Mon.Sep 16, 2019

Corporate cloud-based payments: what’s that all about?

Chris Skinner

I was recently asked by Volante Technologies to consider what being a digital bank means, specifically for a commercial bank and, even more specifically, the bank’s payments and treasury services.

What The Trendsetters Say About How We Will Pay Next Decade

PYMNTS

Sheep are not natural-born leaders. If they were, they wouldn’t need border collies or sheepherders to make sure that they didn’t follow wolves blindly into harm’s way and that they ended up where they needed to be at the end of the day.

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Things worth reading: 17th September 2019

Chris Skinner

Things we’re reading today include … How long will Jamie Dimon’s magic touch last?

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New Report: How Consumers Use Connected Devices To Shop And Pay

PYMNTS

Voice is connected commerce’s killer app. That is just one of five critical findings highlighted in How We Will Pay 2019 , a PYMNTS, Visa collaboration examining how consumers use a wide range of connected devices to shop and make purchases.

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How TD wants to bridge the confidence gap with AI-based tools

Bank Innovation

Canadians may accept that AI is a part of their lives, but many express concerns about the potential risks that the application of the technology presents, including biases. That’s according to a recent TD Bank survey of 1,200 Canadian adults carried out by Environics Research.

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Delivering Restaurant Innovation With Mobile Tech

PYMNTS

With more choices for fast-casual dining than ever before, diners can choose to eat in restaurants or tap into delivery whether they want pizza, sandwiches or entirely different fare.

Credibly teams up with Wirecard for instant funding, better customer data

Bank Innovation

Credibly, a small business lending company, is partnering with Wirecard to disburse instant funds and access businesses’ spending data. The partnership is an attempt by Credibly to grow its customer base through better offerings and better risk management.

More Trending

New Community Bank Sentiment Index Shows Bankers Largely Positive

Abrigio

Community bankers are largely positive about the future, based on the first results of a new index gauging business sentiment among the financial professionals who serve a critical role in local economies.

 Plot Thickens as FBI Probes Alleged MyPayrollHR Fraud

PYMNTS

So now, the investigation deepens and broadens, with payroll fraud under the microscope.

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Examiners’ Shift in Focus Calls for Institutions to Develop a Risk-Based AML Program

Abrigio

The burden of extensive regulatory exams on a financial institution’s BSA/AML program has taken its toll on the financial crimes industry for years.

Libra CEO Says Proposed Crypto Is A Payment Network, Not A New Currency

PYMNTS

Calibra CEO David Marcus, who’s heading up the organization pushing the proposed Facebook cryptocurrency Libra, has taken to social media to dispel the idea that the crypto is a danger to the status quo of the global economy, according to reports. .

Why fintech rollouts are magnets for fraud

BankThink

Hackers go in for the kill when challenger banks and others launch retail products. So the companies are forced to step up their defenses — fast. Fintech Fraud detection Fraud liability Fraud prevention Disruptors Payments Payment fraud pso cardline lead 2 CHIME Aite Group

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UnionPay, Wirecard Team Up For Global Expansion

PYMNTS

Wirecard and UnionPay have partnered up and signed a memorandum of understanding (MoU) to expand globally, according to a release. The agreement between the two companies is meant to help support UnionPay’s continuous push for international growth while also fueling Wirecard’s presence in China.

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JPMorgan inherited ‘spoof’ method from Bear Stearns, U.S. says

BankThink

prosecutors have accused three JPMorgan traders of rigging futures trades in precious metals for nearly a decade, making millions of dollars for the bank at the expense of counterparties that included the bank’s own clients. Crime and misconduct Precious metals JPMorgan Chase

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Amazon Denies Algorithm Manipulation Claims

PYMNTS

Amazon has responded to a recent story in The Wall Street Journal which claimed the eCommerce giant has changed its algorithm to benefit its profitability, pushing its own products higher in search. “@WSJ WSJ story based on anonymous sources is wrong,” the company tweeted on Monday (Sept. 16). “We

MVB Financial buys fintech consulting firm

BankThink

The West Virginia company, which invests heavily in fintech firms, bought Chartwell Compliance in Maryland. Community banking M&A Fintech West Virginia

Startups, Instant Payments Could Put $280B In Global Payments Revenue At Risk For Banks

PYMNTS

As more startups penetrate the $1.5 trillion global payments market with free services, banks could lose as much as $280 billion in revenue by 2025, according to an Accenture report and press release circulated on Monday (Sept.

7 Tips to Follow When Buying Your First Real Estate Investment Property

Money Crashers

Real estate comes with incredible benefits for investors. As a source of passive income, it never dries up or matures, but instead provides ongoing income with no loss of assets. In fact, the underlying asset appreciates over time, even as you pay down the mortgage against it.

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Mozilla, Creative Commons Partner With $100M Web Payments Fund

PYMNTS

Three companies have joined forces to change the way things are paid for online with a native web payments standard, according to a report by TechCrunch.

OCC can't claim victory despite dismissal of fintech charter suit

BankThink

A federal judge blocked state regulators from suing the agency over its new charter, but it’s still unclear whether fintechs would even apply. Fintech Fintech regulations Licenses and charters OCC Federal Reserve FDIC Amazon Google Microsoft Facebook

NYC Summit To Tackle Lack Of Influencer Regulation

PYMNTS

The first Influencer Fraudnomics Summit in New York City on Tuesday (Sept. 17) will discuss the fraud problem stemming from influencer marketing.

Is multiple choice the right way to go on cybersecurity standards?

BankThink

Regulators are letting banks choose from among four security frameworks, but some observers are urging a more prescriptive approach. Cyber security Data security Regulatory guidance Community banking American Bankers Association OCC NIST FFIEC

Kazakh FinTech Rumored To Aim For $5B IPO Valuation

PYMNTS

A FinTech group from Kazakhstan part-owned by Baring Vostok and Goldman Sachs is structuring a London IPO that is the largest listing by a central Asian company since the global financial crisis, the Financial Times reported Monday (Sept. Payments, finance and eCommerce marketplace startup Kaspi.kz

Employees are the real value in acquisitions, veteran bank buyers say

BankThink

A seller's assets and deposits lose some luster if the best and brightest who helped bring in the business leave after a deal closes. Community banking M&A Growth strategies Recruiting

Corporates Challenged By Digitization Beyond Vendor Payments

PYMNTS

The announcement of Mastercard Track expanding into B2B payments last week represented a significant push for B2B payments modernization by one of the industry’s giants — and followed Visa’s own push in the B2B payments modernization space through the rollout of Visa B2B Connect in June.

Community Banks with the Largest Farm Loan Portfolios

BankThink

On Jun. 30, 2019. Dollars in thousands. Community banking Ag lending Farm and rural mortgages

Global Bankers Meet With FB, JPM On Stablecoins

PYMNTS

Global central bank officials met with leaders from both Facebook’s Libra Association and JPMorgan to discuss policies and regulation around new cryptocurrencies, the Bank for International Settlements (BIS) said in a press release on Monday (Sept.

10 Ways to Plan a Trip to Europe on a Tight Travel Budget

Money Crashers

Have you ever thought about going on a trip to Europe, but the cost turned you off? Visiting Europe is a dream for many Americans, who romanticize cities such as London, Paris, and Rome for their unique architecture, historical buildings, and good food and drink.

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Plaid Gets Strategic Investment From Visa And Mastercard

PYMNTS

Plaid , which focuses on APIs, said on Mon. 16) that it has received strategic investments from Mastercard and Visa. The companies said in the announcement that the amounts were undisclosed.

2 Tug-A-Wars and 3 trends in Digital wealth

Daily Fintech

Subscription Economy Shifts: MoviePass Closes, Ford Reverses And Porn Gets In The Game

PYMNTS

After over two years of speculation — and a fair number of predictions of imminent doom — it seems MoviePass has finally, actually come to its last reel. MoviePass is the service that came to prominence with its too-good-to-be-true offer of a $9.99

How to Create a Back-to-School Routine for Your Kids That Saves Time, Money & Sanity

Money Crashers

Parents approach back-to-school season two ways: They either cry with relief that summer is finally over, or they cry at the thought of buying school supplies, managing homework, and getting everyone out the door on time each day. There are plenty of ways to save money on back-to-school supplies, but going back to school means […]. How to Create a Back-to-School Routine for Your Kids That Saves Time, Money & Sanity is a post from Money Crashers. Family & Home Kids

Top News In Payments: Visa Enables Real-Time Insurance Disbursements, Bridge Millennials Provide Connected Commerce Insight

PYMNTS

Today in the payments news roundup, Visa has made multiple new partnerships to digitize and accelerate the payouts of insurance claims. Also, bridge millennials offer profound insight into the future of connected commerce.

Reliant Bancorp adding scale in key Tennessee market with acquisition

BankThink

The company agreed to buy Tennessee Community Bank Holdings, which has operations just west of Nashville. Community banking M&A Growth strategies Tennessee

Biometrics’ Role In SCA Compliance

PYMNTS

Despite announcements last month that the deadline for Strong Customer Authentication (SCA) compliance will be extended , the original proposed deadline approaches next week. The U.S.

Comerica searching for a new CFO

BankThink

Muneera Carr, Comerica's CFO since 2017, will leave in October and James Herzog, who had been the bank's treasurer, will serve as interim CFO until a successor is named. C-suite Regional banks Central banks Interest rate risk Comerica Bank

New Square Tool Helps SMBs Create Separate Tax Infrastructures

PYMNTS

Square has announced a new, free tool to help businesses file for an Employer Identification Number (EIN) called the EIN Assistant, according to a release. The tool’s purpose is to simplify the difficult EIN acquisition process to create a separate tax infrastructure for the business.

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