Mon.Feb 19, 2018

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Millennials SME Owners Prefer Online Alternative Lenders to Tradtional Ones

Bank Innovation

Online alternative lenders are gaining momentum with U.S. small businesses, specifically and unsurprisingly with those run by millennials, according to a new report by Mercator Advisory Group. According to Mercator’s report, Business Banking Services: Keeping Up with Millennial Owners, 27% of total U.S. SMEs have used online alternative lenders (P2P lenders or marketplace lending platforms) […].

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Half Of Payments Executives Are Focused On Peer-To-Peer (P2P) Payments

PYMNTS

With the advent of emerging FinTech startups, banks face some competition for payments. When a consumer or a company wants to send a payment, they can now do so instantly from their smartphone with services such as Apple Pay or Venmo. As a result, banks are investing in and engaging with FinTech startups to grow their customer base and their market share.

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How VC Firm Magma Partners is Tapping Into the Untapped Chilean Fintech Market

Bank Innovation

EXCLUSIVE — With government-backed initiatives and a finite business of copper export, Nathan Lustig, co-founder and managing partner at Magma Partners, saw huge potential in the Chilean fintech market. Lustig points out that only 30% of Chileans have credit cards, while only 50% have bank accounts, “and that’s the more advanced population,” he said.

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Happay Adds To Series B For Expense Management Tech

PYMNTS

India expense management company Happay secured more funding after its Series B round, according to an unnamed source cited by VCCircle on Friday (Feb. 16). The publication said Happay raised about $250,000 from Cupola Venture Opportunities, which placed the funding last December. The investment follows a Series B funding round that raised $10 million, also announced last December; that investment was led by Sequoia Capital, while Singapore’s Axiom Capital, a private equity fund, and AME Cloud V

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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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WhatsApp to Launch ‘Full Feature’ Money Transfer Service in India

Bank Innovation

Messaging service WhatsApp will open a money transfer service in India, after testing it with a million users, the National Payments Corp of India said last week. WhatsApp, which currently has over 200 million users in India (making that country WhatsApp’s biggest market), has launched a “limited” service that makes use of a customer’s phone […].

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KYC Still Time-Consuming and Not Standardized in Fintech, SWIFT Says

Bank Innovation

EXCLUSIVE— A time-consuming and costly area of banking, Know Your Customer (KYC) and due diligence maintenance could use an upgrade, global payments provider SWIFT told Bank Innovation. “KYC is a key tenant of our product set, part of a unit of SWIFT we launched in 2012. It’s part of a bigger play for us,” Paul Taylor, […].

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Amazon Plans Private Label Expansion In India

PYMNTS

As Amazon seeks to take on Flipkart in India, the eCommerce retailer is looking to offer more private label products. The news comes as Flipkart has also sought to focus on its own house brands, Livemint reported. Amazon India Vice President Manish Tiwary said the company is hoping to launch new product categories, but he would not name specific items.

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U.K. Investment Association to Launch Fintech Accelerator Program

Bank Innovation

The innovation of fintech is not limited to retail banking, according to the UK Investment Association, which today said it would launch an accelerator for fintech starts focused on AI, ML, DLT technologies in the asset management sector. The U.K. Investment Association is a 240-member community. The accelerator will be called VeloCity, and will be […].

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Retailers Roll Out President’s Day Sales To Clear Old Inventory, Full-Priced Spring Fashions

PYMNTS

Ever since the Uniform Monday Holiday Act took effect in 1968, “President’s Day” has been observed on the third Monday in February. But the holiday is officially known as Washington’s birthday , as the observance started out as a celebration of his birth, after all. George Washington wasn’t a huge fan of big celebrations, so his birthday was only marked with informal gatherings across the U.S. after he died in 1799: His birthday — February 22 — only became a federal holiday in 1879.

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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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Google’s Tez Now Allows Utility Payments [Video]

Bank Innovation

Tez, the payments service developed by Google for India, will now allow users to pay utilities and other bills from the app, the company announced today. The app, which allows payments from a user’s bank account to another bank account, will now support payments to over 80 businesses and organizations, TechCrunch reported today, including national […].

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As Audits Loom, AP Automation Moves To Top Of Mind

PYMNTS

You could call accounts payable (AP) the last mile of payments in a way. Or perhaps AP stands for the last mile of automated processes? It’s no secret companies are scaling, broadening their reach geographically and seeking to tap new consumers. And, as those same companies bring business and currency across borders, their supply chains lengthen and transactions transverse currencies, languages and any number of regulatory hurdles.

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Coinbase Wins Feud as Visa, Worldpay Apologize for Card Issues

Bank Innovation

EXCLUSIVE—Cryptocurrency exchange Coinbase and payments processor Visa have concluded their feud over card charges on the exchange, with Coinbase emerging as the seeming victor as Visa issued a joint statement along with processor Worldpay apologizing for the issue. The statement, which was released this past Friday and posted on both Coinbase’s blog and Twitter account, […].

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$400M Bitcoin Buy for Crypto Trader

PYMNTS

The big bucks come anonymously in cryptoland. News came President’s Day that an anonymous investor ponied up nearly $400 million to snap up bitcoin, the name most synonymous with digital currencies. MarketWatch said Monday that the huge investment came from a bitcoin address, 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 to be exact. The slug came over a time span stretching from Feb. 9 to Feb. 12.

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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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Is your voice the passport to digital, personal, seamless banking?

Bobsguide

In business, listening to your customers is vital, so it is little wonder that financial services companies are ramping up their use of voice controlled intelligent digital assistants. According to a Pew Research Center survey, digital assistants are being incorporated into a wide range of consumer.

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Chanel And Farfetch Ink New Strategic Partnership

PYMNTS

Iconic French fashion house Chanel has inked a strategic partnership deal with online designer marketplace Farfetch that will focus on deploying the latter’s operating system within the confines of Chanel’s physical boutiques, according to industry news source Business of Fashion. The deal does not allow for the online sale of Chanel’s ready-to-wear or handbags on the Farfetch platform, however, as the storied firm continues to resist making its core offerings part of its digit

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How Danske Bank uses third parties to clean data for GDPR | Analysis of the Deal

Bobsguide

bobsguide sat down with Marion Rybnikar, Head of Data at Danske Bank UK, and Stuart Harvey, CEO of Datactics, to discuss the monolithic task of data management in the face of GDPR and PSD2. Marion, tell me how one comes to be Head of Data at a major global bank. Marion Rybnikar (Danske.

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Indian Residents Can Now Pay Utility Bills With Google’s Tez

PYMNTS

Google announces a new service in India that will enable residents to pay their utility bills digitally. According to news from BGR , Google India said Monday (Feb. 19) that Indian residents can now pay their water, electricity, DTH and mobile bills with Tez, the mobile payment app. Customers who use the digital payment platform won’t face any transaction charges.

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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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Amazon needs a smart "data river" to make Go work

Payments Source

Amazon will need to synchronize information collected across weight sensors, GPS, payments systems and surveillance to ensure critical data efficiently flows between the necessary systems with minimal latency, writes Keith McAuliffe, general manager for the financial services sector at Solace.

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SMB eInvoicing, With A Responsibility To Both Protect And Share Data

PYMNTS

Faster payment schemes are beginning to take root around the globe, and consumer payments are ready to embrace speed. Corporate payments? That’s another matter, as businesses are more reluctant to embrace change. The deeper issue at hand, however, is that some corporate payers actually enjoy the delay from payment rails like paper checks, which enable businesses to hold onto cash just a little bit longer.

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Will biometrics be the ‘new normal’ for payments?

NCR

Making technology more convenient and removing friction from interactions has been a key focus for the banking sector in recent times, and one area where major efforts have been made is in authentication. Balancing the need for tough security with the desire to ensure transactions are as fast and smooth as possible is one of the key challenges for the designers of online and mobile solutions.

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NEW REPORT: California Takes An Unattended Twist on Vehicle Registration

PYMNTS

The next stop on the road to technological evolution in the transportation industry may just be unattended. Across the industry, from carmakers and road regulators to bike share programs, companies are looking to unattended retail tech to improve efficiency and unlock new revenue opportunities. In the February edition of the Unattended Retail Tracker , PYMNTS highlights the latest developments in unattended technology, and how those developments are disrupting the transportation industry.

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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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The 2018 Fintech conferences not to miss

Bobsguide

Conferencing is a key part of the fintech industry and the only way to stay up to date with the ever quickening pace of technological change in your sector. This list provides you with all the dates, prices and event bios all in one, handy place. Be sure to bookmark this page as.

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When It Comes To Jewelry, Smart Can Be Beautiful

PYMNTS

Usually the expression “you don’t know what you don’t know” is a warning. It’s meant to keep people, often entrepreneurs, from rushing after an idea, and, in so doing, biting off more than they can chew. Admittedly , Christina Mercando d’Avignon , founder of Ringly , did not know initially how to build smart hardware or beautiful jewelry. But she said if she had known prior to founding her firm — a startup that offers its wearers a chance to look smart with an accessory that is itself smart —

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In celebration of tax season: How alcohol and women’s rights helped create the IRS

Matt Wilcox Pro

I’m going to go out on a limb here and suggest that one of government’s brand values is not “up-to-date office equip­ment.” If you don’t believe me, ask if a PDF will do the next time your local government requests a fax. There’s a good chance the answer will be, “What’s a PDF?” But when it comes [.

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Webjet Launches Blockchain-As-A-Service For B2B Hotel Reconciliation

PYMNTS

Travel booking company Webjet , based in Australia, has launched a blockchain solution for the hotel industry to manage reconciliation in hotel distribution. Reports in ZDNet said Webjet’s Blockchain-as-a-Service platform Rezchain deploys smart contracts to ensure hotel companies are able to reconcile accounts receivable (AR) and accounts payable (AP), and has just signed agreements with four travel brands to use the tool.

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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.