Sun.Aug 18, 2019

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AI is not a technology change but a cultural one

Chris Skinner

I just picked up a Financial Times article talking about how Artificial Intelligence (AI) will change the way you deal with money. It’s actually more about the Chinese internet giant Ping An, and how they’re changing finance using AI. If you are a customer of Chinese financial services group Ping An, … The post AI is not a technology change but a cultural one appeared first on Chris Skinner's blog.

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Mastercard Looks To Hire Crypto Team

PYMNTS

Mastercard , already an ally of Facebook’s Libra , announced it’s in the midst of planning its own cryptocurrency team, the New York Post reported on Saturday (Aug. 17). The move is in line with Mastercard’s goal of being known as a technology company “more than a card company,” Ted Rossman, an analyst with CreditCards.com, told the NYP. It’s “a smart move,” another card expert told the paper.

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Things worth reading: 19th August 2019

Chris Skinner

Things we’re reading today include … HSBC: Chinese headwinds threaten to blow bank off course Bank of England boss Mark Carney pulls out of UK-China dinner ‘Workaholic’ Alison Rose poised to take on the ‘toughest role in banking’ to become the first female boss of RBS Australian regulator promises big … The post Things worth reading: 19th August 2019 appeared first on Chris Skinner's blog.

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US Lawmakers Visit Switzerland To Talk Libra

PYMNTS

During an upcoming visit to Switzerland , American lawmakers plan to discuss Facebook’s proposed cryptocurrency, Libra. A group of six lawmakers, led by Rep. Maxine Waters, will hold a meeting with the Swiss Federal Data Protection and Information Commissioner (FDPIC) Adrian Lobsiger, according to Bloomberg. Waters has been a vocal critic of the social media giant’s plans for its own digital currency.

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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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Libra's risk hurts crypto payments more than it helps

Payments Source

Facebook's cryptocurrency poses serious regulatory and economic challenges to global markets, argues Ralf Gladis, CEO of Computop.

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Startup hastens warehouse-delivery payments as Amazon raises expectations

Payments Source

The last stage of moving goods from ships and trains to trucks and warehouses involves a stream of payments that is often clogged with complexity.

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Ikea To Launch Dedicated Unit For Smart Home Solutions

PYMNTS

Ikea is going deeper into the Internet of Things (IoT), furthering its investment in smart home technology and products, TechCrunch reported on Saturday (Aug. 17). . The household goods and furniture company is moving slowly into the smart home market with less expensive merchandise that works with Apple’s HomeKit platform. Ikea tested the smart home waters in 2012 and says it is now launching a business unit devoted to the IoT space. .

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EY teams up with Open Banking Nigeria to develop API standards

The Paypers

(The Paypers) Big Four accounting and advisory firm EY has joined Open Banking Nigeria in its efforts to standardise APIs across the Nigerian market.

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Segway-Ninebot Debuts Self-Driving Electric Scooter

PYMNTS

China ’s Segway-Ninebot has come up with an answer to everyone’s eScooter charging woes: make one that can drive itself to the charging station, The Verge reported Friday (Aug. 16). The KickScooter T60, the company’s new self-driving scooter, was recently unveiled at an event in Beijing. The eScooter has two wheels in front and one in the back, and it reportedly guides itself using the cloud and artificial intelligence (AI).

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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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Digital bank Monzo offers new short-term loans

The Paypers

(The Paypers) UK-based challenger bank Monzo has announced introducing a short-term loans offering.

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SoftBank Plans To Lend Staffers $20B To Invest In Tech Fund

PYMNTS

SoftBank is ready to lend up to $20 billion to its employees so they can buy stakes in a fund aimed to spark investment in cutting-edge technology companies around the globe. Sources told The Wall Street Journal that the firm’s CEO, Masayoshi Son , may account for more than half of that amount. The money represents almost one-fifth of the sum that SoftBank put aside for its second Vision Fund.

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Expense management tool Bento for Business introduces B2B payments

The Paypers

(The Paypers) US-based expense management provider Bento for Business has announced the launch of Bento Pay, which enables business owners to make and receive payments.

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Citi Pilots Credit Card Installment Loans Down Under

PYMNTS

Citi Australia wants in on the burgeoning buy now, pay later market and is launching a new installment loan product with Kogan that will swap flat rates for interest rates, The Sydney Morning Herald reported on Sunday (Aug. 18). Following in Afterpay ’s footsteps, the leader in “buy now, pay later” payments, Citi is forming a partnership with online retailer Kogan.com to let existing credit card customers switch to installment loans at the point of sale (POS).

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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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Alibaba adds sourcing channel to facilitate cross-border trade

The Paypers

(The Paypers) China-based retail conglomerate Alibaba has added adding a new sourcing channel to better facilitate cross-border trade, particularly for SMEs.

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Airbnb’s Total Booking Value Soars 30 Pct. YoY

PYMNTS

Airbnb reported strong first quarter results, with $9.4 billion in total booking value, a 31 percent boost from the previous year. Sources told The Wall Street Journal that the home rentals company booked 91 million nights on its platform in the quarter. In addition, Airbnb had about $3.5 billion in cash on its balance sheet as of March 31 and reported a 40 percent revenue growth rate in 2018 compared with the previous year.

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Banking Can No Longer Ignore The Power of AI

The Financial Brand

Artificial intelligence is the foundation of digital banking transformation, improving innovation and delivering proactive contextual solutions. The post Banking Can No Longer Ignore The Power of AI appeared first on The Financial Brand.

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Amazon Execs Donated To Antitrust Investigator’s Campaign

PYMNTS

Amazon ’s top executives allegedly made donations to the chair in charge of investigating the eCommerce giant, CNBC reported on Sunday (Aug. 18). The donations were reportedly made two months before lawmakers were planning to interrogate Amazon as part of a bigger antitrust probe that also involved Apple , Facebook and Google. The main benefactor of the campaign funds was reportedly Rep.

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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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Can Robots Write Better Financial Ad Copy than You Do?

The Financial Brand

Think of artificial intelligence not as your replacement but as a financial marketing assistant that can help bank and credit union brands. The post Can Robots Write Better Financial Ad Copy than You Do? appeared first on The Financial Brand.

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UK’s Labour Party Wants To Take Over Vacant Retail Properties

PYMNTS

The UK’s Labour party wants to allow local authorities to take over vacant properties in an effort to give the country’s retail market a boost. The stores being taken over have been vacant for at least 12 months, according to the Financial Times. Around 11.8 percent of stores around the UK are currently vacant, according to the Local Data Company.

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AI Advantages in Banking Grow, Adding Pressure for Broad Adoption

The Financial Brand

Artificial intelligence is critical to digital banking transformation, improving innovation and delivering proactive contextual solutions. The post AI Advantages in Banking Grow, Adding Pressure for Broad Adoption appeared first on The Financial Brand.

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Near-Record Low Rates Trigger Refi Wave Among US Homeowners

PYMNTS

U.S. mortgage refinancing is on the uptick as fears about fluctuating global markets cause a drop in interest rates , the Financial Times reported Sunday (Aug. 18). As more people invested in the safety of U.S. Treasuries, yields and mortgage rates dropped. The average interest rate on a 30-year fixed-rate mortgage was 3.6 percent, close to the all-time low of 3.3 percent in late 2012.

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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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The value of pre-authorization screening in the payments ecosystem of today

The Paypers

(The Paypers) Spencer McLain, Ekata: The key to successful pre-authorization screening is in the timing and the intelligent use of data

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US Firms Slash Planned Expenses As Confidence Dips

PYMNTS

Fears over the United States/ China trade war and slowing global growth are causing many U.S. companies to cut down their plans for spending. Citi analysts revealed that capital expenditure (capex), which is often used to gauge future profits, is expected to grow 3.5 percent this year, down from the 4.2 percent that was projected only four months ago, according to a report by the Financial Times.

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