Wed.Feb 14, 2018

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Inside the mind of Jack Ma

Chris Skinner

I am very taken by the articulate and charismatic Jack Ma. Not because he’s one of the richest men in the world, but more because of his experiences and beliefs. If you haven’t listened to his interviews and thoughts at this years World Economic Summit, then I’d recommend you take … The post Inside the mind of Jack Ma appeared first on Chris Skinner's blog.

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Island Nation Mauritius To Set Up Fintech Fund

Bank Innovation

The island nation of Mauritius will now have a sovereign fund dedicated to investment in fintech. According to reports, high-level Fintech and Innovation-driven Financial Services Regulatory Committee panel met last week to discuss the possibility of the fund that would focus on, among other things, fraud, security, and blockchain. The committee consist of seven members, […].

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(Smart) Watch this Space

Payments Dive

The idea of having a computer one could wear is not new. Nevertheless, as common place devices like phones take on more sophisticated tasks, some developers have moved on to other spaces to roll their smart technology, namely the user’s wrist, in the case of smartwatches and fitness bands.

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Why Danske Bank is Working with Other Nordic Banks for a Unified Payments System

Bank Innovation

EXCLUSIVE – The Nordic countries, in the northern reaches of Europe, comprise a small region with a small population (about 26 million across 7 countries), but disparate payments infrastructure prevails despite a mobile-friendly populace. That’s why there is a need for a unified payments system in the region, Claus Bunkenborg, senior vice president of personal […].

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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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Things worth reading: 15th February 2018

Chris Skinner

Things we’re reading today include … We are more likely to change our partner than our bank World’s richest people: in pictures Starling Bank unveils partnership with range of financial services providers Amazon has partnered with Bank of America for its lending program Bitcoin, Ethereum and Ripple price soars as … The post Things worth reading: 15th February 2018 appeared first on Chris Skinner's blog.

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39 Top Payments Execs Tell Us What’s Next

PYMNTS

A good forecast is a notoriously difficult thing to write – particularly if one is trying to write it about the payments and commerce ecosystem. Had we told the world a year ago today that Amazon was going to buy Whole Foods, that Walmart Pay would surpass Apple Pay as a consistently favored mobile payment method, that CES would essentially become a showdown between Alexa and Google Assistant, that Uber would take a major valuation haircut in its next funding round, that bitcoin was going to be

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Payment Companies Aren’t Seeing a High Crypto Demand, JPMorgan Chase’s WePay Says

Bank Innovation

The consumer demand for cryptocurrency is not yet high enough for payment companies to start offering support for it, Bill Clerico, CEO of payments firm WePay, said yesterday. While it remains a “very interesting” area, Clerico told Bloomberg in an interview yesterday, consumers have not pressed WePay for crypto support, he said. This is not […].

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Western Union Reports Q4 Growth, Confirms Ripple Test

PYMNTS

Western Union reported results Tuesday that showed continued momentum in its digital business, as consumer money transfers grew on a cross-border basis. The company posted 4 percent growth in the top line to $1.4 billion, which topped the Street by $40 million, while earnings of 41 cents a share missed the Street by four pennies. In remarks made on the earnings call , Hikmet Ersek, president and CEO of the company, said that the improvement in the top line came amid improved spend in the company

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PFM App Long Game CEO Lindsay Holden Joins Bank Innovation 2018

Bank Innovation

EXCLUSIVE – Lindsay Holden, co-founder & CEO of personal finance app Long Game, has joined the speaker faculty for Bank Innovation 2018. Bank Innovation 2018 will take place March 5-6 in San Francisco. Based in San Francisco and not yet two years old, Long Game uses gamification tactics to help users save money by rewarding […].

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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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Integrating Payments To Help SMBs Find Success

PYMNTS

Small and medium-sized businesses (SMBs) have a problem. While SMB owners may be expert bakers, carpenters or designers, managing the back office activities that keep the business on an even keel is typically not their forte. That’s especially true when it comes to getting paid for their work, a process that can drag between getting invoices out and getting payments in.

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Alt-Lender TruFin Raises $97M in IPO

Bank Innovation

U.K. alternative lender TruFin has raised about $97 million in an IPO, the firm announced today. The company will start trading on the London Stock Exchange’s AIM market, after raising its funds through placing and subscription to investors, chief executive Henry Kenner said in a statement. Said Kenner: The highly experienced management team at TruFin […].

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eBay Plans New Augmented Reality Features

PYMNTS

eCommerce marketplace eBay will add new augmented reality (AR) features this year to make shopping on its site more engaging. As a result, the auction site is at work on a new AR kit, Fortune reported. With the kit, eBay could let shoppers see how something would look — like a set of new tires on a car — before bidding on or buying an item. It could also help sellers choose the right box size for an item by showing an image of a box over an item for sale.

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Why financial services must adopt a zero trust approach to cybersecurity

Bobsguide

The current approach to cybersecurity within the financial services industry is flawed. With regulations such as the new General Data Protection Regulation (GDPR) and New York State’s DFS Cybersecurity Regulation being enforced, putting ever greater pressure on data protection, combined with.

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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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What We Talk About When We Talk About Finances (With Alexa)

PYMNTS

Talking about personal finance is never easy. Talking about personal finance with voice-activated assistants might not be easy, either, unless access to and management of data – oh, and interaction between user and device, of course – are seamless. As anyone who has used an Alexa skill might know, the movement toward conversational finance, or financial conversations, is a tricky one, as specific instructions or questions (okay, they are commands, really) have traditionally been needed to spur t

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Data: EMV's counterintuitive effect on fraud trends

Payments Source

There’s a widely held belief that clamping down on fraud in one area will lead to it popping up somewhere else. There is some truth to this — fraudsters favor the points of least resistance. But there are also major exceptions.

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Alt-Lending Conglomerate TruFin Lands $97M In IPO

PYMNTS

An alternative lending conglomerate based in the U.K. just secured more than $97 million through an initial public offering. TruFin reportedly raised the funds via its float on the London Stock Exchange, according to BQ Live on Tuesday (Feb. 13). The firm is the holding company for an array of FinTech companies operating in supply chain finance, invoice finance and the dynamic discounting market.

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Automated B-to-B can drain the corporate paper swamp

Payments Source

CFOs can give their accounts receivable valuable time back during the workweek when switching to an automated B-to-B payments solution, writes Ed Jordan, CFO of Billtrust.

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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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The Strangest Tokens Of Affection Payments and Commerce

PYMNTS

Today is Valentine’s Day, and although the hours grow short, there is still time to get the special someone a special something. We all know the classics, of course, flowers, chocolates and jewelry tend to make up the love trifecta on our national annual celebration of love, with stuffed animals and lingerie getting the annual honorable mention.

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In a fast-paced fintech market, investors decide patience is a virtue

Payments Source

Pacing is one of the largely unchallenged themes of fintech—new ideas come up every few months that require an almost constant state of new tech deployment. But it doesn't really work that way, says Steve Sarracino, CEO and founder of Activant Capital.

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SAP Goes After Corporate Payments Fraud With New App

PYMNTS

SAP is rolling out a new solution to help companies detect fraudulent transactions and mitigate risk. The cloud company said Tuesday (Feb. 13) that its SAP Business Integrity Screening application is now available to address financial risk within business transactions. The solution analyzes data to detect any anomalies in payments and to predict potential future fraud and compliance risks.

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Community banks are missing the boat on cards

Payments Source

A strategic payments plan could shine a light on critical gaps in a community bank’s offerings; one frequently missed opportunity is credit cards, writes Deborah Matthews Phillips, managing director of payment strategy for Jack Henry & Associates.

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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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US Household Debt Spikes In Q4 2017

PYMNTS

Thanks in part to a rising number of mortgage loans, the debt levels of Americans increased during the last three months of 2017. Reuters, citing the Federal Reserve Bank of New York, reported that household debt for the U.S. hit $13.15 trillion in the fourth quarter ending in December, which is a $193 billion increase from the third quarter. On a year-over-year basis, the household debt of Americans was $402 billion higher than the fourth quarter of 2016.

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02.14.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Bank-supported real-time payments take shape in Australia; Fintech investment soars in the U.S.; New bitcoin ATMs; Dbrain pays AI developers in cryptocurrency.

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Microsoft, Comcast Remain In Blockchain Exploratory Mode

PYMNTS

Spending on blockchain technologies will ramp up to $9.2 billion by 2021, according to International Data Corporation (IDC) figures. Its latest Worldwide Semiannual Blockchain Spending Guide also calculated a compounded annual growth rate (CAGR) of blockchain spend of 81.2 percent from 2016 to 2021. “2017 was the year of experimentation as enterprises realized both the benefits and challenges of blockchain,” said IDC Customer Insights and Analysis Research Manager Stacey Soohoo in a statement, a

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Paytm takes cues from Alibaba in Indian new retail experiment

Payments Source

Indian online shopping site Paytm Mall is opening a New Delhi store, taking a page out of backer Alibaba’s playbook in exploring ways to use physical retail to boost its online business.

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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.