Tue.Sep 18, 2018

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How Lehmans collapse started the FinTech fire

Chris Skinner

It’s interesting that the Global Financial Crisis (GFC) sparked by Lehman Brothers collapse in September 2008 sparked the FinTech revolution, according to some. I personally think FinTech was bubbling away before the GFC but, certainly, the GFC led to massive investment focus upon changing the system (almost $100 billion since … The post How Lehmans collapse started the FinTech fire appeared first on Chris Skinner's blog.

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Banking, fintech innovators recognized with Bank Customer Experience awards

Payments Dive

Networld Media Group, publisher of ATM Marketplace, Mobile Payments Today and World of Money, presented four awards on the evening of Thursday, Sept. 13, during a banquet held as part of the 6th annual Bank Customer Experience Summit in Chicago.

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Amazon Launches API For Alexa Gadgets

PYMNTS

Amazon announced on Tuesday (Sept. 18) the launch of a new API, dubbed Alexa Gadget Toolkit, which is aimed at creating more functions for the Alexa Gadgets. According to Amazon, Alexa Gadgets are accessories that pair to compatible Echo devices via Bluetooth and extend Alexa’s abilities with motors, lights and sound chips, among other things. The toolkit offers developers self-service APIs, including Gadget Interfaces, which provide the metadata of Alexa capabilities on compatible Echo devices.

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Carrier billing in India: 2018 market report

Payments Dive

India is the second largest smartphone market in the world. Learn more about the digital ecosystem of the country from Fortumo's latest market report.

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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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Hacker Attack Exploits Security Hole In Token Exchange

PYMNTS

A cyberattack on what’s been described as a “decentralized” token exchange reportedly has led to a $58,000 theft and an illustration of a “shocking security vulnerability.”. According to a report in The Next Web , hackers flooded the exchange with “one billion fake EOS.” EOS refers to “a decentralized operating system [that] is developed to support decentralized applications in commercial scale by providing them [with] all the essential support and features,” as per one common definition.

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Government Payment Service Leaks Data On 14M Customers Online

PYMNTS

Government Payment Service , the company that enables online payments for thousands of U.S. state and local governments, has inadvertently made available information on more than 14 million customers from as long as six years ago. According to a report in KrebsOnSecurity , the data includes names, addresses, phone numbers and the last four digits of credit card numbers.

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Why Ripple Secured a Deal with NCB, Second-Largest Bank in Middle East

Bank Innovation

Ripple brought onboard National Commercial Bank Saudi Arabia to its blockchain payment network, RippleNet, the company announced yesterday. With $120 billion in assets, NCB is the second-largest financial institution in the Middle East. The partnership will initially act as a bridge to banks in Asia, starting with the bank’s outposts in Singapore, before facilitating payments […].

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Amazon Go Debuts In Chicago

PYMNTS

Amazon Go has launched another store, this time in the Windy City. According to Venture Beat , the Chicago store is located at 113 S. Franklin Street, and offers standard convenience store fare that includes breakfast, lunch and dinner meal kits and hot food. The location will only be open on weekdays from 7 a.m. to 8 p.m. This is the fourth Go store and the first to open outside of Amazon’s hometown of Seattle.

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TD Bank Launches B2B Electronic Payment Service

Bank Innovation

Starting today, TD Bank launched a payments solution enabling its small business customers to make and customize electronic B2B payments. The service, unveiled today, will be provided through payments company Bottomline Technologies' Paymode-X with Visa Payables Solutions. “When it comes to SMB, the age-old problem is time,” Rick Burke, head of corporate products and services at […].

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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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Facebook Has Been Trying To Obtain Financial Information For Years

PYMNTS

Facebook may be under fire for how it handles the data on its more than two billion monthly active users, but the social media company has been trying to get its hands on financial information from the financial services firms for years, reported The Wall Street Journal. According to the report, which cites people familiar with the matter and documents reviewed by the paper, as late as 2017 Facebook urged financial firms to let them use customer data that comes from its Messenger platform for ad

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TransferTo, Stellar ready a blockchain for the unbanked

Payments Source

Singapore-based money transfer platform TransferTo is working with Stellar.org to facilitate low-cost blockchain-based cross-border remittances for underbanked and unbanked consumers in emerging markets.

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$6.2B Settlement Reached On Visa, Mastercard Swipe Fees

PYMNTS

A $6.2 billion settlement has been reached by Visa, Mastercard and several U.S. banks over a suit brought by merchants over what is commonly known as “swipe fees” — a name for the fees that are paid by those merchants when they accept credit card payments. The settlement had been anticipated over the past few weeks, as evidenced by news reports over the summer.

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Forward-looking banks go to market for fintech elevation

Bobsguide

“There’s a reluctance,” said Hans Tesselaar, executive director of the Banking Industry Architecture Network (Bian), when asked about banks’ attitudes to opening up their systems to third party fintech vendors. “Why should you open up all your very sensitive bank.

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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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Today In Data: The High Cost Of Falling Behind In Payments

PYMNTS

In a world that is moving quickly – and often in a lot of new directions at once – staying caught up is hard, and often costly, work. But the costs of falling behind are generally greater, as consumers and businesses gravitate to providers that can consistently and ubiquitously meet their needs. It’s why real-time payments have become a hot topic, and businesses across the board are rushing to embrace them.

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California Enacts Additional Limits on Collecting Time Barred Debts

CFPB Monitor

Beginning in 2019, all California “debt collectors”—including creditors collecting their own debts regularly and in the ordinary course of business—will be required to provide notice to debtors when collecting on debts that are past the statute of limitations and will be prohibited from suing on such debts. The new law is based on provisions in the 2013 California Fair Debt Buying Practices Act.

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How Banks Can Benefit From Partnering With FinTechs

PYMNTS

When it comes to treasury market offerings, banks have historically started wholesale and retail lockbox businesses. They were able to provide these services to their corporate customers, which effectively outsourced all of the work around receiving payments: that is, opening envelopes, scanning payments – as well as remittance information – and then making a deposit at the bank.

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Increasing regulatory complexity and the cost of compliance

Bobsguide

Between 2009 and end of 2017, regulators in the US and Europe have imposed $342bn of fines on banks for misconduct, including violation of AML rules. Estimates suggest that is likely to top $400bn by 2020. Responsible for monitoring money laundering or theft, and detection of any potential financing.

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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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FinTech Firms Courted Abroad, Legal Spat Marks US Bank Charters

PYMNTS

Singapore Signs On With FinTech Firms. In Singapore, news came this week that the country will open up its real-time payment system to FinTech firms. The system is known as FAST, and Minister of Education Ong Ye Kung said part of the impetus is to let non-bank firms have access, while launching a unified payment code known as SGQR that is focused on ePayments.

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Can subscription payments adapt to a hybrid model?

Payments Source

Subscription payments are supposed to happen in the background with little or no effort. But what happens when another “automatic” and constantly changing product is tossed on top of the subscription?

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NEW REPORT: The Cutthroat, Consumer-Centric Grocery Price Wars

PYMNTS

Americans spent some $682 billion on groceries in 2017 alone. The bulk of that spending took place at brick-and-mortar grocery stores and supermarkets, but all of that is changing as consumers turn to digital channels. While many still head to brick-and-mortar stores, shoppers are increasingly taking to digital channels, ordering groceries online instead of roaming through the aisles — having their produce, meat and grains delivered to their home or picking them up from stores via curbside deliv

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To automate B2B payments, TD engineers a network effect

Payments Source

By using a network of vendors with existing payment and financial terms, TD Bank hopes to expedite the paper processing for supply chain transactions and treasury management.

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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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TD Bank Taps Into FinTech For B2B Payments

PYMNTS

TD Bank is announcing a FinTech collaboration today (Sept. 18) to enhance its corporate payment offerings. The bank said it is integrating Paymode-X technology from Bottomline Technologies into its corporate banking offering. Together, the companies will link TD Bank business customers to Paymode-X with Visa Payables Solutions, a tool to streamline payables that supports card, ACH and check payments in the accounts payable (AP) department.

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Visa, Mastercard reach $6.2 billion settlement over swipe fees

Payments Source

Visa Inc. and Mastercard Inc. agreed to pay as much as $6.2 billion to end a long-running price-fixing case brought by merchants over card fees, the largest-ever class action settlement of an antitrust case.

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When Economies Sour, The Hedgers Stand Tall

PYMNTS

Silver linings. Blessings in disguise. Opportunities are knocking. Pick a favorite cliché — it’s OK — and feel free to apply it to this current phase of global economic volatility. Despite all the negative news, despite all the political and trade tensions, despite all the currency declines, there are reasons for optimism for merchants, wholesalers, manufacturers and other businesses.

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Amex, Mastercard invest in alt-credit marketplace Divido

Payments Source

Divido, a London-based retail finance marketplace platform provider, has raised $15 million in a Series A capital round that includes American Express and Mastercard as investors.

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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.