Chris Skinner
JANUARY 14, 2020
I just spent time with a bank talking about Doing Digital. The host had read a preview copy of my new book and was asking a few questions about it. What had surprised me the most in my talks with five banks? What lesson was the most important one I … The post Bye-bye FinTech appeared first on Chris Skinner's blog.
Bank Innovation
JANUARY 14, 2020
Commerce platform Shopify, which supports the operations of more than a million merchants, has launched a loan product for early-stage U.S. businesses. Shopify, which has been offering loans through the Shopify Capital program to merchants on its platform since 2016, is rolling out starter loans to support businesses at their earliest stages of development, explained […].
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PYMNTS
JANUARY 14, 2020
In financial services, demand for ease of use and security are sky-high, even for business customers. But for many service providers, achieving one can often mean compromising the other. Payments and financial service providers are facing an even greater challenge in balancing these two capabilities in the age of open banking and cloud migrations, with more opportunities than ever before for sensitive company and customer data to be compromised.
Bank Innovation
JANUARY 14, 2020
Visa‘s $5.3 billion acquisition of data aggregator Plaid puts the company’s tool set at the center of financial services innovation. The move embeds Visa deeper into the payments infrastructure, allowing it to expand its footprint and diversify its product and service offerings. “Fintechs are increasingly developing on bundling and repackaging financial services payment and funds, […].
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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
Payments Dive
JANUARY 14, 2020
Visa Inc. landed a blockbuster deal to integrate Plaid's data network, which connects millions of consumer bank accounts to fintech applications. Visa intends to use its global payments network to expand that capability around the world.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bobsguide
JANUARY 14, 2020
Insurance firms may be turning away from in-house tech solutions and focusing on external partnerships according to market participants and industry bodies, as internal capabilities falter. “Aviva has set up its Digital Garage, so that’s moved quite quick and got quite a lot of.
PYMNTS
JANUARY 14, 2020
For tokenized payments, $1 trillion and counting. Visa said on Tuesday (Jan. 14) that participants in its Visa Token Service have processed eCommerce volumes of $1 trillion since the service’s debut in 2014, and that its transition of Visa Checkout merchants to click-to-pay will begin on Jan. 21 in the U.S. The click-to-pay option will replace Visa Checkout, the company said.
Payments Source
JANUARY 14, 2020
Before Visa agreed to acquire data company Plaid for $5.3 billion, Mastercard had been pulling ahead in the race among the card brands to break beyond reliance on basic processing fees.
PYMNTS
JANUARY 14, 2020
Things move fast – perhaps too quickly at times – in payments and commerce. A fresh sign of that is how much focus is turning toward the emerging consumer group known as Generation Z. Gen Z is growing up. The oldest members of the generation born between the mid-90s and the mid-2010s (specific year ranges vary depending on who is supplying the figures) are graduating from college, getting their first jobs and starting to form relationships with credit products.
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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
ATM Marketplace
JANUARY 14, 2020
The use of facial recognition hardware in mobile devices is expected to surge in the next few years, reaching more than 800 million devices by 2024. Facial recognition software however will still dominate.
PYMNTS
JANUARY 14, 2020
Call it an expansion of the Visa network-of-networks model. As reported on Monday (Jan. 13), Visa said it will buy Plaid — which focuses on the development of application programming interfaces (APIs) that allow consumers to share their data with thousands of apps — for $5.3 billion. On a conference call with investors following the announcement, Visa CEO Al Kelly said that “Plaid opens up new market opportunities by significantly expanding Visa’s network capabilities,” adding that Plaid provide
Payments Source
JANUARY 14, 2020
The specific impetus for the Federal Trade Commission's inquiry into Visa and Mastercard's debit transaction routing processes is not entirely clear, but it likely stems from the effect that advanced payments technology has had on Durbin amendment compliance.
PYMNTS
JANUARY 14, 2020
Open-air shopping centers – also called strip malls or strip centers – are replacing malls as retail juggernauts, offering necessities like grocery stores, hair salons and dentists, The Wall Street Journal reported on Tuesday (Jan.14). Predating malls, the outdoor centers offer merchandise and services that keep people coming back several times a week.
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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.
Payments Source
JANUARY 14, 2020
Shopify has provided merchant cash advance services for the last three years for established online retailers, but newcomers with no transaction history typically were turned away.
PYMNTS
JANUARY 14, 2020
More patents were filed in the U.S. in 2019 than ever before – 333,530 were granted, 15 percent more than in 2018, the global patent data platform IFI CLAIMS announced on Monday (Jan. 13). IBM was the leader in filings for the 27 th consecutive year with 9,262, a 2 percent increase over 2018. Samsung ranked second with 6,469 patents, up 11 percent. Canon came in at No. 3 with 35,724 filings, Microsoft ranked fourth with 3,081 and Intel was fifth with 3,020.
Payments Source
JANUARY 14, 2020
Visa is ready to go all-in on Secure Remote Commerce, the technology behind the card brands' universal "click to pay" button, by sunsetting the Visa Checkout brand for U.S. merchants on Jan. 21.
PYMNTS
JANUARY 14, 2020
China is finalizing its first rules for online-only banks, striving to reduce financial jeopardy and lure pivotal participants, Reuters reported on Monday (Jan. 13), citing three sources. The new rules would also cover foreign financial institutions already doing business in China — Citigroup, HSBC and Standard Chartered — and empower them to establish independent online banks, two sources told Reuters.
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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.
Payments Source
JANUARY 14, 2020
Open banking and identity services are both still evolving to meet the needs of the new digital economy. These communities will need to connect at the hip to prevent fraud, avoid identity theft and to deter other financial crimes, like money laundering.
PYMNTS
JANUARY 14, 2020
By 2021 – about a year from now – over 20 percent of all payments globally will be made with a mobile wallet. As usage grows, brands are responding with expanded mobile features and more end-to-end experiences. Things are really taking off in the travel and hospitality sector, where everything from foreign exchange to foreign language is now being addressed in-app.
American Banker
JANUARY 14, 2020
The Charlie Scharf era began with the company's lowest quarterly net income in more than nine years. Culprits included falling revenue, rising salaries and yet more financial fallout from the bank's sales scandal.
PYMNTS
JANUARY 14, 2020
It’s an innovator’s job to look at the status quo and disrupt what has always been done in favor of progress. For payment rail innovators, that can sometimes mean exploring new ways to help traditional banks and their clients loop into existing rails in an effort to lower the barrier of accessing an array of legacy payment networks and systems. Increasingly, however, payment rail innovators are also introducing ways to bypass traditional banks altogether, with many in favor of distributed ledger
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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.
Payments Source
JANUARY 14, 2020
The U.K. will stop gamblers from using credit cards to place bets as the government continues to tighten regulation of the industry.
PYMNTS
JANUARY 14, 2020
The Clearing House launched Real-Time Payments (RTP) two years ago, enabling financial institutions in the U.S. for the first time to send and receive payments instantaneously, 24/7 year-round. Yet, the question remained as to whether Real-Time Payments would resonate with businesses as a transformational system. PYMNTS’ latest research strongly suggests that knowledge of Real-Time Payments is, in fact, spreading far and wide among U.S. businesses.
American Banker
JANUARY 14, 2020
In a letter to the agency's inspector general, the 15 lawmakers pointed to specific cases where they said the bureau departed from legal standards in deciding not to require restitution.
PYMNTS
JANUARY 14, 2020
In an effort to rein in problem gambling, the U.K. Gambling Commission is banning the use of credit cards for placing bets, the BBC reported on Tuesday (Jan. 14). The ban is slated to take effect on April 14, following audits of the gambling industry by the commission and the government. Some 24 million U.K. adults are gamblers, with almost half of those people placing their bets online.
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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.
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