Payments Dive
APRIL 10, 2018
Cash demand has risen right along with payment card transactions during the past decade-and-a-half. What's up with that? We went looking for an answer in "Payments are a-changin' but cash still rules," a publication from the Bank for International Settlements.
Chris Skinner
APRIL 10, 2018
I hosted a dinner focused upon Open Banking recently and what it means to FinTech firms and start-ups. There were no bankers at the table, but a lot of firms who consult, provide systems or are deploying new businesses in FinTech at the table. The general consensus around the table … The post The innovator’s view of Open Banking appeared first on Chris Skinner's blog.
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Bank Innovation
APRIL 10, 2018
Long before PSD2 arrived ( the European regulation that requires banks to open their platforms to fintechs), the U.K. had already established itself as a hub in Europe for digital banks like Revolut, Monzo etc. And indeed, these digital banks are growing in popularity, at least when it comes to people knowing they exist. A […].
PYMNTS
APRIL 10, 2018
In payments security, the key is the key. Encryption and the digital keys that allow firms to scramble and descramble data are permanent parts of the payments landscape. There’s a personal element to the technical wizardry, though. Data needs management, and protecting that data requires vigilance. And yet, many firms do not have the staff in place to manage cryptographic keys.
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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
Bank Innovation
APRIL 10, 2018
The signature has distinguished origins as a means to authenticate identity, but it’s clear its day has long passed. (Just look at the illegible smudge your finger makes on your cabbie’s phone to pay for your ride.) Many consumers report that they have signed with smiley faces for years. But the card networks seem to […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
APRIL 10, 2018
Ant Financial, the fintech company that manages popular Chinese mobile payment service Alipay, is looking to raise $9 billion in a new private funding round, something that could turn the company into the world’s largest unicorn. The company is raising its target to $9 billion from an initial target of $5 billion, the Wall Street […].
PYMNTS
APRIL 10, 2018
Continuing its foray into smart-home devices, IKEA is rolling out four smart speakers dubbed Eneby. The launch, however, is the company’s first venture in audio, TheNextWeb reported. The speakers come in two sizes and two colors, and the smaller speakers retail for the same price as a Google Home Mini or an Amazon Echo Dot at $49. All the Eneby speakers are listed on IKEA’s website, but customers can’t purchase them quite yet.
Bank Innovation
APRIL 10, 2018
EXCLUSIVE— Lending startup Upgrade is opening a new personal credit line today, designed to give customers all of the benefits of credit with none of its flaws. The product is essentially a cross between a typically credit card and a traditional personal loan, Renaud Laplanche, company CEO and c0-founder, told Bank Innovation. Laplanche previously co-founded […].
PYMNTS
APRIL 10, 2018
With fraud on the rise, credit card networks have realized that customer signatures are simply not a reliable way to authenticate someone’s identity — and some of the country’s largest retailers agree. According to The New York Times , four of the largest credit card networks — American Express, Discover, Mastercard and Visa — will no longer require signatures to complete transactions.
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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
Bank Innovation
APRIL 10, 2018
Copenhagen-based bank, Danske Bank has partnered with Swedish personal finance management startup, Minna Technologies, in order to bring its technology into its own mobile app, it was announced today. Minna’s solutions will become available to Danske’s 2.4 million customers, the bank said. Its solution will be used by seven million customers in the Nordic region, […].
PYMNTS
APRIL 10, 2018
Through a private funding round that could make Ant Financial the world’s biggest unicorn, the Chinese financial firm — an affiliate of Alibaba — is reportedly seeking to raise $9 billion. The fresh investment could lead to a valuation of nearly $150 billion for Ant, The Wall Street Journal reported. According to people familiar with the matter, Ant Financial has been in discussions with potential investors.
Bobsguide
APRIL 10, 2018
When Tom Blomfield, CEO of Monzo, told bobsguide “If we do our job right, we’ll make some of the high street banks extinct”, it sounded like a gutsy gauntlet to throw.
PYMNTS
APRIL 10, 2018
Bikes have long been a useful medium for transporting goods. In late 1880s Paris, for example, messengers on bicycles delivered checks between banks. Bike couriers also carried telegram messages over their last-mile journeys. Around the same time in the U.S., bike messengers came on the scene in California. During a railway strike in 1894, they ferried packages and letters between San Francisco and Fresno.
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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
APRIL 10, 2018
Although Visa Claims Resolution will require merchants to learn some new rules and routines, the changes are good news for merchants who know what to expect, writes Rafael Lourenco, executive vice president at ClearSale.
PYMNTS
APRIL 10, 2018
Boxed , known as the “ Costco for millennials,” has launched its first paid-membership tier that will offer customers rewards and discounts. “All the best services have some sort of subscription model,” Ashish Prashar, Boxed’s head of communications, told Business Insider. “People will pay for that premium service if it’s unique and brings value to their lives.” The membership — called Boxed Up — will not replace the standard free membership.
Payments Source
APRIL 10, 2018
The Middle East presents a rare opportunity for digital payment innovators to access a populous and high-spending region with good levels of connectivity, writes Tom MacDonald, financial and business services practice head for Global Growth Markets.
PYMNTS
APRIL 10, 2018
The widespread consequences of a possible “trade war” between the U.S. and China don’t stop at steel giants and tech conglomerates. Small businesses are at risk of being caught in the cross-hairs, too. As one small business owner recently told CNBC , “there are unintended consequences” to tariff hikes. “In general, we think there is more room for harm to happen with small companies than good,” reflected National Small Business Association (NSBA) president and CEO Todd McCracken to the news outle
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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.
Payments Source
APRIL 10, 2018
The card networks recently admitted what consumers have long suspected—card signatures have become worthless for authentication at the point of sale. But that's not the end of this story.
PYMNTS
APRIL 10, 2018
Social Finance (SoFi) has named Michelle Gill as its next chief financial officer. “We’re thrilled to have Michelle join the SoFi team,” according to a company statement. “She has deep financial expertise, a passion for our mission, and knows our business in and out, having been our lead banker for several years,” said Anthony Noto, CEO of SoFi.
Payments Source
APRIL 10, 2018
U.K.-based companies WorldRemit and Lebara have formed a strategic partnership that will give Lebara’s 3 million mobile telecom customers direct access to WorldRemit’s digital money transfer service.
PYMNTS
APRIL 10, 2018
Marking its first big-box store opening in seven years , Best Buy is opening a 36,000-square-foot store in a suburb of Salt Lake City. The store is located in a mixed-use development called Station Park and is scheduled to open in the fall, the StarTribune reported. “We’re excited to be opening a brand-new store in a popular shopping center in a growing part of the Salt Lake City market,” Jeff Shelman, a Best Buy spokesman, told the StarTribune.
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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.
Payments Source
APRIL 10, 2018
In seeking to solidify that potential, FIDO Alliance and the World Wide Web Consortium have created Web Authentication (WebAuthn), a new standard that allows approved FIDO Authentication methods to operate through browsers.
PYMNTS
APRIL 10, 2018
Merchants can capitalize on word-of-mouth marketing through cash back platforms such as DOSH that encourage social media sharing. These platforms reach consumers by reinforcing a behavior that consumers already exhibit — shopping with their credit and debit cards — while giving merchants valuable data. “ Uber did not my change my behavior: I was already getting yellow cabs and black cars,” DOSH Founder and CEO Ryan Wuerch told PYMNTS in an interview, drawing a comparison between the ubiquitous
Payments Source
APRIL 10, 2018
Bill.com has implemented a strategy to make B2B payments more like Zelle or Venmo, removing the same pain points that those P2P apps do for consumer payments.
PYMNTS
APRIL 10, 2018
Walmart steps up its efforts to bring more groceries to people’s homes through an agreement with Postmates that will expand the company’s Online Grocery Delivery option to more than 40 percent of U.S. households. In a press release , the companies said Postmates will help power Walmart’s Online Grocery Deliveries starting in Charlotte, North Carolina, and expanding into other markets in the next few months.
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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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