Chris Skinner
DECEMBER 12, 2018
I was talking with a banker at a recent conference, and was surprised by his attitude. He’s not worried about Amazon, Google or Alibaba; he’s not concerned about FinTech start-ups, Revolut or Monzo; he doesn’t really care about Open Banking and software; as for machine learning, artificial intelligence (AI) and … The post Compliance will kill the bank appeared first on Chris Skinner's blog.
PYMNTS
DECEMBER 12, 2018
In a renewed show of support for blockchain technology , American Express General Manager of Corporate Payments Carlos Carriedo has suggested that its pilot tests with partner Ripple to enable real-time cross-border corporate payments have been a success. Reports in Invest In Blockchain on Tuesday (Dec. 11) said Carriedo spoke at the Wings of Change Europe conference and emphasized American Express’ interest in blockchain technology. “Blockchain is absolutely an option we’re
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Bank Innovation
DECEMBER 12, 2018
Ally Financial Inc. has a specific strategy for dealing with inappropriate comments on its social media channels -- do nothing. This may seem unusual for a financial institution that must maintain a high standard of trust and not have its image sullied by associations with unsavory viewpoints. But Chief Marketing Officer Andrea Brimmer said that Ally's […].
PYMNTS
DECEMBER 12, 2018
Financial institutions are in the midst of becoming more mobile, with many of those legacy operations opting to — or at least considering — working more closely with FinTech providers to upgrade services, retain customers and acquire new ones. The debut of 5G promises to add another tool that can aid such efforts. As that mobile technology get closer to mainstream introduction, the potential 5G ecosystem for FinTech and mobile banking is gaining clarity.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Bank Innovation
DECEMBER 12, 2018
'Tis the season for new hires in banking and fintech. JPMorgan Chase famously declared that it would hire 1,000 tech engineers every year through its entry-level mentor program, Bank of America is shuffling its executives, and it has become common for financial institutions to seek talent from major tech companies. And while technology is integral to […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bobsguide
DECEMBER 12, 2018
A few weeks ago, two giants of the big data Hadoop era, Cloudera and Hortonworks, announced they would be merging. The announcement claimed it would be a “merger of equals.” It is fascinating to see these two groundbreaking pioneers coming together. I remember several years ago when.
PYMNTS
DECEMBER 12, 2018
While progress is always ongoing in payments and commerce, its path isn’t always straightforward or even. In China, mobile payments adoption has been racing forward, and stateside its progress is notably slower. Brexit negotiations go forward, backward and sideways, such that the eventual endpoint remains hard to forecast. And yet, as technology improves and data is more easily collected and interpreted , progress marches on in payments and commerce as new channels for funds to flow worldwide k
Insights on Business
DECEMBER 12, 2018
This past year brought governance, risk and compliance (GRC) to the center stage. Organizations in financial services and other sectors witnessed an increase in “airtime” given to risk and compliance issues at the board level. Stories of improper conduct, and new regulations on data protection and privacy such as GDPR, continued to dominate the business headlines, moving from water-cooler conversation to “what about us?
PYMNTS
DECEMBER 12, 2018
The number of merchants accepting card payments around the world grew by 13 percent in 2017, to 69.2 million, according to a report. RBR, a research and consulting firm for banking and retail, released a forecast of payment card data through 2023, and found that card payment acceptance is growing at a fast rate. The two regions with the most growth were also the two least developed: Asia-Pacific and Central and Eastern Europe.
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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
Payments Source
DECEMBER 12, 2018
Gottfried Leibbrandt will step down next June from Swift, the cross-border payment system, after spending seven years leading a key piece of global economic infrastructure through crises from hacking to sanctions on Iranian banks.
PYMNTS
DECEMBER 12, 2018
An analysis of bitcoin addresses shows that the majority of bitcoin (BTC) owners own only one-tenth of the digital currency, according to a report. Digital asset research company Delphi ran the numbers and found out that 22.9 million bitcoin addresses have at least some amount of bitcoin. However, of those, almost half have 0.001 BTC ($3.40) and about 90 percent have less than one-tenth of BTC ($340).
Payments Source
DECEMBER 12, 2018
Vocalink, a Mastercard company, signed a contract with Peru’s automated clearinghouse, Cámara de Compensación Electrónica, to modernize the country’s payment infrastructure, including support for real-time payments at all times.
PYMNTS
DECEMBER 12, 2018
In the smarter payments ecosystem, payments are more than simply moving funds from sender to recipient. These transactions are also about the transfer of data that can inform and improve the payments process. However, with so much sensitive information being transferred with each transaction, the need to keep the data secure has never been greater. In the new Smarter Payments Tracker , PYMNTS explores the latest efforts by banks and businesses to keep payments data secure from fraudsters, cyberc
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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
Payments Source
DECEMBER 12, 2018
The information you need to start your day, from PaymentsSource and around the Web: EU tackles cybersecurity, finger vein payments expand, Barclays adds payment controls, and more.
PYMNTS
DECEMBER 12, 2018
The prospect of love always carries with it the prospect of danger. One can interpret that many ways — philosophically, poetically, psychologically. Right now, though, we are talking about fraud, and how criminals use online data sites to steal from consumers in search of romance or, at least, some temporary companionship. The solution? That would be better authentication systems, processes that include biometrics.
Payments Source
DECEMBER 12, 2018
Banks have the opportunity to transform from being the trusted custodians of our money to being the trusted custodians of our data, writes Martijn Moerbeek, director of group digital strategy and innovation at Legal and General.
PYMNTS
DECEMBER 12, 2018
An Android Trojan virus has been discovered that has the ability to steal money from PayPal. According to We Live Security , the malware, which is hiding as a battery optimization tool distributed via third-party app stores, “combines the capabilities of a remotely controlled banking Trojan with a novel misuse of Android Accessibility services to target users of the official PayPal app.”.
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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.
Payments Source
DECEMBER 12, 2018
It turns out that cryptocurrency enthusiasts were committed well beyond the HODL rallying call that urged them to hold on during this year’s digital-asset market collapse.
PYMNTS
DECEMBER 12, 2018
Chinese bike-sharing company Mobike might be looking to spin off its European arm after it was revealed that it’s being investigated for possible breach of the European Union’s (EU’s) General Data Protection Regulation (GDPR). The company is owned by Chinese eCommerce company Meituan Dianping, which is backed by Chinese tech group Tencent.
Payments Source
DECEMBER 12, 2018
The Fed's faster payments task force is not likely to receive welcoming feedback from current operators who aren't convinced a hands-on role for the Fed is needed.
PYMNTS
DECEMBER 12, 2018
Aiming to get drivers in car rentals more quickly, Hertz announced Tuesday (December 11) that it is teaming up with CLEAR to create Hertz Fast Lane powered by CLEAR, a new service that relies on biometrics to speed up the car rental process. In a press release , Hertz and CLEAR said the goal is to get travelers through the exit gate and on the road in 30 second or less, which would be a time reduction of 75 percent or more.
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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.
Payments Source
DECEMBER 12, 2018
The Marriott incident will open the door to loyalty program fraud, account takeover and myriad other risks, writes Michael Reitblat, co-founder and CEO of Forter.
PYMNTS
DECEMBER 12, 2018
The enterprise may understand the importance and value of digitizing their supply chains, but understanding it and executing it are two very different things. A new report from consultancy firm Capgemini finds that most of the initiatives that large corporations have deployed in an effort to digitize their supply chains have failed to actually emerge from preparation and testing phases — despite half of the corporations surveyed noting that supply chain digitization is a top-three priority. R
Payments Source
DECEMBER 12, 2018
As the U.S. plays catch-up in contactless card adoption and biometric cards gain momentum, Mastercard senses an opportunity in the convergence.
PYMNTS
DECEMBER 12, 2018
One in every four consumers in the U.S. has touched this product. Some of them do so when they register their bank account credentials to their Venmo accounts, or set up an investment account with Robinhood , savings account with Acorns or loan repayment details with LendingClub. That product is Plaid — a tech platform that uses application program interfaces (APIs) to securely connect a consumer’s bank account to a third-party that wishes to use the account to enable a financial services tran
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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.
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