Thu.Apr 26, 2018

article thumbnail

Citi study shows mobile banking is vital to consumers

Payments Dive

Of the 2,000 U.S. adults surveyed, mobile banking app use ranked third (31 percent) behind only social media (55 percent) and weather apps (33 percent), respectively.

article thumbnail

Nymbus Will Help Banks Launch A Standalone Brand in 90 Days

Bank Innovation

Nymbus, a startup taking on what is arguably banking’s biggest problem — aging, outdated cores — announced a new product today called SmartLaunch, which “enables financial institutions to stand up a turnkey digital brand under their existing charter in as few as 90 days.” This is an interesting move from Nymbus. Rather than converting an existing […].

Branding 249
Insiders

Sign Up for our Newsletter

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

article thumbnail

GDPR’s Data Breach Notification Requirements Tripping Up Businesses

PYMNTS

The U.K. is only weeks away from bringing its Global Data Protection Regulation (GDPR) rules into effect, and corporates are ill-prepared for the data security requirements, according to new research. Law firm McDermott Will & Emery collaborated with Ponemon Institute to assess how U.K. businesses are getting ready for GDPR to take effect on May 25.

Data 148
article thumbnail

New Unicorn Revolut Will Use Capital For International Expansion

Bank Innovation

U.K.-based digital bank Revolut has raised $250 million in a Series C, boosting the company’s valuation to unicorn status. The company, which is now worth $1.7 billion, will use the new funding to expand to further markets, including the United States, Australia, and Hong Kong. This new raise brings the amount of money the digital […].

Capital 244
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

The Show Will Go On For Toys R Us Stores Outside The US

PYMNTS

Bankruptcy may not spell the end for Toys R Us stores – at least outside of the U.S. The embattled retailer’s stores will get a second chance at retail life in Canada and Europe. Toys R Us agreed to sell its Canadian business, which consists of 82 stores, to Fairfax Financial Holdings Limited for around $234 million dollars in a bankruptcy court hearing on Tuesday (April 24).

US 132

More Trending

article thumbnail

American Express Gets Closer To Entering China

PYMNTS

American Express has passed a major hurdle in efforts to become the first U.S.-based credit network to offer services in mainland China. The Chinese central bank formally accepted American Express’ application to clear and settle domestic bank card transactions, the Wall Street Journal reported Thursday. The New York credit card company applied as part of a venture with China mobile payment provider Lianlian Group.

New York 129
article thumbnail

PayPal Focuses On Venmo, Not Cryptocurrency

Bank Innovation

EXCLUSIVE – Payments company PayPal might not see immediate value in cryptocurrency, but it's continuing to see more value in its P2P payments service Venmo, according to the company's Q1 earnings call yesterday. On the subject of cryptocurrency, Dan Schulman, company CEO said during the call: We've experimented with Coinbase and others in terms of […].

article thumbnail

IdentityMind CTO: Firms’ Readiness For GDPR Varies Weeks Before Deadline

PYMNTS

A month away, and the General Data Protection Regulation (GDPR) looms large. As Shakespeare wrote centuries ago (without data mapping in mind), the readiness is all. IdentityMind CTO Kieran Sherlock told PYMNTS the readiness for the sea change in data privacy varies. Many of the larger EU-based firms have been preparing for GDPR for years and have processes in place that anticipate the formal debut of GDPR and its compliance mandates.

article thumbnail

BBVA Completes Corporate Loan Deal Via Blockchain

Bank Innovation

BBVA bank announced today that it has closed a $90 million corporate loan deal with their technology partner, Indra, via blockchain technology. The bank claimed that the transaction, which would typically take a few days to complete, closed in just a few hours. BBVA used its own internal blockchain system, which is built on the IBM-backed […].

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

Marc Jacobs, Microsoft Partner On Fashion Industry AP Upgrades

PYMNTS

Fashion designer brand Marc Jacobs is collaborating with Microsoft to address key challenges in the industry’s supply chain management and accounts payable (AP) processes. The companies announced news on Wednesday (April 25) that they are partnering to enhance Marc Jacobs’ accounts payable and invoice processing capabilities. The brand has deployed MediusFlow , an accounts payable and invoice automation solution designed on the Microsoft Azure platform.

Industry 124
article thumbnail

Facebook Looks to Instagram and Messenger As Payments Revenue Falls

Bank Innovation

EXCLUSIVE— Facebook is turning to its other platforms, including Instagram, WhatsApp, and Messenger for its experiments with payments, as revenue for that sector fell, the company reported during its first quarter earnings call yesterday. While the company’s overall revenue and earnings was a quite positive at $11.97 billion in total revenues (a surprisingly upbeat result, […].

Payments 199
article thumbnail

China Cracks Down On Banks’ Risky Lending Practices

PYMNTS

Chinese officials have reportedly taken measures to monitor and potentially crack down on the nation’s banks’ risky lending practices, reports in Reuters said Wednesday (April 25). Two unnamed sources told the publication that the nation’s financial regulator, the China Banking and Insurance Regulatory Commission (CBIRC), have deployed teams from local branches to commercial banks.

Lending 122
article thumbnail

Mobile Banking Customers Have More Financial Confidence, Citi Says

Bank Innovation

Consumers who have made the switch to mobile banking are likely to be more confident in their financial decisions, and feel they have “a greater awareness” of their financial situation, according to a study conducted by Citibank, released today. The bank’s 2018 Mobile Banking Study found that 62% of mobile users agreed that the method […].

Mobile 186
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

Wells Fargo Handling Of Retirement Assets Under Scrutiny

PYMNTS

The Department of Labor is examining if Wells Fargo pushed retirement-planning customers into pricier accounts and toward buying more expensive investment funds, generating more fees for itself, The Wall Street Journal reported. The bank has pressed employees to move clients into more expensive individual retirement accounts when they retired or left a job providing them a 401(k) account.

America 122
article thumbnail

LendingClub Shares Wobble as FTC Files Lawsuit

Bank Innovation

The Federal Trade Commission has filed allegations against marketplace lending company, LendingClub, claiming that it was adding hidden fees, as well as charging customers who no longer had loans with the company, it was reported earlier this week. News of the allegations dropped LendingClub’s stock 14%, Bloomberg reported yesterday (though today the stock is experiencing […].

Lending 186
article thumbnail

Mastercard, IFC Expand Partnerships To Bring Digital Payments To Emerging Markets

PYMNTS

Mastercard and IFC , a member of the World Bank Group, announced Thursday (April 26) that they have updated a $250 million global risk-sharing facility in an effort to expand access to electronic payments in emerging markets. In a press release , Mastercard said that updating the agreement inked in 2015 will help financial companies in developing countries participate in the Mastercard network through an IFC program.

Marketing 121
article thumbnail

Ant Financial invests in Bangladesh's bKash mobile payments platform

Payments Source

Ant Financial Services Group has formed a strategic partnership with bKash Limited, the mobile payments platform Bangladesh’s central bank established to expand financial inclusion.

Mobile 81
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

Q1 Revenue Gain For eBay As It Eyes Payments Future

PYMNTS

As eBay moves toward a beta test of its new payments system this summer, the online marketplace reported a 12 percent revenue gain in the first quarter of 2018, to $2.6 billion dollars. That missed analyst expectations of a 17 percent increase, and eBay share price declined in after-hours trading on Wednesday (April 25) following the company’s financial report.

Payments 116
article thumbnail

Blockchain is set to revolutionize aviation payments and supply chains

Payments Source

The future of blockchain is still unclear, but what is clear is that it is set to improve the aviation industry as a whole. And those who are the early adopters will have the greatest opportunity to influence the changes it will bring, writes Gediminas Ziemelis, chairman of the board of Avia Solutions Group.

article thumbnail

Uber Updates ‘Bug Bounty’ Payments Policy

PYMNTS

Uber is changing its policy on bug bounties, payments to people who expose data security problems, Reuters reported on Thursday (April 26). “We’re clarifying the difference between researchers that act in good faith and people who don’t,” Uber Chief Information Security Officer John Flynn told the newswire. “We’re doing a better job about being explicit about what those things are, because it’s important these programs have high integrity.”.

Policies 115
article thumbnail

Patel: regulators need to avoid a blanket approach to DLT rules

Bobsguide

Across the world, regulators are struggling to put together constructive policies around the world’s newest financial and technological tool. Distributed ledger technology (DLT) has become synonymous with the cryptocurrency market – which in itself has evolved significantly over the past.

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

Subway To Close 500 More US Locations

PYMNTS

Subway is planning to close around 500 more of its U.S. sandwich shops as it focuses on expanding internationally. Last year, the restaurant chain closed more than 800 stores, with the total count of U.S. locations dropping to 25,908. According to The Boston Globe , Chief Executive Officer Suzanne Greco said, ‘‘We want to be sure that we have the best location.

US 115
article thumbnail

Will Visa and PayPal's truce survive the 'single button' movement?

Payments Source

Visa CEO Alfred Kelly is less publically adversarial toward market rival PayPal than his predecessor Charlie Scharf, even as Visa's push for a "single button" for online payments seems to undermine PayPal's business model.

Online 64
article thumbnail

Automating The Counterfeit Crackdown

PYMNTS

A growing online marketplace introduces a growing set of challenges for those who manage it. As the number of SKUs available on the site increases, so does the difficulty of keeping tabs on all those items, making it easier for less reputable sellers to slide sketchy products under the radar. Most marketplaces want to maintain a good reputation with buyers, sellers and regulators by keeping their site clear of counterfeit merchandise and ensuring that health products don’t get sold across border

Regional 115
article thumbnail

4.26.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: BigCommerce gets a big investment; Mobile payments get a virtual currency; Monzo's expansion from payments accelerates; Facial authentication gets more sophisticated; A key that opens all of the hotel rooms.

Mobile 63
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.