Fri.Feb 21, 2020

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Payments innovation in the Latin American market

Payments Dive

Latin America is becoming an increasingly important market in the global payments business. There are a number of important innovations underway that are changing the industry.

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5G Network Rollout Delayed In China, Flights Canceled Due To Coronavirus

PYMNTS

The coronavirus has far-reaching impacts that extend beyond health, with a wide range of economic effects in sectors ranging from transportation to telecom and retail. We have the latest news on the economic impact of the coronavirus from airlines canceling flights to the delay of the rollout of next-generation 5G networks and merchants reopening stores in China.

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Weekly Wrap: Banner week for fintech acquisitions

Bank Innovation

Welcome to the latest episode of our Weekly Wrap series, for the week ending Friday, Feb. 21, 2020. In this episode, editors discuss the following news developments: Implications from LendingClub’s acquisition of Radius Bank; How Ally’s acquisition of the non-prime lender CardWorks boosts the bank’s long-term plans; and The launch of digital banking startup Level […].

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Largest U.S. Pizza Hut Franchisee Could Choose Bankruptcy

PYMNTS

The largest franchisee of U.S. pizza chain Pizza Hut is reportedly considering options in the wake of financial woes, including bankruptcy. The news, reported by Bloomberg on Wednesday (Feb. 19), said that NPC International, which owns around 1,200 Pizza Huts, is about $1 billion in debt. In lieu of that, the franchisee has begun negotiations with lenders.

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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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Banks embrace external tech to replace in-house systems

Bobsguide

Banks will seek external software solutions as in-house tech debts increase, according to vendors trying to reduce tech spend. According to Robert Cooke, chief technology officer and founder of 3Forge, there will be an increase in tech companies creating “holistic” platforms providing.

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Why more issuers see profit in secured credit cards

Payments Source

Ally Financial's recently announced $2.65 billion cash-and-stock deal for CardWorks, which offers unsecured credit cards among other products, places a high price tag on a traditionally risky product.

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FinCEN Announces New Digital Innovation Officer/Deputy Director

PYMNTS

The Financial Crimes Enforcement Network (FinCEN) has announced Michael Mosier as its new digital innovation officer and deputy director. Mosier succeeds Jamal El-Hindi, who will serve as the interim chief data officer (CDO) for the Department of the Treasury. In that role, El-Hindi will apply his FinCEN experience to “help lead the vision, design and development of the Treasury’s agency-wide data and information management strategies,” per an announcement.

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The Partnership Series – Volume Four: Financial Institutions and Alternative Lenders

Jack Henry

Why should a financial institution (FI) care about the many alternative lending options their consumer and commercial customers have today? First, let’s define what alternative lending means. It’s a broad term that describes a wide range of loan options to consumers and business owners outside of a traditional bank or credit union loan. These alternative lenders are most commonly used when an individual or business owner cannot obtain a traditional loan from their FI for any number of reasons.

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How LGBTQ-Focused Travel Platform misterb&b Protects Travelers, Builds Travel

PYMNTS

Homesharing has been a part of the gig and sharing economies for nearly a decade, and consumers and homeowners alike are now asking such platforms for personalized support. Some consumers may wish to travel with their pets or book a room that accommodates their disabilities, for example, while others may want to ensure that the homeshares they are renting are LGBTQ-friendly before finalizing their itineraries.

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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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Why LendingClub’s Acquisition Of Radius Bank Is A Smart Deal

Ron Shevelin

Radius Bank gives Lending Club members the opportunity to open a savings account. Any bank could have done that for Lending Club. Radius, however, brings relationships and integration with its banking-as-a-service partners—and not any bank can provide that.

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Making A Sizzling Leap Into Digital Banking

PYMNTS

To be the bank, buy the bank. Earlier this week, a FinTech took the leap into the full spectrum of financial services, perhaps paving the way for future mashups. Upon releasing its latest earnings, LendingClub , known up until now for its personal loans delivered through its online platform, said it had struck a deal to buy Radius Bancorp. The $185 cash and stock deal would bring an online bank with $1.4 billion in assets under LendingClub’s umbrella.

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Credit-building startup Self raises $20 million

Payments Source

The savings and credit building startup Self Financial has raised $20 million in a Series C funding round to help fuel its expansion to serve financially struggling consumers.

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NYC Taxi Commission Accused Of $810 Million Fraud

PYMNTS

New York Attorney General Letitia James announced plans to sue New York City for allegedly fraudulent practices by its Taxi and Limousine Commission (TLC), according to reports on Thursday (Feb. 20). James accused the agency of running a scheme on taxi drivers that created a “trapdoor of despair” and is asking for $810 million. “Government should be a source of justice, not a vehicle for fraudulent practices,” James said in a statement, announcing a notice of claim for $810 million.

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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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Cheat sheet: Inside the $3B Wells Fargo settlement

American Banker

The ten-digit penalty marks an important milestone for the bank, but individual ex-bankers may still be at risk and grueling hearings lie ahead for current leadership.

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Proposed US Law Could Hamper End-To-End Encryption

PYMNTS

With a bill that seeks to tackle the distribution of child abuse material, U.S. legislation will reportedly be introduced in the weeks to come that could hamper the capacity of tech firms to provide end-to-end encryption, Reuters reported. . The bill aims to combat the distribution of that kind of content on platforms such as Google and Facebook by making them liable for civil lawsuits as well as state prosecution.

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Following Visa's rate hike, the Fed needs to act

Payments Source

It is long past time for the Federal Reserve to use its authority to bring transparency and competition to the debit market, says the Retail Industry Leaders Association's Austen Jensen.

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Closing eCommerce’s Last-Mile Gap

PYMNTS

The fact that the last mile is the hardest mile has become something of a truism in modern eCommerce, simply because that is so often where the user experience breaks down and ultimately fails. Even with a great customer journey – with smooth onboarding, a well-merchandised online shopping experience and a seamless checkout process – none of it really matters if the consumer can’t actually get the goods they want into their hands.

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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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Wells Fargo nears about $3 billion deal to end federal probes

American Banker

Wells Fargo & Co. is poised to pay roughly $3 billion to settle federal investigations into a range of consumer abuses that were rampant at the bank for years, according to a person with direct knowledge of the matter.

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Lyft Buys Halo Cars In Advertising Play

PYMNTS

Ride-hailing company Lyft has acquired Halo Cars, an advertising startup that displays ads on top of vehicles, according to a report from Axios. The move illustrates the ride-hailing industry’s attempts to pull revenue from sources besides its core business, especially since both Lyft and Uber IPOs have underperformed. Uber has been testing a similar tie-up with Cargo , an advertising startup in New York that shares ad revenue with the ride-hailing company.

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Walmart loses another home-delivery provider amid Amazon clash

Payments Source

Walmart Inc. is parting ways with grocery-delivery partner Skipcart, the latest defection from its network of logistics companies who often struggle to make ends meet schlepping cola and cantaloupes for the nation’s biggest food retailer.

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B2B Investors Reveal Their Appetite For ResTech

PYMNTS

With $521 million raised this week among B2B FinTech startups, the industry continues to prove its appeal among venture capitalists. PYMNTS’ latest roundup finds investor interest for B2B eCommerce , small business banking, corporate card technology, cybersecurity and autonomous supply chain tech, but it was a ResTech startup that secured the most funding of the week, by a considerable margin.

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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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Shopify joins Facebook’s embattled Libra Association

Payments Source

Canadian e-commerce platform Shopify Inc. announced Friday it was joining the Facebook-led Libra Association, becoming the first new member since several high-profile exits.

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Apple Considers Letting Users Change Default Apps

PYMNTS

Apple is considering a move to allow users to change their default settings to third-party apps, Bloomberg reported on Thursday (Feb. 20). Reacting to mounting criticism, rival apps could be given more prominence on iPhones and iPads. Apple is also weighing opening its HomePod speaker to third-party music streaming. The company is debating if it will let users choose third-party web browsers and mail applications as their default options and opt out of using the company’s Safari browser and Mail

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BBVA, Anthemis invest in U.K. gig economy fintech Wollit

Payments Source

BBVA and venture capitalist Anthemis Group are providing seed funds to UK fintech Wollit that will offer a subscription-based cash flow product for gig economy workers.

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Slashing Ambiguity In The B2B Partnership Payments Process

PYMNTS

In a market ecosystem where Instagram influencers are a new norm in advertising, and where corporate sponsorships are diversifying throughout the digital ether, businesses’ vast network of strategic B2B partnerships is getting even bigger, and more complex. Negotiating and fulfilling contracts, determining the effectiveness of partners, and, not least of all, paying those partners properly is a process full of ambiguity and a lack of automation.

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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.