Mon.Aug 12, 2019

Things worth reading: 13th August 2019

Chris Skinner

Things we’re reading today include … German financial sector ‘expects No Deal’ and wants no more concessions from EU Could devaluation of China’s yuan trigger the next financial crisis? |

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Why FedNow Will Slow Real-Time Payments

PYMNTS

I’m from the government and I’m here to make sure you get your paychecks faster – even instantly…. …if if you can just hang in there until about 2024.

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How digital lender Earnest is charting its growth path

Bank Innovation

At $6 billion in refinanced student loans, digital lender Earnest is rapidly growing its reach. The seven-year-old company offers student loans and refinancing options, approving more than 50% of refinancing applications within one minute using its proprietary assessment tool.

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New Strain Of Ransomware Striking US, European Firms 

PYMNTS

Cyber insurance claims are spiking as a new type of ransomware targets companies across the U.S. and Europe, the The Financial Times reported on Sunday (Aug.

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Shopping grinds to halt when Mexican banks unable to process cards over weekend

Mobile Payments Today

Major banks in Mexico reported problems processing debit and credit card payments on Saturday. The problem stemmed from a Prosa data center outage

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Why Payments’ New World Isn’t A Solo Mission

PYMNTS

“No person is an island,” so goes the line from an old poem, meant to show how we are all interconnected. That line may lean toward the metaphysical, but the wisdom is pretty literal when it comes to the future of banking, playing out in these last months of the 2010s.

HSBC launches digital personal loans using Amount’s tech

Bank Innovation

HSBC launched a digital personal loan product for U.S. consumers on Monday in an effort to improve the efficiency of the underwriting process and respond to customer demand for a digital personal loan option.

More Trending

RBC is redesigning its app experience for younger customers

Bank Innovation

The Royal Bank of Canada is giving its app a millennial makeover and branding the new offering RBC Mobile Student Edition. For customers under 22 years of age, they can opt to download a student version of the app with an interface designed for younger customers.

Neobank Joust Raises $2.6M To Improve Freelancer Payments

PYMNTS

The funding round was led by PTB Ventures, with help from Accion Venture Lab, Financial Venture Studio and Techstars.

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Is the ThinkBIG Conference Right for My Financial Institution?

Abrigo

The first annual ThinkBIG Conference is right around the corner.

Wells Fargo Taps Former Mastercard Exec To Run Merchant Services

PYMNTS

Wells Fargo announced it has hired Colleen Taylor to run its Wells Fargo Merchant Services, which shepherds the direction and oversight of its merchant services business as well as a joint initiative with Fiserv, according to a release by the company.

Global Fintech Report Q2 2019

CB Insights

Report Highlights: Q2’19 fintech funding topped $8.3B, boosted by a record quarter of 25 $100M+ mega-rounds: Funding to VC-backed fintech companies grew 24% QoQ in Q2’19 and neared previously quarterly funding highs.

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How Top Performing FIs Navigate The Corporate Card Seas

PYMNTS

By the numbers, 2019 is a good year for corporate card innovation.

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How Mexico's war on stolen gas is turning into a war on cash

ATM Marketplace

Criminal gangs have been stealing gas in Mexico for decades, but in recent years, the situation has spun out of control. Putting a stop to corruption requires tracking money flows, which is hard to do in a country where cash is king

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Nike Jumps Into The Subscription Game

PYMNTS

Shoe shopping can be the bane of any parent’s existence, because children’s feet grown unspeakably quickly.

The Federal Reserve Is Too Late To The Real-Time Payments Party

Ron Shevelin

Community banks and credit unions are cheering the Fed's announcement to develop a real-time payments system. It's a hollow victory as it doesn't address the real challenges facing those financial institutions

Report: Crypto Crime Could Reach $4.3B This Year

PYMNTS

A new report has estimated that losses related to cryptocurrency thefts, scams and fraud could reach $4.3 billion this year. Cryptocurrency security firm CipherTrace revealed that crypto criminals have already stolen more than $1.2 billion in the first quarter of 2019.

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Shopping grinds to halt when Mexican banks unable to process cards over weekend

ATM Marketplace

Major banks in Mexico reported problems processing debit and credit card payments on Saturday. The problem stemmed from a Prosa data center outage

Data 101

When Homeshares Become Shoppable Experiences

PYMNTS

For some entrepreneurs, their own trips have inspired them to start companies catering to travelers’ unique needs. The Sursy Founder and CEO Lauren Richardson, for instance, traveled quite a bit for work.

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Four of my Fintech posts connected to books

Daily Fintech

Traditionally we intend to read more in the summer. Environmental Sustainability and Finance: Poker or Chess? Inspired from the book `The Sustainable Organization` by Miguel R. Brandao, already in its second edition co-creator of the #SORG index and the concept of Dolphin Organization.

BEC Scam Storms The Sports Field (Literally)

PYMNTS

Business email compromise has come to high school sports. As reported this past week by Fox 5 in Washington, D.C.,

Synthetic fraud is the most stealthy, and dangerous, payment crime

Payments Source

The difficulty of detecting synthetic fraud has caused it to quickly develop into the primary method of attack for criminals, says Monica Eaton-Cardone, COO of Chargebacks 911 and CIO of its parent company Global Risk Technologies. ISO and agent Payment fraud Risk Retailers Payment processing

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FinServ Matchmaker SuperMoney Tops $2B In Loan Requests

PYMNTS

Most people make big purchases not so much with the total cost of ownership in mind, but how much it costs them on a monthly basis. In fact, SuperMoney founder and CEO Miron Lulic told Karen Webster, it’s how 80 percent of Americans secure a car loan.

EQ Bank Built Its All-Digital Bank On Modern Technology

Tom Groenfeldt

EQ Bank has brought all-digital banking to Canada with Temenos T24 core banking technology

Redesigning Doggie Daycare With Customization

PYMNTS

Finding a good dog sitter in a crowded urban metro area can be challenging — particularly if one is looking for an offering with flexibility.

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How a fintech's tough start fuels its new cross-border payment battle

Payments Source

E-commerce's dramatic expansion gives any merchant the opportunity to sell in any market. That leaves payment providers scrambling for an angle in a crowded market. Payment processing Cross border payments E-Commerce Retailers Latin America

Subscription Commerce Is Expanding Beyond Retail

PYMNTS

News came last week that Facebook is trying to get into the video streaming subscription business and attempt to steal market share from YouTube and Amazon.

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Mexico mulls banning cash payments for gas, highway tolls

Payments Source

Mexico is considering a ban on the use of cash for purchasing gasoline and to pay for tolls as a way to fight tax evasion and money laundering, according to people with direct knowledge of the discussions. Digital payments Cash Mexico

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UK, US SMB Lending Experience A Growing Divide

PYMNTS

Geopolitical volatility in the U.K. related to Brexit uncertainty is having widespread ramifications in the financial world. One area of impact is small business finance and lending, with small businesses and lenders seeing a slowdown in demand.

What Chairman Hood’s Pot Pronouncement Means to Your Credit Union

New York's State of Mind

In an August 5, 2019 interview with the CU Times, Chairman Rodney Hood added another wrinkle to the legal/regulatory framework encasing marijuana banking when he proclaimed that Credit Unions were free to make a business decision about whether or not to offer cannabis banking services.

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Uber Shares Sink 7.6 Pct. To Record Low

PYMNTS

Uber shares have hit their lowest level ever following devastating Q2 losses of $5.2 billion, according to a report by CNBC. The shares fell 7.6 percent to $37, the company’s lowest close ever. The previous low was on May 13 at $37.10.

Venmo adds Instant Transfer link to bank accounts

Payments Source

As the competition mounts to increase adoption rates for person-to-person payment apps, PayPal's Venmo is adding a way for users to quickly move money from the app to their bank account. P-to-P payments Digital payments PayPal Venmo Zelle

CUs Try To Solve The Cannabis Cash Conundrum

PYMNTS

A maxim in business holds that “cash is king.”. But cash may not be the most efficient way of doing business. At least not at scale, and not when it comes to helping nascent industries take flight.

As Swedish banks go digital, FX firm ChangeGroup invests in brick and mortar

Payments Source

The London-based retail foreign exchange firm ChangeGroup has acquired the retail branch arm of the Swedish finance group SVEA Ekonomi to serve consumers who continue to demand cash payments. Payment processing Cash M&A Sweden

Trade Wars Could Cost Each US Consumer $900 This Holiday Season

PYMNTS

All wars have casualties. And the casualties linger after the clashes stop. This will likely be the case as the U.S./China China trade war continues, and after it eventually ends. A new round of tariffs from the President Donald Trump administration gets set to bow next month.

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Wells Fargo hires payments vet Colleen Taylor to lead merchant services

Payments Source

Former Mastercard and longtime bank executive Colleen Taylor has joined Wells Fargo, where she will oversee the bank's merchant services strategy. Banking Retailers Career moves Wells Fargo Mastercard

Net Element Offers Mastercard For Unified Payments Merchants

PYMNTS

Net Element has announced the launch of the Netevia Mastercard, which is specifically tailored for Unified Payments merchants.

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