Tue.Aug 14, 2018

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Do we need a blockchain?

Chris Skinner

I haven’t written about blockchain for a while. I guess it’s because I got bored of it. I’m not bored of the promise of blockchain and distributed ledger technologies. Just bored of how much hype there has been and of so many companies claiming to have the latest blockchain breakthrough. … The post Do we need a blockchain? appeared first on Chris Skinner's blog.

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Lenmo, the Venmo for Lenders, Set to Launch for IOS

Bank Innovation

Whether it’s a consumer lender like Goldman Sachs’s Marcus or a point-of-sale lender like Affirm or even SMB lenders like BlueVine, there is a lot of perceived opportunity in the lending market. Add a P2P dimension to that, and you have Lenmo. The new app is launching in the next few weeks in Apple’s app store, […].

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Zuckerberg, Gates, Bezos, Ma & Co are destroying the world

Chris Skinner

I was listening to Andrew Keen, digital sceptic, giving a keynote at a conference. He was lambasting the way in which the internet had developed, and the fact that it had gifted power to a small, select few companies, who own the world. Apple, with its trillion-dollar valuation, could buy … The post Zuckerberg, Gates, Bezos, Ma & Co are destroying the world appeared first on Chris Skinner's blog.

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Realtime Payments Tops Wish List of Banking Innovators

Bank Innovation

Realtime payments are at the top of the innovation wish list for most banking professionals. According to a survey from TD Bank, released today, 42% of payment professionals cited integration of realtime payments system as the number one factor that could have the greatest impact on the industry. Support for realtime payments is steadily increasing […].

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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

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Mobile increasingly important to Citi's ThankYou Rewards program

Payments Dive

Mary Hines, managing director of customer engagement and innovation at Citi, gave the opening keynote in Chicago Monday at the annual CONNECT: The Mobile CX Summit and spoke about how the rising interaction between consumers and their mobile devices

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Things worth reading: 15th August 2018

Chris Skinner

Things we’re reading today include … Global ATM hack could see millions withdrawn warns FBI Esure founder to stay on ‘until they think I’m past it’ after £1.2bn sale Lord Thomas of Macclesfield obituary Sir Peter Wood makes £360m from esure sale Card payment problems at Marks & Spencer Goldman … The post Things worth reading: 15th August 2018 appeared first on Chris Skinner's blog.

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Payments Processor Flow to Begin Accepting Bitcoin Payments Amid Volatility

Bank Innovation

The shifting regulatory landscape of cryptocurrencies and price volatility has not slowed the demand from consumers to use bitcoin. As Robe Keve, CEO of cross-border e-commerce company Flow, told Bank Innovation, “We heard from merchants that this was something they were ready to start accepting internationally.” Flow announced last week that its platform would begin expanding […].

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Fintechs Are Going After Borrowers With Poor Credit

PYMNTS

FinTechs are going after another financial market void, this time providing loans to customers with low credit scores. According to a report in the Wall Street Journal , citing the market research firm Competiscan, LendUp Global and Fair Square Financial are among the FinTech startups that are going after borrowers who have less than stellar credit, sending out about 35 million credit card offers in the mail in the first six months of 2018.

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CFPB suspending routine supervisory examinations for MLA compliance

CFPB Monitor

On August 10, the New York Times reported that Mick Mulvaney, the CFPB Acting Director, intends to dispense with routine supervisory examinations of creditors for violations of the Military Lending Act (MLA). According to the report, Acting Director Mulvaney has argued in a two-page draft change to the CFPB’s policies that “proactive oversight is not explicitly laid out in the legislation.”.

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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

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Tech Hubs Face Prevalent Problem Of Package Thefts

PYMNTS

Package thefts have become so prevalent with the rise of eCommerce that those who steal packages from the doorsteps of homes and apartments have been nicknamed “porch pirates.” In particular, a Shorr Packaging analysis suggests that tech hubs such as Silicon Valley, Boston and Seattle are particularly susceptible to thieves, as these areas face a particularly common problem with stolen packages.

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Distress around fraud hits UK payments market

Bobsguide

Consumers view fraud as part and parcel of the ecommerce experience, leading to security concerns in the payment industry while simultaneously pressing home the huge opportunity of anti-fraud solutions. According to the research conducted by Paysafe, 65% of consumers believe payment fraud is.

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Are Paper Catalogs Really Having A Moment?

PYMNTS

If Amazon’s doing it, the trend must be real, right? The eCommerce operator plans to print a holiday catalog , reportedly for distribution at Whole Foods and via mail. The 100-page catalog would arrive near the end of October for kids to look through and create wish lists before December — filling, perhaps, the void left by Toys R Us when it went out of business (in part because of competition from Amazon and other online retailers).

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CFPB settles lawsuit against online payday lenders

CFPB Monitor

The CFPB announced that it has settled a lawsuit that it filed in 2014 in a Missouri federal district court alleging that the defendants engaged in unlawful online payday lending schemes. The CFPB had sued Richard Moseley Sr., two other individuals, and a group of interrelated companies, some of which were directly involved in making payday loans and others that provided loan servicing and processing for such loans.

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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.

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H&M Brings Visual Search To Upgraded eCommerce Site

PYMNTS

H&M has given its mobile app and eCommerce site a digital makeover, bringing a myriad of new features to online customers. The upgraded platforms now let shoppers search for an item by using an image, Chain Store Age reported. Visual search allows shoppers to upload a photo, and the platforms use that photo to search for relevant items. In addition, shoppers can find products by scanning their price tags, allowing them to check size and color options.

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Top fintech mergers, acquisitions and partnerships of summer 2018

Bobsguide

It's been a busy couple of months this summer for the fintech market. Here, we've recorded the top mergers, acquistions and partnerships since July 2018 in fintech, banking and payments. Tenemos, the banking software company and Venture lab at The American University in Cairo (August.

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Hackers Clone Debit Cards From India Bank

PYMNTS

India’s Cosmos Bank was the target of an attack in which hackers were able to transfer more than Rs 94 crore via a malware attack, reported The Economic Times. According to the report, citing a senior bank official, the hackers used a malware attack to clone thousands of the bank’s debit cards over the course of two days. The fraud was carried out on Aug. 11 and Aug. 12 via 25 ATMs that were located in Canada, Hong Kong and India. “A complaint has been filed with Pune police ab

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How Cardlytics got banking’s biggest rivals to collaborate on advertising

Payments Source

Cardlytics has added Wells Fargo to the list of banks using its card-linked offers platform after a successful pilot, joining JPMorgan Chase and Bank of America, the latter of which has leaned on Cardlytics’ marketing service since 2012. Notably, these rivals aren’t demanding exclusivity.

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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.

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Framing The FinTech Build Vs. Buy Debate

PYMNTS

Build vs. buy. The eternal debate. No, not just in homeownership, but in business, too – and especially when it comes to upstart FinTech firms grappling with an ever-onerous compliance landscape. Here’s the drill: Young firm gets off the ground, with fundraising or bootstrapping in hand. Young firm gets going, with staffers wearing various hats. Young firm – if it is lucky – gets some real traction, where revenues roll in.

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8.14.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: ATMs and IoT are subject to new attack threats; The Bank of England wants input on faster payments; Russian Mir cards pick up another bank.

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Who Has The Balance Of Power In B2B Payments?

PYMNTS

Nearly two years after its launch, Same Day ACH (SDA) credits are being used by nearly half of businesses and government agencies (that’s not bad for the only ubiquitous faster payments network in the U.S. today), but not necessarily to pay their suppliers. The most popular use case — at least, so far — is payroll and emergency disbursements.

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EMVCo debuts 3-D Secure test platform for security providers

Payments Source

In a move that could speed up the process of eliminating passwords, the EMVCo specifications body is opening its test platform for EMV 3-D Secure messaging to security providers.

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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.

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Bambora Teams Up With Payworks, The Bank Of East Asia Unveils Payment Hub

PYMNTS

Welcome to The Axis, your late look at payments news from around the world. Coverage includes WorldRemit ’s partnership with Safaricom for money transfers to mobile money accounts in Kenya. In addition, Bambora is working with Payworks to introduce Bambora Connect, and Hong Kong-based The Bank of East Asia (BEA) has unveiled its i-Payment Hub. Bambora is teaming up with Payworks to bring Bambora Connect to the global small to medium-sized enterprise (SME) market, the companies said in an anno

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Artificial intelligence will fall flat unless the users' needs come first

Payments Source

Proximity to the client is crucial. Only by understanding your client’s perspective on AI can you deliver a project that is truly worthwhile, writes Naomi Bowman, managing director at Berkeley Research Group.

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Wells Wants To Lend To Students With Government Debt

PYMNTS

Wells Fargo might give its shrinking student lending business a boost by focusing on borrowers with U.S. government loans. The lender would offer loans to allow customers to retire their government-backed student debt, said Well Fargo’s Head of Personal Lending John Rasmussen, according to Bloomberg. The government holds about $1.4 trillion in student loans, representing more than 90 percent of the market.

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NCR, Diebold Nixdorf need more than new bosses in the fintech era

Payments Source

For NCR and Diebold Nixdorf's leadership, spotting the fintechs nipping at its heels is the easy part. Charting a path as a half-century old market changes into something entirely new will be much harder.

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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.