Fri.Jun 15, 2018

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Where is PayU Headed? Follow the Money

Bank Innovation

Emerging markets payments platform PayU is building an in-house data science team. The company’s latest rounds of investment and acquisitions pointed to something big, and this seems to be part of it. For instance, late last year PayU’S parent company Naspers invested $115 million in remittance startup Remitly. This was preceded by a €110 million ($127.8 […].

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A closer look behind Sweden's cashless crusade

Payments Dive

Sweden's apparent move toward becoming the planet's first cashless state is clearly neither accidental nor simply the outcome of choices made by the Swedish public.

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Should a Bank?s API Collection Be Considered a Channel or Product?

Bank Innovation

PREMIUM — APIs -- application programming interfaces -- are still in their early days in banking, but are starting to show their promise. Data is flowing from your account to third party service providers in your mobile device and beyond, so you are never far away from knowing how much money you don't have. APIs […].

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TRENDING: An Inside Look At Applebee?s Mobile Order Ahead Strategy

PYMNTS

From QSRs to casual dining operations, restaurants are tapping into mobile ordering to capture busy customers with no time to dine in. In the June Mobile Order-Ahead Tracker, PYMNTS explores how casual dining restaurants are balancing mobile ordering with table service, and are seeking to get ahead of changing consumer preferences. Plus, the latest on taking the chaos out of order pickup and more new developments in the space.

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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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Venmo Announces It Will Remove Payment Functionality from Website

Bank Innovation

Social payments platform Venmo is phasing out certain functionality on its website, venmo.com, including allowing people to make payments there. Wait, what? “Over time you may see less functionality on the website – this is just the start… venmo.com website may be limited,” Venmo notified some of its customers through email today.

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Blockchain: powering effective agriculture commodity trading

Bobsguide

2017 saw corporate investment in blockchain technology hit record highs. This year, every day new proofs of concept are demonstrating potentially huge benefits across a number of sectors, including commodity trading, and a recent Research and Markets report predicts that the global blockchain.

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Study: Americans Overestimate Their Financial Literacy

PYMNTS

A new study reveals that while Americans are generally overconfident in their financial knowledge, only a few could score a top grade on a financial quiz. The “ Financial Literacy: Prosperity Begins with Knowledge ” study from Raddon, a provider of innovative research, also found that the vast majority have never attended a financial education program, although many think such a program would be extremely or very valuable.

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Merchants must avoid getting lost in e-wallets' diversity

Payments Source

Different digital wallets are designed for different purposes and merchants should do their research and respond accordingly, writes Ralph Dangelmaier, CEO of BlueSnap.

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Wirecard?s Blockchain Approach To Supply Chain Payments

PYMNTS

Payments firm Wirecard is expanding its presence in the B2B payments market, and is deploying blockchain technology in the process. An announcement on the company’s website on Thursday (June 14) said Wirecard is expanding its B2B services, using blockchain to connect merchants with producers. Distributed ledger technology will also be used to facilitate the creation and transmission of smart contracts to reduce the risk of fraud, the firm noted. “In this way, all steps along the comm

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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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6.15.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today; Amazon's rivals work on cashierless store; PayPal cuts fees in Ireland; Ripple says a full DLT is still on the way; William Shatner endorses a solar cryptomining company.

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The Race To Build Technology For Connected Cars Speeds Up

PYMNTS

As cars and trucks become “smarter” (deeper connections to the web, improved self-driving capabilities), the technology required to keep those vehicles connected to the digital world is becoming more important. An example of that came this week. According to Bloomberg , Japan-based wireless provider KDDI , which developed an “auto connectivity platform” for Toyota , has “signed on several other Japanese carmakers to test and deploy the technology.

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Visa Canada's AI chatbot walks customers through (non-payment) pain points

Payments Source

Visa Canada is collaborating with Finn AI to develop natural language chatbot technology to address common needs experienced by credit cardholders.

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Carrefour?s CEO Reports Progress On Digital Alliances

PYMNTS

Following new alliances with Tencent and Google , Carrefour ’s chief executive Alexandre Bompard said that the company is making big progress on the digital front. He explained that the retailer’s expansion in digital commerce was an “absolute” priority as the company faces competition from online rivals, such as Amazon , Reuters reported. “Six months ago we were isolated,” Bompard said at the company’s yearly shareholders meeting. “All the retail alliances were taking place without

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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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Squeezed by Zelle and poor financials, Venmo prunes browser payments

Payments Source

As competition from the bank-powered Zelle mounts, the popular social P2P app Venmo is phasing out support for online payments in favor of its mobile app.

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Google Wants To Bring Voice Tech To Doctors

PYMNTS

Google is hiring staff to work on an early-stage research project called Medical Digital Assist, which will use voice recognition to help physicians take notes. According to CNBC , four recently posted internal job listings describe building the “next-gen clinical visit experience,” as well as utilizing audio and touch technologies to improve the accuracy and availability of care.

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Mobile payments' war on fees

Payments Source

Going back to the debut of the free Square card reader, the mobile payments market has made fees — or the lack of fees — a major selling point.

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FinTech Partnerships With FI Marked By Global Scope

PYMNTS

Not all that long ago, tech was the province of deep-pocketed firms, usually larger enterprises. The cost of technology has lessened, though, opening the door for SMEs to bring bits and bytes to supply chains – lessening reliance on manual processes and invoices of the paper kind, thus eliminating errors. And the trend is increasingly international in scope.

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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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Gen Z comes of age. in the age of digital banking

ATM Marketplace

Move over millennials. Gen Z is on the scene and ready to leave its mark on banking and payments. Born after 1999, members of this demographic view the world completely differently than the generations that have gone before them.

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ALDI And Big Lots Are Among Sucessful Bidders For Toys R Us Stores

PYMNTS

As the liquidation of Toys R Us marches on, retailers are bidding on the toy store’s brick-and-mortar locations. The latest successful bidders include ALDI , Ollie’s Bargain Outlet , Raymour & Flanigan , Ashley Furniture and Big Lots , CNBC reported. Landlords are purchasing Toys R Us locations in some cases, and Retail Specialists Executive Vice President Bill Read believes that there will be “solid demand” for the retailer’s locations.

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Visa cuts debit fees in India to spur small-business card acceptance

Payments Source

Visa has moved to cut its debit transaction fees in India by 95%, bringing it more in line with RuPay, India’s state-run domestic debit scheme.

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Ripple Gives $2M To Texas University For Blockchain Research

PYMNTS

As part of Ripple ’s $50 million pledge for blockchain research, the crypto firm has said it will give $2 million over five years to the McCombs School of Business at the University of Texas in Austin. Through the initiative, graduate students and faculty may potentially receive funding for projects, CoinDesk reported. “Not only the business school but other branches will be able to participate as well,” said Cesare Fracassi, associate professor of finance at the university.

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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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Microsoft and Walmart are a poor match for Amazon Go

Payments Source

Microsoft is the latest to try to help a big retailer jettison cashiers — and the latest to discover how hard that is.

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How ALTR Uses Blockchain Tech To Boost Enterprise Security

PYMNTS

So much in tech comes out of left field, even amid evolution. Change creeps up and suddenly is … there. And so it is with companies that come out of stealth mode, officially launching with products and funding at the ready. In one example germane to security and payments, ALTR has emerged from four years of stealth, with $15 million in private and institutional backing and what is being billed as the first commercial software package that it says “unleashes the security benefits of blockchain.”.

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Visa Canada and Finn AI collaborate to expand artificial intelligence banking

The Paypers

(The Paypers) Visa Canada and Finn AI has announced a collaboration to enable new functionalities in conversational banking chatbots and artificial intelligence (AI), powered by the Visa Developer Platform.

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Zelle Projected To Grow More Than 73 Percent In 2018

PYMNTS

With Zelle projected to overtake Venmo , eMarketer expects the payment service to grow more than 73 percent this year. The firm is projecting that Zelle will reach 27.4 million users in the U.S. — more than Venmo’s 22.9 million users, TechCrunch reported. “One of the main hurdles new apps face is building trust and a sizable audience,” said eMarketer Forecasting Analyst Cindy Liu.

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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.