Wed.Sep 30, 2020

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Mastercard, ACI offer tech to urge real-time payment adoption

Payments Source

Mastercard and ACI Worldwide are partnering to provide technology to help central bank infrastructure meet the demands of real-time payments during the COVID-19 pandemic and beyond.

Payments 118
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Build Employee Face Detection service with Microsoft Azure Cognitive Services in three steps

Perficient

What is Face Detection: Face Detection uses biometrics to map our facial features from a live visual or photograph. Microsoft Azure has introduced an enterprise business solution that even a developer with zero knowledge in AI can implement it. Microsoft Face API is a generic solution which can be used for many images recognitions purpose. Here I have used the solution for employee face recognition.

Resources 332
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A post-pandemic path forward for banking and capital markets

Accenture

In my last post, I talked about the significant impact of COVID-19 on the banking and capital markets (B&CM) value chain and how leaders are in a unique position to respond, reset and renew the finance function to lead confidently in the post-pandemic era. Today, let’s take a closer look at these three steps for…. The post A post-pandemic path forward for banking and capital markets appeared first on Accenture Banking Blog.

Capital 317
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[Webinar Invitation] Change Management Empowers the Adoption of Microsoft Teams for 15,000 Employees

Perficient

Please join us on October 8 th as Perficient’s Andres Gonzalez, Lead Business Consultant, Meghlynn Achez, Lead Business Consultant, and Ryan Coburn, Senior Project Manager, discuss how investing in organizational change management (OCM) can help drive user engagement, increase adoption, and achieve the desired ROI. The team recently migrated a leading energy company’s 15,000 employees from Microsoft Skype for Business to Microsoft Teams.

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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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Banks Push Back On Possible Banking Charters For Big Techs Like Amazon And Facebook

PYMNTS

A U.S. House committee this week began reviewing the idea of allowing the likes of Amazon or Facebook to receive charters to operate as banks — an idea that’s already gotten plenty of pushback from traditional financial institutions (FIs). The House committee held a hearing on the idea after Acting Comptroller of the Currency Brian Brooks in July proposed a new special purpose national banking charter for payments companies.

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OAK + FORT: Flexible-Payment Plans Boost Luxury Purchases

PYMNTS

Dramatic shifts are underway in the retail sector as it adjusts to consumers’ increasingly digital preferences. Merchants are optimizing their eCommerce operations, but this is posing challenges for some, including luxury merchants. These retailers are accustomed to engaging with their customers in brick-and-mortar stores and building long-lasting relationships that lead to brand loyalty.

Payments 279
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Collaboration and CX key to surviving the new normal in equipment finance

Accenture

Equipment finance organizations face interesting times. Not only are we seeing the speed of digital change accelerate in the industry; companies are also wrestling with what the new normal will look like in the wake of the COVID-19 pandemic. One certainty: equipment finance will, like other industries, need to become even more digital. This trend…. The post Collaboration and CX key to surviving the new normal in equipment finance appeared first on Accenture Banking Blog.

Trends 221
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COVID Restrictions Leave Second-Hand Clothing Market Bursting At The Seams

PYMNTS

Dwindling sales and mounting donations have spelled doom for the market for buying recycled clothing, Reuters reported. Since the pandemic began in March, textile recyclers and exporters have had to cut rates amid lockdown measures restricting peoples' movements as well as a slow-down in international shipping. But the donations have become abundant, especially as people used their time in quarantine to clean out their residences of things they didn't need.

Marketing 257
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Fiserv wants to bring open banking, payment apps downmarket

Payments Source

There’s no PSD2-style law requiring banks in the U.S. to share data with third-party payment apps, but the market is progressing as if there will be one, leaving some smaller banks at a disadvantage.

Payments 168
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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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UK Faces $30B In COVID Loan Losses

PYMNTS

The U.K. government now estimates its losses from the pandemic could hit 23 billion pounds (about $30 billion), Bloomberg reported, coming from loans used to help businesses affected by the crisis. In the annual Department for Business, Energy & Industrial Strategy report, the best-case scenario would be around 13 billion pounds (about $17 billion), according to Bloomberg.

Taxes 247
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Billionaire-backed Argentine fintech Ualá launches in Mexico

Payments Source

Argentina’s Ualá, the mobile payments startup backed by heavyweight billionaire investors George Soros and Steve Cohen, is launching its prepaid card operations in Mexico.

Fintech 153
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Ceridian: Payroll Modernization Readies The Public Sector For Next-Gen Talent

PYMNTS

The public sector has a unique challenge ahead. An estimated 40 percent of professionals in the space are getting ready to retire. Clearly, the pressure is on for public entities to rebuild their talent pipelines with the next generation of talent. To do so, the sector will need to implement modern technologies that drive efficiencies while creating experiences that employees value.

Resources 244
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The digital payments revolution still trips on its legacy roots

Payments Source

The COVID-19 pandemic was a clear incentive for advancing contactless and digital payment technology — but the systems merchants put in place today could create new problems down the road.

Payments 148
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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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Singapore Becomes Hub For Tech Giant Rivalries As Amazon Expands

PYMNTS

Amazon is expanding its operations in Singapore as it grapples with growing competition in a city that is fast becoming a hub for Chinese tech giants and others looking to expand across Asia. The online retail giant is scooping up 90,000 additional square feet of office space in the middle of Singapore’s financial district at the Asia Square Tower 1, Bloomberg reports , citing people familiar with Amazon’s real estate plans.

Denver 243
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Rebeca Romero Rainey: Address customers’ hurdles

Independent Banker

“Just as we responded to the PPP loan curveball, so, too, have we been there to address the additional hurdles our customers face.”. When we flip our wall calendars to October, we’re regaled by images of pumpkins, ghosts and black cats. Halloween—the ultimate holiday. of imagination—draws out the creative side in all of us. But this year, as we suit up for Oct. 31, we do so under the blanket of COVID-19.

Community 116
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Goldman Eyes Cutting 1 Pct Of Workforce

PYMNTS

Goldman Sachs plans to move forward with a "modest number of layoffs," according to a company spokesperson on Wednesday (Sept. 30), meaning around 400 people, Reuters reported. That accounts for about 1 percent of the bank's workforce, and the news comes months after the bank paused job cuts because of the pandemic. Many of the cuts will be tied to back-office roles which have been folded into other roles as part of a reorganization prior to the pandemic.

New York 242
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Why you need to prioritise KYC remediation in 2021

Bobsguide

This year has been a year of change, with continued volatility and far reaching consequences for the way we do business. Customers are now transacting differently, meaning that the organisations that serve them need to be quick to adapt to market drivers and demands. A sign of the current.

Marketing 122
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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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Report: Bank Trade Finance Revenues Set To Fall 8 Pct In 2020

PYMNTS

As returns from cash management offers are forecasted to drop 12 percent, trade finance revenues for banks are poised to fall by 8 percent in 2020. But a somewhat fast bounce-back for transaction banking revenues is forecasted to take place next year, the Global Trade Review (GTR) reported, citing a Greenwich Associates report. “The transaction banking industry has been in steady growth mode for the better part of a decade.

Report 239
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Accountants encourage tech investment despite pandemic uncertainty

Bobsguide

Accountants must invest in long term technological change, according to a panel of accountants and tech providers during an Accountancy Age webinar yesterday. “We’re in a situation now where if you can get the streamlining right and the process and the technology right, it’s.

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NEW REPORT: How Voice Assistants Help Win Consumer Spend – And Their Trust

PYMNTS

More than 100 million consumers in the United States have switched from shopping in stores to shopping online since the pandemic began, and 83 percent of them plan to keep shopping with merchants they have discovered since then, even after the crisis has subsided. In other words, there are more than 83 million new eCommerce shoppers whom merchants have the opportunity to turn into long-term customers.

Report 230
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Compliance is a conversation starter for international payment expansion

Payments Source

Following compliance policies and respecting the requirements of the regulator is a good foundation for effective marketing communication, says Aximetria's Dmitry Ryzhkov.

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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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Mastercard Aims To Fight ‘Gobbledygook’ On Online Card Statements

PYMNTS

It’s happened to almost all consumers: They’re idly perusing their credit card statements when they come across completely confusing, seemingly random charges from businesses they don’t recognize in locations they’ve never visited. Consumers panic and call their issuers to question these charges. Sometimes they’re just looking for more information, but other times they skip right to demanding chargebacks because they’re quite sure these purchases aren’t theirs and that they’ve been victims of fr

Cards 220
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Mobile wallets break down obstacles in new markets

Payments Source

Many companies seek ways to maintain their payments and collections functions centrally when expanding overseas, whether regionally or globally wherever possible, to avoid fragmented processes and technology, says Standard Chartered's Tarek Elyafi.

Mobile 114
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Today In Payments Around The World: AmEx, Amazon Launch British SMB Cards; Volopay Collaborates With Nium

PYMNTS

In today’s top payments news around the world, American Express launched co-branded credit cards with Amazon targeting small to medium-sized businesses (SMBs) in Britain, while Volopay is teaming with Nium for a new and enhanced corporate credit card. Plus, Intelage has notched $3.5 million in Blumberg Capital-led seed funding. American Express, Amazon Roll out UK Credit Card Aimed at SMBs.

Cards 214
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Walmart unveils redesigned 'omnichannel' stores

Payments Source

Walmart is expanding the contactless payment options in its stores as part of a new design that aims to blur the online and in-store shopping experience.

Online 118
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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.