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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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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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.

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.

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 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.

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?

Abrigio

The first annual ThinkBIG Conference is right around the corner.

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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Are Current Security Measures Providing an Effective Defense Against Data Breaches? Data Security I Encryption I Cloud Services I Security Budget

Mobile Payments Today

As criminal activity evolves, the challenge is on for companies to keep pace with the latest data breach threats. Download this infographic from TNS which looks at the challenges organizations are facing when developing and evolving their security plans

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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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.

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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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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What makes a payments business successful today? Interview with Credorax

The Paypers

(The Paypers) The Paypers spoke with Aviram Shemer from Credorax about the importance of execution in fintech, his advice for PSD2 and SCA, and his views on the future of the fintech industry

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

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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.,

Are Current Security Measures Providing an Effective Defense Against Data Breaches? Data Security I Encryption I Cloud Services I Security Budget

ATM Marketplace

As criminal activity evolves, the challenge is on for companies to keep pace with the latest data breach threats. Download this infographic from TNS which looks at the challenges organizations are facing when developing and evolving their security plans

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.

Interview with Elena Emelyanova, Wargaming on PSD2 readiness and fighting gaming fraud

The Paypers

(The Paypers) The Paypers sits with Elena Emelyanova , Senior Payments Manager at Wargaming , to discuss different types of fraud that the online gaming is facing and whether this industry is ready for PSD2

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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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.

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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Chargebacks911 to offer chargeback management to BlueSnap customers

The Paypers

(The Paypers) BlueSnap has partnered with Chargebacks911 , a platform provider for loss prevention and dispute management, to offer chargeback management to its clients

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.

Australian Police charges five people for crypto investment fraud

The Paypers

(The Paypers) The Australian Police has charged five people for deceiving over 100 investors into handing over around USD 1.83 million, believing that they were generating significant profit

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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.

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

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.

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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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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USAA walks the diversity talk with latest tech hires

BankThink

The San Antonio company named Judith Frey vice president of digital banking, Maria Alvarez Mann chief information officer for bank technology and Carri Arnold bank technology officer. Women in Banking C-suite Career advancement Career moves Diversity and equality USAA

Subscription Box Company Loot Crate Files For Chapter 11

PYMNTS

The Los Angeles-based Loot Crate, a subscription box startup offering “geek and gamer products,” filed for Chapter 11 bankruptcy due to cash flow problems, Bloomberg reported on Monday (Aug.