Thu.Oct 17, 2019

Talking ’bout my generation

Chris Skinner

I was reflecting on things again. Dangerous. My reflection was on when I grew up. My mum and dad went through the second world war. They feared for their lives and for our future.

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The changing patterns in cross-border payments markets

Mobile Payments Today

The cross-border payments market is increasingly complex and creates a series of challenges for ecommerce companies who need to be able to allow customers to pay in the methods they prefer

Hot online bank startup leaves customers without access to their cash

Bank Innovation

Chime, an online banking startup with more than 5 million customers, has been suffering an outage for much of past 24 hours that has left customers without access to their money. The startup blamed the disruption on an unspecified issue with a payments processor and said data was not at risk.

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On Spreadsheet Day 2019, Celebrate the App, But Acknowledge Its Limitations

Abrigio

On Spreadsheet Day 2019, Celebrate the App, But Acknowledge Its Limitations. Sub-category | 10 minute read Key Takeaways Spreadsheet Day is a good time to celebrate this popular tool while examining some vulnerabilities spreadsheets pose for FIs.

Bank-fintech partnerships are a necessity, not a fad

Bank Innovation

A recent Forbes article claims the fad is over for bank-fintech partnerships. The fad might be over, but the imperative for banks to partner with fintechs is anything but. To be sure, there are valid points highlighting the over-inflated hype versus the reality in making these partnerships fruitful.

Digital Signage & the Internet of Things

Mobile Payments Today

Digital displays are no longer the passive carriers of content. IoT devices are allowing displays to make content decisions in real time, while providing deployers with a treasure trove of data

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How Credit Unions Can Set Themselves Apart in the Mortgage Lending Business

CU Direct

Since their inception, credit unions have been able to leverage the membership dynamic to set themselves apart from other financial institutions. But when it comes to building a mortgage lending pipeline, it takes more than just a built-in membership base to serve today’s borrowers’ needs.

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Auto Finance Market Stats and Trends: Q2 2019

SWBC's LenderHub

The auto loan industry is massive and chances are that if you are a financial institution, you are also in the auto loan lending game. As a lender, knowing ways to maximize your automotive financing portfolio and extending loans to qualified borrowers is of the utmost importance.

Digital Bank Chime Suffers Outage Affecting 5M Customers

PYMNTS

Online banking startup Chime has been hit with an outage that has left its 5 million customers with no access to their money. The outage has been going on for the last 24 hours, taking down the company’s website and app, as well as shutting down customers’ debit cards. Our payment processor has been experiencing issues today, resulting in our app + website being down,” Chime said in a tweet on Thursday (Oct. 17). “We

Initiating a Data Governance Program in Financial Services

Perficient Financial Servies

Previously, I discussed the components needed to design a data governance strategy. This post will describe in detail, how to initiate the data governance program.

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K-eCommerce Adds Online Bill Pay, Payment Solutions

PYMNTS

K-eCommerce has announced the launch of two new cloud-based payment solutions: Payment Extension and Payment Portal. The provider of eCommerce and payment solutions integrated to Microsoft Dynamics made the announcement at this week’s User Group Summit North America. The new solutions replace the company’s on-premise offerings, Credit Card Extension and Online Bill Pay.

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Kenya Political Party Financing in 2019

Bankelele

What’s to be learnt about the state of political party finance in Kenya? Some parties have published their unofficial financial results for the year 2019.

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ECB Calls For ‘Highest Regulatory Standards’ On Stablecoins

PYMNTS

European Central Bank Executive Board member Benoit Coeure called for strict supervisory principles for digital currencies and stablecoins like Facebook’s Libra, Bloomberg reported on Thursday (Oct. 17). “In In the case of Europe, neither the Commission nor the ECB intends to make Europe a no-fly zone for stablecoins.

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The Libra Meltdown

Breaking Banks

What will Libra need to do next to have a chance of getting back on track?

Edible Barcodes Turn Sights On Counterfeit Goods

PYMNTS

As the global digital economy grows, and consumers buy more items from their mobile and other web-connected devices, a problem grows along with that. We are talking about the rise of counterfeit goods. But where there are problems lie opportunities – and that’s the story with a company called TruTag Technologies.

4 Ways Women Can Manage Their Finances Independently

BankBazaar

Here are a few smart money management tips that can help you get on the road to financial freedom in no time. Read on. Tips for women to manage finances independently. Women are smashing stereotypes on all fronts – be it flying a plane, starting a company or being a sole bread-winner of the family.

ECB’s Coeure Calls For ‘Highest Regulatory Standards’ On Stablecoins

PYMNTS

European Central Bank Executive Board member Benoit Coeure called for strict supervisory principles for digital currencies and stablecoins like Facebook’s Libra, Bloomberg reported on Thursday (Oct. 17). “In In the case of Europe, neither the Commission nor the ECB intends to make Europe a no-fly zone for stablecoins.

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BoE Mandates Climate risk stress tests, can Fintechs help?

Daily Fintech

If you were in London over the last couple of weeks, you wouldn’t have missed the activities of the extinction rebellion. While I don’t condone all their actions, they are making a valid point and it is being heard at the highest and the lowest levels.

Video App Snaptube Charges For Fake Purchases, Runs Invisible Ads

PYMNTS

An Android video app called Snaptube has been taking unauthorized premium purchases from its users and generating fraudulent ad clicks. Snaptube lets its approximately 40 million users download videos from Facebook , YouTube and others, TechCrunch reported. The app was made in China, and it’s not on the Google Play store because Google doesn’t allow video downloading apps. Some analysts said Snaptube has over 1 billion downloads, and the developer of the app said it’s safe.

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Finland: Municipality Finance selects Temenos

The Paypers

(The Paypers) Temenos , the banking software company, has announced that Municipality Finance (MuniFin), one of Finland’s credit institutions, has selected Temenos T24 Transact

Top News In Payments: China Allows PayPal To Operate; Mastercard Outlines Blockchain Intentions

PYMNTS

In today’s payments news, China has allowed PayPal to operate in the country with its purchase of a majority stake in GoPay. Also, Mastercard has outlined its intentions with blockchain following its high-profile Libra Association exit. And Apple Pay is reportedly being investigated by the European Commission. Chinese Shoppers Will Have PayPal Access By Year End. China has allowed PayPal to operate in the country with its purchase of a majority stake in GoPay.

Bill.com extends purchase order capabilities on its AP solution

The Paypers

(The Paypers) US-based provider of cloud-based B2B payments company Bill.com has announced a new set of offerings designed to help SMEs automate their AP/AR functions

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Nestlé Will Give Shareholders $20B As It Continues Rebound

PYMNTS

Nestlé said it is going to return $20.2 billion to its shareholders over the next three years as it continues a turnaround to become more profitable and focus on its businesses that work. The company just completed a sale of its skin health business, and buybacks are a sign that the company’s new strategy, by CEO Mark Schneider, to raise sales and grow profit margins is in full swing at Nestlé, according to a report by the Financial Times.

Deutsche Bank selects Tieto to boost virtual account services

The Paypers

(The Paypers) Deutsche Bank has chosen Finland-based Tieto ’s fintech solution to extend its virtual account services for corporate treasurers

Ahead Of Suntrust Merger, BB&T Sees Strong Loan Growth, Credit Quality

PYMNTS

BB&T Corp. ahead of its planned buy of SunTrust banks, posted results that beat expectations and showed a slight decrease in non-performing assets. In terms of headline numbers, the company posted adjusted earnings of $1.07 a share that topped expectations by four cents. A consolidated top line of $3 billion edged analyst expectations by about $10 million.

Liquid Group expands cross-border payment network to Taiwan

The Paypers

(The Paypers) Liquid Group has announced the expansion of its cross-border payment network to Taiwan through a partnership with E.SUN Bank

French FinTech Lemon Way Gets $28M For API Expansion

PYMNTS

The French payment processor Lemon Way has announced a near-$28 million (€25 million) investment round by the multi-asset fund management firm Toscafund, Aithority reported on Thursday (Oct. The funds will help Lemon Way advance its offerings through adaptive APIs and new payment services as well as strengthen its presence in the U.K. and Germany. This latest investment follows Lemon Way’s initial funding round of $11.1

Lemon Way announces a EUR 25 mln investment from Toscafund

The Paypers

(The Paypers) Pan-European payment processor Lemon Way has announced the signing of a EUR 25 million investment from Toscafund Asset Management, the UK-based multi-asset alternative investment management company

David Marcus: China Wins If Facebook’s Libra Fails

PYMNTS

David Marcus , the executive in charge of Facebook ’s proposed cryptocurrency, Libra , said if Libra fails, the U.S. could fall behind China in the race for legitimized cryptocurrency, and subsequently in influence around the world. According to Bloomberg , while Libra is continually criticized and scrutinized around the globe, China is developing its own state-backed cryptocurrency. That would be a real threat to U.S. influence, Marcus said.

BaFin publishes joint statement on migration to PSD2-compliant interfaces

The Paypers

(The Paypers) Since 14.09.2019, the provisions of the PSD2 and the Delegated Regulation (EU) 2018/389 have applied to the provision of payment initiation and account information services

Can Edible Barcodes Fight The Counterfeit Goods Problem?

PYMNTS

As the global digital economy grows, and consumers buy more items from their mobile and other web-connected devices, a problem grows along with that. We are talking about the rise of counterfeit goods. But where there are problems lie opportunities – and that’s the story with a company called TruTag Technologies.

Do Not Underestimate Europe’s AI Innovators

Dataconomy

Which are the AI startups that are innovating in Europe? Why is the world so skeptic about AI innovation in Europe? From where will the next wave of innovation come? Read on. Pundits say that Europe is losing the race for artificial intelligence (AI). Their perspective is suspiciously dire and.

SunTrust Beats Revenue Forecast Ahead Of BB&T Merger

PYMNTS

SunTrust Banks Inc. reported results on Thursday (Oct. 17) that surpassed revenue expectations but fell in line with analysts’ earnings estimates for the third quarter. But beyond the quarterly numbers, management said the company is satisfied with the movement toward a planned merger with BB&T Corp. Drilling down into the numbers, the firm reported revenue of $2.4 billion and adjusted earnings per share (EPS) of $1.40, compared to expectations of $2.34 billion and $1.40 per share.

The 2019 CUSO Resource Guide for Fintechs

William Mills

While many in the credit union industry already work with – or are at least familiar with – CUSOs, others are unfamiliar with the CUSO landscape and why it is important to their business.

Libra As Patriotic Duty

PYMNTS

To paraphrase an old saying: Patriotism is the last refuge of … crypto. In the latest salvo designed to bring Libra back from this week’s brink, where each week seems to bring a new brink, it’s now the U.S. versus China. As Bloomberg reported on Thursday (Oct. 17), Facebook’s Co-creator of Libra David Marcus said that if Libra goes down, China is handed a victory in its own efforts to develop a cryptocurrency. Marcus, of course, helms the Libra initiative.

ESMA drops foreign exchange bombshell

The Banker

EU authorities are mulling bringing spot foreign exchange trading under the market abuse regime, in what would be a major change for the world’s largest market. By Justin Pugsley

State Finalizes Student Loan Servicer Requirements

New York's State of Mind

Greetings from beautiful Verona, NY, where the monsoon season has officially begun. I just wanted to give my faithful readers a quick heads up this morning that the state has finalized its student loan servicer regulations, which compliment legislation passed last session, making New York the first state in the nation to mandate licensing requirements […]. New York State student loan servicers