Payments Dive
JANUARY 21, 2020
Blockchain technology can provide excellent tools for supply chain management. Former Coca-Cola executive Kraig Adams talks about how he got involved with blockchain technology and how it will transform supply chain management.
Bank Innovation
JANUARY 21, 2020
Business payment startups and banks are rushing to offer clients the same kind of intuitive, automated payment experience that consumers have come to expect from their favorite personal finance apps. While startups like Bento for Business, HighRadius and AvidXchange are working with businesses to solve expense management pain points, Miami-based startup Biller Genie is embedding with banks in its effort […].
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Chris Skinner
JANUARY 21, 2020
Another useful person in my online network is Steve McLaughlin of @FTPartners, who I spotted sent a tweet last week saying they had produced a challenger bank report. FT Partners’ in-depth report, “The Rise of Challenger Banks” now features an exclusive interview with Brandon Krieg, Co-Founder and CEO of @Stash … The post The global new banking brew appeared first on Chris Skinner's blog.
Bank Innovation
JANUARY 21, 2020
As Visa Inc., Mastercard Inc. and American Express Co. prepare to enter China for the first time, one of their biggest competitive threats will come from a company that doesn’t issue credit cards. Jack Ma’s Ant Financial, already the biggest player in China’s $27 trillion payments market, is leveraging its ubiquitous Alipay mobile app to […].
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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 21, 2020
Cross-border peer-to-peer (P2P) payments firm MoneyGram has teamed up with foreign exchange and global money transfer company LuLu Money , MoneyGram announced on Tuesday (Jan. 21). The Philippines-headquartered LuLu Money will use MoneyGram’s API-driven platform to interface with leading consumer-centric capabilities and advance its global network. Adeeb Ahamed, managing director of LuLu Financial Group , which is headquartered in Abu Dhabi, said the collaboration with MoneyGram “will revolution
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Chris Skinner
JANUARY 21, 2020
Things we’re reading today include … Boss of RBS start-up bank Bó quits, plunging its future into chaos NAB faces class action lawsuit for delaying moving $6.3bn of super to low-fee accounts Bank executive accuses HSBC of tolerating “culture of sexism” Vodafone quits Facebook’s Libra currency Davos 2020: Bankers push … The post Things worth reading: 22nd January 2020 appeared first on Chris Skinner's blog.
Bank Innovation
JANUARY 21, 2020
Citigroup Inc. spends about $8.5 billion a year on technology, but the bank’s boss says that doesn’t mean branch workers will all be replaced by machines anytime soon Modernizing the bank’s app and digital-banking experience won’t necessarily result in Citigroup needing fewer people in its retail bank, Chief Executive Officer Michael Corbat said Tuesday in […].
PYMNTS
JANUARY 21, 2020
Don’t look now, but virtual reality and augmented reality are starting to make bigger gains in the retail world. These are still early days but trends are coming together — and expectations are rising, thanks not only the evolution of AR and VR technology, but the coming deployments of 5G mobile network ecosystems. PYMNTS research helps illustrate some of those recent developments.
Bank Innovation
JANUARY 21, 2020
When preparing for a new year, it helps to assess what went well and what didn’t in the previous year. This exercise helps keep track of past triumphs for further success and turn past deficiencies into future victories. To understand where bankers feel their strengths lie heading into the new decade — and where they need to improve — CSI, a leading provider of fintech solutions, polled […].
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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 21, 2020
Europe’s smart home market growth increased in the last year, growing by 18.1 percent over the same quarter from 2018. “Amazon had a stellar quarter and was responsible for more than half of the smart speakers shipped to Europe in the third quarter of 2019,” said Antonio Arantes, senior research analyst for smart home devices in Western Europe. “In the digital media adapter space, the Fire TV continues to prove the strength of the product, leading in the United Kingdom and German markets.”.
Bank Innovation
JANUARY 21, 2020
A cyberattack on a major U.S. bank could have network effects that could cripple the financial system, a report from the Federal Reserve Bank of New York concluded. The study, released this month, focused on the consequences of an attack on the wholesale payments network. According to the report, an attack could affect around a third of network […].
PYMNTS
JANUARY 21, 2020
Mark Twain famously said there are three kinds of untruths: lies, damned lies and statistics. And nowhere is that aphorism better illustrated over the last decade than with the statistic that more than 90 percent of all retail sales took place at brick and mortar stores. It gave retailers the illusion that digital was the retail cart driven by the physical store horse.
CFPB Monitor
JANUARY 21, 2020
On January 7, 2020, Chief United States Bankruptcy Judge Cecilia G. Morris of the United States Bankruptcy Court for the Southern District of New York issued a notable opinion in the case of Rosenberg v. N.Y. State Higher Education Services Corp. , granting summary judgment in favor of a U.S. Navy veteran who was seeking to discharge $221,385.49 in federal student loan debt.
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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 21, 2020
More than 90 percent of U.S. consumers now prefer to receive digital payments over paper checks. Cash and checks persist as the disbursement methods for many companies, however, despite the growing preference for online payments. These outdated methods cause frictions, both in delaying the payout process and in the relationship that consumers and businesses have with each other.
Payments Source
JANUARY 21, 2020
Providing simple and rapid claims payouts is a competitive feature in the property and casualty insurance industry. Both Visa and Mastercard see insurance payouts as a use case for their respective card-to-card transfer services, Visa Direct and Mastercard Send.
PYMNTS
JANUARY 21, 2020
Though many banks may be betting big on advanced technology to help them in the fight against financial fraud, their customers would feel more secure if they were given more control over their banking apps’ authentication processes. There is a simple explanation for this: Recent PYMNTS research has shown that most consumers believe they are in the best position to tell when someone else is using their accounts, and that they would be better than banks at identifying the presence of fraudsters on
Insights on Business
JANUARY 21, 2020
Shell companies and the hidden threat of entity risk. While not inherently illegal, shell companies have been getting a lot attention recently for the role they play in illegal activity. This makes sense, as two of the legitimate uses of shell companies are the ability to shield owners from litigation and as a vehicle for tax avoidance (not evasion).
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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 21, 2020
London-based expense management startup Expend is introducing a FinTech marketplace to support small to-medium-sized enterprises (SMEs), the company announced on Tuesday (Jan. 21). The new marketplace was launched solely for Expend’s prepaid Mastercard users as well as non-card customers and is targeted to business owners and finance teams. It offers a curated inventory of hand-picked products to advance cash flow, human resources, finance and accounting.
Jack Henry
JANUARY 21, 2020
I grew up in payments. In the mid-90s, I cut my teeth on Standard Entry Class codes, Return Reason codes, and the logistics of batch clearing and time-based risk in ACH. I know. Sexy, right? In Payments Land, geeks like me loved to talk shop. Still do. Comic-Con and Star Trek conventions have nothing on regional payments conferences where payments nerds brandish obscure acronyms and flex arcane knowledge in passive-aggressive conversations about who’s liable for fraud in unusual transaction scen
PYMNTS
JANUARY 21, 2020
JPMorgan has created a $100 billion funding arm — the JPMorgan Development Finance Institution (DFI) — to expand investments in emerging markets and help the United Nations (U.N.) meets its Sustainable Development Goals , JPMorgan announced on Tuesday (Jan. 21). JPMorgan consulted with other development institutions to develop defining principles to ascertain the prospects most likely to produce both financial and developmental gains.
Bobsguide
JANUARY 21, 2020
After more than a decade of intensifying regulatory scrutiny, and calls for greater transparency across financial markets, it is striking that so many capital markets participants are still mired in compliance-related IT and data complexity without an end in sight. Ultimately, this is because they.
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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 21, 2020
One of the biggest questions that promises to play out in the larger world of restaurants — whether quick-service operations or others — is who will ultimately own their customers, and whether those businesses can get them back once they are lost to third-party delivery services and aggregators. How all that will play out was a big part of a recent PYMNTS discussion featuring Karen Webster and Dan Rodgers, president and founder at QikServe , a company that provides self-service offerings for the
Payments Source
JANUARY 21, 2020
The concept can enable chargeback abuse, and if this “blind-eye” approach continues to dominate, the bad behavior will only get worse, says Chargeback 911's Monica Eaton-Cardone.
PYMNTS
JANUARY 21, 2020
And now, for digital currencies, it’s a group effort — among central banks, that is. Up until now, the explorations and considerations of digital currencies — as would be, potentially, issued by central banking systems to bring fiat into digital form — has been done on a country-by-country basis. But as reported Tuesday (Jan. 21), at least some of those central banks are banding together to form a group that will study ways and means of issuing central bank digital currencies (CBDC).
Insights on Business
JANUARY 21, 2020
Shell companies and the hidden threat of entity risk. While not inherently illegal, shell companies have been getting a lot attention recently for the role they play in illegal activity. This makes sense, as two of the legitimate uses of shell companies are the ability to shield owners from litigation and as a vehicle for tax avoidance (not evasion).
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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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