Chris Skinner
OCTOBER 9, 2019
I recently was invited to be the keynote at some innovation awards in Ireland. It got me thinking about what innovation means in finance, so here are the notes from my speech. I trust it’s useful … Thank you for inviting me here to join you here for the … The post What does “innovation” mean in finance? appeared first on Chris Skinner's blog.
South State Correspondent
OCTOBER 9, 2019
Today LIBOR is linked to over $250 Trillion (that is with a “T”) in financial instruments and has been used as a reference rate for more than 30 years. However, regulators, for various reasons, are driving a shift to an alternative reference rate. In 2017, ARRC (Alternative Reference Rate Committee) identified the alternative reference rate in the US as SOFR (Secured Overnight Financing Rate).
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PYMNTS
OCTOBER 9, 2019
Real-time currency exchange and remittance network Ripple has teamed up with Finastra to allow banking customers to access RippleNet , its worldwide blockchain payments network. Ripple said it will provide for more affordable, faster and more reliable payments. Users will be hosted on Ripple’s cloud solution and will be able to use On-Demand Liquidity, which will allow for the leveraging of XRP for cross-border payments. “This partnership will enable Ripple to expand the reach and solution
Abrigo
OCTOBER 9, 2019
Professionals across the nation encouraged to celebrate National Financial Crime Fighter Day. Part of our commitment here at Abrigo is to continue to spread the word about BSA/AML and continue to advocate on behalf of you -- BSA/AML professionals. We started that effort in full-force in 2017, with an idea to create a nationally recognized holiday – BSA/AML Professional Day – to be observed on October 26 th each year.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
PYMNTS
OCTOBER 9, 2019
Real-time currency exchange and remittance network Ripple has teamed up with Finastra to allow banking customers to access RippleNet , its worldwide blockchain payments network. Ripple said it will provide for more affordable, faster and more reliable payments. Users will be hosted on Ripple’s cloud solution and will be able to use On-Demand Liquidity, which will allow for the leveraging of XRP for cross-border payments. “This partnership will enable Ripple to expand the reach and solution
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Accenture
OCTOBER 9, 2019
There’s an old marketing adage that says, “You’re not selling a drill. Your selling a hole.” For equipment finance companies we might revise and say, “You’re financing a hole.”. Whichever part of the equipment business you are in—selling or financing—time is of the essence when the customer is ready to make a decision. Providing a quote slowly or too much above market may give the customer reason to keep shopping or find another solution to the underlying business problem.
Bank Innovation
OCTOBER 9, 2019
For Northwestern Mutual, digitization imperatives have forced it to think more like a tech company. It’s achieved this by way of internal reorganization and acquisition. In particular, the path to developing more online tools included the acquisition of digital financial planning company LearnVest in 2015 for $250 million. Despite critics who allege that Northwestern Mutual […].
Accenture
OCTOBER 9, 2019
The credit card partnership market is off to an aggressive start in 2019, given issuers’ robust activity in the first half to try to fuel new growth amidst a leveling-off in receivables. Already, 10 new credit card programs launched in the second quarter of 2019 (Figure 1), compared to the 16 launched in 2018, based on our analysis. This comes at a time when year-over-year receivables growth rates for major US issuers have been declining for nine consecutive quarters, dropping by about 50 percen
Bank Innovation
OCTOBER 9, 2019
Digital expense management company Expensify launched a corporate card this week, building on its automated transaction tracking technology. The card offers business customers a new tool to manage expenses and adds to the data repository that will help Expensify tailor customer experiences. David Barrett, CEO of the San Francisco-based company, told Bank Innovation that the […].
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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
PYMNTS
OCTOBER 9, 2019
Commercial payments company WEX has announced a collaboration with Mastercard that will allow the firm to issue virtual cards in the Middle East. In a press release announcing its geographic expansion, WEX said Tuesday (Oct. 8) that it will be able to issue virtual Mastercard cards in the United Arab Emirates following approval from the Central Bank of the UAE to operate in the market.
BankBazaar
OCTOBER 9, 2019
People are losing sleep over their debts! But you don’t need to. Here are a few simple ways to attain freedom from all your financial woes. In this day and age, stressing over the state of one’s finances has become so commonplace, to the point of almost turning into a well-worn conversational cliché. While we may nervously joke about it from time to time, the impact of financial stress on one’s physical and mental health is pretty alarming.
PYMNTS
OCTOBER 9, 2019
The average interest rates on credit cards are nearing record levels, in spite of a 50-basis-point decline on a 10-year note yield. Bloomberg is reporting that the U.S. prime lending rate, which banks charge to their best credit customers, is now at almost its lowest point ever due to Federal Reserve monetary policy. However, the distance between an average annualized rate and a prime rate on credit cards is getting bigger; at the end of August, it was almost at its largest amount ever.
Jack Henry
OCTOBER 9, 2019
Since the end of the great recession of 2008, the trucking Industry has been on a roll, and 2018 was, by any measure, a banner year. Revenues for the 50 largest companies rose by 12.2%. Tonnage across all segments was up 6.6%. Though 2019 is predicted to be slower, overall growth is expected to continue through 2023. But the winds of change are beginning to blow.
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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
PYMNTS
OCTOBER 9, 2019
Today’s payment news roundup includes a look at more fears and concerns around Libra, the spreading losses related to Uber and WeWork, fresh PYMNTS research on subscription commerce and churn and a new tool that enables small and medium-sized business (SMB) operators to access their funds instantly via digital and mobile channels. Libra Fears Spark EU Promise To Govern Crypto.
Payments Source
OCTOBER 9, 2019
The Federal Reserve’s FedNow instant payments system will dramatically speed up payment processing, essentially allowing people and businesses to receive money in their accounts within seconds of a transaction, says the Retail Industry Leaders Association's Austen Jensen.
PYMNTS
OCTOBER 9, 2019
Subscription-based offerings can be key to helping business-to-consumer (B2C) companies establish long-running relationships and lock down more predictable revenue streams. Effective subscription offerings require careful strategizing around payments, however. Should customers’ recurring payments fail, due to credit cards expiring or other issues, this could produce involuntary churn in which otherwise willing customers are accidentally dropped.
Tom Groenfeldt
OCTOBER 9, 2019
Farms are using more technology to run their operations, sometimes mirroring the work, and the problems, that banks have — such as data silos in addition to grain silos.
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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.
PYMNTS
OCTOBER 9, 2019
Levi Strauss & Co. is putting more of its hopes into digital and mobile channels — and online culture — to expand revenue and its brand profile, and make up for declining wholesale sales. The success of that ongoing effort could provide lessons or warning for other venerable clothing brands as consumers of all types increasing use the web to buy apparel.
Payments Source
OCTOBER 9, 2019
Any entity questioning Libra runs up against the longstanding legal precedent set by private label gift and GPR, and myriad other prepaid account offerings, says payments consultant and researcher Richard Crone.
PYMNTS
OCTOBER 9, 2019
In India, a delay for WhatsApp Pay? Reports came Wednesday (Oct. 9) from the Business Standard , and through Money Control , that there are compliance issues tied to data processing regulations that may keep the payment service from launching by the end of this year, as has been anticipated. WhatsApp is owned by Facebook, and the messaging service has more than 450 million users in India.
Payments Source
OCTOBER 9, 2019
The social media giant's CEO will likely encounter pushback from members of the Financial Services Committee about the company's plans to launch its own cryptocurrency.
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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.
PYMNTS
OCTOBER 9, 2019
The old adage is familiar: The light at the end of the tunnel could be daylight — or another train headed one’s way. When it comes to invoicing, micromanagement stands in the way of corporate progress, and is the false light at the end of the tunnel. Nowhere is that more apparent than when the CEO or other executive in charge of approving transactions examines every invoice, whether in paper form crossing their desk or through emailed PDFs.
Payments Source
OCTOBER 9, 2019
The payments company’s departure from the association leading Facebook’s Libra cryptocurrency plan is the clearest sign that skeptical policymakers are the plan's biggest obstacle.
PYMNTS
OCTOBER 9, 2019
U.K. bank NatWest has started a three-month trial of a biometric credit card that will use a fingerprint in lieu of a PIN. CNBC reported that the test was launched on Oct. 7, and it’s in tandem with Mastercard and the digital security company Gemalto. There will be 150 users will be involved in the test. . It works like this: if a transaction is more than £30 ($36.66), a fingerprint will be used to verify it.
ABA Community Banking
OCTOBER 9, 2019
"Our customers are our most valuable asset," says Dan Robb, president and CEO of Jonesburg State Bank. "When we see them having trouble getting credit because of regulations that have been put into place, we have to voice that to Congress.". The post Podcast: Dan Robb on Standing Up for Banking appeared first on ABA Banking Journal.
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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.
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