Fri.Nov 01, 2019

article thumbnail

Google, Walmart help drive India payments past 1 billion transactions

Bank Innovation

A payments platform created by India’s largest retail banks surpassed a billion transactions in October, a milestone that affirms the tremendous growth of services offered by U.S. giants from Walmart Inc. to Amazon.com Inc. and Google. Indian digital payments took off when the government pushed demonetization in 2016, invalidating most of the country’s high-value currency notes in […].

Google 247
article thumbnail

How banks can ensure high availability for today’s technology

Payments Dive

The need for high availability in banking systems is clear, and has become even more of a priority in a more digitally focused environment where a 24/7 service and instant payments are a minimum requirement rather than an added bonus.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Chime outage highlights the importance of real-time feedback for startups

Bank Innovation

Digital-only challenger bank Chime‘s recent outage may have riled many customers on social media, but the company’s real-time response to the crisis ensured damage to the brand was nipped in the bud. On October 16, digital banking startup Chime’s app went dark on its 5 million customers. Customers complained of not being able to receive […].

article thumbnail

Chime, Varo, Grasshopper executives say digital banks see continued growth

Payments Dive

Digital bank executives from Chime, Varo and Grasshopper told attendees at this year's annual Money 20/20 conference that they see continued growth in the space as they are providing more responsive and lower fee services to consumers who are leaving legacy bank rivals that are burdened with aging technology and higher fixed costs.

article thumbnail

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

article thumbnail

Weekly Wrap: Big tech makes moves in financial services, as Ally bets on VR

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending Friday November 1, 2019. In this episode, Suman Bhattacharyya, deputy editor, and Angely Mercado, associate editor, discuss the following news developments: How big tech platforms like Uber are getting into financial services; How Ally Bank used a Monopoly-themed virtual reality […].

Video 186

More Trending

article thumbnail

VyStar Credit Union taps Zest AI for instantaneous loan decisions

Bank Innovation

VyStar Credit Union is using Zest AI’s underwriting technology to speed up its loan assessment processes. Through Zest’s tools, the Jacksonville, Fl.-based credit union can use both traditional and alternative data points to improve its underwriting capabilities, VyStar confirmed this week. Jenny Vipperman, chief lending officer at VyStar said the goal is to use automation […].

article thumbnail

Chime, Varo, Grasshopper executives say digtal banks see continued growth

Payments Dive

Digital bank executives from Chime, Varo and Grasshopper told attendees at this year's annual Money 20/20 conference that they see continued growth in the space as they are providing more responsive and lower fee services to consumers who are leaving legacy bank rivals that are burdened with aging technology and higher fixed costs.

article thumbnail

Goldman hands out $10b in credit lines for Apple card

Bank Innovation

Goldman Sachs Group Inc. leaders have been coy about backing up their recent assertion that the Apple Inc. card is the industry’s most successful credit card launch ever. Regulatory filings this week offer a first glimpse into the numbers that had the bank gushing. After a full roll-out of the card last quarter, credit lines […].

Apple 170
article thumbnail

Why Mobile Order-Ahead Is A Sure Bet For Most QSRs

PYMNTS

If Q3 2019 quick-service restaurant (QSR) earnings are any indication, restaurants’ rush to digital and mobile ordering is benefiting many — but not all — restaurants. What’s the latest news in the quick-service world? Dunkin’ just announced the addition of on-the-go mobile guest ordering. The new feature allows any customer — not just Perks members — to place a mobile order via the Dunkin’ app.

Mobile 135
article thumbnail

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

article thumbnail

What Google's Fitbit deal means for wearable payments

Payments Source

Google's $2.1 billion deal to buy Fitbit is primarily a hardware play. But it also brings Fitbit Pay under Google's umbrella — potentially repairing part of Google's fragmented mobile and wearable payments ecosystem.

Google 98
article thumbnail

DoorDash Acquires Square’s Caviar In $410M Deal

PYMNTS

Payments company Square has announced the completion of a deal to sell food delivery service Caviar to rival delivery company DoorDash, according to a release. The sale was completed on Thursday (Oct. 31), for a combination of DoorDash stock and cash worth $410 million. Square will include Caviar in its financial results through the month of October, but not after the sale.

article thumbnail

A Blueprint for Success: Designing Workflows for Lending Efficiency

Jack Henry

Commercial loan growth is a primary objective for many financial institutions across the county and for good reason: it consistently leads to increased revenue. Whether your institution is an established commercial lender, or just testing the waters, understanding lending workflows will be vital to your team’s success. Why? Because as you lend more and your institution grows, communication silos may form as departments myopically focus on their specific tasks.

Lending 87
article thumbnail

Trending: The Rise Of Instant Payments In Lending

PYMNTS

More consumers want faster disbursements through digital channels for more complex financial transactions, and they want that functionality available now. Merchants and disbursements providers need to innovate quickly to stand up against their competitors, many of which are smaller FinTechs or startups that can capitalize on the host of customers that near-exclusively transact and receive money through digital and mobile devices.

Lending 112
article thumbnail

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.

article thumbnail

Chime, Varo, Grasshopper executives say digital banks see continued growth

ATM Marketplace

Digital bank executives from Chime, Varo and Grasshopper told attendees at this year's annual Money 20/20 conference that they see continued growth in the space as they are providing more responsive and lower fee services to consumers who are leaving legacy bank rivals that are burdened with aging technology and higher fixed costs.

article thumbnail

For Self-Checkout, Location, Location, Location — And Data — Boost Conversions  

PYMNTS

For retailers new to self-checkout (SCO) or those that have used it for years, there’s a gold mine in the most basic SCO data that includes whether consumers are paying by card or cash, the basket size and how lines build up at the register or at the kiosk. Data tells a tale, in other words. But no two stores are exactly alike, and automating the retail experience comes as a balancing act between examining the data and observing what’s happening in the field (OK, the checkout line) in real time.

Data 108
article thumbnail

JPMorgan tests its Amazon-Berkshire health venture on bank employees

Payments Source

JPMorgan Chase and Amazon.com have begun testing the new health care venture they're developing with Warren Buffett's Berkshire Hathaway, rolling out some of the new offerings to employees in a handful of states.

64
article thumbnail

Why Western Union Is Embracing Its White-Label Future

PYMNTS

If one were looking for a simple phrase to describe the theme of Western Union’s Q3 earnings report on Thursday (Oct. 31), “pleasant surprises” would probably be the way to go. Western Union (WU) reported adjusted quarterly earnings of $0.49 per share, beating the Zacks consensus estimate of $0.47 per share. The beat represents WU’s first in four quarters.

Strategy 108
article thumbnail

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.

article thumbnail

Congestion ahead as EMV deadline nears for fuel pumps

Payments Source

The complexities of converting fuel pumps' hardware and software to accept EMV chip cards was such that the card brands gave pump manufacturers and gas stations an extra five years to comply. Now one year is left — and those complexities haven't diminished.

article thumbnail

UK Regulators Want First-Time Payments Delay To Avert Fraudsters

PYMNTS

U.K. legislators are calling for a mandatory 24-hour waiting period on all first-time payments between bank accounts as a way to reduce fraud, Reuters reported on Friday (Nov. 1). Parliament’s Treasury Select Committee said in a report that in the first six months of 2019, consumers were scammed out of roughly $777 million (£600 million). Fraud is the second most common crime type in England and Wales, and the committee wants regulators to get tougher on fraudsters.

article thumbnail

Google, Walmart Help Drive India Payments Past 1 Billion Transactions

Payments Source

A payments platform created by India’s largest retail banks surpassed a billion transactions in October, a milestone that affirms the tremendous growth of services offered by U.S. giants from Walmart Inc. to Amazon.com Inc. and Google.

Google 63
article thumbnail

The White House Startup That’s Taking On Healthcare Payments

PYMNTS

Though the launch of Healthcare.gov is likely a dim, distant memory for most people, at the time, it was front-page news — and not for a good reason. The site, tasked with enrolling people in the newly passed Affordable Care Act (ACA), was by all accounts poorly designed. That is putting mildly. For those interested in more colorful descriptions, it was referred to as “so bad it nearly broke the Affordable Care Act.”.

Payments 105
article thumbnail

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.

article thumbnail

Morning Brief 11.1.19: German banks want a digital currency to counter Libra

Payments Source

South Korea cool to central bank crypto; U.K. buses adopt mobile payments; and other information you need to start your day, from PaymentsSource and around the web.

Mobile 64
article thumbnail

The Jobs Report, Business Strength – And The Stubbornly Persistent Trade Credit Gap

PYMNTS

Yes, the jobs report was strong, and yes, there had been a bit of caution coming into the Friday report on the heels of the General Motors strike. It’s worth mulling the good news, and then digging deeper to see what can be improved. In terms of the headlines, 128,000 jobs were added in October, per data from the Labor Department, handily outpacing the roughly 85,000 that had been expected.

Report 102
article thumbnail

JCB, PrivatBank target tourist spending in Ukraine

Payments Source

Japan’s JCB payment card network has formed a partnership with Ukraine’s state-owned PrivatBank to expand card acceptance in the region.

article thumbnail

CYBG Officially Renamed As Virgin Money UK

PYMNTS

British financial institution CYBG was bought by Virgin over a year ago, and on Thursday (Oct. 31), it was renamed Virgin Money UK. The Financial Times is reporting that the merging of the two businesses was meant to make a stronger rival for Britain’s biggest banks. . The new group has a combined market cap of £2 billion, which is less than what both companies were worth when the deal was announced last June.

Groups 101
article thumbnail

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.