Mon.Sep 11, 2017

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The imperative for self-sovereign identification (get lost Equifax)

Chris Skinner

I’m making a presentation on cybersecurity this week at our Nordic Finance Innovation meetings. This meant preparing a few new slides from scratch as I don’t have a set deck for cybercrime, and sat and started ideas just as the news dropped about the Equifax breach. You’ll all know about … The post The imperative for self-sovereign identification (get lost Equifax) appeared first on Chris Skinner's blog.

Meeting 295
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China’s Latest Ban Threatens All Cryptocurrencies

Bank Innovation

The price of bitcoin is down following a report that China may ban all cryptocurrency exchanges within its borders. On Friday, Chinese financial news outlet Caixin reported that the Chinese government is considering banning all exchanges between bitcoin, ether, and other cryptocurrencies, and the Chinese yuan. Immediately following this report, the price of bitcoin dropped […].

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2017 payments predictions: A mid-year update

Accenture

Earlier this year I made a set of payments predictions for 2017, which is living up to expectations as a year with new developments and change occurring on all fronts. In this blog, I give an update on how the payments landscape is shaping up and rotating towards a new world of digital payments. Contactless and Mobile Payments. Prediction : Contactless card transactions in the UK will rise to between 6BN – 9BN transactions in 2017, (compared to my forecasts a year ago of 3BN transactions for the

Payments 219
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Russia to Regulate Cryptocurrencies in 2017

Bank Innovation

Russia will start regulating cryptocurrency trading by the end of the year, according to the country’s Finance Minister. At the Moscow Financial Forum on Friday, Russian Finance Minister Anton Siluanov said: The state certainly understands that cryptocurrencies are a reality, there is no point in prohibiting them. It is possible to regulate them, so 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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Some SMBs Dangerously Ignorant Of Cybersecurity Threat

PYMNTS

The research is clear: Just because a business is small does not mean it survives undetected from a cyberattack. In fact, some SMBs may actually be a bigger target for cybercrime. For example, small U.S. manufacturers working with overseas business partners operate with a heightened risk for cybercrime, according to research from Bank of the West. In some cases, it’s a small businesses’ global expansion that heightens their risk.

Software 192

More Trending

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Virtual Cards’ Role In B2B Payments Digitization

PYMNTS

Even as B2B payments progresses toward digitization, paper checks stick around. Analysts and industry players generally have their bets set on ACH to help guide accounts payable toward electronic payments, and indeed, research suspects ACH payments will finally surpass paper checks in corporate payments (the Federal Reserve’s latest data found it already has).

Cards 165
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Goldman Sachs Will Expand Its Retail Banking Brand Marcus to the U.K.

Bank Innovation

New-York based bank Goldman Sachs is planning to launch an online deposit service in the United Kingdom by mid-2018, a retail service that will be provided under the bank’s year-old ‘Marcus’ brand. According to the bank’s Head of Strategy, Stephen Scherr, who noted in remarks made to the Financial Times that the goal of the […].

Branding 207
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Equifax Blames Flaw In Database Software For Breach; Backlash Mounts From Consumers, Lawmakers

PYMNTS

Equifax, the credit scoring company that suffered a data breach that impacted as many as 143 million Americans, is blaming a vendor software flaw in its online databases. According to a news report in the The New York Post , hackers were able to steal customers’ data — including Social Security numbers — due to a weakness in open source software developed by Apache Software Foundation.

Software 165
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One-Third of Monthly Transactions for FIs and Online Lenders Are Fraudulent

Bank Innovation

Fraud remains a significant problem for financial services to solve, especially as digital and online banking becomes more prevalent in the industry. For the average FI and online lender, approximately one-third of all monthly transactions will be fraudulent. This is according to the 2017 True Cost of Fraud survey by LexisNexis Risk Solutions, released last […].

Online 199
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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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China To Shut Down Cryptocurrency Exchanges

PYMNTS

Bitcoin, the popular cryptocurrency, is facing increased scrutiny from government regulators in China, which are reportedly gearing up to close Chinese bitcoin exchanges. According to a report in Bloomberg , citing Chinese financial news website Caixin, the government has issued a document for local Chinese regulators to launch a shutdown of the exchanges.

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Canadian Fintech STACK Partners with Mastercard

Bank Innovation

Canadian neo-bank STACK is partnering with Mastercard to power its “fee-free,” digital approach to traditional banking. The partnership will allow the startup to offer a chip-enabled prepaid Mastercard to its consumers, STACK announced today. STACK will have its initial beta launch in two weeks. The startup, which will also allow users to pay via mobile […].

Fintech 191
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Mixed Performance For Payments Stocks

PYMNTS

Payments stocks were rather evenly dispersed across winners and declining issues this past week, shortened as it was for Labor Day. Square was the biggest gainer on the week, up 4 percent. The mobile payments firm announced plans last week to open up a physical branch in Utah, to be called Square Financial Services. The brick-and-mortar Square operation is slated to offer loans and also traditional deposit accounts to small businesses (SMBs).

Payments 148
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Fintech Startup PayJoy Bags $6 Million Investment

Bank Innovation

EXCLUSIVE – It’s been a busy few days for fintech startup PayJoy, which today announced that it closed a $6 million investment, only a few days after it reached another milestone. That milestone being its availability on iPhones in select U.S. stores. Based in San Francisco, PayJoy hopes to make the smartphone a mainstream financial […].

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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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In Equifax’s Wake, Outrunning The Breach Bear

PYMNTS

What have we learned from the Equifax hack? . Maybe nothing? Maybe everything? Maybe something in between? The stats are alarming, of course. Equifax, which is one of the triumvirate of major consumer credit reporting agencies, said last week that hackers had been able to access data across 143 million consumer accounts, or more than half the country’s adult population.

Fraud 136
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The insurtech trends making the greatest impact in 2017

Bobsguide

A study of Google Trends will show you a huge spike in the mentions of ‘InsurTech’ since February 2016, and that’s because people and investors are beginning to take note of how state-of-the-art AI can enhance the insurance sphere and disrupt specific elements of the insurance.

Trends 146
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Bitcoin Price Drops After Report China Will Shut Down Cryptocurrency Exchanges

PYMNTS

Bitcoin, the widely popular digital currency, saw its price drop late last week after a news report surfaced that China was gearing up to shutter local cryptocurrency exchanges. According to a report in Reuters , sources close to a regulatory committee that is in charge of online finance activities told Caixin, the Chinese-language financial news site, that authorities will shut down the bitcoin exchanges in the country.

Bitcoin 131
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When banks say ‘I do’ – an API love story

BankNXT

Leda Glyptis believes banks needn't be afraid of the API era. They should build a workforce that can deliver a future that's shared and interdependent. When banks say ‘I do’ – an API love story on BankNXT.

Data 110
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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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Correspondent Banking Declines Amid Regulatory Pressures, Says IMF

PYMNTS

A new report from the International Finance Corporation, a part of the World Bank Group, finds correspondent banking relationships are down, an unintended consequence of regulatory reform. Reports in The Financial on Friday (Sept. 8) said 27 percent of global banks surveyed have reported a drop in the number of correspondent banking relationships. The decline has led to a cutback in services, especially in developing countries, the IFC said.

Survey 128
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Investor Summit – “Deal Day”: Connecting Capital to Opportunity. Applications Open!

Let's Talk Payments

Investor Summit – “Deal Day” invites the best innovative FinTech startups to participate in the Investor Summit organized by the Monetary Authority of Singapore (MAS) during the Singapore FinTech Festival.

Capital 109
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Goldman Sachs Taking Its Online Deposit Business To The UK

PYMNTS

Goldman Sachs is reportedly gearing up to expand its retail banking unit in the U.K. — taking a page from its efforts in the U.S. According to a report in The Financial Times , citing Stephen Scherr, the bank’s head of Strategy, Goldman Sachs is preparing to rollout an online deposit business across the pond by the middle of 2018. The business will be launched under its Marcus brand but may buy deposits if opportunities should arise.

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What’s the Most Important Change Coming to Your Segment in the next 3-5 Years? We Asked 30+ FinTech CEOs

Let's Talk Payments

The year 2017 so far has been one of the most fascinating periods in the history of FinTech. Explosion of ICOs, revision of regulatory frameworks around the world, and a.

Fintech 111
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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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Corporate Bond Sales Speed Past $1 Trillion

PYMNTS

Corporate treasuries are continuing to take advantage of low interest rates, leading to a surge in sales of high-grade U.S. corporate bonds, according to reports in the Financial Times. The publication said Friday (Sept. 8) that sales of these bonds surpassed $1 trillion last week, doing so at their fastest pace ever. Apple, IBM and Visa are just some of the top corporates taking advantage of lower interest rates.

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FinTech, Improving Your Marriage – Exclusive Interview with Ramy Serageldin, CEO of Honeyfi

Let's Talk Payments

FinTech is littered with companies and solutions that fail to address the consumer’s actual issues when it comes to their financial lives. A fancy interface and well-designed workflow only take.

Fintech 107
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Reward Finance Doubles SMB Loan Capacity With Foresight Investment

PYMNTS

Alternative lending hasn’t completely lost its edge with investors. U.K.-based invoice and trade finance firm Reward Finance Group recently reported it had raised more than $51 million from Foresight Group. An announcement made last week noted Reward Finance landed a secured loan note facility against the investment, which the company said will double its small business financing capabilities.

Lending 109
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How Three Banks Evolved Into FinTech to Excel in the Leading Financial Market in Latin America

Let's Talk Payments

Small banks have realized that digital accounts provide an opportunity to overcome barriers such as agency costs and physical distance from customers, allowing them to attract the previously unattainable share.

America 106
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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.