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.


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.

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Things worth reading: 19th September 2019

Chris Skinner

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

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How US Bank Is Using Machine Learning To Tackle Fraud


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’  


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


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


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

Mortgage lending and the interest rate environment


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.

Open Banking Startup Bud Lays Off One-Fifth Of Workforce


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.

Flood risk AI is now a reliable tool- is there a desire to put it to work?

Daily Fintech

Flood insurance has been a wallflower at the coverage dance- an eager participant but not able to find a suitable partner. Innovation efforts have found suitable risk prediction partners for carriers- FloodMapp, Hazard Hub, and Previsco among others- but is the flood insurance market ready?

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Walmart And Capital One Team Up For Rewards Credit Card


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.

Fighting breaches means admitting we're all vulnerable

Payments Source

Staying on top of new threat sources isn’t easy, but things will keep getting worse if we can’t openly discuss the matter, says Monica Eaton-Cardone, COO of Chargebacks911 and CIO of its parent company Global Risk Technologies.

WEX Opens FI Commercial Payments Services Unit


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.

Fintechs and Risk Management

Strategically Speaking

Fintech providers play an important role in the financial services industry. Banks and credit unions rely heavily on fintechs to sustain compliant efficient operations, process payments and other data, protect information and deliver service to customers in a variety of ways.

CFPB Looks Into Bank Of America With Credit Card Probe


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.

6 Obvious Reasons To Check Your Credit Score Regularly


If the only time you check your Credit Score is when applying for a loan or Credit Card, think again! Here are 6 obvious reasons to check your score regularly. If you are apprehensive about checking your Credit Score for some reason, relax! It won’t cost you a rupee.

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


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.

Why Amazon should thank 'open banking'

Payments Source

As the tech giant restructures and reinvents its current lending program, it must take advantage of this increased access to borrowers’ banking data to strengthen and inform its lending decisions, writes Become's Eden Amirav. ISO and agent E-Commerce Lending Digital payments Retailers Amazon

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FinTech InstaReM Launches Remittance Service In Canada


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.

Client Note: Square & Stock Trading, Disney Partners With Microsoft, 3 Big IPOs, And More

CB Insights

Fintech. Home equity startups want to unlock liquidity for consumers. Patch Homes , a startup that provides a debt-free home financing product, raised a $5M Series A led by Union Square Ventures. Breega Capital , Techstars Ventures , and others. Want the full post? Become a CB Insights customer. If you’re already a customer, log in here. The post Client Note: Square & Stock Trading, Disney Partners With Microsoft, 3 Big IPOs, And More appeared first on CB Insights Research.

India Approves Ordinance To Ban eCigarettes


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.

[REG RAGE] Is Basel IV in danger of unraveling?

The Banker

A changing economic environment and populist pressures are potentially threatening the faithful implementation of Basel IV across the world. This is an outcome that jurisdictions should try to resist. By Justin Pugsley


Indonesian Lending FinTech JULO Closes $15M Series A


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.

New State Law Provides Enhanced Account Benefits for Senior Citizens

New York's State of Mind

State Increases Basic Banking Account Requirements The laws keep on coming. On September 13th, the Governor approved legislation (Chapter 260 of the Laws of 2019) increasing the number of free withdrawals that consumers 65 years of age or older using certain types of basic banking accounts can make. The law only applies to state chartered […]. Economy New York State A1940 Basic Banking Accounts Federal Reserve Municipal Credit Union Repo Market

FinTech/API Efforts Gain Ground in Europe


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

Sales commissions add complexity to B2B payment automation

Payments Source

Online and cloud-hosted B2B services are on the rise, breaking apart traditional payroll and exposing pain points for technology developers to address. Payroll payments B-to-B payments Payment processing SaaS

How To Build A Global Digital Identity Network


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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Nets, KPMG collaborate on post 3D Secure security

Payments Source

Arguing more work is needed in the wake of new security protocols, Nets will team with KPMG to jointly develop machine learning-powered fraud monitoring and prevention. Security risk 3-D Secure Payment processing KPMG

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German Finance Minister Speaks Out Against Stablecoins


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.

TSYS/Global Payments mega deal closes

Payments Source

The big payment processor/bank technology mergers that were announced early this year are officially closing, setting the stage for complicated conversions and a fierce battle for customer share. M&A Payment processing TSYS Global Payments Inc Fiserv First Data FIS Worldpay

Alexa Users Can Donate To 2020 Election Using Amazon Pay


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?”.

CFPB addresses RESPA issue in its first no-action letter under the revised final policy

CFPB Monitor

In its first No-Action Letter under the new revised policy, the CFPB addresses a long-standing issue under the Real Estate Settlement Procedures Act regarding certain payment arrangements between mortgage lenders and housing counseling agencies.

Plaid Introduces Support For Liabilities Product


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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