Chris Skinner
NOVEMBER 14, 2019
I’ve pointed out many times that it’s easy to scam people online and defraud them. I even once got a phone call from an elderly gentleman asking me if he had really won £1 million on the Financial Services Club lotto. I had to let him down gently. Equally, a … The post Can you recognise a fraudster when you meet one? appeared first on Chris Skinner's blog.
Payments Dive
NOVEMBER 14, 2019
The blockbuster agreement for Citi to integrate its Google Pay wallet with Citi and Stanford Federal Credit Union's mobile checking accounts represents an evolution of Big Tech and traditional banking to offer a mutually beneficial expansion of their digital banking and payments businesses.
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PYMNTS
NOVEMBER 14, 2019
MoneyGram has announced a partnership with Cambodian bank Wing on a digital wallet venture that will allow funds to be deposited directly into customers’ accounts. “With 80 percent of our online transactions being made on a mobile device, we are looking to provide even more options for our customers using our digital platforms,” said MoneyGram President and CEO Alex Holmes.
Bank Innovation
NOVEMBER 14, 2019
Banks need to embrace new customer acquisition models or risk falling behind, a recent Accenture report argued. The report, titled 5 Big Bets in Retail Payments in North America, examined how banks risk losing payments revenue to technology startups and other non-bank competitors. According to Kevin Grieve, North American lead for Accenture Payments, banks should […].
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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
Chris Skinner
NOVEMBER 14, 2019
Things we’re reading today include … Google set to offer banking current accounts HSBC and RBS set to launch new digital banking platforms How Jim Simons became the most successful investor of all time Stiff sentences for bank fraud capture Italy’s sour public mood PayPal halts payment support to PornHub … The post Things worth reading: 15th November 2019 appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
NOVEMBER 14, 2019
A group of former Uber employees has started a cloud kitchen business to rival that of former Uber CEO Travis Kalanick, who made the news recently with his own similar business CloudKitchens, according to reports. The startup, which is located in Oakland, California, aims to facilitate food deliveries for nearby restaurants that receive high volumes of orders from delivery companies like Uber Eats.
Bank Innovation
NOVEMBER 14, 2019
Early Warning Services, the bank-owned company behind peer-to-peer payments service Zelle, is on a path to position the brand as part of a solution to financial health challenges, particularly among Gen Z users. Its latest move is a partnership with education company EVERFI, announced Thursday. Through the tie-up, more than 50,000 high school students in […].
PYMNTS
NOVEMBER 14, 2019
While small businesses often struggle with a lack of integrated digital tools from their traditional financial service providers, the friction in small business banking is often acute even before an SMB opens an account. The onboarding process can pose major headaches for small businesses in an ecosystem where online and mobile banking are in demand, yet not always available at the caliber banking customers have come to expect.
Payments Source
NOVEMBER 14, 2019
The blockchain has the potential to disrupt any industry sector, leaving in its wake a more effective system where people get to own the value they create, says PayStand's Jeremy Almond.
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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
PYMNTS
NOVEMBER 14, 2019
New Jersey’s Department of Labor and Workforce Development claims that Uber owes the state around $650 million in unemployment and disability insurance taxes because it has been wrongly classifying its drivers as independent contractors. The department recently sent letters to Uber and its subsidiary Rasier, informing the companies that they owe $523 million in past-due taxes over the last four years, as well as $119 million in interest and penalties on the money owed.
ATM Marketplace
NOVEMBER 14, 2019
At a time when buying bitcoin was full of friction, Chris Yim and Kyle Powers saw opportunity. Today, their startup LibertyX boasts the largest network of bitcoin ATMs, cashiers and kiosks in the world.
PYMNTS
NOVEMBER 14, 2019
Facebook is adding three new features throughout its platforms to help with fundraising efforts, the most visible of which is a donate button that nonprofits will have on their Instagram profiles, according to a report by The Verge. Facebook is also adding a fundraising sticker to Facebook stories, and fundraising on live gamer streams. The button for nonprofits will be on the profile next to where phone numbers are listed.
Payments Source
NOVEMBER 14, 2019
MoneyGram is partnering with Wing mobile banking service in Cambodia to offer money transfer services that allow users to send and receive funds directly into their mobile wallets.
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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.
PYMNTS
NOVEMBER 14, 2019
Sports are big business around the globe, so it comes as no surprise that retail innovation constantly takes place within that industry, and in combination with payments. Mobile order-ahead is in use at sporting and concert venues, where attendees no longer have to wait in long concession lines for their nachos or hot dogs. However, mobile concession ordering apps like FanFood still encounter their fair share of security and logistical challenges.
Payments Source
NOVEMBER 14, 2019
Google doesn’t want to be a bank, but its move to offer checking accounts through Citi and a Silicon Valley credit union is a digital wallet architecture shift that will have far-reaching implications for technology-backed payment companies.
PYMNTS
NOVEMBER 14, 2019
The antitrust investigation into Google will be expanded to include the tech giant’s search and Android businesses. In September, 50 attorneys general announced that they were launching an investigation into whether Google has abused its position in the online advertising market. The probe is being led by Texas Attorney General Ken Paxton, and involves 48 states, Puerto Rico and Washington, D.C.
Payments Source
NOVEMBER 14, 2019
Google Pay adds banks in Singapore; A contactless pay shirt debuts; and other information you need to start your day, from PaymentsSource and around the web.
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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.
PYMNTS
NOVEMBER 14, 2019
Apple News+, the tech giant’s paid news service, has failed to add new subscribers since it launched in March, according to CNBC. The service attracted about 200,000 subscriptions in the 48 hours after it launched, but the number has stayed at that level since then. Subscribers who use the service have access to about 300 top publications, including The Los Angeles Times and The Wall Street Journal.
CFPB Monitor
NOVEMBER 14, 2019
In this podcast, we discuss the key aspects of the recently-proposed regulations to implement the CCPA, identify issues clarified by the proposal or left unresolved, compliance challenges raised by CCPA requirements for financial incentives and consumer requests received by large businesses, next steps (including the likely timeline for final regulations and enforcement), and activity in other states to adopt similar privacy laws.
PYMNTS
NOVEMBER 14, 2019
Increasingly, the gold standard for payments is invisibility. Platforms and payment service providers are seeking digital, integrated payment experiences that are so seamless, neither the payee nor payer take much notice that a transaction has even occurred. Such is a standard that is making its way to the payroll space. Employees want to be paid on time, accurately, and without any additional administrative burden, requirements that have made direct deposits and other electronic payroll methods
Payments Source
NOVEMBER 14, 2019
Ahead of the busiest shopping period of the year, CaixaBank is embracing facial recognition retail payments, an option that has met with pushback elsewhere.
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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.
PYMNTS
NOVEMBER 14, 2019
When Walmart reported earnings Thursday (Nov. 14), it managed to extend one of retail’s more impressive growth streak — 21 consecutive quarters. It was one element of an earnings report that, by and large, indicated continued strength from the nation’s largest retailer by sales. Net income, as noted, was once again a beat — coming in at $3.26 billion or an earning per share (EPS) of $1.15 — comfortable beat on analysts’ expectations of $1.09.
Payments Source
NOVEMBER 14, 2019
The central bank originally predicted FedNow's launch within five years, but the Fed chairman told House lawmakers that he expects it will happen sooner.
PYMNTS
NOVEMBER 14, 2019
It’s easy to get caught up in the hype of new sharing economy platforms. “ The Uber of furniture ,” P2P closet-sharing and crowdshipping all certainly sound innovative. There’s a lot of competition to capture the $6 trillion in online payments for U.S. digital and physical goods that’s expected by 2024. Marketplaces and their partners want to satisfy consumers who are comfortable with the convenience of online shopping.
Payments Source
NOVEMBER 14, 2019
It’s the company’s responsibility to come forward with the information about how an algorithm that could be discriminating against women borrowers was designed and the exact impact of it, she said.
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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.
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