Fri.Jan 03, 2020

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Cash, payments and the future of ATMs — your 2020 spoiler alert

Payments Dive

According to some economists, we've been experiencing an extended period of slow growth since the 1970s. What does this mean for the future of cash and ATMs? ATM historian Bernardo Batiz-Lazo explores the topic in his latest blog post.

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Weekly Wrap: 2020 brings new data regulations and product roadmaps

Bank Innovation

Welcome to the latest episode of our Weekly Wrap video series, for the week ending Friday, January 3, 2019. In this episode, editors discuss the following news developments: The new California Consumer Privacy Act that went into effect Wednesday; How banks are managing feature overload in their apps; New eco-friendly initiatives from Bank of the […].

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Social media payments: An ally or adversary of banks

Payments Dive

Many banks have increased overall focus on user experience within their digital ecosystems and have added new functionality like peer to peer payments into their mobile apps to avoid disintermediation. However, the slow evolution puts banks increasingly at risk of disruption by their social media competitors.

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Why Speed And Scale Will Define Global Payments In The 2020s

PYMNTS

Speed, scale and engagement — if you say it a few times, really get your vocal cords and mouth into the exercise, there’s a certain snap to those words put together like that. As well there should be — those are among the main traits set to define payments in the 2020s. We here at PYMNTS don’t mean to wear you down with all our anticipation about the new decade.

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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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Merging digital and in-person services for the next generation of banking customers

Payments Dive

It’s important for banks to understand the demands of Gen Z consumers and plan ahead, in order to provide the services and capabilities that this next wave of consumers have already come to expect.

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5 things to know about the future of wearable payments

Payments Source

Despite the convenience wearable payments hold, there are still obstacles that remain. Some factors are cultural, such as cash usage, or even more deep seated in the human mind, such as concerns over security.

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Can Booze Help Build Better Retail Experiences?

PYMNTS

That great wit Homer Simpson , one the most influential court jesters of the past 30 years, had this to say about the habit of drinking adult beverages: “Here’s to alcohol: the cause of, and solution to, all of life’s problems.”. Some retailers might be taking that to heart in this new year as part of the larger and ongoing effort to breathe new life into brick-and-mortar retail — a struggle that has been around almost as long as “The Simpsons” has, in fact.

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Recession risks will put real-time payments and fintech to the test

Payments Source

When cash flow stalls, buyers tend to pay slower while suppliers need money sooner, creating a stressed payments ecosystem, says AvidXchange's Dan Drees.

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Beer Companies Try To Attract Customers During Dry January With Non-Alcoholic Drinks

PYMNTS

Americans are drinking less beer, and this month people worldwide will be participating in ‘Dry January.’ But beer companies are trying to work around those obstacles and keep customers. Beer makers Heineken and Molson Coors are using the month-long sobriety challenge as a marketing tactic. Both companies are debuting non-alcoholic beers to entice customers who are shying away from the beverage due to health concerns or a shift toward trendier drinks like hard seltzers.

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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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JPMorgan Chase moves to block fintechs from screen scraping

Payments Source

JPMorgan Chase plans to block fintechs from screen scraping — obtaining usernames and passwords of customers, logging in as them, and copying and pasting their account information into a database.

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PSD2 And The Turkish Banking Opportunity

PYMNTS

PSD2 has long been established, but its European Union market reverberations are still generating challenges for banks and businesses that must comply. This only increased earlier this year with the implementation of strong customer authentication (SCA), which forced merchants to develop security solutions that would not impact sales and sent retailers scrambling to project how these changes would affect operations.

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Former Wells Fargo execs may face criminal charges in coming weeks

American Banker

Several former high-level Wells Fargo executives are under criminal investigation in connection with the bank's fake-account scandal and could be indicted as soon as this month.

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US Prepares For Potential Iranian Cyberattack

PYMNTS

U.S. officials are preparing for the possibility that Iran will attempt a large-scale cyberattack in retaliation for a drone strike that killed Qassem Soleimani, a top general in the Iranian Islamic Revolutionary Guard, who many thought would be the country’s next leader, according to a report by Bloomberg. Both military officials and security experts say there is a precedent for being concerned, after years of back-and-forth cyberattacks between the United States and Iran.

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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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Buyers brief: Corporate treasurers embrace tech revolution

Bobsguide

For the past two decades corporate treasurers have been eagerly awaiting a wave of technological change to help cope with their ever-increasing workload. For some time now, treasurers have been told that their industry is on the brink of accessing automated systems that will free them from.

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Employees Claim OYO Uses Corrupt Practices To Boost Growth

PYMNTS

The New York Times is reporting that OYO, a quickly growing hotel startup that aims to be the largest hotel chain in the world by 2023, has inflated its numbers and has a toxic work culture fueled by tireless expansion. While OYO is one of the biggest companies in the world, its business practices are potentially untenable and could spell eventual loss in value for the company, per the report.

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3 lessons from Apple Card: How FIs can deliver a frictionless, consumer-centric experience

ATM Marketplace

Apple Card is designed to be the ultimate consumer payments card — a centralized hub to intelligently manage and track spending and gain insight into payment scenarios. What can FIs learn from it? Here are three lessons.

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Online Sales Tax’s ‘Pivotal,’ Post-Wayfair 2019 — And What Lies Ahead

PYMNTS

There are certain years (and events) that represent significant shifts in business, where there was a way things were done — until everything changed. In an interview with PYMNTS, Liz Armbruester, senior vice president of Global Compliance at Avalara , said 2019 represented a watershed year for tax compliance as states embraced the economic nexus model and passed marketplace facilitator laws.

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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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3 lessons from Apple Card: How FIs can deliver a frictionless, consumer-centric experience

ATM Marketplace

Apple Card is designed to be the ultimate consumer payments card — a centralized hub to intelligently manage and track spending and gain insight into payment scenarios. What can FIs learn from it? Here are three lessons.

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Commerbank To Increase Stake In FinTech Comdirect

PYMNTS

German lender Commerzbank has completed an agreement with activist investor Petrus Advisers to grow its stake in online lending FinTech Comdirect as it attempts to take over the company and reduce its costs, according to a report by the Financial Times. The takeover is a big part of Commerzbank’s plans to restructure itself, a plan that was announced in September by head Martin Zielke.

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Idemia payment card with changing security code debuts in Spain

Payments Source

In seeking a more secure way for consumers to use payment cards when shopping online, Deutsche Bank, Mastercard and Idemia say they have launched the first motion code card in Spain.

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Walmart-Amazon Whole Paycheck Tracker: A Slow Start To A New Year

PYMNTS

Sometimes even the fastest runners need to take a break, and after the 16-week continuous retail sprint that is the annual holiday shopping rush, it is no great surprise that both Amazon and Walmart were relatively quiet in the first week of the new decade. Of course, taking a break is a relative term when it comes to the race for the consumer’s whole paycheck — Walmart, according to most reports , is running barn-burner deals that rival Black Friday savings.

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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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Trade reconstruction: a growing pain point for firms

Bobsguide

It is no secret that financial firms across the spectrum have struggled to grapple with the influx of regulations over recent years. Just in 2018, more than 1,000 investment firms fell short of their transaction reporting obligations under Mifid II. Poor, untimely and inadequate data has also been.

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NYC Meters Won’t Take Credit Due To Y2K Bug

PYMNTS

Parking meters in New York City won’t take credit cards because they weren’t programmed to get card payments after Jan. 1, 2020, according to a report by the New York Post. All through the five boroughs, people were reporting that meters wouldn’t accept credit card payments due to a software bug. The meters were never updated to receive payments after the New Year, and the New York City Department of Transportation (DOT) said it was working through the meters in the city one by one to update the

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What's the Fed's next move on CRA reform?

American Banker

After declining to support the proposal drafted by the OCC and FDIC, the Federal Reserve could issue its own framework or just keep the current CRA regime.

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Retail Sales Plunge In Hong Kong

PYMNTS

With visitor arrivals to Hong Kong dramatically falling, the financial center’s retail sales registered a double-digit drop in November. Retail sales by value retreated 23.6 percent in the month from the prior year, but the November drop was a bit better than the forecasts of economists and October’s record contraction, Bloomberg reported. A spokesperson for the government said in a statement, according to the news outlet, “Retail sales continued to fall sharply in November as the local social i

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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.