Wed.Oct 16, 2019

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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. In the UK there’s Revolut, Zopa, … The post Some challengers really are challenging … but not where you’re looking appeared first on Chris Skinner's blog.

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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. For Finastra, the tie-up enhances the suite of services it offers its bank clients, while for Ripple, it extends its reach to more institutions. Ripple currently works with more […].

Payments 250
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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? FT investigation: Wirecard suspect accounting practices revealed Facebook executive confident Libra will win enough financial backers Global investors taking risks for higher returns, says IMF … The post Things worth reading: 17th October 2019 appeared first on Chris Skinner's blog.

Metro 157
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SoftBank, JP Morgan Discuss Bailout To Prevent WeWork Insolvency

PYMNTS

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. 15). 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.

Report 177
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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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Alexa, Is 2020 the Year of Voice Commerce?

Jack Henry

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. The consumer typically interacts with a virtual personal assistant like Apple’s Siri or Amazon’s Alexa and the voice replaces the need for point-and-click or typing information in a search field.

More Trending

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Cards are finally catching up with the digital revolution

Payments Source

Digital services are gaining momentum, and traditional plastic cards are adding innovation to keep up after years of lagging, says FIME's Stéphanie El Rhomri.

Cards 84
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Outback Steakhouse Pilots Machine Learning Tech

PYMNTS

At multiple restaurants operated by one of its franchisees, Outback Steakhouse is testing machine learning (ML) technology from Presto. The test is focused on the restaurant lobby, but could grow to the kitchen, curbside pickup and dining room areas, CNBC reported. Presto Founder and CEO Rajat Suri said the technology assists restaurants in fixing blind spots, noting that “managers can’t be everywhere at all times.

Analytics 163
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Vocalink signs deal for real-time switching, settlements for U.K.’s Link ATMs

Payments Source

Vocalink beat out four other competing bids to secure a 10-year contract to provide real-time switching and settlements for U.K. ATM operator Link Scheme.

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Mastercard Outlines Blockchain Principles After Leaving Libra Association

PYMNTS

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. “Following our withdrawal from the Libra Association membership process last week, we’ve received a great deal of interest in understanding how we evaluate technologies, programs and partners that have the potential to evolve the payments industry and enhance the valu

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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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RBC fights the fintechs by Uber-izing mobile payments

Payments Source

Technology companies like Square and Stripe have nimbly captured small-business share from banks that often overlooked the segment. Royal Bank of Canada is trying to respond through a mix of merchant services, tied to the national debit system and incentive marketing.

Mobile 69
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Disrupting The $31 Billion Toilet Paper Industry

PYMNTS

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.

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Morning Brief 10.16.19: Paytm closes in on $2 billion in new funding

Payments Source

The information you need to start your day, from PaymentsSource and around the web. Today: Paytm draws new investment; Interac expands mobile payments; Klarna and Samsung collaborate; Shopify and Splitit team up; Aliant pays staff in crypto.

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

PYMNTS

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.

Apple 139
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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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The many paths forward for B2B payments

Payments Source

Making a domestic or cross-border B2B payment should be as easy as a consumer making a payment at a retailer's point of sale. There are plenty of obstacles toward this goal, but also plenty of paths to success.

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

PYMNTS

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. As that happens, it’s vital for retailers and other participants in the digital economy to get past buzzwords and take on new tools.

Payments 134
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6 Tips For Women Who Want To Start A Business

BankBazaar

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? There are many women today who’re leaving their full-time jobs to start their own businesses.

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Codat Pulls SMB Accounting Into The Open Banking Fold

PYMNTS

Small business (SMB) accounting FinTech Codat is teaming up with five°degrees to join its Open Banking partnership, according to Verdict on Tuesday (Oct. 15). 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.

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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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Reg concerns about Libra ‘should be no surprise’: Fed’s Brainard

Payments Source

With policymakers casting doubt on Facebook's cryptocurrency and some of the social media giant's partners pulling out, a Federal Reserve governor continued the drumbeat of criticism.

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ScaleFactor Adds SMB Card To Expense Management Offering

PYMNTS

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.

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MercadoLibre plans to double down on Its Brazilian bet next year

Payments Source

MercadoLibre, the e-commerce pioneer in Latin America now worth $28 billion, plans to invest more in its financial services and payments unit while opening more distribution centers and seeking partnerships to cut delivery time further, Tolda said in an interview at Bloomberg’s Sao Paulo office.

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AML Compliance Controls Can Be Costly

PYMNTS

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.

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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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Facebook's Marcus vows to 'move forward' with Libra, add members

Payments Source

The Facebook Inc. executive responsible for the embattled Libra cryptocurrency said he doesn’t fault companies that pulled out of the project, adding that he’s optimistic more organizations will sign on despite intense opposition from politicians who seem to fear financial innovation.

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Marcus Remains Optimistic After Major Players Leave Libra

PYMNTS

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 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.

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Montana Supreme Court to decide if healthcare provider’s use of prepaid cards to make refunds violated state law

CFPB Monitor

An appeal now pending before the Montana Supreme Court could have significance for businesses that use prepaid cards to make refunds to customers. In Bratton v. Sisters of Charity of Leavenworth Health System, Inc. , the plaintiff filed a lawsuit against SCL Health (SCL), her healthcare provider, in Montana district court alleging that SCL violated Montana law by directing its bank to issue two prepaid cards to the plaintiff to refund credit balances on her account with SCL.

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Citi Backs Cash Flow Management Partner Cashforce

PYMNTS

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.

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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.