Mon.Jul 29, 2019

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Who governs the internet?

Chris Skinner

I have this debate often: Why governments will fail to block the emergence of cryptocurrencies such as Bitcoin Can you have decentralised exchange without centralised control? Is the world being democratised through technology? How do governments regulate a networked world? A world without money A world without government? … and … The post Who governs the internet?

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Amplify Credit Union rolls out mobile banking via Apple Watch

Bank Innovation

Amplify Credit Union is letting customers check in on their financial health by looking at their wrists. The Austin-based credit union, which has $950 million in assets, rolled out mobile banking via the Apple Watch earlier this month. Members check their accounts directly before making purchases and can link car loans, mortgages, investments and other […].

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Things worth reading: 30th July 2019

Chris Skinner

Things we’re reading today include … Pound sinks to 28-month low on Brexit fears Capital One says information of over 100 million individuals in U.S., Canada hacked Bank of America ends joint venture with Fiserv’s First Data Dark web criminal bought ‘quadrillions of Zimbabwe bank notes’ Barclays, RBS and other … The post Things worth reading: 30th July 2019 appeared first on Chris Skinner's blog.

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SMB lender OnDeck ‘actively pursuing’ bank charter

Bank Innovation

On the heels of digital banking startup Varo Money applying for a banking license with the Federal Deposit Insurance Corporation (FDIC) earlier this month, another fintech firm with its toes in charter waters seems poised to jump in. Small business lender OnDeck is “actively pursuing” a bank charter to provide a wider range of products […].

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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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Do Lenders Deserve Incentive Pay?

South State Correspondent

LENDER COMPENSATION A CEO of a community bank recently asked us an important question: “why should I pay my lenders any incentive to do their jobs, they already make a good salary?” We hear this question often from different management teams. We believe that part of every lender’s compensation should be variable and that incentive pay should be based on strategic priorities for that specific bank.

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Vesicash Uses Escrow To Ignite eCommerce In Africa

PYMNTS

The common view about Africa – once found in recent PYMNTS coverage – is that the vast, varied and massively populated continent represents the next frontier for eCommerce. The middle-class and disposable incomes are growing in many African countries. Although consumers are still without formal access to traditional financial services, a growing number of them are closely tied to their mobiles phones, and all the commerce and payments opportunities offered by those devices.

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Two Proven Secrets To Faster Bank Decisions – Part I

South State Correspondent

Keeping up with the speed of change within a bank often requires quick decisions on a variety of topics. Things can slow down when bankers need “perfect” or complete information about a decision. The reality is that perfect information is almost impossible to come by, and even if it was available, it ends up hurting the process anyway.

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London FinTech Glint Pay Launches Gold-Backed Debit Card

PYMNTS

A company called Glint Pay has launched a debit card that’s backed by gold instead of currency, according to a report in The Denver Post. The company is London-based, and its U.S. office is in Boulder, Colorado. The card was released in the U.S. on Monday (July 29). Glint Pay was started by entrepreneur Jason Cozens. “We want gold to be considered like any other currency,” Cozens said.

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Why Fintech Startups Fail

Ron Shevelin

The're one reason why fintech startups fail: They don't make enough money. The reason they don't make enough money usually comes down to choice of business model.

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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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Does Skincare Need To Be More Data Driven?

PYMNTS

There are all kinds of skin care startups on the market that promise to deliver some kind of epidermal miracle, particularly on one’s face. Sometimes the secret is in the ingredient list, such as collagen that will fill in the wrinkles. Other times the magic is in the routine — K Beauty regimens, for example, aren’t just about using the right products, but using a long list of the right product in the right order multiple times a day.

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How investments are shaping Europe's market for open banking

Payments Source

Investments in open-banking fintechs have accelerated recently, as many European banks are struggling to implement PSD2-compliant open banking APIs to meet the EU’s September 2019 deadline.

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The Fiserv-First Data Merger Is Complete

PYMNTS

The big deal is now complete: Fiserv announced this morning (July 29) that it has completed its acquisition of First Data Corporation. The two massive firms first inked the deal earlier this year, which will see Fiserv purchase First Data for $22 billion in an all-stock transaction. At the time the transaction was announced, the companies said users would benefit from a “highly complementary combination” that offers a range of payments and financial services, spanning account processing and di

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Accelerate sales productivity with an AI digital assistant

Insights on Business

Digital assistants today can deliver far more services beyond sophisticated call routing. Infusion of artificial intelligence (AI) functionalities adds the potential to increase seller field time, improve sales performance and help lift HR productivity. These enhancements mean that digital assistants can positively affect business results. What it does.

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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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California’s Proposed Business Lending Rules Draw Support

PYMNTS

Proposed regulations would give small businesses in California the nation’s most extensive set of truth-in-lending protections for small business borrowers. . The new rules were released on Monday (July 29) by the Department of Business Oversight (DBO) and seek to protect the state’s 4 million small businesses from predatory lending practices, according to a press release from the Responsible Business Lending Coalition (RBDL). .

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IBM sponsoring WorldatWork: Spotlight on Sales Comp 2019 conference

Insights on Business

I like to learn, network, meet new people with similar interests – who doesn’t? I especially like to learn about sales incentive compensation and how to improve sales performance. However, there are very few conferences to attend that focuses on the field of sales compensation. That’s why I always look forward to attending the annual WorldatWork: Spotlight on Sales Comp 2019 conference.

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Ripple Writes An Open Letter To Congress Over Crypto

PYMNTS

Ripple CEO Brad Garlinghouse and its Executive Chairman Chris Larsen penned an open letter to Congress regarding the regulations of cryptocurrencies. The letter states that a lot of companies in the space are “responsible actors” and that they pay attention, and adhere to, local and international law. Many companies believe they are serving the greater good.

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The crooks will win unless cybersecurity is fought on multiple fronts

Payments Source

The time is ripe to move decision-making up the ladder and for organizations to bite the bullet by creating a more inclusive comprehensive strategy for the overall business that considers all the disparate security needs, writes Madeline Aufseeser, an analyst and fintech executive.

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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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Deep Dive: How AI And Automation Are Changing Digital Banking In India

PYMNTS

Many Indian consumers are making their first forays into the digital financial ecosystem as demonetization continues to shrink the country’s age-old reliance on cash. To accommodate this shift and the nation’s growing number of internet and smartphone users, tech giants like Amazon and Facebook are launching digital banking solutions focused on mobile devices.

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U.K. fintech Glint brings gold-based debit Mastercard to U.S.

Payments Source

Glint has launched a U.S. version of its European gold-based debit Mastercard and app that creates an alternative currency for long-term savings as well as for use in spending on everyday transactions.

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BofA, First Data Will Not Renew Contract For JV In 2020

PYMNTS

With their joint venture set to end next year, First Data (now Fiserv) and Bank of America said on Monday (July 29) that they will pursue independent merchant services strategies starting in June 2020. The companies, however, have an agreement to provide Bank of America Merchant Services clients with uninterrupted delivery of products and services through at least June 2023, according to a press release.

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BofA’s First Data joint venture is an early casualty of big payments M&A

Payments Source

The fallout from this spring’s slate of multi-billion payment company acquisitions began swiftly, as Bank of America on Monday announced plans to end its joint venture with First Data just hours after Fiserv’s acquisition of First Data closed.

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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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Where Credit Unions Invest To Get The Best ROI

PYMNTS

Credit unions (CUs) rely on their members’ loyalty to compete in a saturated financial services market. This means CUs must be carefully attuned to member’s financial needs and the innovations they want most as CUs invest in new products and services aimed at improving the way members engage with their FIs. Most CUs strive to delive r a simple, personalized user experience.

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Capital One systems breached by Seattle woman, U.S. says

Payments Source

Capital One Financial Corp. lost data from as many as tens of millions of credit card applications after a Seattle woman hacked into a cloud-computing company server, federal prosecutors in Seattle said.

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Three Of Apple’s 2020 iPhones Will Support 5G

PYMNTS

Apple won’t be the first major vendor offering a 5G smartphone, but all three iPhones scheduled for release in 2020 will accommodate the new cellular network. . Analyst Ming-Chi Kuo of TF International Securities said 5G will be on all the new phones, not just on the two highest-end models, CNBC reported on Monday (July 29). . The 2020 iPhones will be able to better compete with lower-priced Android phones, Kuo said.

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7.29.19 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Australian banks suffer breaches; U.K. may restrict gambling payments; Movie subscription sites proliferate; Huawei wants China to counter Libra.

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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.