Mon.Jun 03, 2019

article thumbnail

When did FinTech become cool?

Chris Skinner

When did FinTech become FinTech? When did technology in finance become cool? I guess the first thing is to define FinTech, which I did badly four years ago. I say badly because my definition back then was: FinTech [is] a new market that integrates finance and technology. This new market … The post When did FinTech become cool? appeared first on Chris Skinner's blog.

Fintech 419
article thumbnail

PayPal Launches eCommerce Platform For Online Merchants

PYMNTS

PayPal announced on Monday (June 3) the launch of the PayPal Commerce Platform, which is designed to meet the needs of marketplaces, eCommerce solution providers and crowdfunding platforms. In a blog post , Bill Ready, PayPal’s chief operating officer, said the new digital platform will provide what the company is calling the most comprehensive set of technology, tools, services and financing for businesses of all sizes around the world.

Online 206
Insiders

Sign Up for our Newsletter

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

article thumbnail

Things worth reading: 4th June 2019

Chris Skinner

Things we’re reading today include … Pensions must do right thing on climate change, says minister Alphabet shares slide 6% on possible DoJ antitrust probe A crypto Buffett lunch is on the cards. Poor Warren Buffett. Fed advised to talk plainly and carry a big stick ahead of conference ‘All … The post Things worth reading: 4th June 2019 appeared first on Chris Skinner's blog.

article thumbnail

Online Retail Pumps New Fuel Into Warehouse Growth

PYMNTS

The rise of eCommerce has done much more than change the way consumers shop (which, in turn, has helped to change the way consumers think about payments). Online retail has had a tremendous impact on logistics, further evidence of which emerged on Monday (June 3). Blackstone Group reportedly is paying $18.7 billion for what Bloomberg calls “179 million square feet of urban logistics properties – the warehouses used by Amazon.com Inc. and other retailers to fulfill orders from online shoppers.

Retail 198
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

Why digital-only Grasshopper Bank chose Temenos’ cloud-native T24 core

Bank Innovation

New York City-based Grasshopper Bancorp, a newly-launched digital-only bank targeting startups, was built from scratch with its sights on global expansion. The approach requires flexibility -- and lots of it. “We rewrote everything,” CEO Judith Erwin told Bank Innovation. “Just imagine the tiniest little niche that has to do with banking, like changing your address or […].

More Trending

article thumbnail

PayPal enhances payments capabilities for e-commerce marketplaces

Bank Innovation

As Amazon grows the reach of its digital payments tool Amazon Pay, PayPal is ramping up its feature set for e-commerce marketplaces. In a blog post Monday, PayPal's chief operating officer Bill Ready announced the launch of the PayPal Commerce Platform, which offers enhanced marketplace payments capabilities to enable quicker, more secure transactions supported by […].

Payments 170
article thumbnail

Western Union’s Playbook For Balancing Cash And Digital Payments

PYMNTS

Despite the dreams and expectations among all kinds of people during the rise of eCommerce and digital payments, cash isn’t really going away. Sure, one may find numerous instances and specific markets in which cash use has given way to payment cards or mobile wallets, but, for various reasons, physical coins and bills endure, and will likely do so for quite some time.

Payments 189
article thumbnail

Varo’s FDIC application tests uncharted territory

Bank Innovation

Varo Money has been striving to get a banking charter for three years. On Aug. 31, 2018, the digital-only challenger bank finally received conditional approval from the Office of the Comptroller of the Currency. It’s still unclear, however, if the Federal Deposit Insurance Corporation will grant the final approval. Julie Hill, a financial institutions regulation […].

FDIC 170
article thumbnail

Why Do So Many Financial Institutions Avoid SBA Lending?

Abrigo

SBA Lending Can Be a Hidden Gem for Some Institutions. Loans guaranteed by the U.S. Small Business Administration represent an underutilized growth engine for financial institutions. With proper planning and the utilization of technology, SBA lending can boost customer acquisitions and deposits. It can also drive other areas of business banking while providing meaningful solutions to customers.

Lending 150
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

U.S. Bank’s Dominic Venturo to speak at Bank Innovation Build 2019

Bank Innovation

Dominic Venturo, executive vice president and chief innovation officer at U.S. Bank, will participate in a fireside chat at Bank Innovation Build 2019, this blog’s event on best practices in banking innovation. Bank Innovation Build will take place November 6-7 at Atlanta’s W Hotel Downtown. (Register here.) Bank Innovation Build will bring together industry leaders […].

article thumbnail

Stripe Launches Chargeback Protection Service

PYMNTS

Stripe , the payments company, announced Monday (June 2) the launch of Chargeback Protection, a new service that provides customers with machine learning-based fraud protection. In a press release, Stripe said the new tool is based on Radar , its tool that prevents fraud and protects against future chargebacks. With Chargeback Protection, businesses on Stripe are automatically reimbursed for the cost of a disputed charge and any associated fees.

Fraud 170
article thumbnail

Open banking requires an open mind about fintech and payments

Payments Source

Open banking or connections to payment apps and fintechs helps financial institutions meet these customer needs in a number of ways that can help them build that customer relationship, writes Maria Allen, global head of financial services for Unisys.

Fintech 153
article thumbnail

Spanish Bank Santander And eBay Partner On Loan App Asto

PYMNTS

Santander, a Spanish bank, and eBay have teamed up to offer lending services to small businesses, in an attempt to stave off competition from not only larger companies but smaller ones as well, according to a report by the Financial Times. A FinTech app owned by Santander called Asto will begin to offer loans to about 200,000 small and medium-sized businesses (SMBs) through eBay in the U.K. by the end of the year.

Lending 166
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

Beware of data “science projects” turned fraud prevention solutions

Insights on Business

As e-commerce has revolutionized the way we buy and sell online, we are no longer bounded by borders or time zones. Goods can be purchased from anywhere around the world at any time of day. Because of this, traditional rules-based fraud detection systems have become outdated and no longer work. Today, real-time payments require real-time fraud detection.

Fraud 138
article thumbnail

Mobile Order-Ahead Goes Mainstream

PYMNTS

Mobile food ordering has quickly gone from niche activity to mainstream. Between 2016 and 2018, the volume of orders placed through mobile apps grew by 130 percent, according to PYMNTS’ Mobile Order-Ahead Tracker. Mobile represents roughly 60 percent of all digital restaurant orders today. This rapid growth is expected to boost the market’s value to $38 billion by 2020.

Mobile 162
article thumbnail

Chinese technology giants to reimagine financial services

Bobsguide

Chinese technology firms are set to make huge inroads into global fintech markets, according to Melissa Guzy, co-founder and managing director of Arbor Ventures, speaking on a panel at Money 20/20 in Amsterdam this week. “Chinese tech companies are going to southeast Asia, going to old.

article thumbnail

China UnionPay Launches Debit, Credit Cards In Europe

PYMNTS

China UnionPay , the credit card issuer, is expanding in Europe, rolling out debit and credit cards. The Financial Times , citing China UnionPay, the world’s largest card issuer, reported it inked a partnership with Tribe Payments , a U.K. tech startup, to enable banks and FinTechs to offer individuals and companies branded cards. The program kicks off in June.

Cards 159
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

Apple's new Sign In is like Apple Pay — but less

Payments Source

After criticizing the prevalence of social sign-in buttons on the internet, Craig Federighi, Apple's senior vice president of software engineering, unveiled one of his company's own. It's essentially Apple Pay without the payments.

Apple 108
article thumbnail

How Top-Performing CUs Innovate With Data Analytics

PYMNTS

In the financial services industry, knowledge is power. For credit unions (CUs), data analytics can deliver that insight, helping them to more effectively address their members’ specific needs, and informing CUs of the products and services that can deliver the most effective returns on their investments. In fact, credit unions that focus on data analytics are more likely to pursue a wider range of innovations than those that do not.

Analytics 150
article thumbnail

Citiâ??s Fenwick: Cost of compliance hitting banking

Bobsguide

The cost of regulatory compliance for international banks has become too burdensome and has started to impact the market, according to Anthony Fenwick, Citi’s head of AML advisory compliance. “We’re delighted to have all the digital technology that has come out, and this idea of.

article thumbnail

Facebook’s Digital Token Being Discussed With Regulator

PYMNTS

Facebook appears to be moving ahead with the launch of a digital currency, recently kicking off talks with the U.S. derivatives regulator. The Financial Times , citing Christopher Giancarlo, head of the Commodity Futures Trading Commission, reported Ginacarlo said the Commodity Futures Trading Commission is in “very early stages of conversations” with Facebook.

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

'Emotional' shopping defines the post-cash world

Payments Source

When it comes to digital-native shoppers, it’s more than just understanding how their expectations have changed. These expectations are tied to emotional factors that influence buyer behavior, says Michael Rouse, chief commercial officer at Klarna.

article thumbnail

Database Management Startup Fluree Snags $4.7M For Blockchain Tech

PYMNTS

Fluree, a database management startup based in North Carolina, has raised $4.7 million in a funding round to develop blockchain and integrate it into its database technology, according to a report. The funding round was led by 4490 Ventures. Also participating in the round was Revolution’s Rise of the Rest Seed Fund. Fluree was started by CEO and Co-founder Brian Platz, who said the Fluree database combines graph and blockchain technology to create innovative new ways of querying and storing dat

article thumbnail

CFPB Updates TRID Rule FAQs to Address Construction Loans

CFPB Monitor

The CFPB recently updated the TILA/RESPA Integrated Disclosure (TRID) rule FAQs to address construction loans. The guidance falls well short of what the industry is seeking from the CFPB. Because of the lack of guidance from the CFPB on how to disclose construction loans under the TRID rule, the industry asked Congress to intervene. As previously reported , the Economic Growth, Regulatory Relief, and Consumer Protection Act includes a provision that it is the sense of Congress that the CFPB shou

Industry 100
article thumbnail

Hyundai Wants Competitors To Use Its Hydrogen Fuel Tech

PYMNTS

Hyundai Motor wants its rivals to help boost its hydrogen fuel-cell system technology. The automaker is looking for its competitors to buy the system to promote global adoption of the technology. Hyundai — the world’s fifth-largest carmaker by sales — plans to spend $6.7 billion over the next decade to develop the technology, which converts stored hydrogen into electricity to power the vehicles’ motors.

System 142
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.