Thu.May 02, 2019

article thumbnail

Restaurants, retailers rethink cashless as financial inclusion takes center stage

Payments Dive

Retailers and restaurants are reconsidering their payment policies as cities and states continue to push for legislation that would require merchants to accept cash.

Retail 366
article thumbnail

Smile to pay … and cry for credit

Chris Skinner

There were two headlines recently that arrived side-by-side: Will telephone bank passwords become obsolete? Does my new biometric bank card really mean the death of the Pin? Neither headline is particularly news – voice recognition for telephone banking and biometric bank cards have been floating around for a decade (or … The post Smile to pay … and cry for credit appeared first on Chris Skinner's blog.

Cards 346
Insiders

Sign Up for our Newsletter

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

article thumbnail

Fundbox, Brandwise Execs: How Net 60 Helps B2B – And Why They’re Joining Forces  

PYMNTS

B2B payments are mired in delays, in errors, in an imbalance in funds flow and credit terms. Simply put, buyers stretch out payments and suppliers play the waiting game – at least as well as it can be played with checks and cards. The result is a cash flow crunch. Access to financing (trade finance, that is), especially online, can level the playing field a bit.

Retail 209
article thumbnail

Things worth reading: May 3rd 2019

Chris Skinner

Things we’re reading today include … Bank of England warns of interest rate rise over next three years Andy Hornby: how the former HBOS boss bounced back MPs demand Lloyds justifies ‘cash paid to CEO in lieu of pension’ Elon Musk owes $507 million to banks helping Tesla raise capital … The post Things worth reading: May 3rd 2019 appeared first on Chris Skinner's blog.

Capital 283
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

Bank Of England Mulls Blockchain Amid ‘Fourth Industrial Revolution’

PYMNTS

The digital revolution comes to the land where the industrial revolution was born? To that end, Invest In Blockchain reported that Mark Carney, governor of the Bank of England, said that the central bank should gear up for a “fourth industrial revolution” that includes at least some impact to payments, chiefly through blockchain and decentralized systems.

More Trending

article thumbnail

SWIFT Rolls Out Cloud-Based Payment Investigation, Resolution Service

PYMNTS

SWIFT is expanding its network-wide payments validation toolkit, announcing Thursday (May 2) a new “in-flight” cloud-based payment investigation and resolution service. In a press release, SWIFT said the new feature allows for dynamic query handling between banks on the SWIFT network. With the tool, banks can quickly resolve instances where operational, regulator or compliance information is incorrect or is missing from the payment instructions.

Payments 190
article thumbnail

Square Intent on Using ‘Ecosystem’ to Fend Off Competitors

Bank Innovation

Get used to a new term in fintech: "ecosystem." At Square Inc., "ecosystem" means a rapidly expanding menu of products and services that encourages its seller-customers to use more Square products and services. Together, CEO Jack Dorsey and CFO Amrita Ahuja used the word “ecosystem” 27 times during the company’s earnings call yesterday. “This is […].

Fintech 170
article thumbnail

RBS Gets Back Into Payments Ten Years After It Unloaded Worldpay

PYMNTS

Royal Bank of Scotland is going after the payments market, launching a new unit Thursday (May 2) that will put it in competition with Worldpay , the former unit it was forced to unload. According to a report in The Financial Times , the new business — dubbed NatWest Tyl — is a merchant acquiring service for small and medium-sized businesses, enabling retailers to accept payments via cards in physical stores and online.

Payments 173
article thumbnail

Fidelity Survey Finds Institutional Investors Are Eyeing Crypto

Bank Innovation

About half of institutional investors consider digital assets to be worthy of holding in portfolios, according to a survey commissioned by Fidelity Investments. Fidelity, which began a custody service to hold Bitcoin for its customers earlier this year, is trying to gauge how pensions, family offices, hedge funds, endowments and foundations feel about owning cryptocurrencies […].

Survey 170
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

Global Security Officials Meet To Discuss 5G Security

PYMNTS

Representatives from a number of countries around the world – excluding Russia, China and representatives from technology giant Huawei – met to discuss the security of 5G networks as many countries prepare for deployment of the technology, according to a report by Reuters. The U.S. has been trying to stymie the participation of Chinese telecom manufacturers like Huawei , alleging that the company’s infrastructure could potentially be used for spying by the Chinese government , an allegation the

Meeting 171
article thumbnail

Rule-makers building regulations for â??obsolete" blockchain technology

Bobsguide

Regulators and standards bodies are at risk of standardizing obsolete technology by creating rules for blockchain networks that are already years old, according to Joe Pindar, blockchain and cryptography director at Thales. “There have been three generations of blockchain, starting with the.

article thumbnail

The Pitfalls Of Unsustainable Supplier Payment Terms

PYMNTS

Lengthening payment terms between corporate buyers and suppliers have built up a bad reputation in the B2B space — thanks, in part, to payment practices deployed by large entities like Carillion in a demonstration of buying power abuse over smaller vendors. However, the practice of negotiating B2B payment terms is not about companies getting away with delaying invoice payments as long as possible.

Payments 158
article thumbnail

Passwords can be gone in just a few years

Payments Source

The growing sophistication of artificial intelligence is making fraud detection faster and more accurate, which opens up new possibilities for new products and services because of consumer confidence in secure payments, writes Margaret Reid, senior vice president of North America Risk for Visa.

America 139
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

Bitcoin Daily: Amazon Blockchain Service Expands; Cybercriminals Steal $356M In Crypto In Q1

PYMNTS

Amazon Web Services (AWS) has launched its Amazon Managed Blockchain , a service that enables users to create and manage scalable blockchain networks. The service will allow customers to quickly setup a blockchain network spanning multiple AWS accounts via the AWS Management Console, and is able to support thousands of applications and millions of transactions using open source frameworks like Hyperledger Fabric and Ethereum.

article thumbnail

PSD2 and Open Banking rush eroding banksâ?? mobile security measures

Bobsguide

Open Banking and Europe’s second payments directive (PSD2) are undermining the safety and security of the banking industry, according to Tom Kellermann, chief cybersecurity officer at Carbon Black. “The unintended consequences and externalities involved with the Open Banking.

Security 133
article thumbnail

US Credit Bureau Sues Credit Repair Cos For Upfront Fees

PYMNTS

The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against a credit repair firm, its subsidiaries and associates for asking customers to pay upfront fees, it announced Thursday (May 2). The CFPB filed a complaint against PGX Holdings Inc. and subsidiaries Progrexion Marketing Inc., Progrexion Teleservices Inc., eFolks LLC and CreditRepair.com Inc.; and against John C.

US 143
article thumbnail

Apple Card doesn't 'reinvent the wheel,' but it does cut friction

Payments Source

Apple is addressing consumer demands and pain points head-on, with the overall goal of making consumers’ lives easier, argues Jeff Bender, vice president of digital solutions for Diebold Nixdorf.

Apple 122
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

Square Cash App Volumes Up 2.5x In FY Q2

PYMNTS

Square reported earnings results — and guidance — for its fiscal Q2, sending shares down 5 percent in after-hours trading. Beyond the headline numbers, the company showed continued traction with larger sellers across its traditional point-of-sale (POS) products, and in newer offerings spanning debit cards and lending. The payment firm’s adjusted earnings per share was $.11, better than the expected $.08.

Cards 140
article thumbnail

Has GRC reached its tipping point? Observations from the front lines

Insights on Business

As a products organization, we have the good fortune of working with exceptional clients, industry analysts, market research teams and business partners. Through our many daily interactions we have been witness to a wave of patterns forming that are changing the face of governance, risk and compliance (GRC). This wave suggests the organizations have reached a tipping point in their GRC agendas.

article thumbnail

When Vendors Open Doors To Cyberattackers

PYMNTS

Organizations are ramping up cybersecurity investments in response to the ever-climbing threat of data breaches and cyberattacks. Last year saw record levels of venture capital pumped into cybersecurity startups, and researchers at Gartner expect companies to increase cybersecurity spend by 9 percent between 2018 and 2019, reaching $124 billion. But all the money in the world to secure an organization’s back office won’t necessarily help safeguard all company data.

Survey 139
article thumbnail

Experian wants to break the digital ID deadlock by breaking the rules

Payments Source

Transferrable dynamic authentication is something almost everyone wants but still seems just out of reach. Experian says there are a couple of places where that problem can be solved, adding it’s time to realize that even digital-age ID rules no longer work.

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

World Password Day Highlights (The Annoying) Endurance Of A Weak Security Tool

PYMNTS

As far as marketing and education pushes disguised as pseudo-holiday type things, you could do worse than World Password Day , which is Thursday (May 2). For example, it sure beats International Talk Like a Pirate Day on September 19, when our patience is tested by those joyful souls among us who really take such things seriously. After all, bad password habits can bring severe financial, security and reputational penalties (whereas failing to talk like a pirate merely confirms your status as a

Tools 138
article thumbnail

TSYS talks M&A: 'Our goal is to go big or go home'

Payments Source

Speculation has been in the air about whether TSYS—one of the last large legacy processors—may be next in a big M&A deal after the pairings of FIS-Worldpay and Fiserv-First Data were announced this year.

Data 78
article thumbnail

Citi Launches NextGen For AI-Powered Trade Transactions

PYMNTS

Citi has announced a new initiative aimed at boosting the efficiency and performance of trade transactions with artificial intelligence (AI). A press release this week said Citi is collaborating with EY and SAS on its NextGen project, which will include the development of a risk analytics scoring engine that uses AI to address friction in reviewing global trade transactions.

Analytics 134
article thumbnail

Asia Fintech Goes Ballistic

Breaking Banks

Brett King is joined by Jason Cao , Huawei’s global Financial Services Industry President for Enterprise Business Group in Shanghai, discussing how Emerging Tech is transforming the future of Fintech and Finserv in China and Yuxiao Hu , sharing insights on the latest AI developments there. Then, Brett hosts Matthias Kröener , previously of Fidor Bank , sharing his exit story from the bank he founded more than a decade ago, followed by a chat with Arvie de Vera , Head of Fintech at UnionBan

Fintech 82
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.