Wed.Aug 29, 2018

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3 Startups to Watch in Credit Scoring

Bank Innovation

The rise of alternative data has allowed fintechs to go beyond Fico scores to determine the financial risk of a borrower. With this data, some fintechs are looking to facilitate more loans to thin-file consumers. By using artificial intelligence (AI) and machine learning (ML), the startups can determine a borrowing candidate's financial health and attitude towards […].

Fintech 253
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Decentraland: making blockchain-based virtual reality, a reality?

Chris Skinner

I just caught a clip from the BBC about Decentraland, a virtual world where you can buy plots of land and next year become part of a virtual world. This world will be owned by its community, has no central authority, is completely decentralised and will flourish in the net. … The post Decentraland: making blockchain-based virtual reality, a reality?

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Is Marcus Inching Closer to the Mortgage Market?

Bank Innovation

Marcus, the consumer lending platform of Goldman Sachs, added a new tool that lets users estimate the value certain renovations would add to the price of their house, before applying for a home improvement loan, Bank Innovation has learned. The move reiterates Marcus’ interest in building its loan offerings in the home improvements sector, as […].

Marketing 170
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Things worth reading: 30th August 2018

Chris Skinner

Things we’re reading today include … Flaw in Fiserv banking platform exposed personal data Deutsche Bank CEO says Europe needs ‘strong banks’ amid merger speculation with Commerzbank Hackers faked Cosmos backend to hoodwink bank out of $13.5m Fresh woe for Turkey as banks are downgraded Argentina burns reserves and asks … The post Things worth reading: 30th August 2018 appeared first on Chris Skinner's blog.

Data 164
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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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How A Single Digital ID Will Become EU’s Commerce Passport

PYMNTS

When trying to understand the new eIDAS regulations set to go officially online in the EU in September, it helps, Trulioo GM Zac Cohen told Karen Webster, to take a step back and look at the general purpose of the European Union. If one were to take a very quick trip back in time to the year 2014, when the eIDAS regulations were first passed, they would see the EU was lagging behind when it came to offering the same single market harmony that was the expected norm across most trade relationships

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Swedish Krona Continues To Fall Amid Other Currency Upheavals

PYMNTS

The currency decline continues: The Swedish krona fell Wednesday (Aug. 29) against the euro, the fifth straight day that has happened. The decline comes amid political uncertainty in that Nordic country, the prospect of a widening trade war that could hurt it and increasing attention to the benefits of currency hedging among commerce and payments businesses.

Regional 115
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â??We are not a bankâ??: the lessons new banks take from tech giants

Bobsguide

Techfin might be a more appropriate name for the rise of challengers in the UK’s financial services. “This isn’t banking as you know it” immediately greets the eye on Monzo’s website. Elsewhere, bud, the aggregator app, went so far as to claim not to be a fintech at.

Fintech 134
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With Patent Filing, Square Circles Cryptos For Payments At POS

PYMNTS

Much has been made about cryptocurrencies and the speculation that has marked trading activity in that arena. Much has been made about the fact that, insofar as they can be used in everyday commerce, cryptocurrencies have not made much headway. That may be about to change if payments firm Square gets its way. The company has a patent in place that will let merchants accept payments across cryptos – most notably, perhaps, bitcoin, the marquee name in the space.

Bitcoin 109
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Washington D.C. publishes final student loan servicing regulations

CFPB Monitor

The District of Columbia Department of Insurance, Securities, and Banking (DISB) published its final rules under the Student Loan Ombudsman Establishment and Servicing Regulation Amendment Act of 2016. The final rules became effective when published in the D.C. Register on August 10, 2018. The rules are unchanged from the latest revisions. In its notice of publication, the DISB explained that it rejected proposals to create a multi-year licensing period and to allow additional time for service

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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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Rep. Cleaver Releases Initial Findings In Alt-Lending Probe

PYMNTS

U.S. Representative Emanuel Cleaver II (D-MO) has published the initial findings of a probe into the alternative small business lending market in an effort to explore borrower protections, fairness and the possible need for greater regulatory oversight. About a year after reports first surfaced that Cleaver would be examining the industry, the initial findings of the investigation have revealed several key concerns of the market.

Lending 109
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SEC consumer advocates launch misguided preemptive attack on arbitration clauses

CFPB Monitor

Having lost the battle to prohibit class action waivers in consumer arbitration agreements, consumer advocates have embarked on a new crusade. Their new crusade is a misguided attempt to persuade the Securities and Exchange Commission (SEC) not to approve initial public offerings by companies whose corporate charters or bylaws require individual arbitration of shareholder disputes.

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Swiss FINMA Plans AML FinTech Rule Revisions

PYMNTS

Swiss financial regulator FINMA is planning to soften anti-money laundering rules for smaller FinTech firms in an attempt to help the country become a tougher competitor in the money management sector. According to Reuters , the change is the result of the government’s decision in June to amend the Swiss Banking Act. As a result, a new FinTech license category was created to loosen rules for financial companies that provide certain bank-like functions, such as taking deposits, but do not g

Fintech 108
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Square Cash and Overstock’s bumps prove crypto’s youth appeal

Payments Source

Younger consumers’ intimacy with technology and wariness about traditional financial markets means these demographics have more trust in crypto, writes Csaba Csabai, founder and CEO of Inlock.

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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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Making Voice Biometrics Harder To Hack

PYMNTS

Hackers, crackers and cyber criminals of all makes, models and specialties are more or less ubiquitous in 2018. There are many ways to catalog that reality. There’s the 100 million or so verified cybercrime threats floating around the digital sphere, or the 86 percent of firms worldwide reporting at least one cyberattack in the last 12 months, or the $600 billion businesses that lose annually to cybercriminals, or the 1.4 billion consumer records that have been exposed to the black market

Software 102
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8.29.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Buffett investor takes a seat on Paytm's board; Xoom's network gets larger; Glint preps for U.S. launch; Alipay checks on rice authenticity; Modo and Etihad partner on loyalty.

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Microsoft Embeds AI Into New Payroll Solution

PYMNTS

Microsoft is partnering with Ramco Systems to launch a payroll solution on the Microsoft Dynamics 365 platform, reports in Digit said on Tuesday (Aug. 28). The companies rolled out Ramco Global Payroll Software with embedded Microsoft AI capabilities. The tool uses chatbot and facial recognition technology to meet organizations’ HR and payroll needs.

Tools 101
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Data: Blockchain's course correction

Payments Source

Very few organizations have adopted blockchain technology for any meaningful day-to-day use. But a change could be afoot.

Course 82
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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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Amazon Pay Unveils Indian Bill Payments, Acquires Startup Tapzo

PYMNTS

Amazon has introduced a new bill payments facility in India that allows users to pay for electricity, landline, broadband and other utilities with their Amazon Pay accounts. According to BGR India , the service is available with more than 100 major billers throughout India, including BSES, Tata Power, BESCOM, BSNL, Airtel, Vodafone, Reliance Jio and ACT.

Payments 101
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Emirates NBD targets U.K. expats with high-speed transfers

Payments Source

The DirectRemit service will enable the large British population in the UAE to send funds to family members' Lloyds Bank accounts in less than 60 seconds and to other U.K.-based banks within an hour.

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Dfinity Lands $102M In Funding With Participation By Andreessen Horowitz

PYMNTS

Dfinity, a blockchain startup that is attempting to develop a decentralized cloud computing network, has raised $102 million in funding. CNBC , citing Dominic Williams, the founder and chief scientist at Dfinity , reported the funding came from Andreessen Horowitz and crypto hedge fund Polychain Capital, among other investors. Dfinity plans to use the funding to hire employees, support its developers as they build more applications and to bankroll other efforts.

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Built-in connector gives Square's original card reader new life

Payments Source

The Lightning Connector eliminates the need for merchants using the Square Reader to rely on a 3.5mm headphone jack of a smartphone or tablet to operate with its mobile app.

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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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Why Security Techniques Need To Evolve As Fast As Hackers

PYMNTS

This year, at the annual DEF CON conference for hackers — the largest of its kind in the U.S. — an 11-year-old made headlines when he managed to hack a highly accurate replica of Florida’s election website in less than 10 minutes. And that was only half the bad news — the other half was that it was an 11-year-old who did the hacking, and an adult hacker would simply be insulted by the task.

Security 101
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South African QR wallets become interoperable to get merchants on board

Payments Source

Nedbank Money users can store payment card data in just one app for all the main South African scan-to-pay schemes, representing a combined footprint of over 100,000 retail points of presence and 800 billers.

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 Taking Stock Of The Banks Scrambling For Blockchain

PYMNTS

Blockchain technology is making ever-more inroads into various verticals to convey data and payments, according to a recent report from audit, assurance, consulting and tax services provider PwC, and appears to be moving away from cryptocurrencies in the process. In fact, PwC gives a sense of just how prevalent this is becoming, writing in its “Global Blockchain Survey 2018” that responses from 600 executives across 15 territories indicate an enthusiastic embrace of distributed ledger technology

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"Gross negligence" accusations rife in bank transfers

Bobsguide

The UK's Financial Ombudsman Service (FOS) has released a statement addressing fairness in scam complaints made against banks. Caroline Wayman, Chief Ombudsman wrote that banks often blame their customers of "gross negligence" despite "gross negligence" being more.

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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.