Chris Skinner

AUGUST 7, 2019

The big news yesterday is that Klarna is now Europe’s largest FinTech unicorn, valued at $5.5 billion, and the sixth largest FinTech unicorn worldwide (discounting Ant Financial, Ping An and co). According to CB Insights, Stripe is the largest FinTech unicorn (USA, $22.5 billion), followed by One97 Communications (PayTM India, … The post Three Commerzbanks are worth less than One Stripe appeared first on Chris Skinner's blog.

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Bank Innovation

AUGUST 7, 2019

Chicago-based investment app Dough is making a bet on customers who want to trade for free on their phones. On Tuesday, the company confirmed a $20 million funding round to expand its financial literacy program in advance of a mobile trading product in September. To this end, it’s debuted select videos on YouTube. Dough wants […].

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PYMNTS

AUGUST 7, 2019

In a wide-ranging televised interview, Visa CEO Al Kelly discussed Apple ’s new co-branded credit card, Big Tech ’s move into financial services, and Visa’s interest in the Libra Association , per reports from CNBC. Kelly that said that Apple is a great partner of Visa and has worked with them for “quite some time” on Apple Cash and Apple Pay. He noted that they have a great brand, and they have a retail footprint.

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Bank Innovation

AUGUST 7, 2019

For personal finance app-cum-banking platform Dave, “banking for humans” is more than a marketing slogan. It’s a core pillar behind how it approaches customer service, even if people are interacting with the brand through a computer or smartphone screen. Although instant messaging and web-based chat options are available to assist Dave customers, it’s still too […].

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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

Lending

PYMNTS

AUGUST 7, 2019

Faster payments are quickening the pace of billion dollar acquisitions in the payments space. Mastercard said Tuesday (Aug. 7) that it would spend 2.9 billion Euros, ($3.2 billion USD) to buy Nets, a Denmark based payments platform. The news comes as the payments arena is a-swirl with headlines about speeding up transactions around the globe (witness, for example, this week’s announcement that the Federal Reserve plans to build out a faster payments service in the U.S.).

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Payments Examples System Marketing 192

PYMNTS

AUGUST 7, 2019

Fuel and commercial payments company FLEETCOR published its Q2 2019 earnings data on Tuesday (Aug. 6), with results that pleased Chairman and Chief Executive Officer Ron Clarke. Q2 was “probably one of the best quarters in quite some time,” he said during the company’s earnings call Tuesday evening. The company surpassed expectations, with an 11 percent year-over-year revenue increase to $647.1 million for the quarter compared to estimates of $634.18 million.

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Cards Company Data Technology 190

Chris Skinner

AUGUST 7, 2019

Things we’re reading today include … Banker drowns himself in private swimming pool after becoming convinced he was going to prison Gold rises to $1,500 an ounce for first time in six years Can $5bn Klarna avoid the fate of other Swedish unicorns? Dollar will be cut down to size … The post Things worth reading: 8th August 2019 appeared first on Chris Skinner's blog.

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PYMNTS

AUGUST 7, 2019

Sharing economy platforms have permeated every aspect of consumers’ lives. Some 60.1 million Americans hitch rides through ridesharing offerings like Uber or Lyft , for example, and 41 million book travel or accommodations with homesharing services like Airbnb or Hotels.com. Meanwhile, 19.5 million use talent platforms like Fiverr or Freelancer.com to find employment.

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Abrigo

AUGUST 7, 2019

The Aug. 2 Bureau of Labor Statistics Employment Situation report for July was about in line with expectations. The report said 164,000 payroll jobs were added (consensus expectations ranged from 156,000 to 165,000, depending on who was doing the surveying) and the headline unemployment rate (U3) held steady at 3.7%, although it was expected to tick down 0.1 percentage point.

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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

Report

PYMNTS

AUGUST 7, 2019

The jury is still out on the future of opening banking in the U.S. Without a regulatory mandate, many in the financial services and FinTech space believe that competition will — and already has — nudged the industry toward embracing data integrations across platforms and service providers in the name of better banking experiences. Increasingly, FinTechs are targeting corporate and small business banking friction, and exploring how open banking frameworks — including the use of application progra

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Payments Source

AUGUST 7, 2019

Virtual assistants are being brought forward into a variety of other internet-of-things devices such as automobiles and appliances, with the goal of finding new moments where consumers are willing to spend money — sometimes guided by machine learning.

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PYMNTS

AUGUST 7, 2019

Business payments technology firm Bottomline Technologies has rolled out a suite of services for banks to elevate their customer engagement with corporate services. In a press release on Tuesday (Aug. 6), Bottomline announced the launch of its Digital Banking IQ Intelligent Engagement suite, a range of products that includes payments, cash management, risk and fraud management, relationship development and client onboarding and account opening.

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Payments Source

AUGUST 7, 2019

There are subtle differences in Walmart's virtual currency project compared to Facebook's Libra, but these may be enough to avoid the regulatory firing squad that Facebook has endured.

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cryptocurrency Retail 97

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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.

Lending

PYMNTS

AUGUST 7, 2019

Facebook is moving to merge messaging systems so mobile app users can chat across all channels, Bloomberg reported Wednesday (Aug. 7). The goal is to have Instagram ’s chat feature use Facebook Messenger ’s technology, so Instagram users can communicate with those using Messenger, people familiar with the matter told Bloomberg. Instagram’s direct-messaging staff is already reporting to the Facebook Messenger team, the sources said.

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Resources Regulation Branding Report 161

CFPB Monitor

AUGUST 7, 2019

The New York Department of Financial Services (DFS) issued a press release yesterday to announce that it is leading a multistate investigation into the payroll advance industry. A payroll advance allows an employee to access wages that he or she has earned before the payroll date on which such wages are to be paid by the employer. The cost of obtaining a payroll advance can take various forms, such as “tips” or monthly membership fees where an employee works for a company that participates in

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PYMNTS

AUGUST 7, 2019

It is easy enough to think about the various advances in digital commerce as mostly being urban or suburban phenomena. Mostly because that is where innovations tend to get their start — ridesharing, delivery on demand, one-day shipping, buy-online pick up in-store, experimental experiential retail locations, pop-up shops and the list goes on (and on).

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Innovation Metro Retail Online 142

Payments Source

AUGUST 7, 2019

Three years ago, payments technology provider Dwolla submitted a 164-page proposal to the Federal Reserve's Faster Payments Task Force. This week, the Fed unveiled a plan for its own faster payments system, but Dwolla had already moved on to other projects.

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Payments System Technology Compliance 85

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US

PYMNTS

AUGUST 7, 2019

Amazon may be in search of a way to put advertising data on the blockchain, according to reports. The company recently put up a job posting looking for a software development engineer in advertising blockchain. Amazon said the potential candidate will help the company build and direct what it calls an untapped area of its advertising business. . “Our new team in Boulder, CO is looking for a Sr Software Engineer to work within our Advertising FinTech team focused on a Blockchain ledger, billing a

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Payments Source

AUGUST 7, 2019

Mall landlords accustomed to offering rent reductions to ailing retailers are mulling a new strategy to forestall the industry's collapse: positioning themselves as lenders to tenants struggling to stay afloat.

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Retail Strategy Industry Lending 85

PYMNTS

AUGUST 7, 2019

Restaurants, like all businesses, have always had a “front door problem” – that is, how to get people in the mood to walk through that entrance and spend money (and perhaps even come back or become regulars). Some things never change, even as the restaurant industry slowly embraces digital and mobile technology and processes. It’s just that what constitutes the front door, and how to entice customers to open it, has become more complicated.

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Payments Source

AUGUST 7, 2019

The information you need to start your day, from PaymentsSource and around the Web. Today: Critics pounce on Libra's privacy; Paytm diversifies; Mastercard combats fraudulent fashion; Singapore plans new digital payment regulations.

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Regulation Payments 73

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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.

Compliance

PYMNTS

AUGUST 7, 2019

A California judge ruled that cryptocurrency exchange Coinbase has to deal with a negligence lawsuit from people who purchased bitcoin cash (BCH) following a listing that was allegedly fumbled on the exchange during the 2017 bull market, Coindesk reported on Wednesday (Aug. 7). U.S. District Judge Vince Chhabria of the Northern District of California rebuffed Coinbase’s request for arbitration and would not dismiss buyers’ claims of negligence.

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Payments Source

AUGUST 7, 2019

Shinhan Card has begun piloting facial recognition payments with its employees at its headquarters’ retail facilities in partnership with South Korea’s largest convenience store operator BGF Retail.

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Retail Cards Payments Operations 72

PYMNTS

AUGUST 7, 2019

The intensifying U.S. trade war with China has triggered an economic slowdown and cash shortage, with Chinese businesses forced to accept IOUs, The New York Times reported on Wednesday (Aug. 7). Known as commercial acceptance bills, the IOUs have topped $200 billion, up more than one-third from 2018. Aside from waiting for payment, companies with IOUs can ask for interest on top of the amount due and also sell the notes to investors. .

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New York Resources Tools Regulation 134

Jack Henry

AUGUST 7, 2019

From January 1, 2019 through June 30, 2019 I’ve enjoyed meeting face to face with 172 community financial institution (FI) executives and managers representing 91 FIs. These FIs are diverse with total assets ranging from $31 million to $2.15 billion, various charters and specialties. These FIs are found in the smallest communities as well as large metropolitan markets and every size community in between.

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Community Meeting Management Marketing 68

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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.

Lending