Bank Innovation
MAY 25, 2018
PayPal wants to be the world’s largest open payments platform, according to CEO Dan Schulman. At the heart of this aspiration is PayPal’s ongoing technological evolution, which also enables the payments giant to expand into banking services. “We are just beginning to scratch the surface of the opportunity in front of us,” Schulman said yesterday […].
Chris Skinner
MAY 25, 2018
I travel a lot and go to several countries that have smart leadership and smart cities. These cities and countries – you know who you are – are in the forefront of innovation and claim to be visionary. So, I was surprised when I was planning a trip to one … The post Dubai: cutting edge or bleeding edge? appeared first on Chris Skinner's blog.
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Bank Innovation
MAY 25, 2018
For years, as financial services became increasingly digital, credit scoring remained stubbornly unchanged, but there are indications, from the regulators on down to startups, that this is finally changing. From machine-learning-based underwriting to blockchain-based identity solutions, new technology is transforming the business of borrowing money.
PYMNTS
MAY 25, 2018
As Europe’s General Data Protection Regulation (GDPR) comes into effect, Facebook privacy critic Max Schrems has filed four complaints over consent required to use online services. The complaints were filed against Facebook — along with its Instagram and WhatsApp services — and against Google ’s Android, TechCrunch reported. “It’s simple: Anything strictly necessary for a service does not need consent boxes anymore,” Schrems wrote in a statement.
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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
Bobsguide
MAY 25, 2018
As consumer adoption of mobile and online commerce channels continues to grow, fraud losses are becoming a major pain point for mature markets. To address this security challenge, strong customer authentication will become mandatory in the European Union. Even without regulatory mandates, the.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Insights on Business
MAY 25, 2018
“Your architecture is how you build trust with your customers.” . This quote from IBM Senior Vice President of Industry Platforms, Bridget van Kralingen, speaking at the Reinventing Financial Services event, captures what the day was about. On May 22, about 100 C-level executives from leading financial services institutions joined us for an all-day conference about defining what a future-ready enterprise is, and how to build it.
PYMNTS
MAY 25, 2018
Remember when blockchain was the new technology buzzword on the … block? Still buzzy, if not so new in the nomenclature. Now blockchain is on everyone’s lips, and has been for a while. Where once the concept of the digital ledger was linked to bitcoin , now blockchain stands on its own, as a conduit to any number of transactions across cryptocurrencies and other vessels of exchange, including data.
Payments Source
MAY 25, 2018
Banks are at the forefront of blockchain innovation, disrupting cross-border payments, trade finance and product development worldwide.
PYMNTS
MAY 25, 2018
After reports of money laundering caused lenders in Estonia and Latvia to close, police said on Friday (May 25) that more than $13 billion (or about €11 billion) was laundered through banks in Estonia between 2012 and 2016. Much of the money was reportedly laundered through bank accounts belonging to non-residents, Reuters reported. “In 2012, more than €7.3 billion in securities from Russia were processed through the Estonian financial system.
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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
Payments Source
MAY 25, 2018
New phishing attacks on payment systems and banks are more sophisticated, with disguises that can trick staff into turning over sensitive information, writes Adrien Gendre, chief solutions architect at Vade Secure.
PYMNTS
MAY 25, 2018
The wallets of small business (SMB) owners are bulging with plastic, thanks in large part to the difficulty of securing funding, which leads to those merchants using their personal credit cards to meet expenses. That’s according to Nav , which helps business owners find financing and access credit. To arrive at its findings, Nav “analyzed anonymized personal credit card usage data from 143,004 of its small business customers and 128,281 of its consumer customers.
Payments Source
MAY 25, 2018
Phishing is the likely culprit behind the recent Saks and Lord & Taylor breaches. Stronger email protection required to combat the threat, according to Matthew Verhout, 250ok's director of privacy.
PYMNTS
MAY 25, 2018
The trucking industry just got a bit more mobile — at least, that’s the position of Comdata. Comdata, the payment services arm of FLEETCOR , on Thursday (May 24) announced that businesses within the trucking industry can now register for Comchek Mobile. The service enables those operations to “instantly digitize payments for settlement, driver advances, lumpers, repairs and other common over-the-road needs,” Comdata said in a statement.
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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.
Bobsguide
MAY 25, 2018
The deluge of regulations to have hit financial markets since the banking crisis has without a doubt completely reshaped the industry. As well as the burdensome nature of reporting obligations as regulators have attempted to create more transparent markets, capital requirements have fundamentally.
PYMNTS
MAY 25, 2018
Among the enduring promises of computer technology is that it would give the “little guys” — all those Davids struggling to compete in a world full of corporate Goliaths — a new source of strength. Sourcing, marketing, selling and payments: Harnessing the power of digital could make any new or relatively small company a global star. So it is perhaps with a bit of irony that the eCommerce behemoth known as Amazon , via its Web Services division (AWS), has positioned itself as offering a way for l
Payments Source
MAY 25, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: Retailers don't like Mastercard and Visa's buy button; Google Pay adds prepaid options in Japan; Alibaba demos voice ordering for coffee; Australian company plans crypto point of sale; InAuth and ABN Amro push data sharing tech.
PYMNTS
MAY 25, 2018
As the unofficial start to summer, Memorial Day inspires many Americans to spend time with friends and family – and the extra day added to the weekend enables them to make a real trip out of it, which is why a total of 41.5 million are planning to head out of town over the next four days. What better way to welcome summer than by sitting in hours of holiday traffic with the 36.6 million other Americans who are planning to drive to their holiday destination?
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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.
Payments Source
MAY 25, 2018
YellowPepper's strategic investment from Visa as part of a $12.5 million Series D funding round gives the company a chance to expand beyond its focus on Latin America and into new markets such as Europe and Asia.
PYMNTS
MAY 25, 2018
Beverage managers are often faced with a dilemma: how to simplify the process of ordering alcohol from multiple distributors. To create an alternate to texts, emails and phone calls, Taylor Katzman created a web app called Provi that connects bars with multiple distributors. After his wife launched a distillery, he realized ordering alcohol was not an easy task: “We learned the whole process of the three tiers of alcohol,” Provi Co-Founder and CEO Taylor Katzman told PYMNTS in an interview.
Matt Wilcox Pro
MAY 25, 2018
“Luddite” sounds like an indestructible substance over which wars are fought in the Marvel Universe. The word originally referred to workers in early 19th century Nottinghamshire, England, who protested low wages and poor working conditions by destroying their employers’ machines. Today, Luddite has morphed into a reference to people who oppose technological advances.
PYMNTS
MAY 25, 2018
Fizzle of the Week: Victoria’s Secret. The results are in for Victoria Secret’s Q1 performance, and they’re nothing to swoon over. Following the quarterly check-in with parent firm L Brands , which also owns Bath & Body Works and the youth-oriented PINK lingerie brand, the reviews have not been kind. The brand has alternatively been described in reports as “ broken ,” “ out of date ” and “ desperate-looking ” by various segment watchers and analysts, who are wondering loudly if Victoria’s S
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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.
Payments Source
MAY 25, 2018
From international payments to trade finance deals, banks are increasingly exploring uses of distributed ledger technology in a number of ways.
PYMNTS
MAY 25, 2018
Venture capital activity in the B2B space found software and data management firms securing funding. Tidelift , an open source software firm, said this past week that it had garnered $15 million in Series A funding. The company said in a statement that the funding round was led by a series of investors, including General Catalyst, Foundry Group and former Red Hat CEO Matthew Szulik.
Payments Source
MAY 25, 2018
Visa has put its marketing and advertising featuring actor Morgan Freeman on hold following allegations of inappropriate behavior.
PYMNTS
MAY 25, 2018
Many have worried that Amazon’s Alexa is spying on them through their Echo device. Others, like this Oregon family , merely joked about it — until one day, the voice-activated assistant gave them evidence. The family said the Echo recorded a conversation they were having without being asked, then sent it to a random person in their contact list — all without ever receiving an explicit command or asking for verbal confirmation.
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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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