Wed.Oct 16, 2019

Finastra taps Ripple for real-time payments across borders

Bank Innovation

Banking technology provider Finastra, which works with more than 9,000 clients, is partnering with payment network Ripple to facilitate real time, blockchain-supported payments for its customers.

Bringing Autonomous Smart Shuttles To the Masses


There will be 41.6 billion Internet of Things (IoT)-connected devices around the world by 2025. Consumers and businesses have increasingly employed the technology in a variety of use cases as it becomes more sophisticated, from smart cars to sensors that can be utilized for smart cities.

Things worth reading: 17th October 2019

Chris Skinner

Things we’re reading today include … Bank of America’s Future Is Digital, and It’s Now Metro Bank Q3 earnings: what next for the share price?

Metro 156

Who’s Ready For Prime-Time Commerce And Payments?


As consumers and commerce get much more sophisticated , payment service providers and merchants are following suit. The vaping industry will tell us a lot about this innovation and disruption, and will likely provide multiple lessons for other types of merchants.

Tools 190

Some challengers really are challenging … but not where you’re looking

Chris Skinner

You’ve got to love all these challenger banks (née neobanks née digital banks née mobile banks née whatever banks) appearing. There’s lots of chat about the British ones led by Monzo and closely followed by Starling, Atom and Tandem, but there are many more.

Mobile 156

SoftBank, JP Morgan Discuss Bailout To Prevent WeWork Insolvency


SoftBank and JP Morgan are in talks to rescue WeWork before it runs out of money, which is expected to happen by mid-November, CNBC reported on Tuesday (Oct. Sources told CNBC that talks between SoftBank and JP Morgan have been ongoing ever since the startup’s IPO was pulled about two weeks ago. The bailout could involve equity from SoftBank and debt from J.P. Morgan, sources said.

[Guide] 5 Opportunities to Transform Retirement Services with AI

Perficient Financial Servies

Financial services back-office processing, particularly in retirement services, has historically been a very labor-intensive and opaque environment.

Fraud 75

More Trending

A Data Scientist’s relationship with building Predictive Models


If you’re a Data Scientist, you’ve likely spent months earnestly developing and then deploying a single predictive model. The truth is that once your model is built – that’s only half the battle won.

Data 71

Mastercard Outlines Blockchain Principles After Leaving Libra Association


Mastercard has outlined its intentions with blockchain after its high profile exit from the Libra Association, a coalition of many successful companies meant to help guide and foster oversight of Facebook’s proposed cryptocurrency.

Alexa, Is 2020 the Year of Voice Commerce?

Strategically Speaking

Voice commerce, also known as vCommerce, is a buying principle that allows customers to make purchases using software applications on enabled devices with voice commands.

Apple 63

SnapPay Rolls Out Facial Recognition Payments


Global payments solution SnapPay announced the rollout of facial recognition payment technology for North American merchants. SnapPay said the technology gives users greater convenience and security when shopping at mainstream retailers. Although it is based on the same tech that is available now in Asia, SnapPay is initially launching in North America to select retailers. The technology is being demonstrated by SnapPay at the Retail Council of Canada’s Retail West Show on Wednesday (Oct.

UK at a tipping point, says Access to Cash Review chair

ATM Marketplace

As digital payments grow in popularity in the U.K., the systems that support cash are starting to erode. Natalie Ceeney, chair of Access to Cash Review, warns that the country is headed into "unchartered territory

Codat Pulls SMB Accounting Into The Open Banking Fold


Small business (SMB) accounting FinTech Codat is teaming up with five°degrees to join its Open Banking partnership, according to Verdict on Tuesday (Oct. London-based Codat, which enables small businesses to integrate their back-office platforms via application program interface (API), will join five°degrees’ Open Banking Marketplace to support collaboration and integration between traditional banks and FinTech firms.

A better way to build a credit union website RFP

Shared iDiz

We’ve built a lot of credit union websites and we’ve seen and responded to a lot of website RFPs (Requests for Proposals). And let’s be honest here: most RFPs and RFP processes… aren’t that great.

Red Ink Marks Marcus — And Goldman Sachs’ Risky Consumer Bet


Earnings season happens every three months, like clockwork. Also, like clockwork, banks give a glimpse into the state of how interest rates and the economy are faring — and, of course, consumers’ willingness to spend. In general, banks have pointed to the continued resilience of the consumer, evidenced in JPMorgan’s increased card loans, and Citi’s 5 percent growth in card purchase sales.

Course 149

Group applies to form bank in Ohio


The application for Riverside Bank of Dublin comes just six months after another group opened a bank in a nearby market. Community banking De novo institutions Capital Ohio

Ohio 83

Citi Backs Cash Flow Management Partner Cashforce


Cash flow forecasting FinTech Cashforce has announced a $5.5 million Series A funding round on Tuesday (Oct. 15) led by INKEF Capital and Citi Ventures, with Citi also announcing a strategic partnership with the company. In a press release , Cashforce said existing investors Pamica, Volta Ventures and others also participated in the investment, which will be used to focus on expansion across borders.

Small banks can use tech to make their size an advantage in AML compliance


New tech can help banks with less cumbersome systems track suspicious activity more effectively. AML Compliance Compliance systems Regulation/Compliance Regtech FinCEN

Get Ready For A More Intimate, Data-Driven QSR Experience


Fast food and quick-service restaurants (QSRs) are much more about mass production than customization, no matter how many personalized options those operations offer hungry consumers. However, change is afoot, according to Tim Ridgely, head of order and delivery for Paytronix Systems , in a new PYMNTS interview. That could mean the QSR world will form relationship-like ties with consumers.

Data 146

Client Note: SEC Halts Telegram’s Token Offering, UiPath’s Acquisition, A $3.9B Cybersecurity Exit, And More

CB Insights

Fintech. SEC halts a $1.7B digital token offering weeks ahead of launch. Last week, Telegram received a temporary restraining order from the SEC, which alleges that messaging service unlawfully raised $1.7B in an unregistered digital token offering. Want the full post? Become a CB Insights customer.

AML Compliance Controls Can Be Costly


Recent scandals involving Deutsche Bank and Swedbank have made consumers reconsider their trust in financial institutions, many of which are scrambling to keep fraudsters out and bring customers back. Money laundering has always troubled financial institutions, but today’s digital banking system creates additional complexities as fraudsters around the world take advantage of financial technologies.

6 Tips For Women Who Want To Start A Business


Women may be at the helm of MNCs today but the fact remains that there aren’t many female entrepreneurs around. Here’s how we can change that. Women may be at the helm of organisations today but look around you – how many of them actually own these businesses? Not many, isn’t it?

Citi On Simplifying Cross-Border Payments


The buyer is in Canada. The seller is in Singapore. The transaction wends its way across borders, in the middle of the night, settling instantly. In the always-on, 24/7/365 economy, payments that circle the globe should conceivably be as simple as those made in a peer-to-peer (P2P) transaction. The reality? Well, cross-border payments are fraught with friction, especially when it comes to business-to-business, or B2B.

Cool data points for the U.S. insurance industry- do customers care?

Daily Fintech

Are there common threads for or against the industry changing customers’ insurance viewpoints among these data points? billion spent by insurers in 2018 on tech- U.S. market[i] $1.2 trillion- 2018 premiums, U.S. P&C market[ii] Record cash surplus for U.S.

Flowhub Lands $23M To Automate Cannabis Compliance


Flowhub , a cannabis retail management software vendor, has raised $23 million in its bid to automate cannabis compliance. A number of investors participated, including, Evolv Ventures and Poseidon. Despite the public market for cannabis being off by more than 40 percent, the legal cannabis industry is expected to rise above $66 billion over the next five years — and businesses need help in navigating the highly-regulated market.

Splitit announces partnership with Shopify, Divido

The Paypers

(The Paypers) Splitit Payments has announced new partnerships and merchant agreements in North America, including with Shopify and Divido

BOE Head Carney: FinTech Won’t Make Central Banks Obsolete


The governor of the Bank of England said he doesn’t think new financial technologies (FinTechs) will cause central banks to be obsolete. While Mark Carney admitted that even though central banks won’t be “at the cutting edge of innovation,” they are necessary institutions that are paramount in making sure financial markets continue to be stable, CNBC reported. That’s not hubris,” he said. The fact is that the financial system … is the most heavily regulated part of the economy.

SOCASH, JCB to collaborate for cardless currency exchange service for tourists

The Paypers

(The Paypers) SOCASH has announced its plans of a global partnership with JCB to offer cardless cash withdrawal services for tourists


Disrupting The $31 Billion Toilet Paper Industry


While toilet paper seems like a product that should have been around for as long as there has been commerce, it actually is a fairly modern invention. Before 1857, the most common “toilet paper” in the United States actually consisted of pages from the Sears Roebuck catalog. That finally changed when one brave innovator, entrepreneur Joseph Gayetty, got the idea that a better alternative could be created.

Nigerian fintech Lidya launches SME lending platforms for Poland and Czech Republic

The Paypers

(The Paypers) SME lender Lidya is launching its platform in Poland and the Czech Republic, marking the Nigerian company’s first international expansion into Europe since it was founded in 2016 in Lagos

Marcus Remains Optimistic After Major Players Leave Libra


David Marcus, the co-creator of Facebook’s Libra cryptocurrency, said progress is being made despite the exit of several big companies, CNBC reported on Wednesday (Oct. 16). “It It wasn’t a tough week,” Marcus told CNBC. Aside from being Libra’s co-creator, he also heads the Libra wallet Calibra. Although launched and led by Facebook, the stablecoin will be run by the nonprofit Libra Association.

EBANX raises investment from FTV Capital

The Paypers

(The Paypers) EBANX has raised a follow-on investment from FTV Capital , a US-based growth equity investment company

ScaleFactor Adds SMB Card To Expense Management Offering


Small business accounting solution provider ScaleFactor is expanding its product suite to include a commercial card product to support expense management. A press release issued Tuesday (Oct. 15) said ScaleFactor is launching a ScaleFactor Visa Card, a commercial card designed for small businesses to manage spend and customize their expense management workflow.

BankiFi + Nationwide Building Society = happy business customers

The Paypers

(The Paypers) In a joint interview at Sibos 2019, Emma Huntington and Conny Dorrestijn discuss Nationwide `s recent investment in BankiFi , as it plans to launch its business banking service


Bank of America Sees 76 Pct. Boost In Q3 Zelle Payments


Zelle P2P payments increased 76 percent year-over-year (YoY) in the third quarter of 2019, Bank of America said on Wednesday (Oct. 16), signaling the latest burst of growth for that payment method. During the quarter, consumers made 80.8 million payments worth $20.8 billion using Zelle. In its Q3 financial release , Bank of America also gave updates on its mobile and digital efforts.

Libra welcomed by Taiwanese executive

The Paypers

(The Paypers) Terry Gou, Taiwan’s richest man and the founder of manufacturing company Foxconn, wants the island to roll out the red carpet for Facebook’s Libra cryptocurrency project, according to CoinDesk

EU Watchdog Probing Apple Pay Over Alleged Anticompetitive Conduct 


The Apple payment platform, Apple Pay, is again being investigated by the European Commission again, MLex reported on Wednesday (Oct. 16). . A report says that European Union antitrust regulators are gathering information from other payments companies about Apple’s marketplace decorum. The investigation is looking at how iPhone users set up their phones and the role Apple Pay plays.

Apple 132