Fri.Mar 01, 2019

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Walmart opens a window to its digital transformation

Payments Dive

Walmart CTO Jeremy King gave some insight on how the big box retailer adjusted its business model to compete in an omnichannel environment.

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Facebook Working On WhatsApp P2P Digital Currency

PYMNTS

Facebook , Telegram and Signal are looking to launch their own cryptocurrencies that will allow users to send money internationally on their messaging systems. Citing various sources with knowledge on the matter, The New York Time s reported that Facebook is currently working on a coin that users of its WhatsApp could instantly send to friends and family.

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Inherently High-Risk, Banks Seek To Tackle Cybersecurity Risks and Costs at Once

Bank Innovation

Increasing digitization and interconnectivity is driving a rising tide of inherent cyber risk that is particularly high for banks, with a total of $11.3 trillion in rated debt outstanding, according to a Moody’s Investors Service report published Thursday. The risk assessment is based on how reliant a sector is on technology and how much financial […].

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Kroger Widens Ban On Visa Credit Cards

PYMNTS

Supermarket firm Kroger has expanded its ban on accepting Visa credit cards, stating on Friday (March 1) that its Smith’s Food and Drug unit will stop offering that payment option beginning April 3. The move follows 2018 bans on the payment giant’s cards at Kroger Foods stores located in the state of California. Then, as now, the company said its decisions have been tied to the fees Visa levies on transactions.

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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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Citi Venture Investing Head: ‘Financial Services is Becoming More Like Tech’

Bank Innovation

Strategic participation in fintech climbed in 2018, with 41% of all fintech financings containing either a corporate VC or strategic investor. This is up from 35% in 2017, and way up from 18% in 2013, according to Financial Technology Partners’ 2018 Annual Fintech Almanac. With $53.8 billion in financing over 1,600-plus fintech transactions last year […].

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ACI Worldwide Acquires Speedpay to Better Its Subscription-Based Payments Service

Bank Innovation

Mobile bill presentment is at the heart of ACI Worldwide‘s $750 million all-cash acquisition of bill pay service Speedpay from Western Union announced on Thursday. “ACI has a strong e-Commerce space, merchant fraud offering and we also have recurring billing,” Sanjay Gupta, SVP of ACI On-Demand, told Bank Innovation. “But at the same time we need […].

Fraud 170
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Enterprise Security Returns To Top Of B2B Investment Mountain

PYMNTS

Cybersecurity returned to the top of the B2B startup investment list as three companies in the enterprise security realm landed nearly half of the $246 million in B2B venture capital this week. But Software-as-a-Service emerged as a hot spot, too, with the largest investment round of the week going to a B2B eCommerce SaaS provider. ONPEX. Linking financial institutions and corporates with its Banking-as-a-Service platform, ONPEX enables FIs to deploy cloud-based account and payment technology to

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Prototyping the benefits of machine learning, today

Bobsguide

Machine learning and artificial intelligence (AI) will transform our lives in the decades to come. But machine learning also has a role in the more near term to address concrete problems users currently face on a daily basis. This article explores how SimCorp is looking to exploit these.

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Why Retailers Are Crowdsourcing Delivery

PYMNTS

Imagine getting paid to go home. (Really, take a moment and do so. Feels nice, right?) Now, imagine not only getting paid to go home, but doing so in a way that pleases one’s employer, neighbor, girlfriend’s boss or the person on the other end of that daily, mundane trip. It’s not a fantasy, but a reality for a growing number of drivers in the United States.

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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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Revolut's compliance predicament is a speeding warning to other fintechs

Payments Source

Revolut has caught the attention of U.K. regulators over money laundering compliance, a predicament that sheds light on issues faced by the entire digital financial services industry.

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Tesla Plans Move To eCommerce Sales Model

PYMNTS

In an effort to transition to an eCommerce sales platform, Tesla announced its move to an online-only sales model. The company’s CEO, Elon Musk, noted that the move would lower costs and enable the Model 3 to arrive on the market, CNET reported. Tesla, in fact, forecasts that the move could let the company lower vehicle prices by about 6 percent. And the company said in the post that the move would let it “achieve the $35,000 Model 3 price point earlier than we expected.”.

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Building consumer trust can make loyalty programs a two-way street

Payments Source

Consumers are willing to pay a bit more for repeat business at a merchant. By passing these fees on to shoppers, small retailers no longer have to cut vital operational costs to accommodate for lower margins from loyalty programs, says Robert Maynard, the founder of SurchX.

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HighRadius Links AR Data To Collections

PYMNTS

Order-to-cash Software-as-a-Service company HighRadius is addressing organizations’ collections struggles with a new data exchange solution. The company said in a press release on Thursday (Feb. 28) that it is rolling out the Collection Agency Data Exchange (CADE) tool, a way for accounts receivable teams to streamline data sharing with collection agencies.

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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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EBay adds new directors to board and begins strategic review

Payments Source

EBay Inc. has reached an agreement with Elliott Management Corp. and Starboard Value, appointing two new directors to the board and paving the way to potentially carving off some of its businesses.

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goPuff: Making Convenience More Convenient With Delivery

PYMNTS

It’s happened to almost everyone at some point in their lives: They are up in the middle of the night working on a school project/work project/watching over a sick child, when two unfortunate realities become apparent at the same moment. The first is that they desperately need Cheetos, Mountain Dew and beef jerky to keep going. The second is that they have none of those three things in their home.

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Amazon retiring its plastic Dash buttons

Payments Source

Amazon is focusing more on the virtual and voice-powered reordering on its sites and apps, and as a result is no longer producing new plastic Dash buttons.

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POS Financing, Etsy And Brexit — The Week In Sizzles And Fizzles

PYMNTS

Some things are instant hits — smartphones, television and voice-controlled personal assistants are all good examples of technologies that more or less hit the ground running and were popular as soon as marketing people were done explaining the concept to consumers. Other innovations are late bloomers. ATM cards, Febreze and the FICO score were all around for a while languishing in relative obscurity until something happened to push them into mass consciousness.

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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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Large grocery chain widens ban on Visa credit cards

Payments Source

The move by Kroger Co. comes in response to rising interchange fees on Visa's premium credit cards. The cards will be banned at 142 Smith's stores in the western U.S.

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How Cannabis Merchants Seek To Clear The Online Sales Haze

PYMNTS

One-click ordering in the Amazon age has made consumers impatient for their products. When it comes to subscribing for new services, that behavior hasn’t changed. Customers want to input their personal details and payment credentials, sign up, place their order quickly and move on. That behavior can sometimes lead to challenges for the retailers and services that want to engineer customer loyalty and drive sales.

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Ninth Circuit decision on TCPA autodialer definition settles: what does it mean?

CFPB Monitor

In September 2018, in Marks v. San Diego Crunch , a unanimous Ninth Circuit three-judge panel held that the TCPA’s definition of an automatic dialing system (ATDS) includes telephone equipment that can automatically dial phone numbers stored in a list, rather than just phone numbers that the equipment randomly or sequentially generates. This decision departed sharply from the post- ACA International decisions by the Second and Third Circuits, which had narrowed the definition of an ATDS.

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Amazon Looks To Open New Grocery Chain In US Cities

PYMNTS

Amid Amazon ’s efforts to grow its reach in the food space, the eCommerce retailer is reportedly looking to launch grocery stores in multiple big U.S. cities. The company is reportedly aiming to open a location in Los Angeles as soon as the close of 2019, The Wall Street Journal reported. Unnamed sources cited by the paper claim the retailer has inked leases for a minimum of two more locations, scheduled for the beginning of 2020.

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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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Acquisition fuels National Gift Card's digital renaissance

Payments Source

Through its acquisition of digital payments and fundraising provider Benefit Mobile, the National Gift Card company is positioning itself to help charitable organizations grow and to strengthen the mobile offerings of retail merchants.

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Revolut’s CFO Departs Amid AML Tech Saga

PYMNTS

Amid controversy around an anti-money laundering system, Revolut CFO Peter O’Higgins resigned from the firm. O’Higgins didn’t mention the issue in his resignation statement, according to reports. O’Higgins said per the reports, “Having been at Revolut for almost three years, I am immensely proud to have taken the company from £1m revenue to £50m revenue during this time.

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Regulator circles Revolut following alleged compliance lapse

Payments Source

Revolut Ltd., the fast-growing financial technology startup, is facing regulatory scrutiny following an alleged compliance lapse that could have allowed illegal transactions on its app.

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When Synthetic IDs Are As Good As The Real Thing

PYMNTS

It’s no secret that digital criminals are becoming more sophisticated. So are the fraud defenses deployed by merchants, payment service providers and financial institutions. But some criminals are going a step further – essentially pretending to be legitimate consumers. It even comes down to the use of consumers’ phone numbers and children’s Social Security numbers.

Fraud 150
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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.