Thu.Sep 12, 2019

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US Bank’s White: Digital banking is now more than DIY

Bank Innovation

As digital banking goes mainstream, banks are recognizing that a mobile app that lets customers carry out day-to-day tasks isn’t enough. It’s a reality for which U.S. Bank has been preparing, especially as it reports that 72% of its customers are considered “digital-active” and 50% are using mobile channels. “Digital and do-it-yourself (DIY) are the basic […].

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Building The Tire Shop Of The Future With On-Demand Service

PYMNTS

When Zohr Co-Founder and CEO Komal Choong and Co-founder and COO Anoop Choong were in college, they would flip cars and car parts on the side. While they were buying and selling a lot of those vehicles, Komal told PYMNTS in an interview that “we realized how painful the experience was for the consumer going into a traditional tire shop or repair facility.

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Ride sharing, delivery firms gear for battle after California reclassifies workers in new bill

Payments Dive

A bill that reclassifies gig workers at ride sharing, delivery and other app-based firms passed overwhelmingly in California. However gig companies like Uber, DoorDash and others say they will push for a more balanced bill that preserves some of the independence that drivers enjoy and creates less of a financial burden on the industry.

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Walmart To Expand Delivery Unlimited Program

PYMNTS

With an expansion of its Grocery Delivery membership option for customers, Walmart plans to grow the reach of Delivery Unlimited to 1,400 stores later this autumn. The offering allows shoppers to pay a monthly or yearly fee to get unlimited Walmart Grocery Delivery orders. Shoppers, however, can still pay a per-delivery fee without a membership, the company said in an announcement.

Tampa 249
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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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A Checklist For Any Bank Considering a Payment Strategy

South State Correspondent

Payment Innovation When it comes to long-range strategic planning in banking, what to do about payments, should be in the top five considerations up there with treasury management, capital allocation, risk tolerance, and human capital. Payments are such a central part to banking and are now undergoing such a radical change that all banks have an opportunity to reclaim transaction market share back from the card networks, card processors and even national banks.

Strategy 191

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The Best Way To Structure The First Page of a Credit Memo

South State Correspondent

IMPROVING YOUR CREDIT MEMO In banking, as everywhere else in life, you never get a second chance to make a first impression. The first page of a credit memo is essential for credit analysts, lenders, management, and board members. The first page is prime real estate where the average reader will spend 25% to 50% of the time reviewing the credit submission.

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Walmart To Pilot Third-Party Fulfillment Strategy

PYMNTS

Walmart has revealed it is testing out a fee-based service called “Fulfilled by Walmart.”. The company’s U.S. eCommerce chief, Marc Lore, announced the news at an industry conference this week, explaining the service aims to help Walmart’s online unit generate more revenue, as well as enable it to move more items from third-party merchants. Lore did not provide any further details, according to Bloomberg.

Strategy 247
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Numerated raises $15m to enhance underwriting tools for banks

Bank Innovation

Numerated, a real-time marketing and sales platform for banks, raised $15 million this week to enhance its tech stack and grow its customer acquisition capabilities. Patriot Financial Partners led the funding round, with Venrock, FINTOP Capital and Hyperplane participating. The Boston-based startup, which offers software designed to help banks find new corporate clients, pulls from […].

Tools 150
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Serving Up A Competitive Offering In The Crowded Meal Kit Market

PYMNTS

For a consumer who wants to cook at home, but doesn’t necessarily want to spend a lot of time preparing for that process, there are no shortage of options on the market. The meal kit space has been crowded with an unending hit parade of “dinner delivered in a box” options for consumers served up by a host of startups, established brands and even celebrities looking to cash in on the trend.

Marketing 246
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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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Can Financial Institutions Bank CBD Retailers? Did the Farm Bill Legalize CBD?

Abrigo

The Federal Trade Commission’s latest round of warning letters to companies selling products containing cannabidiol (CBD) is a reminder to financial institutions to tread carefully as they look into the possibility of providing banking services to cannabis-related retailers and other cannabis-related businesses (CRBs). The FTC warned three unidentified companies that it is illegal to advertise that a product can “prevent, treat, or cure human disease without competent and reliable scientific e

Retail 150
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New IBM Platform Allows Data Privacy Control

PYMNTS

IBM has unveiled the latest addition to its Z mainframe portfolio, a new platform called the z15 designed with data privacy, security and hybrid multi-cloud use in mind, the company said in a release on Thursday (Sept. 12). The z15 increases security and compliance using Data Privacy Passports technology that clients can use to gain control over how data is stored and shared.

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Daimler Mobility expands ePayment services

Bank Innovation

Daimler Mobility is integrating its ePayment service, Mercedes pay, into Mercedes-Benz vehicles, the company announced at the International Automobile Exhibition in Frankfurt. The service will allow Mercedes-Benz owners to pay for parking, gas and Mercedes-provided services through the multimedia system MBUX. Mercedes-Benz owners will be able to pay for or renew services such as navigation, […].

Mobile 150
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Mastercard Rolls Out Global B2B Payment Service

PYMNTS

Mastercard is launching a new business-to-business (B2B) payment ecosystem to streamline and simplify transactions between suppliers and sellers. The Mastercard Track Business Payment Service is the first global open-loop commercial service built to automate payments between the world’s suppliers and buyers. “The business world has accelerated, but the payments that enable it are stuck in neutral – paper checks and manual invoicing need to be scrapped, man-hours need to be applied to more

Payments 192
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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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Morning Brief 9.12.19: The Netherlands may bar foreign crypto companies

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: The Netherlands aims at crypto; Payroll scam costs millions; Google shutters Express; Square sues San Francisco; Payment technology firm gets a banking license in Australia.

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Deep Dive: How FinTechs, FIs Can Arm Up Against Fraud

PYMNTS

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. Compliance failures are prevalent worldwide: Approximately $26 billion worth of fines were levied against banks for AML, KYC and sanctions noncompliance between 2008 and 2018.

Fraud 189
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Despite delay, merchants lack tools for PSD2 compliance

Payments Source

Even though security vendors and payments providers are telling merchants they are ready to provide compliance for PSD2 on Sept. 14, a significant challenge remains in the learning curve and technology needs for merchants.

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MyPayrollHR Leaves Users In Limbo With Sudden Closure

PYMNTS

Payroll processing company MyPayrollHR has suddenly closed, leaving some business customers in limbo and drawing accusations of fraud and leading to employees losing money. The Times Union reported this week that MyPayrollHR financial services partner Cachet Financial Services described itself and another finserv partner of MyPayrollHR as “the biggest victim, and really the only victim” in the sudden shuttering of the payroll company.

Fraud 176
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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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How to improve ATM security with remote key loading

ATM Marketplace

Remote key loading provides a secure and cost-effective method for loading and managing ATM encryption keys across entire ATM networks, making it the strongest security choice for financial institutions.

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BNP Paribas Links With Kantox For FX Management

PYMNTS

French financial institution BNP Paribas has announced a FinTech partnership to strengthen its foreign exchange service offerings. The bank said in a press release this week that it is collaborating with Kantox , a foreign exchange technology firm, in a deal that will allow BNP Paribas to offer its own corporate customers Kantox’s Dynamic Hedging tool.

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Should issuers of plastic cards go green?

Payments Source

The prevalence of payment cards, against the growing awareness of climate change, is driving some card issuers and manufacturers to revisit the way they use plastic.

Cards 71
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As The Wind Blows, The Shift From Paper To P2P Payments Builds

PYMNTS

The frustration is a common one, and a form of friction very well-known to the PYMNTS New Orleans Bureau, in fact: having to send a check — a paper check, with envelope and postage stamp and the hope that the mail carrier doesn’t forget to take it — to a person (say, a landlord) who for one reason or another will not get on the digital payments train, not even for peer-to-peer (P2P) transactions.

Payments 154
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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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FTC’s Section 13(b) Powers Undermined by Two Circuit Courts

CFPB Monitor

Two recent Circuit Court opinions have significantly undermined the FTC’s powers under Section 13(b) of the Federal Trade Commission Act (FTCA). These pivotal decisions may ultimately require the U.S. Supreme Court to clarify Section 13(b)’s boundaries. First, in FTC v. Shire Viropharma, Inc., the Third Circuit Court of Appeals held that in order to file a suit under Section 13(b), the agency must include specific allegations that a defendant “is violating or about to violate” a law enforced by

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To Solve the Truck Driver Shortage – Look to Self-Driving Tech?

PYMNTS

Hints of how to solve the truck driver shortage — which causes friction along supply chains, and across the last mile — may be shifting into gear in Germany. As Reuters reported Thursday (Sept. 12), Waymo is exploring ways to bring its self-driving technology to the trucking industry, per commentary from CEO John Krafcik. As is well known, Waymo operates as a subsidiary of Alphabet, which is also the owner of Google.

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5 Things To Keep In Mind As The Festive Season Approaches

BankBazaar

Looking forward to a season of festivities? Here are some tips to make the most of it without splurging! Festivals bring cheer and joy, so there’s no surprise that we look forward to them. However, the relaxed vibe of the season can cause you to forget a few things, but you don’t need to worry about that because our list covers each of these aspects so you can go ahead and have a great, well-balanced festive season.

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Groupon Said To Be Pondering Yelp Acquisition

PYMNTS

On the heels of shareholder restlessness, Groupon is considering acquiring another company — and insiders think Yelp could be the target, The Wall Street Journal reported on Thursday (Sept. 12). “It is reasonable to conclude that a relatively large acquisition by Groupon is forthcoming,” Robert Chapman, founder of California investment firm Chapman Capital, told the WSJ.

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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.