Wed.Dec 19, 2018

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Did 2018 live up to expectations?

Chris Skinner

As usual, I began the year with a bunch of predictions. I always like to end the year by going back and reviewing them. My own predictions were a little bit off. I said the main four things that would happen this year were: Getting down to business with Artificial … The post Did 2018 live up to expectations? appeared first on Chris Skinner's blog.

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Unlocking Innovation: A Shared Responsibility for Incumbents and Startups

Bank Innovation

Generalizations. They’re everywhere and they’re all completely unhelpful. Yes, I’m generalizing to make a point. Of course, it’s not completely true. But there is something to be said, I think, for avoiding the temptation of making sweeping statements. After all, so many things in life are rendered in shades of grey rather than in black […].

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A word of advice to conference organisers …

Chris Skinner

As a professional conference goer, I have certain routines. My main focus is to learn and, although I won’t attend every session, I will attend many. Unfortunately these days, the wandering mind and desperate need to get to the next level of Candy Crush, means that most of the time … The post A word of advice to conference organisers … appeared first on Chris Skinner's blog.

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5 Best Bank Marketing Videos of 2018

Bank Innovation

Sad dogs, star power and talking goats. Banks and other FIs pulled out all the stops in 2018 to make commercials and marketing videos that would leave an impression on customers. Here are five that caught our attention this year, in no particular order. These videos were selected by editors’ choice. We’ll lead with the […].

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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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Things worth reading: 20th December 2018

Chris Skinner

Things we’re reading today include … Bank apologizes for calling police on black man trying to cash paycheck Bank of England rebuked over £5m in unchecked spending Square makes a second attempt to break into banking Estonia arrests 10 in Danske Bank money laundering case Ant Financial’s Sesame Credit struggles … The post Things worth reading: 20th December 2018 appeared first on Chris Skinner's blog.

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Things worth reading: 19th December 2018

Chris Skinner

Things we’re reading today include … Cashless revolution ‘happening too fast’ as millions of consumers face exclusion from shops and restaurants JPMorgan tries to streamline spending in tech arms race High taxes could hasten bank moves from Britain after Brexit MPs call for resignation of Lloyds Bank CEO Investors revolt … The post Things worth reading: 19th December 2018 appeared first on Chris Skinner's blog.

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NASA Gets Hacked

PYMNTS

NASA has suffered a data breach that exposed its employees’ Social Security numbers and other personal information. According to a memo sent Tuesday (Dec. 18) by Assistant Administrator Bob Gibbs, the agency began looking into the breach of its servers on Oct. 23. “Upon discovery of the incidents, NASA cybersecurity personnel took immediate action to secure the servers and the data contained within,” the memo stated. “NASA and its Federal cybersecurity partners are continuing t

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Financial crime in finance: Unlocking communications to find hidden risks

Insights on Business

FINRA and other regulators have informed firms of their expectation to adopt practices of “heightened supervision” to isolate high-risk brokers and activities, including those who have previously committed financial crimes. In the past two years, FINRA has released guidance to strengthen controls on high-risk brokers and further indicated it would be an ongoing priority.

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How FinTech Companies Tackle Forex Identity Verification Challenges

PYMNTS

Regulatory changes, particularly those in Europe, are making it an interesting time for companies to be in the forex and money exchange businesses. “They’re dealing with the need to comply with things like GDPR,” Global Data Consortium (GDC) Co-founder Charles Gaddy told PYMNTS in an interview, adding they can’t take information out of a certain location and only use it for particular purposes.

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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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Kraninger to retain CFPB as agency name

CFPB Monitor

CFPB Director Kathy Kraninger has sent an email to CFPB employees informing them of her decision to halt “all ongoing efforts to make changes to existing products and materials related to the name correction initiative.” That initiative was initiated by former Acting Director Mulvaney. Under his leadership, the Bureau began using “Bureau of Consumer Financial Protection” as its name, together with the acronym “BCFP,” instead of, respectively, “Consumer Financial Protection Bureau”

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The ERP Emerges As Top Target For AI Developers

PYMNTS

As far as B2B FinTech goes, much attention has been paid to empowering a range of processes, including accounts payable, expense management and financial analysis — many of which had previously been a part of the Enterprise Resource Planning (ERP) solution. While innovation and digital disruption have taken these financial processes out of the ERP and made them independent platforms for corporate users, the ERP remains a critical component of financial management in the enterprise, particularly

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Banks are falling behind in fighting app store payment scams

Payments Source

Fortunately, banks and financial institutions can take action to protect their apps in untrusted, potentially hostile environments, writes Samuel Bakken, senior product marketing manager for OneSpan.

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Ingo CEO On 2018’s Push Payments ‘Great Awakening’ (And What’s Next)

PYMNTS

With the launch of Ingo Money QuickConnect last week , the company capped off a year that CEO Drew Edwards told Karen Webster could best be characterized as the “Great Awakening” of push payments. “We’ve finally moved beyond ‘so what is a push payment?’ to ‘how do I deliver real-time payments or fast funds to my customers?’” Edwards explained. The proof point, Edwards said, is the sheer number of Request For Proposals (RFPs) “flying at the top of the smokestack economy left and right” at the sam

Payments 171
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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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How JCB is preparing for a plastic-free future

Payments Source

The ubiquity of plastic payment cards makes it hard to imagine a future without them, but Japan’s JCB card network already envisions it.

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Walmart Wants To Deliver Food Directly Into Your Fridge

PYMNTS

In an interview with CNBC , Marc Lore, president and CEO of Walmart’s U.S. eCommerce business, laid out what he saw as the future of food delivery. Lore said “delivery right into the fridge” could very well be the next thing in food delivery as the retail giant continues to expand its services. It would work like this: Customers would get a one-time code when they order, and a delivery person “with a camera on their chest” would come in and put food in a person’s fridge.

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ICO and crypto players should brace for an aggressive SEC

Payments Source

The SEC is already ramping up action in the cryptocurrency space, with stronger moves in the year ahead, and market participants should be preparing to respond, according to Aaron Kaplan, a securities lawyer and founder at Prometheum.

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Square Tries To Create A Bank, Again

PYMNTS

San Francisco-based FinTech company Square, known for its white card readers, has once again decided to become a banking establishment, according to a report in The Wall Street Journal. The company had previously asked to start a bank in September of 2017, but eventually withdrew from the process over procedural issues. Square said it’s going to resubmit the necessary paperwork with state and federal regulators to start a bank in Utah, which could happen as soon as Wednesday (Dec. 19).

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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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How international e-commerce is upending Latin American payments

Payments Source

Latin America’s fast-growing e-commerce industry is providing opportunities to provide payments gateways for cross-border transactions originating in countries that don't favor digital or credit card payments.

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Experian ‘Boost’ Improves FICO Scores Via Data

PYMNTS

Experian has announced the launch of Experian Boost, a free online platform that allows consumers to potentially boost their credit scores in an instant. Through the platform, consumers can allow Experian Boost to connect to their online bank accounts to access utility and telecommunications payments. After the date is verified and a consumer confirms it should be added to their Experian credit file, an updated FICO Score is delivered in real time. “Globally, we are constantly innovating a

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Data: What's killing cash?

Payments Source

While credit cards have been around since the 1950s and debit cards introduced years later, they both have become indispensable to the modern consumer. In fact, in certain retail sectors consumers can only use payment cards or mobile payments to make a purchase.

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Citi Treasury Teams With Feedzai To Offer Real-Time Risk Management

PYMNTS

Citi’s Treasury and Trade Solutions (TTS) announced on Wednesday (Dec. 19) that it has inked a partnership deal with Feedzai, an artificial intelligence (AI) developer for real-time risk management across banking and commerce. In a press release, Citi said it will integrate Feedzai’s transaction monitoring platform, powered by machine learning technology, into its services and platforms, with a focus on control and risk management for payments.

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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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Cyberattacks are getting faster as prevention stays slow

Payments Source

Fixes and resolutions can take days or even weeks, enhancing vulnerability, according to David Williamson, CEO of EfficientIP.

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Visa Ready Program For B2B Payments Grows With Extend

PYMNTS

The Visa Ready Program for Business Solutions is growing with the addition of the Extend platform into its offering. In a press release Tuesday (Dec. 18), Extend said it is integrating its card issuing capabilities into the Visa Ready program, a framework for businesses that adopt Visa B2B payments solutions, enabling companies to more seamlessly access additional financial tools like accounts payable automation, virtual card functionality, data analytics and more.

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Fraud & Payments Predictions 2019: Go Cashless – with Care

FICO

As far as industry predictions go, perhaps surprisingly, one of mine actually came true: “ 2018 will be the beginning of the end for physical credit cards. However, their functionality will become even more omnipresent in our lives as more cards migrate to consumers’ mobile phones.”. It’s true that more and more Americans are adopting mobile payments.

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South Korea Examines Blockchain For Shipping

PYMNTS

Blockchain has been steadily making inroads in the B2B realm as a way to help boost supply chain transparency and efficiencies. To that end, in South Korea, a number of government ministries are looking into blockchain, eyeing the potential boost distributed ledger technology can give to marine logistics. As Coindesk reported Tuesday (Dec. 18), the ministries include the Ministry of Science, ICT and Future Planning and the Ministry of Oceans and Fisheries.

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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.