Chris Skinner
SEPTEMBER 11, 2019
I hear this a lot, and don’t like it. Many banks say it these days, and they say it to be cool. To be like a start-up. To be like a Silicon Valley angel investment firm. To be like a young, FinTech unicorn. However, there is a massive difference between … The post We’re just a technology company that happens to have a banking licence appeared first on Chris Skinner's blog.
Bank Innovation
SEPTEMBER 11, 2019
In a sea of sameness among digital-only banks, Varo is taking a bold move in pulling the plug on a feature that millennials supposedly hold dear: goals-based savings envelopes. In one fell swoop, the San Francisco-based startup rebelled against a trend that’s become a table-stakes offering among digital-only banks, including N26’s “Spaces” and Monzo’s “Pots.” […].
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PYMNTS
SEPTEMBER 11, 2019
To find out if Amazon is utilizing its market power to hurt competition, a Federal Trade Commission (FTC) team of investigators has started to interview small businesses that sell items on Amazon. Multiple attorneys, as well as one economist at a minimum, have been conducting interviews that tend to last roughly an hour and a half that cover many topics, Bloomberg reported on Wednesday (Sept. 11), citing unnamed merchants.
Bank Innovation
SEPTEMBER 11, 2019
The M&A market is booming. So far this year, we’ve seen mergers between leading enterprises such as Bristol Myers Squibb and Celgene, United Technologies and Raytheon and FIS and WorldPay— and the trend won’t stop anytime soon. The most interesting merger of 2019, in my opinion? BB&T and SunTrust. The merged entity will become the 6th […].
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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
SEPTEMBER 11, 2019
The regulatory landscape has become stricter – and more expensive – as enterprises and FIs grapple with fraudsters and seek to protect data and dollars. In the latest AML/KYC Tracker , the costs of lapses and breaches become apparent, even anecdotally, as measured in fines and exposed records. AML and KYC investments are growing in importance when it comes time to do battle against external (and internal) threats.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
SEPTEMBER 11, 2019
Virtual reality could have more retailers reach more consumers in the coming few years — in large part by upping the consumer experience. Already, trends are emerging that promise to play out with greater steam in the 2020s. Location-based virtual reality (VR) startup The Void is partnering with mall operator Unibail-Rodamco-Westfield (URW) to open 25 new entertainment outposts in the U.S. and Europe by 2022.
Payments Source
SEPTEMBER 11, 2019
Mastercard and blockchain software provider R3 plan to test a new blockchain-enabled cross-border payments service to connect global faster payments rails supported by a Mastercard-operated clearing and settlement network.
PYMNTS
SEPTEMBER 11, 2019
According to the new Simplifying Cross-Border Payments Playbook , there are five key criteria that an ideal cross-border payment solution should meet: speed, security, compliance, transparency and ubiquity. Currently, there are 57 real-time payments rails operating in more than 72 countries, with even more under construction. So, what’s the problem?
Payments Source
SEPTEMBER 11, 2019
Mobile order, delivery and payment apps are proliferating at restaurants, but they're also becoming less distinguishable, posing an entirely new challenge as deep discounts become the weapon of choice.
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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
SEPTEMBER 11, 2019
The Libra Association is petitioning the Swiss Financial Market Supervisory Authority ( FINMA ) for a Swiss payment system license for its planned Libra cryptocurrency, Reuters reported on Wednesday (Sept. 11). . “Due to the issuance of Libra payment tokens, the services planned by the Libra project would clearly go beyond those of a pure payment system,” FINMA said in a statement to Reuters. .
Payments Source
SEPTEMBER 11, 2019
Swiss financial regulator Finma said Libra would need a payment system license and would be subject to additional rules to take “bank-like” risks into account. The “highest international anti-money laundering standards” would also need to be applied, it said in a statement on Wednesday.
PYMNTS
SEPTEMBER 11, 2019
Rumors of the death of the password , to paraphrase Mark Twain, are not all that greatly exaggerated. But, boy, is the password hanging on — and certainly not going gently into that good night. Chalk it up to a matter of time, Philipp Pointner , chief product officer of Jumio , told Karen Webster in a PYMNTS interview, detailing what needs to happen before the password finally gives up its last gasp — and perhaps sooner rather than later.
Payments Source
SEPTEMBER 11, 2019
This ruling by the New Zealand Government shows the jurisdiction’s versatility in broaching how best to address cryptocurrencies and the implementation of regulations around their use in payments, says NEM Ventures' Dave Hodgson.
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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
SEPTEMBER 11, 2019
Kuda, Nigeria’s first digital-only bank with a standalone license, has raised $1.6 million in pre-seed funding led by Haresh Aswani, as reported on Wednesday (Sept. 11). Ragnar Meitern and other angel investors also participated in the funding round. Aswani told the news outlet that he will also be on Kuda’s board. Unlike other FinTech startups, Kuda was granted a banking license from the Nigerian Central Bank.
Payments Source
SEPTEMBER 11, 2019
The information you need to start your day, from PaymentsSource and around the Web: Today: Amtrak adds mobile payment technology; Real-time pay in the Netherlands; Moneycorp gets license in Brazil; PumaPay's crypto system debuts.
PYMNTS
SEPTEMBER 11, 2019
In France, Treezor , a banking as a service platform, said this week that has deployed the Thales SafeNet Data Protection On Demand solution for what is being billed as “safety across the entire payment chain, from tier one banks and neo banks to crowdfunding organizations,” as noted in a release. Treezor is an electronic money issuer and is tied to a regulatory landscape that spans the French regulators and the European Union’s General Data Protection Regulation.
Jack Henry
SEPTEMBER 11, 2019
What does a gorilla have in common with emerging payments trends? The answer to this riddle is rooted in a well-known phenomenon in neuroscience called “inattentional blindness” – the failure to notice visible but unexpected objects because attention is being focused somewhere else. The concept of inattentional blindness emerged in popular culture in 1999, when Harvard University psychologists Daniel Simons, PhD, and Christopher Chabris, PhD, conducted a study where participants were asked to vi
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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
SEPTEMBER 11, 2019
A network to better coordinate financial innovation among federal and state regulators is being launched by the Consumer Financial Protection Bureau (CFPB) in partnership with several states, the agency said in a press release. The American Consumer Financial Innovation Network (ACFIN) aims to augment shared purpose such as access, inclusion and competition.
Payments Source
SEPTEMBER 11, 2019
SumUP, a U.K.-based mobile point of sale company, needed a way to differentiate itself from larger rivals such as PayPal, Square and iZettle. Its solution is to offer faster settlement, in partnership with Starling Bank.
PYMNTS
SEPTEMBER 11, 2019
The worlds of drones and 5G mobile network technology – two of the most promising trends in digital payments and commerce – are colliding. That’s because Valqari , which describes itself as the “creator of the patented Smart Drone Delivery Mailbox and provider of last-inch solutions for drone deliveries,” is working with Sprint on a smart mailbox connected to the telecom’s HTC 5G Hub.
Payments Source
SEPTEMBER 11, 2019
The California Senate passed a bill that could force Uber and other gig economy giants to reclassify their workers as employees.
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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
SEPTEMBER 11, 2019
Email often gets overlooked in the 2019 digital economy, given the higher levels of excitement attached to social media, video and other, more cutting-edge tools — to say nothing of the use of text as a communication tool. But that message is apparently lost on criminals, who, according to a new report, have stolen some $26 billion over the last three years in a scam generally known as “ business email compromise.”.
Payments Source
SEPTEMBER 11, 2019
Brazilian payments provider Ebanx is working with Alibaba Group to test a retail store that combines physical and virtual showcases to allow consumers to obtain Chinese technology products.
PYMNTS
SEPTEMBER 11, 2019
About a year-and-a-half after a state Supreme Court decision that brought the issue to the forefront of legislators’ attention, the California Senate voted to approve Assembly Bill 5 on Tuesday (Sept. 10) — and in so doing has very possibly changed the course of the gig economy forever. The bill, which passed the state’s General Assembly in early June , codifies a new three-tiered test to determine when a worker is more appropriately categorized as an independent contractor versus when
Payments Source
SEPTEMBER 11, 2019
Researching how pain points make consumers work harder can fix payment execution, says UJET's Anand Janefalkar.
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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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