Wed.May 01, 2019

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Cloud sense … dollars and cents

Chris Skinner

Talking of cloud computing, I’ve spent years backing up my various PCs and photo libraries. Invariably, a labour of love, I didn’t trust public cloud services like Google and Microsoft to look after my stuff properly. Then, gradually, over time, more and more of my stuff has moved online. It … The post Cloud sense … dollars and cents appeared first on Chris Skinner's blog.

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Mastercard Heaps On New Offerings for Small Businesses

Bank Innovation

Mastercard today introduced a suite of digital offerings for small business owners who are Mastercard Business and World Elite cardholders. The new offerings include discounts to Intuit products like QuickBooks and TurboTax, a 24/7 personalized business assistant, ID theft protection, as well as automatic savings on business expenses. Amnah Ajmal, EVP of Core Products for […].

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Why AP Draws The Innovation Short Straw

PYMNTS

Accounts payable operations are essential to ensuring that payments to a firm’s partners and suppliers are processed and delivered on time. These processes prevent companies from missing payments and running the risk of souring business relationships and hurting their partners’ bottom lines in the process. However, despite their importance to keeping businesses afloat, old school practices like physical paperwork are still the norm for many AP departments.

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Blockchain Adopted by Canadian Banks to Verify Client Identities

Bank Innovation

Canada is making a big leap in modernizing identity verification, tapping blockchain technology to let consumers digitally prove who they are to securely access banking and other personal services. SecureKey Technologies Inc.’s Verified.Me digital identity system is now available for customers of five Canadian banks through a mobile app, the Toronto-based firm said Wednesday in […].

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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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Credit Card Losses Outpace Home, Auto Loans At US Banks

PYMNTS

Credit card losses at the biggest banks are outpacing auto and home loans, with the biggest margin seen in the last 10 years, according to Bloomberg. The problem is not yet out of hand, however. Since the economy remains strong and the unemployment rate is low, most consumers can stay current on debt repayment. Even new foreclosures and bankruptcies fell to a level not seen in 15 years.

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Five Canadian Banks Adopt Blockchain Tech For ID Verification

PYMNTS

SecureKey Technologies Inc., an identity and authentication provider, has announced that its Verified.Me digital ID system is now available at five Canadian banks in a mobile app, according to a report by Bloomberg. The move will help the banks take a big step forward in identity verification, using blockchain technology to give customers the ability to prove their identity digitally so they can confidently access their accounts.

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IBM and Thomson Reuters join forces to simplify how financial institutions tackle regulatory compliance challenges

Insights on Business

In the financial services industry in the United States, one thing remains constant – change. Whether policy makers are encouraging deregulation, or increasing regulatory requirements, regulatory change has been a constant. As recently as two weeks ago, the U.S. Federal Reserve Board announced proposed tailoring of prudential standards for FBOs, following on similar tailoring for U.S. banks.

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How To Make Paying For Adventure Travel Experiences Less Of An Adventure

PYMNTS

Once upon a time, the world of travel in general – and exotic or adventure travel, specifically – was a very different place. As the second decade of the 21 st century is drawing to a close, it is almost unimaginable that booking a flight or finding the right hotel room would present as a challenge. As the customer goes online and hits up the aggregator of their choice, they get a transparent list of everywhere they could stay and all the ways they could get there, laid out before them.

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Taking a risk-based approach to compliance management

Insights on Business

While deregulation has been a trend over the past few years, compliance monitoring and regulatory change management remains a top focus for financial institutions of all sizes. To explore this topic further, IBM is hosting a RegTalk panel discussion with industry experts from IBM, Promontory Financial Group and Thomson Reuters on May 16 at 10 AM ET.

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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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Volante Enhances Corporate Payments-As-A-Service For FIs

PYMNTS

Payments processing and financial message integration company Volante Technologies is expanding its Payments-as-a-Service offering for financial institutions in the U.S. The company’s VolPay-as-a-Service solution will now include corporate-to-bank connectivity, the firm said in a press release Tuesday (April 30), as well as support for corporate onboarding and end-to-end processing for U.S. and cross-border payments.

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Mastercard faces pressure to monitor hate group payments at board level

Payments Source

Mastercard’s board is pushing back against an activist group’s calls to create a board-level human rights committee to track potential transactions involving extremist organizations.

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How FinTechs See The Evolution Of Payments And Commerce

PYMNTS

FinTech firms are tracking the evolution of digital commerce and payments while tapping into the experiences of their leaders. AvidXchange Chief Operating Officer Steve Boehm, for instance, got the chance to live life at a web 1.0 company through his experiences of roughly six years at eBay. In the early days of the global exchange, where anyone could buy or sell anything from anyone else, Boehm told PYMNTS in an interview that people were essentially “mailing in envelopes of money and checks.”.

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Canadian bank-backed digital ID system launches, built on blockchain tech

Payments Source

SecureKey Technologies has partnered with Canada’s top banks and telcos to launch the country’s first federated digital identity network. The blockchain-based Verified.Me platform uses customer information from multiple databases to address a key problem in the digital world — proving you are who you claim to be.

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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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Accountants Say UK Bank Referral Scheme A ‘Waste Of Money’

PYMNTS

The U.K.’s Bank Referral Scheme, part of the government’s array of initiatives to expand access to capital for small businesses, has been marred by controversy and criticism since it first came into effect in late 2016. But the scheme faced some of its harshest attacks yet at the hands of the Corporate Finance Network, a U.K. accountancy group specializing in providing advisory services to small and medium-sized businesses (SMBs).

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5 insights into wearable payments

Payments Source

While the payment volume from smart wearable devices may not have achieved the initial euphoric predictions, things are about to change for the better as several market dynamics have shifted.

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How To Sell Sleeping Like A Baby (Literally)

PYMNTS

In a world where wellness has become a well-loved buzzword, it is perhaps unsurprising that sleep has become such big business. Sleep aids are big money. In 2017, it was a $69.5 billion business worldwide, and according to industry watchers, that figure is on track to grow to over $100 billion by 2023. One of the reasons sleep aids are such a big business is because lack of sleep is a big problem, particularly for Americans.

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Apple Pay's next phase thinks outside the app

Payments Source

To fuel growth, Apple's mobile wallet needs to go beyond its core use cases of NFC and in-app payments. Apple Pay's latest project leans more heavily on NFC to do work typically handled by apps.

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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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Mastercard Rolls Out Small Business Programs, Partners With Intuit

PYMNTS

Mastercard has announced the launch of new small business programs available across Mastercard Business and World Elite offerings. The programs will include product discounts from Intuit, as well as automatic savings on business expenses including recruiting, travel and dining, and more. “ Mastercard is developing solutions that leverage advanced technologies, partnerships and industry alliances to provide small business owners with the resources they need and the seamless experience they deserv

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Hedge funds besieged by hackers on a daily basis

Bobsguide

Hackers are exploiting inherent weaknesses in mature hedge funds on a daily basis, say a security vendor and the chief technology officer of an established fund, leading to huge boosts in cybersecurity spending. “Hedge funds are being targeted simply because of cash movements where frequent.

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Discovering (A Lack Of) Price Discovery Amid Bitcoin Fraud Allegations

PYMNTS

Generally speaking, price discovery is the way anything that changes hands – from stocks to bonds to software to services – finds a “real” price. It’s the agreed-upon price at which buyers will buy and sellers will sell, offering a sense of equilibrium – if only for a moment (because, of course, prices are fluid). Theoretically speaking, a marketplace helps smooth price discovery, bringing buyers and sellers together to transact through virtual or digital conduits.

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Why People Don't Switch Banks Anymore

Ron Shevelin

Deposit displacement is diminishing the importance of checking accounts in consumers' financial lives.

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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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Simon CEO Won’t Promise Tough Retail Times Are Over

PYMNTS

While the CEO of the country’s biggest mall owner thinks that retail store closures will slow down this year, he added that he “can’t guarantee it.”. “I think most of the bad news is behind us,” Simon Property Group CEO David Simon told analysts on a post-earnings conference call Tuesday (April 30), according to CNBC. “But I can’t guarantee it.”.

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Garmin Pay gets a prepaid account from PFS

Payments Source

E-money provider Prepaid Financial Services has partnered with Garmin International for its digital prepaid cards to operate in the U.K. on compatible Garmin Pay smartwatches.

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Apart-Hotels Turn Apartments Into Boutique Lodging

PYMNTS

Some entrepreneurs are inspired to start companies that stem from their passions: Nitesh Gandhi, founder and CEO of “apart-hotel” company Locale , was drawn to design, architecture and spaces while growing up. Gandhi said he has always been the one to look for the coffee shop with a great atmosphere (and, of course, great coffee). After spending time in the hotel world for a few years and then in vacation rentals, he saw an opportunity to combine the best of both worlds.

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Underbanked women a focus of Visa, Mastercard's digital strategies

Payments Source

Visa and Mastercard are driving digital transactions by financially empowering women in emerging markets who are unbanked but manage their families’ spending. The card networks are particularly targeting women in gig economy jobs and women-owned businesses.

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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.