Wed.Sep 18, 2019

Greed is good … or is it?

Chris Skinner

There’s a comment that has stayed with me for a long time. It goes along the lines of if you’re earning $10 million a year then spending $10,000 is only the same as someone who earns $100,000 a year spending $100. It’s just relative.

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With Wirecard, UnionPay takes aim at Visa, Mastercard

Bank Innovation

China’s UnionPay, the world’s largest card issuer with 57.6% of the world’s payment cards in circulation, has global ambitions.

Cards 198

Things worth reading: 19th September 2019

Chris Skinner

Things we’re reading today include … Cash strapped students targeted as money mules U.S.

Metro 189

How US Bank Is Using Machine Learning To Tackle Fraud

PYMNTS

Mobile and online banking providers have been upping their fraud protection measures over the last decade, making it more difficult for bad actors to rely on some of the schemes that previously worked in such channels.

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Wells Fargo using blockchain for corporate international money transfers

Bank Innovation

Wells Fargo is turning to blockchain to speed up cross-border money transfers for its corporate clients. The bank is using the technology to create a money transfer service it’s branding as Wells Fargo Digital Cash.

Global Payments, TSYS Merger Finalized In ‘Landmark Transaction’  

PYMNTS

Payments companies Global Payments and TSYS ( Total System Services ) have finalized a merger deal that creates a combined pure play payments technology company with substantial international presence and expansive scale, the company said in a press release on Wednesday (Sept.

GoCardless launches direct debit option for US payers

Bank Innovation

GoCardless, the direct debit payment company based in London, is now offering its payments solution to U.S. customers. The company also opened a San Francisco office this summer to spearhead its U.S. expansion efforts. The U.S. launch opens up a sizeable swath of new business for GoCardless.

More Trending

The war for talent: Managing millennials

Bank Innovation

Anyone who’s spent a frustrating afternoon explaining Facebook privacy settings to their parents can tell you that millennials are naturally good at technology.

Credit Card Startup Petal Raises $300M Led By Jefferies

PYMNTS

The New York-based FinTech company Petal has announced a $300 million debt round from global investment bank Jefferies, adding to existing venture capital investments from Peter Thiel’s Valar Ventures, Rosecliff Ventures and others, the company announced in a press release on Wednesday (Sept.

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How To Get Conversational For Bank Search Marketing

Banker to Banker

“What do I need to open a checking account?” and “What is the best savings account?” are two trending bank-related searches that are becoming popular. In years past, potential bank customers used to put in a utilitarian “checking account” to search banks offering checking accounts.

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How To Make Sure Stores Don’t Die

PYMNTS

Among the defining endeavors of our time — at least for the worlds of payment and commerce — has been to bring brick-and-mortar retail stores into the new century.

How To 225

Where banking-fintech partnerships fall short

BankThink

Fintechs that simply offer cosmetic upgrades to the cumbersome American banking system won't survive. Consumer banking Mobile banking Mobile technology Mobile payments Fintech Fintech regulations Licenses and charters OCC Federal Reserve

Open Banking Startup Bud Lays Off One-Fifth Of Workforce

PYMNTS

Open banking FinTech startup Bud is reportedly laying off up to one-fifth of its staff just months after announcing a $20 million fundraise, The Telegraph reported on Monday (Sept.

Mortgage lending and the interest rate environment

ForwardBanker

Anyone tracking mortgage interest rate activity this year has been on a roller coaster ride. After rising in April, they began their decline in May, and they’re still low.

Walmart And Capital One Team Up For Rewards Credit Card

PYMNTS

Walmart has announced it is teaming up with Capital One on a new credit card to be released on Sept. 24, according to a release. There will be two versions available: the Capital One Walmart Mastercard and the private-label Walmart Rewards Card.

Fed's Powell: Don't expect changes to bank liquidity rule

BankThink

Despite concerns over how regulatory requirements affect short-term funding markets, the central bank is not considering a reduction in the liquidity coverage ratio, Jerome Powell said.

WEX Opens FI Commercial Payments Services Unit

PYMNTS

Commercial payments company WEX is adding a new business segment under its Corporate Payments division, created to address the payments needs of financial institution clients, the firm said Tuesday (Sept. WEX said Greg Sassone will lead the new unit as Corporate Payments vice president.

Capital One set to launch Walmart credit cards next week

BankThink

The launch of the products comes more than a year after Capital One wrested the Walmart partnership from Synchrony Financial. Credit cards Loyalty and rewards Consumer banking Retail industry Capital One Synchrony Walmart

CFPB Looks Into Bank Of America With Credit Card Probe

PYMNTS

In a civil investigation that recently came to light, the Consumer Financial Protection Bureau (CFPB) is looking into Bank of America as part of a probe that came out of the phony accounts scandal at Wells Fargo.

Freddie Mac launches mortgage data app for lenders

BankThink

The mortgage industry has put more emphasis on organizing data in a digital manner and presenting it in an easily digestible format. Apps Underwriting Mortgage technology Fintech Freddie Mac

Why The GAO Thinks PSPS Can Help Fix The Marketplace Counterfeit Problem

PYMNTS

Online marketplaces need to meet higher and higher standards if they want to keep customers from the competition. For third-party marketplaces, that means supporting transactions in local currencies and through the local payment methods that both buyers and sellers prefer.

CFPB complaint portal will remain public, with changes banks sought

BankThink

The agency put to rest speculation that it might take the database offline, yet new disclosure statements are meant to combat the notion that a complaint proves a company’s guilt. Customer data Regulatory reform Customer service Consumer banking Compliance Kathy Kraninger CFPB

FinTech InstaReM Launches Remittance Service In Canada

PYMNTS

Cross-border payments provider InstaReM is rolling out its digital money transfer services in Canada, the company said in a press release. By launching in Canada, the Thailand-based startup is strengthening its North American presence.

Led by Trump appointee, CFPB is back in the enforcement business

BankThink

There were signs Kathy Kraninger would continue a rollback of consent orders and investigations, but many observers see an aggressive approach reminiscent of the Obama era.

India Approves Ordinance To Ban eCigarettes

PYMNTS

In a move that will dash the plans for expansion of companies like Philip Morris and Juul Labs in the country, India prohibited the import, production and sale of electronic cigarettes.

Fed moves to ease cash shortage; Citi looks to make connections

BankThink

The Fed’s injects funds into the repo market for first time in more than a decade; bank trying to partner firms with cash with those with market share. Morning scan Regulatory relief Credit scores CFPB HSBC Citigroup

Indonesian Lending FinTech JULO Closes $15M Series A

PYMNTS

Indonesian peer-to-peer lending platform JULO is closing its Series A2 funding round with $15 million raised, after extending its initial $5 million Series A funding by an additional $10 million, according to a report.

N.Y. regulator voices objections to CFPB's debt collection plan

BankThink

Linda Lacewell, New York’s superintendent of financial services, said the CFPB's debt collection proposal does not go far enough to protect consumers. Debt collection Mobile technology Identity verification CFPB NYDFS

FinTech/API Efforts Gain Ground in Europe

PYMNTS

Open banking has opened the path toward a number of banking/FinTech and digital partnerships leveraging APIs to speed innovations.

Keweenaw expands closer to Detroit with deal for North Star

BankThink

The company will pay $42 million in cash for the parent of Main Street Bank in southeastern Michigan. Community banking M&A Growth strategies Michigan

How To Build A Global Digital Identity Network

PYMNTS

What does it take to build a global identity network? For starters, five billion digital identities. To that end, the global identity verification firm Trulioo said on Tuesday (Sept. 17) that it has raised C$70 million in new funding to scale into its next growth phase.

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Illinois leads nation in bank M&A. Here's why.

BankThink

Nearly a tenth of the industry’s deals this year were connected to the state, which boasts a good number of sought-after small banks. Community banking M&A Growth strategies Illinois

German Finance Minister Speaks Out Against Stablecoins

PYMNTS

The Finance Minister in Germany Olaf Scholz spoke out on Tuesday (Sept. 17) about proposed cryptocurrencies like Facebook’s Libra and said Berlin would reject them, according to a report by Reuters.

Student loan disclosures top new CBA chair’s Hill agenda

BankThink

Nitin Mhatre of Webster Financial explains why the Consumer Bankers Association — whose members want a bigger piece of the student lending market — backs legislation that would make the federal government tell borrowers how much they will ultimately owe, as private lenders are already required to do.

Alexa Users Can Donate To 2020 Election Using Amazon Pay

PYMNTS

Amazon has revealed that Alexa will now provide users with information on the 2020 U.S. presidential election. The company noted that during the midterm elections last fall, customers turned to Alexa for answers to a variety of questions, such as: “Alexa, when are the polls open?”.

Summit Financial returns to M&A to build scale in West Virginia

BankThink

The company will pay $29 million for Cornerstone Financial Services. Community banking M&A Growth strategies West Virginia

Plaid Introduces Support For Liabilities Product

PYMNTS

Plaid said today (Sept. 18) that it is releasing new developer tools to combat credit card debt. The company launched its new Liabilities product in July, which provides developers with access to real-time information about what consumers owe, starting with their student loans.

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