Payments Dive
JULY 17, 2018
For banks, direct debit fraud represents a bigger financial risk than card fraud. In particular, growing momentum for real-time payment schemes across the world is creating huge opportunities for fraudsters and placing increasing pressure on banks and clearing houses, who now have only seconds instead of days to identify fraudulent transactions.
Bank Innovation
JULY 17, 2018
The digital revolution of financial services is here, and the question isn’t whether your organization should adopt a digital-first approach, but how quickly can you catch up with the digital leaders in your industry. Customers expect smart products; whether it’s payments, bank accounts, or finance options, if it’s not digital, instant, and available when your […].
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Chris Skinner
JULY 17, 2018
Things we’re reading today include … Why millennials are driving cashless revolution in China Ageing population puts UK on track for ‘unsustainable’ surge in debt, warns OBR Goldman Sachs names DJ-ing banker David Solomon as boss Brexit vote: Government defeats EU customs union bid No-deal Brexit would leave EU worse … The post Things worth reading: 18th July 2018 appeared first on Chris Skinner's blog.
Bank Innovation
JULY 17, 2018
Banking consumers take a middling view of today’s mobile banking applications, according to a study by Bank Innovation. In the survey conducted this month by Bank Innovation, banking consumers gave mobile banking a net promoter score of 12, which is in the bottom 25% to 50% of all NPS scores. NPS scores range from -100 to […].
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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
PYMNTS
JULY 17, 2018
International Business Machines (IBM) and Stronghold, the financial services company, are teaming up to back a new cryptocurrency that is tied to the U.S. dollar. Reuters , citing the companies, reported that the digital token, dubbed Stronghold USD, launched earlier on Tuesday (July 17) on the Stellar blockchain platform. Buyers of the digital token deposit U.S. dollars with Prime Trust, Stronghold’s partner, and are issued the tokens on a 1-to-1 ratio.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JULY 17, 2018
When one tries to Google the phrase “millennials and mortgages,” something curious happens. Two different – and in some cases, mutually exclusive sounding – accounts of millennials and their home-buying habits, or lack thereof, emerge. Millennials are either dragging down the housing market because they can’t/won’t buy houses, or millennials are both leading the modern mortgage market and simultaneously leading it into the digital age.
Bobsguide
JULY 17, 2018
The EU Payment Services Directive II (PSD2) took effect in January, starting a trend towards increased competition by opening up the payments market to a new wave of payment service providers (PSPs) and fintechs. To help navigate this evolving landscape bobsguide has compiled a list of the best.
PYMNTS
JULY 17, 2018
Since the migration to EMV in the largest card market in the world (the U.S. in October of 2015), the incidences of counterfeit card fraud at chip-enabled merchants have fallen sharply — some 76 percent, as reported by card networks. Once cards became significantly harder to clone, fraudsters took their bag of bad tricks online. At least, that is the narrative that most people in developed countries have internalized, said Derek Pak, regional head of Customer Fraud Management for Asia-Pacific at
Payments Source
JULY 17, 2018
The payment landscape is highly regional, based on historic, economic, technical and political factors. Top payment methods in Europe, or even Southeast Asia, are generally unheard of in many other parts of the world, according to Steve Villegas, vice president of partner management for PPRO.
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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
PYMNTS
JULY 17, 2018
Consumers love their pets, and will do almost anything for them. From exotic grooming rituals, spas and jewel-encrusted collars to premium foods and meal delivery services, America’s most pampered pets are bringing a whole new meaning to the expression “It’s a dog’s life.” But for all the things a dedicated dog owner is ready, willing and able to spend money on, brushing a dog’s teeth is where most people draw the line.
Payments Source
JULY 17, 2018
Though Costco is no longer called out in the New York issuer's earnings calls, the loss of that business added fuel to a change within the company that is showing results.
PYMNTS
JULY 17, 2018
It must be a tough time for the-sky-is-falling type of people, or even just the mildly pessimistic. Seemingly endless news of data breaches and cyberattacks — to say nothing of experiencing them personally — can make even the most tech-welcoming consumer think about retreating to someplace beyond the grid. Businesses and other organizations hoping to profit from the expanding digital economy find ways to maintain and even deepen consumer trust in their security efforts.
Payments Source
JULY 17, 2018
Beyond offering a buzzworthy new payments app or automating exhausting mortgage applications, for example, traditional payment providers and fintechs need to ensure that their business is resilient against increasingly sophisticated cybercrime and ready for a hyperconnected world, writes Malte Pollman, CEO of Utimaco.
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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.
PYMNTS
JULY 17, 2018
The Q2 earnings season has just kicked off, and it’s already helping shedding light on recent developments in the peer-to-peer (P2P) world — most notably, the shape of the ongoing competition between Zelle and Venmo. The good news about Zelle came earlier this week when Bank of America (BoA) released its second-quarter financials. User data from the financial institution (FI) showed 142 percent year-over-year growth in Zelle P2P transactions to 35.1 million, with a total principle amount of mor
Payments Source
JULY 17, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: Link pares down its ATM bank incentives; BitPay gets regulatory clearance in New York; Amex gets in the blockchain patent game; Crypto gets a buy button.
PYMNTS
JULY 17, 2018
Welcome to the Five at Five, your late look at the payments and commerce news of the day. Coverage includes a digital coin push involving IBM , along with Walmart ’s latest efforts involving healthcare and Microsoft. In addition, it’s a big day for food delivery news, with Alibaba and IHOP activity in that area. IBM And Stronghold Back Stable Digital Coin Stronghold USD.
Payments Source
JULY 17, 2018
Contactless card and mobile payments are set to see significant uptake in Australia, already a world leader in contactless card acceptance, as the country starts to implement open transit payments.
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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.
PYMNTS
JULY 17, 2018
Oracle’s new blockchain service for the enterprise is now live, reports in Fortune said Monday (July 16). The enterprise technology conglomerate has released its solution for businesses that provides them with software and infrastructure to set up their own blockchain networks. Those networks can be used for a variety of processes, including supply chain management, global shipment tracking, cross border payments and beyond. “Anywhere there’s data transfer and information flow,
Payments Source
JULY 17, 2018
A few early adopters — mostly restaurants — have gone cashless, but many merchants have concluded that cash must remain on their menu of payment options.
PYMNTS
JULY 17, 2018
Walmart has appointed a new head for its health and wellness unit in the U.S., naming Sean Slovenski as senior vice president. Citing a company memo from Greg Foran, chief executive of Walmart U.S., Chain Store Age reports Slovenski will start his role August 1 and will work to implement Walmart’s plan to focus more on the health and wellness unit with the aim of making healthcare cheaper and more easily accessible.
Payments Source
JULY 17, 2018
With Walmart reportedly weighing bids from Capital One alongside incumbent Synchrony Financial to handle its private-label credit card account, Synchrony's use of data and artificial intelligence are more important than ever.
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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.
PYMNTS
JULY 17, 2018
Netflix added 5.2 million subscribers in the second quarter of 2018, about 1 million below its 6.2 million forecast, a shortfall that spooked investors Monday (July 16), with the company’s stock declining some 14 percent in after-hours trading. Netflix reported the net addition of nearly 5.2 million memberships of all types in the second quarter, nearly flat from Q2 2017.
Payments Source
JULY 17, 2018
Both PayPal and Citigroup are taking a bigger role in the market for cross-border payments, a strategy that led both companies to participate in a $50 million round in PPRO Group, a U.K.-based cross border e-payment company.
PYMNTS
JULY 17, 2018
U.K. bank Barclays is considering whether it should expand further into the U.S. According to The Wall Street Journal , Barclays is considering the move due to pressure from activist shareholder Sherborne Investors. Other possibilities include rolling out its U.K. payments platform in the states, as well as building a U.S. checking account offering.
Bobsguide
JULY 17, 2018
The second markets in financial instruments directive (Mifid II), which came into force on January 3, continues to put pressure on market participants. Clause 16.7 of the directive, which requires firms to record communications linked to a trade to be recorded and made accessible to regulators.
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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.
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