Tue.Dec 29, 2020

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3 Payments Trends to Watch in 2021

Payments Dive

As 2021 rapidly approaches, many of us are hoping for better days after the whirlwind year of 2020. While COVID-19 has certainly had an impact on every industry, certain trends that began in 2019 continued to develop in 2020, and some of them may even blossom fully in 2021

Trends 474
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Should I upgrade my Drupal site?

Perficient

Organizations leveraging Drupal need to consider the ongoing maintenance and upgrades required to keep Drupal secure and enable your authors with new features and modules. Patching Drupal to prevent vulnerabilities. Regardless of the major version of Drupal, it’s important to continue to quickly apply patches associated with security bulletins.

Community 340
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Trending Sources

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Amazon Delivers Record-Breaking 1.5 Billion Holiday 2020 Packages

PYMNTS

Amazon is reporting a record-breaking holiday shopping season that saw more than 1.5 billion toys, electronics and household goods delivered amid the global COVID-19 pandemic. “Amazonians around the world have truly shown what it means to be customer-centric and support our communities this year,” Jeff Wilke , CEO of worldwide consumer at Amazon, said in a press release on Tuesday (Dec. 29). .

Video 327
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[Webinar Recording] What Financial Institutions Can Learn From Top Brands in Other Industries

Perficient

It is time to reimagine the traditional banking business model and optimize it for the digital age. Financial institutions that want to remain ahead of their competition must adopt new business processes and implement fresh digital strategies and technologies. By optimizing these digital efforts, companies will increase sales and provide value to their customers.

Branding 294
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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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Control Vs. Convenience Shapes Debate As FIs Adopt Faster Payments

PYMNTS

The benefits of instant payment services are gaining attention from companies that want to be able to transact with better visibility and cash flow information. Enabling rapid-fire transactions to become the norm requires a critical mass of banks and credit unions (CUs) adopting these rails, however. Corporate buyers that bank with financial institutions (FIs) that do offer real-time payments will otherwise be left guessing as to which vendors have FIs that permit them to accept the funds.

Payments 311

More Trending

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Traditional FIs Drive Modernization Through FinTech Pairings

PYMNTS

Traditional financial institutions (FIs) continue to anticipate future demands and make progress in their modernization efforts, but they're not doing it alone. In this week's roundup of bank-FinTech collaboration and open banking initiatives, Citi embraces the unlocking of account data to third-party FinTechs, while WEX weighs in on opportunity for banks to take advantage of partnerships.

Fintech 308
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Where Blackhawk landed in 2020

Payments Source

Michael Moeser, senior analyst at PaymentsSource, talks to Jennifer Philo, group vice president of U.S. commerce at Blackhawk Network, about the ways the global pandemic has transformed the use cases for gift cards, prepaid cards and loyalty products the company supports.

Cards 160
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Machine Learning Supercharges Banks’ Efforts To Fight Debit Fraud

PYMNTS

Consumers have more heavily leaned on debit during the pandemic, with the economic downturn making shoppers more cautious than ever about the prospect of taking on credit card debt. A recent study even estimates that shoppers could ultimately shift $100 billion worth of annual spending from credit cards to debit cards. Debit solutions draw on funds consumers already have in their bank accounts, and while this makes them reassuring to debt-wary consumers, it can have implications if these details

Fraud 303
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5 Ways Payment Data Can Change How Financial Institutions Serve their Customers and Members

Jack Henry

The use of artificial intelligence (AI) and machine learning (ML) might seem like a space-age concept to some. But today these types of advanced data analytics are being used successfully to enhance the user experience, encourage engagement, drive revenue, increase sales, and fight fraud. A large majority (66%) of financial institutions (FIs) believe technologies such as AI, ML, blockchain, and the Internet of Things (IoT) will have a significant impact on the banking sector.

Data 154
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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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Apple Loses Copyright Claim Against Phone Maker Corellium

PYMNTS

Apple has lost its copyright claim against a Florida company, Corellium , that makes "virtual iPhones" used by security researchers to test for vulnerabilities in its systems, Bloomberg reported. Apple said the other company copied its operating system and graphical user interface, along with other aspects of the iPhone, Bloomberg reported. According to Apple, Corellium had acted as if it would help discovering iPhone bugs in the operating system, but instead sold the information to the highest

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2021: Hello innovation

ATM Marketplace

For almost the entire year I have been editor of this publication, the news sources we work with have reported on several ATM thefts happening daily across the country. The odd thing is many aren't just stealing from ATMs they are also stealing the actual machine. Editor Pat Shea shares her thoughts on this topic.

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Geolocation Puts A Pin In Anti-Fraud Solutions

PYMNTS

With digital transactions and eCommerce soaring during the pandemic, the rate of increasingly sophisticated fraud has also risen. With it, financial institutions need to strengthen their compliance to mitigate the risk of running afoul of the law. Whether it’s simple online purchases or banking, or more complex areas like cryptocurrency or money laundering, Trevor Wingert , a senior know your customer (KYC) and anti-fraud solutions consultant for GeoGuard , told PYMNTS that rapidly changing use

Fraud 270
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CFPB settles with New Jersey debt buyer for alleged FDCPA and CFPA violations based on unlicensed collection activity

CFPB Monitor

Earlier this month, the Consumer Financial Protection Bureau issued a consent order against a New Jersey debt buyer accused of threatening and suing consumers to collect debts in states where it did not have a legally required license. Specifically, the Bureau alleged that RAB Performance Recoveries, LLC’s (RAB) purchased consumer debt accounts from debt brokers and placed the accounts for collection with collections law firms in the states where the consumers were located.

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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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CES 2021 Features Connected Home Tech And 5G Gateways

PYMNTS

In a “normal” year, CES is an event built on spectacle, in what is arguably the world’s best venue for Las Vegas excess. Robots, butlers, cars that do everything but levitate, paper-thin televisions that one can roll up and carry with them, mechanical suits and just about any other type of “you have to see it to believe it” technical wonders are standard fare for the massive trade show that kicks off every calendar year.

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Chase's latest deal bets on loyalty over cash rewards

Payments Source

The motivation behind JPMorgan Chase's purchase of rewards company cxLoyalty is clear — travel spending and rewards have suffered greatly during the pandemic — but another problem Chase is tackling with this acquisition is the need to wean people off cash rewards.

Company 123
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Report: 'K-Shaped' Recovery Divides Corporates, SMBs

PYMNTS

The biggest brands in the U.S. — think Amazon , Starbucks , McDonald's and Walmart — are expected to get even bigger post-pandemic, while small- to medium-sized businesses (SMBs) fight for survival, the Financial Times (FT) reported Tuesday (Dec. 29). This disparate “K-shaped” recovery is expected to define the country’s economic rebound from the pandemic gripping the world, according to FT.

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Banks Get Smart on Fintech

ABA Community Banking

What venture capital sees when it surveys the bank tech landscape. The post Banks Get Smart on Fintech appeared first on ABA Banking Journal.

Fintech 140
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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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Cloud Software Vendor Qualtrics Files For January IPO

PYMNTS

Cloud software vendor Qualtrics is readying to go public, according to CNBC. Qualtrics was acquired by SAP two years ago, but it filed paperwork with the SEC Monday (Dec. 28) to strike out on its own as a separate company. Qualtrics, which works in software to aid businesses in gauging how customers are using their products to boost offerings, is looking to capitalize on the new wave of interest in cloud software.

Software 239
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How will SEC complaint affect banks’ relationships with Ripple?

Payments Source

The Securities and Exchange Commission last week accused Ripple of breaking securities laws, raising questions about the future of banks' ties with the company.

Security 123
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Bitcoin Daily: City In Spain Debuts ‘Elio’ Crypto; OKCoin Halts XRP Trading

PYMNTS

A small Spanish city has debuted an “Elio” digital currency to help with transactions, Finance Magnates reported. The digital currency, which is pegged to the euro, will let the City Council of Lebrija provide economic assistance to just under 600 chosen beneficiaries. The council has made a digital wallet for the digital currency, according to an official cited in the report.

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Health care consumerism pushes medical payments toward mainstream retail

Payments Source

Familiar with personalized offers and options from other industries, patients are tired of a one-size-fits-all payment model, says VistaPay's Kent Ivanoff.

Retail 123
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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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NebulARC Launches SaaS Solution To Boost Shipment Tracking

PYMNTS

Logistics software-as-a-service (SaaS) platform NebulARC has rolled out a new computer vision and 3D tracking service to help shippers monitor and track shipments in real time, a column by the company in The Times reads. The new solutions would help to do away with human error and improve efficiency by 25 percent, according to the company. “We have designed a one-stop solution that is tailored to meet the needs of our customers," CEO and Co-founder Alok Sharma said in the column.

Capital 227
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Banking"s Top 5 Total Return to Shareholders: 2020 Edition

Jeff For Banks

For the past nine years I searched for the Top 5 financial institutions in five-year total return to shareholders because I support long-term strategic decision making that may not benefit next quarter's or even next year's earnings. And I am weary of the persistent "get big or get out" mentality of many industry pundits. If their platitudes about scale are correct, then the largest FIs should logically demonstrate better shareholder returns, right?

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Tax Compliance Software Firm Avalara Acquires INPOSIA

PYMNTS

Avalara , a tax compliance software firm with a focus on the business sector, said on Tuesday (Dec. 29) that it has struck a deal to buy INPOSIA Solutions GmbH. The Seattle-based firm, which did not disclose the purchase price, said in a press release that the transaction is expected to close in the first half of 2021. Avalara’s acquisition of INPOSIA Solutions is expected to enhance its offerings, with the German software company focused on “e-invoicing, digital tax reporting, and business and

Taxes 212
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The OCC's fintech charter battle doesn't fall easily along partisan lines

Payments Source

A Biden-appointed Comptroller could refocus resources and attention to these issues and put less effort into fighting the ongoing fintech charter battle.

Fintech 107
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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.