Chris Skinner
JANUARY 29, 2019
One of the issues I have with financial services is that it’s frightening. You might not think so, but I grew up in a world of cushioned money. I didn’t know much about money at all. The most I knew about money is begging for more pocket money. The Bank … The post Financial literacy is the scourge of our times appeared first on Chris Skinner's blog.
Bank Innovation
JANUARY 29, 2019
Bank-backed Zelle will offer its P2P service to core processor technology provider Finastra this year, Bank Innovation has learned. This move is an important part of Zelle's onboarding strategy. "Our goal is to onboard as many smaller banks, credit unions, community banks as possible, and this is where our partnerships with core-processors play an integral role in getting them […].
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Chris Skinner
JANUARY 29, 2019
Things we’re reading today include … E.C.B. Takes Reins of Italian Bank to Prevent Wider Crisis Ripple Has Signed Up A Bank To Use XRP For Payments. So What? The Great Chinese Bank Bailout Online start-up offers highest US rate to woo bank customers Barclays executive given £25m bonus after … The post Things worth reading: 30th January 2019 appeared first on Chris Skinner's blog.
Bank Innovation
JANUARY 29, 2019
Umpqua Bank’s strategic plan to boost profitability and simplify operations by 2020, called NextGen, appears to be performing above expectations, according to the bank’s fourth-quarter earnings for 2018. The Roseburg, Ore.-based bank realized $16 million of a $24 million-to-$36 million target range for annual cost reductions. Another $8 million in cost reductions are expected to come […].
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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
PYMNTS
JANUARY 29, 2019
Financial technology startups were able to raise $39.57 billion in venture funding last year, marking a 120 percent increase from 2017. Reuters , citing data from CB Insights, reported the funding was on a global basis and was raised via 1,707 deals. The number of deals is also up from the 1,480 in 2017. According to Reuters, the increase in funding was driven by 52 deals that were bigger than $100 million.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JANUARY 29, 2019
Visa and the National Football League (NFL), partners since 1995, will extend their collaboration through 2025 and work together to make a cashless Super Bowl a reality one day, Visa said in a release. Visa will continue to serve as the NFL’s official payment services technology partner, and as part of the deal Visa cardholders will get special benefits.
Bobsguide
JANUARY 29, 2019
A breed of emergent vendors is aiming to break apart the oligarchy ruling the core banking space and disrupt a market which has been experiencing consolidation for a decade. Those in the market suggest that cloud-based platforms could see the pureplay core system business model “come to an.
PYMNTS
JANUARY 29, 2019
There’s an old saying in business, often attributed to Warren Buffett: It takes 20 years to build a reputation, and five minutes to destroy that same hard-earned reputation. We’ll use that Buffett-ism as a jumping-off point to reflect on the fact that credit unions (CUs) have built strong reputations over decades. However, CUs — which now number roughly 5,300 in the U.S. — face pressure to step up technological advances, where inexorable movement toward digital and consumer-focused services can
Payments Source
JANUARY 29, 2019
Visa for years has used its sponsorship of the Super Bowl to promote contactless and mobile payments, but it hasn’t squeezed cash out of the event yet.
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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
PYMNTS
JANUARY 29, 2019
Visa has launched a new ePayment processing system called VisaNet in Argentina, the company announced on Tuesday (Jan. 29). The company said the new service will bring new ways to pay and new services to Argentinian cardholders, shopkeepers and banking institutions. The launch will increase Visa’s slice of the domestic transaction pie in the region by 10 percent.
Bobsguide
JANUARY 29, 2019
In Asia Pacific (APAC) more than any other region, service quality will determine the depth and longevity of relationships between banks and clients in the near term. Sell-side firms in APAC are still building regional brands and expanding their product offerings. Their institutional customers are.
PYMNTS
JANUARY 29, 2019
As the Super Bowl approaches, there is the usual uncertainty. Which team will win? Which commercials will be talked about most in the following days? Which brands will blow it? Will Tom Brady turn in his jersey after the game for an AARP card and hit the celebrity golf circuit? For payments and commerce , there’s another uncertainty that hangs in the air: Will legal online sports betting keep going forward, despite a recent decision by the U.S.
Payments Source
JANUARY 29, 2019
The New York based Petal uses machine learning to optimize the limited financial data available for low-information consumer groups and millennials, who often turn to installment loans from companies such as Affirm, Klarna and PayPal Credit.
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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.
PYMNTS
JANUARY 29, 2019
Francesco Firano, founder of cryptocurrency exchange BitGrail , has been ordered to repay the $170 million worth of cryptocurrency that allegedly went missing last year. According to The Next Web , an Italian judge ordered that Firano must declare bankruptcy, hand over personal assets and return as much of the stolen crypto as possible. Documents revealed that Firano transferred customer funds into wallets under BitGrail control, and never installed safeguards to keep the cryptocurrency from bei
Payments Source
JANUARY 29, 2019
Criminals are getting aggressive when using mobile apps to compromise consumer accounts, and that's causing headaches for execs who bear responsibility for data security.
PYMNTS
JANUARY 29, 2019
During the fourth quarter of 2018, ACH Network volume saw more growth than it has in the last decade, according to the National Automated Clearing House Association (NACHA), which noted same-day ACH payments also reached a new level. Upwards of 5.9 billion ACH payments happened in Q4 last year, including 3.5 billion debits and about 2.4 billion credits.
Bobsguide
JANUARY 29, 2019
“If you look at the leverage market let’s say ‘correction’, margins are higher now than they were six months ago,” says Dafydd Joyner, director of syndicated finance at ING bank. “There is not a huge amount of deals out there, you’ve got three or four.
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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.
PYMNTS
JANUARY 29, 2019
From connected cars to smart ovens, the Intelligence of Things (IoT) ecosystem is projected to grow into every area of consumer life by the end of 2019. Overall spend on IoT devices is set to skyrocket this year. South Korea alone, for instance, is expected to spend $25.7 billion on the technology before the year’s end, and the country is far from the top spender.
Payments Source
JANUARY 29, 2019
There’s no reason for the central bank to prohibit nonbank financial firms from entering the payments system as long as appropriate rules are put in place to protect against risk.
PYMNTS
JANUARY 29, 2019
Straight-through processing (STP) is the gold standard for accounts payable (AP) departments. It allows invoices to be received, reviewed and pushed through for payment, all without manual intervention. However, experts have agreed that STP is best for companies without a high level of invoice exceptions. For businesses that do experience a high volume of exceptions, the AP department can remain a manual area of the enterprise, even with technological adoptions.
Payments Source
JANUARY 29, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: Facebook Messenger expands payment reach; First Direct and Monzo add tech; SOHO coffee builds loyalty app; Aliant offers free crypto payments.
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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.
PYMNTS
JANUARY 29, 2019
The family trip to Disney World, the honeymoon to Hawaii, the 25-year anniversary spent in Paris — t he big trips people take aren’t just vacations or chances to see something new, but often mark the biggest events in people’s lives. However, seeing the world and making memories in unforgettable places are not inexpensive. Once-in-a-lifetime trips often carry once-in-a-lifetime bills.
Tom Groenfeldt
JANUARY 29, 2019
Community banks don't trust The Clearing House and its big bank owners to treat them fairly -- they want the Federal Reserve to develop a real-time payment system of its own and extend it to financial institutions of all sizes.
PYMNTS
JANUARY 29, 2019
Walmart announced Tuesday (Jan. 29) that it has inked a long-term partnership with Fanatics, the sports fan brand that makes team and player merchandise and operates NFLShop.com, NBAStore.com and MLBShop.com. In a blog post , Eric O’Toole, general manager of sports and fitness for Walmart U.S. eCommerce , said that under the deal, Fanatics will launch a new specialty shop on Walmart.com offering licensed fan gear.
Payments Source
JANUARY 29, 2019
Stadiums, arenas and theaters are natural fits for innovations such as social P2P, mobile commerce and transferrable authentication. This, in turn, makes such venues a magnet for the payments industry’s most recognizable brands.
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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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