Payments Dive
JULY 19, 2019
A new wave of European fintechs are planning to invade the U.S. banking market with alternative models of savings, payment and new customer relationships that could shake up the dynamics of the incumbent American banking industry.
Bank Innovation
JULY 19, 2019
Capital One‘s commercial lending business is facing price pressure from a saturated market of lenders, including non-banks, that are pushing interest rates down. “Increasing competition from non-banks continues to drive less favorable terms in the commercial lending marketplace,” CEO Richard Fairbank told investors on Thursday. Capital One isn’t alone in facing this pressure in the […].
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PYMNTS
JULY 19, 2019
German AI-driven mobility startup FlixMobility has raised $531 million in a new funding round, and is now valued at more than $2 billion, according to reports. . The funding amount is the largest for any German outfit so far this year. The company is perhaps best known for its FlixBus network, with its lime green vehicles that offer cost-effective traveling options.
Bank Innovation
JULY 19, 2019
Welcome to the first episode of our new weekly wrap video series, for the week ending July 19, 2019. In this episode, Suman Bhattacharyya, deputy editor of Bank Innovation, discusses the following news developments: How bank executives, including JPMorgan Chase and Citibank, are beginning to address Facebook’s planned digital currency Libra in their earnings calls […].
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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
JULY 19, 2019
The Seoul venture capital division of Japanese multinational holding company SoftBank has raised $270 million, or 317 billion won. The new fund of SoftBank Ventures Asia will invest globally in early-stage startups, with Asia being the cornerstone, Reuters reported Friday (July 19). Investors include South Korea’s National Pension Service. SoftBank Ventures Asia indicated the new fund will close in the next six months.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JULY 19, 2019
Iconic brick-and-mortar retailers are sometimes reinvented, and return to the world of retail with smaller-format concepts. The parent of the Toys R Us brand, Tru Kids , plans to bring stores under the legendary name to the United States for the 2019 holiday season. Tru Kids has entered into a joint venture with the software-powered experiential retailer b8ta to offer a new store experience with curated toys in “highly immersive, smaller-format spaces.”.
Payments Source
JULY 19, 2019
The agreement with authorities including the Federal Trade Commission and state attorneys general — and possibly the Consumer Financial Protection Bureau — may be announced as soon as Monday.
PYMNTS
JULY 19, 2019
Walmart is making some organizational adjustments with its executives to help better integrate its retail store and digital operations, according to a report by CNBC. The information was gleaned from a letter that CEO Doug McMillon wrote to the company’s employees, which was obtained by CNBC. “Our customers want one, seamless Walmart experience,” McMillon wrote to employees.
ATM Marketplace
JULY 19, 2019
Today's criminals can find, purchase and/or download the details they need to plan an attack of any kind, whether their modus operandi is physical, cyber or data-related. That means financial institutions have to be prepared to fight on every front.
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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
JULY 19, 2019
Online payment system Jollypay has received a license to operate in the United Arab Emirates (UAE), and it’s one of the first foreign companies to do so, according to a release. . Jollypay is the payment arm of Jollychic, a shopping platform. It was started in 2017 to aid in the company’s creation of a payment and services endeavor. . The UAE government recently decided to let foreign companies registered in the UAE’s 122 business sectors have 100 percent ownership, and that initiative wa
Payments Source
JULY 19, 2019
ZestFinance is bringing its machine learning software ZAML to Brazilian retailer Via Varejo and its digital banking subsidiary Banqi to power the credit underwriting for Varejo’s “carnês” point-of-sale microfinance lending product.
PYMNTS
JULY 19, 2019
Data, data everywhere. For credit unions, data may be the conduit to competing with banks. As found in the latest PYMNTS Credit Union Tracker , consumers expect personalization in the services and financial products on offer. The best way to get to that personalization – for example, for credit unions to get credit cards to the right consumers with the right rewards offers – is through data analytics.
Payments Source
JULY 19, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: Toys "R" Us plots its recovery; Libra searches jump in China; App bank gets license in Australia; Biometric contactless cards advance.
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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
JULY 19, 2019
MoneyGram and Korean money transfer company Sentbe have signed a partnership to make Sentbe the first MoneyGram virtual agent in South Korea, according to a release. . Sentbe has done billions of local transactions, and MoneyGram says the company lines up with its own goal of giving customers a broad range of options when it comes to digital currency transfers. .
Payments Source
JULY 19, 2019
Even with an economy that has slowed to a "moderate" pace, American Express says U.S. consumers' spending trends remained solid and, in the case of Amex cardholders, they are willing to pay fees for cards that come with the right features.
PYMNTS
JULY 19, 2019
To look into debt restructuring options that would provide the retailer more time to make a turnaround, JCPenney Co Inc has reportedly hired advisers. The retailer had talks with investment bankers as well as lawyers who specialize in helping troubled companies with debt restructuring as well as other financial workouts per unnamed sources, Reuters reported.
Payments Source
JULY 19, 2019
During his time with the company, Hogg directed its transformation from Interbank to Mastercard and helped expand the card brand's global presence.
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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
JULY 19, 2019
In the gig economy, early payment—not just ease or speed—can be a differentiator. According to Pay Advances: The Gig Economy’s New Normal , employers disbursed $236 billion in full or partial payments before jobs were completed to 43.8 percent of United States-based gig workers last year. The U.S. gig economy now comprises 38.7 percent of the nation’s workforce, 12.1 percent of whom perform ad hoc jobs on a full-time basis.
ATM Marketplace
JULY 19, 2019
A new wave of European fintechs are planning to invade the U.S. banking market with alternative models of savings, payment and new customer relationships that could shake up the dynamics of the incumbent American banking industry.
PYMNTS
JULY 19, 2019
We hope you had a great week, and that you didn’t miss any important news from the world of payments and commerce. The PYMNTS Weekender, as always, has you covered. Stories this week included Visa and PayPal moves, a look at Facebook’s Libra project and new research on gig worker pay advances, among other topics. Top News . Facebook Slapped With $5B FTC Fine, But Still Has Lots Of Friends.
Payments Source
JULY 19, 2019
Lawmakers from both parties strongly criticized Libra this week, but largely steered clear of proposals to stop it.
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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
JULY 19, 2019
The former president and CEO of Mastercard International has died at the age of 91. Russell E. Hogg held the position from 1980 to 1988 and was pivotal to the company. In 1987, he shepherded a partnership with 13 Bank of China subsidiaries for the first Mastercard in China. He was also instrumental in introducing the company’s “global family of products,” which included the Travel Check, Smart Card, Gold Card and the Debit Card.
BankBazaar
JULY 19, 2019
Some things, like your financial details, for instance, are better left unrevealed. Sharing such confidential information with someone can prove dangerous. So, be wary! Sharing is caring may be relevant in a great many instances, but it doesn’t hold true when it comes to finances. Financial details, we believe, should not be shared with anyone – not even your spouse and kids.
PYMNTS
JULY 19, 2019
Most weeks, the tale of Amazon and Walmart’s ongoing battle for the larger share of the consumer’s whole paycheck is a fairly evenly run race. Stumbles happen here and there, and pull-aheads are not unheard of – but mostly, the race is made up of moves and countermoves as each struggles to get or stay ahead. But every once in a while, one side comes out notably ahead – and this week was one of those weeks, with Amazon’s Prime Day performance more or less blowing Walmart out of the water.
BankBazaar
JULY 19, 2019
Credit Cards are much safer than cash when you’re travelling, and that’s exactly what Stupido learns from his smart friend, Rupeedo. Travelling abroad? While it’s great to carry some foreign exchange for local expenses at your destination, carrying only hard cash may be a little risky. Additional Reading : Planning To Get A Travel Credit Card?
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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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