Chris Skinner
JULY 17, 2019
Whilst at the United Nations they had me doing various activities, one of which was a panel for UNTV. The panel comprised Elliot Harris, UN Chief Economist; Matthew Blake, Head of Future of Financial and Monetary Systems, World Economic Forum; and was moderated by Gillian Tett, Editor-at-large, Financial Times. You … The post Why is financial inclusion a good thing?
Bank Innovation
JULY 17, 2019
Varo Money, the 4-year-old digital banking startup with 750,000 users and $600 million in deposits, has applied for a banking license with the Federal Deposit Insurance Corporation (FDIC) this week. The company confirmed this development as part of a $100 million Series C fundraising round announced on Tuesday. This is Varo’s second application for an […].
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Abrigo
JULY 17, 2019
One of the most important business relationships you will have is the one you maintain between your institution and your examination staff. This is not a relationship that only needs attention during the exam process. Instead, this relationship should be nurtured by both sides on an ongoing basis. In order to establish and maintain a strong, communicative relationship with your examiners, these five tips should be followed: Utilizing examiners as subject matter experts : Many compliance profess
Chris Skinner
JULY 17, 2019
Things we’re reading today include … German online bank N26 valued at $3.5bn after investment Bitcoin tumbles as U.S. senators grill Facebook on crypto plans City watchdog admits investment rules too complex for staff Pound could fall to parity with dollar on hard Brexit concerns Bank of America trims net … The post Things worth reading: 18th July 2019 appeared first on Chris Skinner's blog.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Bank Innovation
JULY 17, 2019
Consumers who send money to family and friends are converting to digital peer-to-peer payments in droves, if Bank of America’s Zelle numbers are to be believed. The bank-owned the peer-to-peer payments network, which launched as a brand in 2017, is growing in adoption, despite the continued popularity of third-party apps like PayPal-owned Venmo and Square’s […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
JULY 17, 2019
Bank of New York Mellon expects to continue pouring money into technology in search of efficiencies for the foreseeable future, executives indicated during the bank’s second-quarter earnings call on Wednesday. In 2018, the bank increased what it spends on technology and product development from about $2.4 billion to $2.75 billion, and it is poised to […].
PYMNTS
JULY 17, 2019
Establishing a trust factor is vital to cross-border economics and digital identity , but the roadmap is far from clear. There are billions of individuals online, trillions of dollars in commerce exchanged digitally, and a myriad of approaches to online verification. In terms of authentication, should there be government mandates, private sector ingenuity, or a combination of both?
Abrigo
JULY 17, 2019
Small public banks, privately held banks, and credit unions will get extra time to get CECL right, based on a move by the Financial Accounting Standards Board Wednesday. The FASB took the first step toward providing at least an extra two years for smaller public companies and an extra year for all private financial institutions to implement the current expected credit loss standard, with members saying they expect the longer timeframe to promote a higher quality, smoother implementation.
PYMNTS
JULY 17, 2019
Strong customer authentication (SCA) looms on the horizon for businesses based in Europe. The latest PSD2 Tracker shows that a majority of European citizens are aware of GDPR – and the reverse seems true here in the States. Yet online commerce is indeed about to usher in a sea change in how companies deal with security and privacy , as similar laws may span the globe in the coming months.
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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
Payments Source
JULY 17, 2019
The system has made it easier for mobile wallets and other technology providers to enter India's payments market, and will push the next steps toward real-time payments and cash reduction, says Somya Patnaik, senior product manager at ACI Worldwide.
PYMNTS
JULY 17, 2019
You may have noticed in recent years that the cash you have in your wallet, pocket or purse tends to last longer than it used to. Drew Edwards, CEO at Ingo Money , sure has — a situation he says was brought about by the increasing use of Uber instead of taxis, digital payment options offered by valets and other factors. But there is one place where cash still has a big role: Tipping.
Payments Source
JULY 17, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: U.K. fintech investment plows ahead; Patreon draws more funds; Tether erases crypto; Is AI too hard to understand?
PYMNTS
JULY 17, 2019
The second Payment Services Directive ( PSD2 ) groundwork laid out in 2016 is about to come to fruition in a few months – Sept. 14, 2019, to be exact. The deadline is looming for merchants and payments providers to comply with new requirements for authenticating online payments in Europe. Firms must soon put more stringent fraud decisioning processes in place, and strong customer authentication (SCA) protocols must be built into checkout flows for online transactions that begin in Europe.
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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
Insights on Business
JULY 17, 2019
Today, risk-awareness and risk averse behavior is the responsibility of everyone in the firm, so staff need to be able to engage in the common goal of regulatory compliance. In the current complex regulatory environment (see Figure 1), and with growing costs associated with reporting, Know Your Customer (KYC), sanctions and the like, it is important to have effective and user-friendly governance, risk and compliance (GRC) tools that staff will readily adopt and use.
PYMNTS
JULY 17, 2019
It can be easy to forget — especially for people plugged into digital payments and commerce — that much of the world still revolves around analog processes. That holds especially true for service retail, where contractors and mechanics might still be more likely to quickly answer an actual phone call than respond to an email. In other words, digital innovation has been slow to arrive in the service world, a point demonstrated by recent PYMNTS research in collaboration with AEVI, and a new PYMNTS
Payments Source
JULY 17, 2019
Card issuers are accustomed to a world in which consumers choose which card to use at the moment they make a purchase. But in the Amazon Go model that more retailers want to emulate, that choice is made long before the shopper enters the store.
PYMNTS
JULY 17, 2019
There were many questions, many comments, a few evasions and about the expected amount of histrionic blustering on display when David Marcus, Facebook’s head of blockchain projects, stepped up to the plate to testify before the Senate Banking Committee on Tuesday (July 16) to offer an explanation and defense of the controversial Libra cryptocurrency project.
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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.
Payments Source
JULY 17, 2019
Artificial intelligence software could even be used to analyze and score credit transactions as is done for banking transactions, writes Monica Eaton-Cardone, COO of Chargebacks 911 and CIO of its parent company Global Risk Technologies.
PYMNTS
JULY 17, 2019
As Go-Jek continues its ongoing Series F fundraising, Visa has jumped onboard as both investor and collaborator. The two companies are working together to offer more options for cashless payments and smoother transactions for consumers across Indonesia and Southeast Asia, Go-Jek said in a press release. “We’ve been humbled by investor support over the course of our current fundraising round as they have truly shown confidence in our long-term vision of powering the next phase of tech
Payments Source
JULY 17, 2019
Visa Inc. has become the latest investor in ride-hailing giant Go-Jek as the two companies push digital payments across Southeast Asia.
PYMNTS
JULY 17, 2019
Financial institutions are in a constant balancing act: open up access to capital for borrowers to promote economic growth and financial inclusion and mitigate against the risk exposure lending produces — sometimes with disastrous implications for the global economy. Historically, banks are taking a reactive approach to risk: reactionary measures were largely behind financial institutions’ pullback from the small business lending market following the 2008 global financial crisis, for example.
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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.
Payments Source
JULY 17, 2019
Transit systems are attracting contactless payment technology, but there are other options on the horizon that could make boarding easier than tapping a card or smartphone — provided riders are comfortable with an experience like something out of Minority Report.
PYMNTS
JULY 17, 2019
Zelle P2P payments increased 79 percent year-over-year (YoY) in the second quarter of 2019, Bank of America said Wednesday (July 17), signaling the latest burst of growth for that payment method. During that quarter, consumers made 69 million payments worth $18 billion via Zelle. In its Q2 2019 financial release , Bank of America also gave updates on its mobile and digital efforts.
BankBazaar
JULY 17, 2019
Whenever you want to buy an insurance plan, the first thing that comes to your mind is whether you should contact an insurance agent or buy it online, huh? We’ve done the homework so that you can make an informed decision. . With a plethora of insurance companies in the market offering a variety of policies, people often get confused. So, buying an insurance policy is not as easy as it was before.
PYMNTS
JULY 17, 2019
Welcome to the age of the $1,200 bunk bed. News came this month that housing costs have skyrocketed so much in California that bunk beds (and toiletries) can be rented in communal homes for that high price. Privacy falls by the wayside, then, setting down roots in tech’s Wild West and finding the perfect place to live — or any place to live for that matter — proves to be an elusive goal.
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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.
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