Payments Dive
JANUARY 24, 2020
A new report from Deutsche Bank says that mobile payment adoption will surge in the next five years, but cash will remain a critical part of many economies. In the developing world, underbanked consumers are moving straight from cash-based economies to mobile adoption, and skipping over the adoption of plastic credit and debit cards.
Bank Innovation
JANUARY 24, 2020
In August, Google announced a global crackdown on Android apps that offer short-term loans, saying it wanted to protect consumers from what it called “deceptive and exploitative” terms. But five months later, payday-style applications offering fast money for one or two weeks are still easy to find in many countries on Google Play, the company’s marketplace […].
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PYMNTS
JANUARY 24, 2020
In a move that signals Tokyo’s concern regarding China’s effort to make a digital yuan, as well as Facebook’s Libra, a collection of ruling party legislators is crafting a proposal for Japan to create its own cryptocurrency. However, Japan is not likely to issue crypto in the near future because of the legal and technical obstacles, Reuters reported.
Bank Innovation
JANUARY 24, 2020
Welcome to the latest episode of our Weekly Wrap video series, for the week ending Friday, January 24, 2019. In this episode, editors discuss the following news developments: Brex’s expanded product ecosystem and the rise of digital financial services platforms for businesses; Digit’s new tool that allows users to save for their phone bills; and […].
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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
PYMNTS
JANUARY 24, 2020
Italian postal service Poste Italiane is introducing a new payments technology in an effort to attract more domestic small businesses, according to a report by Reuters. Marco Siracusano, the head of digital payment company PostePay, shared the news on Friday (Jan. 24). Poste Italiane’s new technology will be based on QR codes , which let buyers pay for things using their phones without the use of a POS terminal.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JANUARY 24, 2020
With an array of bills brought forward by lawmakers during this legislative session, Washington state could become a leader in artificial intelligence regulation. The legislation homes in on digital profiling as well as biometric screening and is part of a wider list of bills related to technology that the state legislature is mulling, GeekWire reported.
Payments Source
JANUARY 24, 2020
The payments industry is a hotbed of innovation, and many of its larger players are eager to claim patents on new developments.
PYMNTS
JANUARY 24, 2020
The Rockefeller Foundation , along with the Mastercard Center for Inclusive Growth , announced their new platform data.org today in Davos. The site will be a dynamic platform for data science partnerships committed to improve the field’s social impact. The philanthropy organizations also revealed today a $10 million “impact challenge” to crowdsource data science initiatives and solutions for organizations in the non-profit, civic, and government space.
BankBazaar
JANUARY 24, 2020
Let’s take a look at the online facility launched by EPFO through which EPF account holders can update their exit date in the records. With their latest update, the Employees’ Provident Fund Organisation (EPFO) has made the transfer and withdrawal of funds from the Employees’ Provident Fund (EPF) accounts much simpler. Let’s take a close look at the changes and its benefits.
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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
PYMNTS
JANUARY 24, 2020
While businesses have more sources of capital than ever before, from bank loans to initial coin offerings to alternative online investments, experts are urging small to medium-sized businesses (SMBs) to take a strategic approach to their fundraising efforts — often by combining a variety of funding sources to mitigate risk. Venture capital (VC) is not easily available to every startup, but this week, VC investors hinted at a big year ahead for the B2B FinTech space.
Payments Source
JANUARY 24, 2020
Projects in both countries are picking up steam and serving as an example to the rest of the world, says ACI Worldwide's Craig Ramsey.
PYMNTS
JANUARY 24, 2020
German smartphone bank N26 , valued at $3.5 billion by investors, now has 5 million customers, co-founder Valentin Stalf said. Berlin’s most valuable FinTech startup grew from the 3.5 million users it reported in the summer of 2019. “We added more customers in 2019 than we did in all the prior years put together,” Stalf, 34, added in an interview. Stalf would not divulge financials or share market demographics, but noted growth at N26 was strongest in Germany, France and Austria, with Italy and
Payments Source
JANUARY 24, 2020
American Express has focused the past few years on overcoming a couple of its stigmas — that not all U.S. merchants accept Amex cards, and that younger cardholders were not intrigued by the status of holding an Amex card.
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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.
PYMNTS
JANUARY 24, 2020
Brad Garlinghouse, the CEO of Ripple, said that initial public offerings (IPOs) will start becoming more common in the fields of cryptocurrency and blockchain this year, according to a report by Cointelegraph. Speaking at the World Economic Forum in Davos, Garlinghouse said that Ripple itself might be one of those companies that could potentially go public.
Jack Henry
JANUARY 24, 2020
Fintechs, by their very nature, have sought more efficient ways of solving routine manual processes. Frequently, these providers have found that by partnering with one another, they can eliminate speed bumps from multiple systems and improve the user’s overall experience. This melding of technologies is a cornerstone principal in the philosophy of so many fintech providers.
PYMNTS
JANUARY 24, 2020
Wells Fargo ’s woes, which began in earnest in 2016 when a scandal involving millions of fake accounts created to boost numbers came to light, are continuing and don’t show any signs of abating any time soon, according to a report by Reuters. The financial institution has had accumulated more than $4 billion in penalties since the scandal broke, but it’s also dealing with a number of other issues.
ATM Marketplace
JANUARY 24, 2020
Visa is launching a program to expand access to cash for rural and low income communities in the U.K. amid reduced access to branch banking and ATM coverage. The program gives incentives to retailers to provide cash back to customers.
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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.
PYMNTS
JANUARY 24, 2020
U.S. bank BankUnited says restaurant debt in its small business loan portfolios is showing signs of stress, and is blaming food delivery apps like Uber Eats for the problem. According to American Banker reports Friday (Jan. 24), BankUnited CEO Rajinder Singh warned that unlike other industries in its small business loan portfolio, such as businesses in the fitness market and other franchises, restaurant debt is strained.
American Banker
JANUARY 24, 2020
With mobile banking on the rise, New York City is joining a trend that's already sweeping the rest of the country. Fewer bank branches. Smaller bank branches.
PYMNTS
JANUARY 24, 2020
With an array of bills brought forward by lawmakers during this legislative session, Washington state could become a leader in artificial intelligence regulation. The legislation homes in on digital profiling as well as biometric screening and is part of a wider list of bills related to technology that the state legislature is mulling, GeekWire reported.
Payments Source
JANUARY 24, 2020
Shares of Discover Financial Services slumped the most in more than a decade after credit card lender warned that it will spend more on marketing and technology, including to beef up collections on troubled debt.
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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.
PYMNTS
JANUARY 24, 2020
Verizon is partnering with financial firm Synchrony to put out its own consumer card in the first half of this year, they said on Thursday (Jan. 23), according to published reports. The telecom is entering the finance world in league with Synchrony, which boasts partnerships in the past with firms like Amazon for its Amazon Store Card, as well as companies like Old Navy, Lowe’s, Sam’s Club and PayPal, all for those companies’ own credit card programs.
Payments Source
JANUARY 24, 2020
Payments technology conglomerate WEX has agreed to buy two companies — B2B travel payment operator eNett and B2B payment specialist Optal — for $1.7 billion.
PYMNTS
JANUARY 24, 2020
Anti-fraud efforts can seem like word salad with exotic ingredients being tossed around: strong consumer authentication ( SCA ), two-factor authentication (2FA), the second Payment Services Directive (PSD2) … you get the idea. Ask consumers what they want, however, and the acronyms vanish like a metaphor for things that vanish. Turns out consumers mostly want one thing from mobile banking apps: control.
Payments Source
JANUARY 24, 2020
Mastercard will financially back Indian merchant commerce platform Pine Labs' embrace of multi-channel installment financing as a payment option in addition to cards.
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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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