Fri.Feb 22, 2019

Can FinTechs And Banks Actually Have A Perfect Marriage?

PYMNTS

The relationship between FinTechs and banks has been complicated, with relatively young upstarts competing with established financial institutions in a new and growing world of digital payments and commerce.

Mobile coupons drive loyalty, customer engagement

Mobile Payments Today

Retailers and others have transitioned physical coupons to the mobile space, as a way to enhance customer loyalty and engagement

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Visa, Mastercard, Banks Agree To $5.54-$6.24B Settlement In Card Fee Lawsuit

PYMNTS

In a settlement that has been given preliminary approval by a federal court in New York, Visa and Mastercard, along with bank defendants, have agreed to provide roughly $6.24 billion in settlement funds.

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Ground attack or air strike: Winning the banking customer battle

Insights on Business

You have the mission to grab territory. You called in the lieutenants to devise a strategy. The Air Force general makes a strong case to efficiently blanket the territory with air campaigns. The Army favors the tried-and-true approach of gaining ground inch-by-inch.

Uber To Sell Its Uber Eats Operations In India To Swiggy

PYMNTS

Uber Eats , the food delivery business of Uber, is gearing up to sell its Indian operations to Swiggy , a rival food delivery company in the country.

Most FIs Don’t See Significant Value from AI, Report Says

Bank Innovation

AI is all the buzz in financial services right now, but only a little over one in 10 FIs around the world said they are gaining “significant value” from it, at least according to one recent survey. In a study titled Competing in the Cognitive Age: How companies Will Transform Their Businesses & Drive Value […]. Artificial Intelligence Daily Post 2 DataBank Premium artificial intelligence Automation Bank of America JP Morgan Chase

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SEC Initiates Danske Investigation

PYMNTS

Amid the regulators looking into its Estonian money laundering scandal, the U.S. Securities and Exchange Commission (SEC) has reportedly initiated an investigation into Danske Bank. The financial firm said it was “co-operating” with the probe by the U.S. agency that has started along with a U.S.

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More Trending

The Invisible Engines Of Banking Innovation

PYMNTS

Consumers take a somewhat binary view of the features and functions that come packaged as innovative: They either believe those innovations can solve problems and, therefore, embrace them or the consumers go somewhere else that offers legacy features and functions.

Protecting your ATMs, Part II: Understand your adversary

ATM Marketplace

Most criminals are in it for the money, not the challenge, so they'll always pursue the easiest route to a payoff. The best-protected ATMs are those that make a thief's work the hardest — by minimizing attack surfaces and focusing first on the "handoff" points in a system that present the most likely targets for criminal exploits

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How Restaurants Can One-Up The Aggregators

PYMNTS

It was easy for restaurants to get lured into a false sense of security as they watched during the early days of the great digital shift in retail. Restaurants aren’t Amazon -able,” Olo CEO Noah Glass told Karen Webster, according to the prevailing opinion.

This Week In AI: Apple’s Voice Acquisition, AVs That Can Understand Traffic Police, AI For Fish Farming

CB Insights

Hi there, Here’s what went down in artificial intelligence this week. Want the full post? Become a CB Insights customer. If you’re already a customer, login here.

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Venmo Debuts Limited Edition Rainbow Card

PYMNTS

Today Venmo will be rolling out its latest card offering for consumers.

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The Best Things to Buy in March

Hopewell Federal

If you’re looking for deals this month, here is a list of the items that typically go on sale during the month of March: Jewelry and Perfume — Now that Valentine’s Day is behind us, demand for these items are slowing down. It’s a good time to buy presents for upcoming birthdays or even for yourself! Chocolate – Stores that overstocked their supplies of Valentine’s Day chocolate will be trying to clear out their remaining inventory.

Cortex Bought Up By Drillinginfo

PYMNTS

Cortex, a provider of accounts payable and accounts receivable solutions for the oil and gas sector, has agreed to be acquired by Drillinginfo, a press release said on Thursday (Feb.

Alipay, UnionPay will support Mizuho's digital currency

Payments Source

Japan’s Mizuho Bank will unveil a digital currency platform next month with an app enabling customers to pay at participating merchants with the new J-Coin Pay via a QR code. Digital currencies Retailers Mizuho Financial Group Ant Financial China UnionPay

State Employees In Mississippi Targets Of Direct Deposit Scam

PYMNTS

In the quest for ill-gotten gains, fraudsters have a myriad of ways to try to scam unwitting victims, intercepting funds or having them sent to their own accounts.

OTP vulnerability raises SCA questions

Bobs Guide

Market participants warn that a known vulnerability in telco operations could prove problematic for banks using one-time passwords (OTP) to authenticate transactions, once PSD2’s SCA deadline rolls around in September. Earlier this month, Metro Bank was hit by fraudsters exploiting the

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Logistics, Alt Lending Lead B2B Startup Funding

PYMNTS

The more than $1.593 billion raised by B2B startups this week showcases investors’ interest in business finance and payments.

How Millennium bcp made the #NextGenBank a Reality

ATM Marketplace

The early results speak for themselves and show that the bank is on the right track. Big improvements in customer satisfaction have been reported. Download the free case study

Indian Parliamentary Panel Summons Facebook, WhatsApp, Instagram Over Users’ Rights

PYMNTS

The Indian parliamentary committee on information technology has asked representatives from Facebook, the messaging app WhatsApp and the photo sharing app Instagram to appear and answer questions about citizens’ rights on social media platforms, according to a report from CNBC.

Startup tackles truck stops' EMV pain

Payments Source

Fuel payment options in the trucking industry have long relied on private-label cards from giants like Comdata and WEX, but a new challenger called Gas Pos is hoping to break in by capitalizing on new payments technology and the looming gas-station EMV migration. EMV Retailers Point-of-sale

Euler Hermes, C2FO Team Up On Unpaid Invoice Protection

PYMNTS

Alternative small business (SMB) finance company C2FO is integrating a new solution from Euler Hermes to help small businesses protect against the risk of unpaid invoices. In an announcement on Thursday (Feb.

China's rural cashless push is a boon to Alipay and WeChat Pay

Payments Source

China's rapid urbanization is causing a payments technology gap between the city and country, leading the government to issue a plan to bring digital payments in small towns and rural areas, a move that should also boost volume for Ant and Tencent's payments businesses. Mobile payments Cash WeChat Ant Financial

DoorDash Raises $400M, Hits $7.1B Valuation

PYMNTS

In a new funding round led by Dragoneer Investment Group and Temasek Holdings, DoorDash notched a $400 million investment at a valuation of $7.1 billion. Existing investors in the food delivery firm — SoftBank Vision Fund, Sequoia Capital and DST Global — also participated, CNBC reported.

2.22.19 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Apple partners with Alipay to boost iPhone sales; Form jacking attacks expand; P2P expands in Sri Lanka; California considers expanding breach disclosure law. Briefing

Where Consumers Turn To Personalize Their Card Spending Experiences

PYMNTS

Consumers are not only using their smartphones to text and talk, but to manage how they use their credit, debit and prepaid cards.

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AI fintechs flush with venture capital sharpen focus on bank market

BankThink

ComplyAdvantage, Cinnamon and Zoovu recently raised millions of dollars to fuel expansion of their automated risk management, data-scanning and customer service products geared toward financial services companies. Artificial intelligence Machine learning Analytics Consumer banking Compliance systems Identity verification Customer data Venture capital

Amazon China May Be Eyeing NetEase Merger

PYMNTS

Amazon could be looking into merging its China unit with eCommerce platform Kaola, which is owned by NetEase, according to a report by CNBC.

H68V Series: Transforming your Bank Branch Channels

ATM Marketplace

The H68V Series, a new generation cash recycler hat helps financial institutions to achieve significant savings through advanced cash planning

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FDIC: Banks Pull In $237B In 2018

PYMNTS

Amid rising revenues and decreased taxes, the Federal Deposit Insurance Corporation (FDIC) announced on Thursday (Feb. 21) that the banking industry pulled in $237 billion in 2018.

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Crypto exchange risks running out of money during restructuring

Payments Source

Quadriga Fintech Solutions Corp. is in danger of running out of cash to cover the cost of its restructuring unless the Vancouver-based crypto exchange can retrieve money from banks and payments processors, according to the firm overseeing the process. Cryptocurrencies Payment processing Risk RBC

Barclaycard Links Travel Agents To Virtual Cards Via Amadeus

PYMNTS

Travel booking company Amadeus is integrating Barclaycard virtual card technology into its Amadeus B2B Wallet solution to streamline business payments processes, the company announced Thursday (Feb. 21) in a press release sent to PYMNTS.

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Critics of CFPB’s revised payday rule miss the mark

Payments Source

The agency’s proposed changes to its standard for small-dollar loans will help ensure underbanked consumers still have access to credit. Concerns about predatory lending are overstated. Payday lending Small-dollar lending Consumer lending Financial regulations Payroll payments CFPB

Mastercard In Renewed China Push

PYMNTS

Mastercard, in an effort to gain entry into the Chinese market, is looking toward a joint venture that may help the card giant get a credit card license in that country. The Wall Street Journal reported on Friday (Feb.

Don’t Worry, We All Have To Have a Little Hope

New York's State of Mind

Don’t worry my few days away have not transformed me into a Pollyannaish optimist. That being said, this report on NBC’s Today Show is one that reaffirmed my faith in the Credit Union Movement. Not only that, it should be shown to every legislator, regulator, congressman, senator and staff person who questions the need for […]. Advocacy General banking deserts hope credit union

Deep Dive: How Challenger Banks Navigate Licensing Obstacles

PYMNTS

Challenger banks first emerged on the U.K. financial services scene in 2015, and were considered minor competitors to more established legacy players. Since then, these types of institutions — also known as upstart banks and neobanks — have matured, evolved and increased their reaches.

MUFG ordered to improve anti-money-laundering compliance

BankThink

The OCC said that branches in New York, Los Angeles and Chicago will be required to take certain corrective actions, but it did not hit the Japanese-owned bank with any financial penalties. AML Compliance MUFG Union Bank OCC