Payments Dive
APRIL 18, 2019
Sporting goods retailer Decathlon is testing the limits of cashless retail with technology firm NewStore, which developed an iPhone-based ominichannel platform to transform the store experience.
PYMNTS
APRIL 18, 2019
“When do you want to get paid?” It’s a basic question that — when posed to anyone, particularly, a small business (SMB) — most always has the same answer, no matter who one asks or within what industry: now. Until recently, “now” was almost never an option, since it was always based on when the funds had cleared, regardless of how that payment was made.
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Bank Innovation
APRIL 18, 2019
Citizens Access, the digital-only arm of Citizens Financial Group, has attracted $4.6 billion in deposits through the first quarter of 2019, up sharply from $3 billion at the end of 2018. About 96% of the balances are new to Citizens Financial — and there's room to grow, executives said today on the earnings call. Chairman and […].
PYMNTS
APRIL 18, 2019
Since many European Union (EU) countries have now brought PSD2 and GDPR fully into their financial infrastructures, banks and merchants must prepare for the upcoming Strong Customer Authentication (SCA) rule and its fast-approaching September deadline. EU banks and merchants also face the changes to data security, transparency and privacy that the PSD2 and GDPR regulations have marshaled across the region.
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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 18, 2019
Two of the biggest M&A deals in fintech history occurred in the past three months: Fiserv Inc's $22 billion purchase of First Data Corporation and Fidelity National Information Services's acquisition of Worldpay for $34 billion. While no such mega-deal has occurred so far in April, the last two weeks have already witnessed a plethora of […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
APRIL 18, 2019
T-Mobile Money, a mobile-first checking account, has launched nationwide, the telecom giant announced today. The company touts the app as a no-fee, easy-to-use account through which T-Mobile customers can earn 4% interest on their balances up to $3,000 if they deposit at least $200 each month, and 1% on every dollar over that. Non-customers of […].
PYMNTS
APRIL 18, 2019
Lyft is being sued by some investors who say the company exaggerated its market position during its IPO in March, which they say led to a shedding of stock value. Bloomberg reported there are two class-action lawsuits against the company, as well as against underwriters, officers and directors. The lawsuits were filed on Wednesday (April 17) in San Francisco.
Payments Dive
APRIL 18, 2019
Sporting goods retailer Decathlon is testing the limits of cashless retail with technology firm NewStore, which developed an iPhone-based ominichannel platform to transform the store experience.
PYMNTS
APRIL 18, 2019
Wireless carrier T-Mobile is getting into the banking market, announcing Thursday (April 18) the launch of T-Mobile MONEY nationwide, a no-fee, interest-earning, mobile-first checking account that anyone can open and manage from their smartphone. In a press release , T-Mobile said with the checking account customers can earn 4 percent Annual Percentage Yield (APY) on balances up to $3,000, which is 50 times higher than the average U.S. checking account.
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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
Payments Source
APRIL 18, 2019
T-Mobile, which announced Thursday that its four-month testing phase for the T-Mobile Money app is complete and that the banking/payments service is available nationwide, said the next step is to establish itself as a mainstream financial services company.
PYMNTS
APRIL 18, 2019
A new technology protocol announced by corporate accounting and auditing firm Ernst & Young (EY) aims to secure transactions made over public Ethereum blockchain. EY announced this week that its zero-knowledge proof private transaction protocol will be released into the public domain to fuel adoption of the technology, first unveiled last October at Ethereum Devcon.
Bobsguide
APRIL 18, 2019
Since the global financial crisis, regulators have given increased attention to the responsibilities of fund management companies* in overseeing their delegated functions. The US Investment Company Act of 1940, and AIFMD and UCITS in Europe, are clear that – while the valuation function may be.
PYMNTS
APRIL 18, 2019
An internal investigation at Deutsche Bank has found that it processed at least €175 million (nearly $197 million USD) in dirty money for Russian criminals between 2011 and 2014. According to Financial Times , the money was part of a $20 billion scheme known as the “Russian Laundromat,” which was leaked from a supervisory board presentation. As a result of the findings, the financial institution (FI) is reportedly preparing for potential fines, litigation and prosecution of individual managers.
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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 18, 2019
A Toronto fintech is seeking share for distinct niche — and it thinks a three-year-old technology decision by Visa may be the ticket to its success.
PYMNTS
APRIL 18, 2019
Amazon is set to shut down its domestic marketplace in China by mid-July. Citing people familiar with the matter, Reuters reported that the eCommerce giant has decided to focus on selling overseas goods and cloud services in the country. While Amazon shoppers in China won’t be able to buy goods from local third-party merchants, they can still order from the U.S., Britain, Denmark and Japan through the company’s global store.
Payments Source
APRIL 18, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: Paytm details payments strategy; New blockchain VC; Surecomp opens an innovation lab; Industry groups join forces.
PYMNTS
APRIL 18, 2019
Strong Customer Authentication (SCA) is set to debut on September 14, and there’s a $100 billion problem looming if merchants across Europe do not make the mad dash to keep up. The PSD2 -related regulation counts itself among a raft of those set to become law across the continent, focusing on boosting online commerce security by requiring cardholders to provide two forms of identification to verify their identities when transacting.
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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 18, 2019
Arguments that the central bank should develop its own system for faster payments ignore current market realities, says The Clearing House, which has developed its own network.
PYMNTS
APRIL 18, 2019
The UnionPay card in China is accepted by more than 80 percent of merchants in the United States, but Chinese customers are increasingly moving toward QR code payment capability. RiverPay , a smart payment processor, integrates UnionPay QR code functionality onto merchants’ cashier systems without disrupting existing systems, according to a news release.
CFPB Monitor
APRIL 18, 2019
The CFPB has announced that it will hold a symposia series “exploring consumer protections in today’s dynamic financial services marketplace.” Director Kraninger revealed the Bureau’s plans to hold the symposia series in her remarks yesterday to the Bipartisan Policy Council. The announcement indicates that the series is intended to assist the Bureau in its policy development process, including possible future rulemakings.
PYMNTS
APRIL 18, 2019
Flywire , the payment company focused on educational institutions and their students around the world, announced Thursday (April 18) an expanded partnership with TRUE North, the Canadian provider of online systems for information management, tracking, collaboration, and reporting for international student programs. In a press release, Flywire said the companies have integrated their offerings, connecting the application, enrollment and cross-border payment and receivables processes to provide sc
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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.
CFPB Monitor
APRIL 18, 2019
Mortgage servicing continues to be a CFPB supervisory focus. In this week’s podcast, we take a close look at the CFPB’s findings involving late fees, PMI cancellation requests, handling of loss mitigation applications, and notices to successors of deceased reverse mortgage borrowers regarding foreclosure avoidance, share observations on what the findings indicate about the CPPB’s approach to these issues, and discuss the findings’ compliance implications.
PYMNTS
APRIL 18, 2019
Point-of-sale financing just got a big boost via an acquisition that could lead to more payment synergies down the road. Meanwhile, the new world envisioned by the backers of PSD2 is coming into focus. Financial institutions are trying to crack a data problem, and there is news from the world of fraud prevention. Data: 10 percent: Amount of FI data that contains personally identifying information. $1.8 trillion: Value of the POS financing market opportunity. 90 percent: Approximate loan appr
Payments Source
APRIL 18, 2019
Flywire is partnering with True North to allow Canadian educational institutions to better manage payments from international students by integrating them with application, enrollment and accounts receivable processes.
PYMNTS
APRIL 18, 2019
The last several years have seen a surge in efforts among the cryptocurrency community to legitimize the technology. Once seen as a tool for the dark web and black markets, cryptocurrencies like bitcoin now want to be a part of the broader economy. For many, however, the technology still conjures up images of cybercrime and illicit activity, and new data revealing the rising threat of ransomware is likely to fuel that negative reputation.
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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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