and Taco Bell. Its fee-free checking account is offered in partnership with […].

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Wirecard sets its sights on global expansion

Bank Innovation

Wirecard is taking aim at Asia and the Americas. The German financial services provider is advancing these plans through new product offerings, including cashierless checkout technology for retailers, a payments app for U.S. brands and retailers, and efforts to support China UnionPay‘s expansion to new markets. Georg von Waldenfels, executive vice president of group business […].

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Royal Mint Teams Up With Mastercard On 18-Karat Gold Payment Card

PYMNTS

The Royal Mint announced that it is partnering with Mastercard and Accomplish Financial to launch a solid gold payment card. The 18-karat gold Raris card — the first payment card to be manufactured by The Royal Mint — is personalized for Raris accountholders, with their name and signature engraved into the metal. Some of the account benefits include limitless spending, zero foreign exchange or transaction fees, with additional benefits through Mastercard World Elite such as a dedicated concierge

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OakNorth names ex-Google exec as CEO

Bank Innovation

On the heels of an international expansion push, digital bank OakNorth‘s platform-as-a-service business has named a new CEO. Sunil Chandra, who was appointed this week, most recently served as vice president responsible for global talent acquisition at Google. The hire comes at a “critical stage” in the company’s growth journey as it extends its reach to […].

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Goldman Sachs Puts Crowdsourcing To The ‘Shark Tank’ Test

PYMNTS

Crowdsourcing is all the rage in the digital economy, and now Goldman Sachs is using that method in hopes of finding — and making big money from — the next hot startup. The move comes amid the expanded use of crowdsourcing for a variety of tasks vital to payments and commerce. Here’s the news, according to CNBC : A Goldman Sachs program called GS Accelerate enables Goldman employers to pitch their bosses on potential new companies.

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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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Marijuana banking: Is there a SAFE path forward?

Bank Innovation

While the marijuana industry becomes more legitimate—and more lucrative—its participants’ need for traditional banking products and services increases. Conversely, current federal laws make capitalizing on this emerging client base an extremely risky proposition for financial institutions. However, the recently introduced Secure and Fair Enforcement (SAFE) Banking Act might finally reconcile this conflict by providing safe […].

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Alipay Bans Crypto Transactions

PYMNTS

Alipay revealed that it will be banning any transactions related to bitcoin and other cryptocurrencies. Its announcement came the day after crypto exchange Binance tweeted that it is now accepting fiat currencies via Alipay, as well as via mobile messaging and payment app WeChat. Alipay refuted that claim in a Twitter thread , writing “There’re several reports about @Alipay being used for bitcoin transactions.

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Phishing attacks no longer 'look silly'

Payments Source

Cybercriminals have become extremely adept at crafting emails that are indistinguishable from legitimate emails, says Valimail's Peter Goldstein.

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Ingenico Rolls Out Chinese Payment Platform For Global eCommerce 

PYMNTS

Global payments firm Ingenico Group is launching a suite of payment methods to help eCommerce firms operating in China, the company announced in a press release on Thursday (Oct. 10). Ingenico noted that 82 percent of people in China use some type of mobile device. To better serve them, Ingenico has teamed up with Alipay, WeChat Pay and UnionPay. Ingenico is among the first global payment service providers (PSP) that fully integrates with all aspects of WeChat Pay, allowing its 1.1 billion users

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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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CA enacts law prohibiting postsecondary schools from withholding transcripts as debt collection tool

CFPB Monitor

On October 4, California Governor Gavin Newsom signed into law Assembly Bill 1313 , which prohibits postsecondary schools from withholding transcripts as a debt collection tool. The law is effective January 1, 2020. The bill adds new Title 1.6C.7, the “Educational Debt Collection Practices Act,” to Part 4 of Division 3 of the California Civil Code.

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New Fed Rules Lower Asset Requirements For Banks

PYMNTS

The United States Federal Reserve has passed new rules which lower the liquidity and capital requirements for most banks, as well as easing other restrictions. The Financial Times is reporting that Federal Reserve Chair Jay Powell announced the new rules on Thursday (Oct. 10), and he called it bank “tailoring,” which means different banks will have different standards based on their size and assets.

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Small business borrowers bring lawsuit alleging lender engaged in “rent-a-charter” scheme to make usurious loans

CFPB Monitor

A group of small businesses and their individual owners have filed a putative class action lawsuit in a New York federal district court against online lender Kabbage, Inc. that alleges Kabbage engaged in a “rent-a-charter” scheme to make loans at interest rates that were usurious under state law. According to the complaint , Kabbage entered into the scheme with Celtic Bank, a foreign state-chartered bank in Utah, which has no maximum rate limit for commercial loans.

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Upgrade Card Turns Credit Cards Into Installment Lending Products

PYMNTS

Twelve years ago, LendingClub Founder Renaud Laplanche built a business to help consumers manage the $800 million in outstanding credit card debt. That product was an unsecured personal loan that consolidated the debt into a lower interest option with fixed monthly payments. Today (Oct. 10), with the launch of the Upgrade Card (issued by Upgrade , a consumer credit platform founded by Laplanche in 2017 that offers affordable personal loans and cards, with credit monitoring and education tools th

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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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Morning Brief 10.10.19: PayPal loses millions on Uber investment

Payments Source

The information you need to start your day, from PaymentsSource and around the web. Today: PayPal loses on its Uber investment; Rapyd gets a license in Singapore; Masabi builds interoperable transit payments in Ohio; Binance finds partners for crypto in China.

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Walmart Names New US CEO

PYMNTS

Walmart has announced the departure of Greg Foran , president and CEO of Walmart U.S. His replacement with be John Furner , who currently serves as president and CEO of Sam’s Club. Furner has worked under Foran for the last five years. He will report directly to Doug McMillon, Walmart president and CEO. “John has done a fantastic job at Sam’s Club, and he will continue the momentum we have in Walmart U.S.,” McMillon said.

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Intuit adds Visa Direct to speed merchants’ access to card funds

Payments Source

Intuit has partnered with Visa to enable QuickBooks users to get faster access to funds through Visa Direct, the network’s debit push payments service.

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PingPong: Why Doing Payments Globally Is All About Thinking Locally

PYMNTS

The appeal of the global market for both eCommerce buyers and sellers needs little explanation or introduction. As billions of consumers all over the world are logging into the global marketplace, they are very literally logging into a global grand bazaar where anything and everything they could hope to buy is theoretically a few clicks away. That situation is only enhanced, PingPong VP of Global FI Partnerships Aaron Xu told Karen Webster, by the rapid proliferation of both global digital comme

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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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Sallie Mae seeks to fill CARD Act void with student credit cards

Payments Source

In a move to tap into an underserved market opportunity — but with the potential for political backlash — Sallie Mae launched three different cash-back reward credit cards aimed at college students and young adults.

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Indian Pharma Mogul Arrested For Fraud

PYMNTS

One Singh brother has been arrested, while the other is still on the run. Indian pharma mogul Shivinder Singh was taken into custody in Delhi on charges of fraud and the misappropriation of funds. His brother Malvinder, however, remains at large. The brothers have been accused of siphoning money from Fortis Healthcare, a large hospital chain in India, as well as diverting funds from the lending arm of Religare Enterprises Limited (REL) — which they founded, but eventually forfeited control of du

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LendingClub founder's new firm launches card-loan hybrid product

Payments Source

Renaud Laplanche, one of the first fintech disruptors, is launching an unusual type of credit product at Upgrade, his new company, that is a cross between a credit card and an unsecured loan.

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Paysend Wields Open Banking For Business Account Services

PYMNTS

U.K. FinTech Paysend is launching a new service for corporates to access integrated banking and payment services, the result of a collaboration with open banking software company Crassula. In a press release covered by AltFi on Wednesday (Oct. 9), Paysend announced the rollout of Paysend Connect, a business payment account that allows companies to open multi-currency business accounts, issue Mastercard corporate cards and initiate SEPA and SWIFT transfers.

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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.