PYMNTS

NOVEMBER 25, 2020

The age of artificial intelligence (AI) is upon us, where data feeds and models are used in the service of everything from verifying the digital identity of remote users to approving or denying a bank loan application. But Labhesh Patel , chief technical officer and chief scientist at real-time identification firm Jumio , told PYMNTS in a recent interview that AI-underpinned models are only as good as their underlying training datasets.

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social media Data Examples Training 353

Accenture

NOVEMBER 25, 2020

For the last 20 years, the most predictable thing about the payments industry was that it was unpredictable. Disruption has been going on for so long that it’s now hard to remember what so-called “normal” times were like—and the changes show no sign of slowing down. But the disruption will not be evenly distributed, either…. The post Payments disruption is the new norm appeared first on Accenture Banking Blog.

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PYMNTS

NOVEMBER 25, 2020

The push toward digital IDs, toward tracking who’s who – and, in this case, who’s safe – may be getting a tailwind from air travel. To that end, a quintet of airlines is debuting digital health passes that certify travelers do not have the coronavirus. That passport, of a sort, will be known as CommonPass – and will certify negative COVID test results.

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Accenture

NOVEMBER 25, 2020

This series of blogs looks at the opportunities and challenges associated with green finance in Southeast Asia, and draws on the Green Finance Position Paper 2020 by Eurocham Singapore, and co-authored by Accenture, that assessed the state of green finance in Singapore and ASEAN. From Europe to North America to Asia, green finance is emerging…. The post Green Finance: The Case for Converging Standards appeared first on Accenture Banking Blog.

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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

Lending

PYMNTS

NOVEMBER 25, 2020

Financial firms expect that the cost to defend against cyberattacks will continue to increase in 2021, according to Bloomberg , citing a survey done by Deloitte & Touche LLP. The survey, which will be released in December, reports that 64 percent of executives at financial companies ranked cybersecurity as their top concern in expected budget increases.

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PYMNTS

NOVEMBER 25, 2020

In B2B payments, the path to making transactions as seamless and invisible as possible is often about closing the gap that separates buyer and supplier. While a growing population of B2B FinTech solutions has helped to connect B2B buyers and sellers, more platforms can create more friction on either end of the equation. According to Greg Bloh, CEO of Transcard , solutions that target the buyer side and then provide elements to integrate with a vendor — or vice versa — can add extra steps for bus

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Payments Source

NOVEMBER 25, 2020

India banned another 43 Chinese apps including some of Alibaba Group Holding Ltd.’s key shopping services, expanding its mobile blacklist to more than 200 applications.

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Groups Mobile Online Compliance 127

PYMNTS

NOVEMBER 25, 2020

Female FinTech entrepreneurs are getting left out of funding even as record venture capital money is being pumped into startups. Just 3.8 percent of FinTech startups with female founders received funding January through October, according to Crunchbase, per a Bloomberg report on Wednesday (Nov. 25). Companies that did get funding received only 0.9 percent of total monies raised. .

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Payments Source

NOVEMBER 25, 2020

For years, business models based around micropayments have been touted as an alternative to advertising, offering a new form of revenue for all kinds of content creators, enabling users to pay for the exact quantity of services they consume. They have even been suggested as a way to create alternative insurance products, for example forms of car insurance where drivers pay per journey.

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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

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PYMNTS

NOVEMBER 25, 2020

The tipping point toward real-time payments’ ubiquity might be closer than many observers think, Mark Ranta , payments practice lead at FinTech Alacriti , told PYMNTS in a recent interview. Ranta said RTP is already past the “early adopter” stage and moving into the “fast follower” phase of its evolution. After all, The Clearing House’s RTP infrastructure is already up and running.

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Payments Source

NOVEMBER 25, 2020

Stripe Inc. is in talks to raise a new funding round valuing it higher than its last private valuation of $36 billion, according to people familiar with the matter.

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Payments Fintech 122

PYMNTS

NOVEMBER 25, 2020

An Amazon Web Services outage affected the digital presence and operations of dozens of companies Wednesday (Nov 25) as one of the subsystems of the massive web operations platform failed. The support page for Amazon Web Services’ status page said it was experiencing problems with Kinesis, its service that processes large streams of data, causing “increased error rates” for a number of websites.

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Bobsguide

NOVEMBER 25, 2020

It is likely that we won’t understand the full extent to which the pandemic has changed our lives until we are looking back at 2020. As people have remained home (and isolated) during the pandemic, they have resorted to purchasing their daily needs online. It is easy to assume.

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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.

Lending

PYMNTS

NOVEMBER 25, 2020

The Federal Ministry of Finance in Nigeria is said to be in discussions with the securities watchdog in the country to create a new digital currency and blockchain structure, Cointelegraph reported. The ministry is working with the Securities and Exchange Commission located in Abuja to offer a “regulatory environment for blockchain” and digital assets, Cointelegraph reported, citing local media.

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Bitcoin blockchain Groups Security 276

Payments Source

NOVEMBER 25, 2020

The dramatic shift in consumer buying behavior sparked by the pandemic looks set to change the future of commerce for good, writes Joris Kroese, founder of Hatch.

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Mobile Payments 117

PYMNTS

NOVEMBER 25, 2020

Amazon sellers say products that normally take one or two days to arrive at customers’ addresses are suddenly taking a week or longer as the holiday shopping season gets going in earnest. Bloomberg News reported that merchant chat rooms are abuzz with talk of delayed shipments, with more than a half-dozen sellers and consultants confirming such issues to the news service.

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Report Retail Policies System 265

Payments Source

NOVEMBER 25, 2020

Marqeta, a payments startup backed by Goldman Sachs Group Inc. and Visa Inc., hired underwriters for a planned 2021 initial public offering, according to people with knowledge of the matter.

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Groups Payments Fintech 104

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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.

US

PYMNTS

NOVEMBER 25, 2020

Slow payments have long frustrated businesses and consumers, forcing the former to readjust their timelines as they await funds and prompting the latter to put off purchases as they watch for transactions to finalize. Financial services providers have looked to solve these frictions using real-time payment tools, and their efforts are being realized as businesses and consumers alike grow more comfortable with new banking technologies.

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BankInovation

NOVEMBER 25, 2020

Intuit Inc., the software company behind TurboTax, won U.S. antitrust approval for its $7.1 billion takeover of personal finance website Credit Karma Inc. The Justice Department said Wednesday it was clearing the deal after Credit Karma agreed to sell its tax business to Square Inc. for $50 million to resolve government concerns over competition in […].

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Taxes Software Company Compliance 98

PYMNTS

NOVEMBER 25, 2020

The Department of Justice is requiring Credit Karma to divest its tax business to Square as part of Intuit’s $7.1 billion proposed takeover of Credit Karma. On Wednesday (Nov. 25), Intuit and Credit Karma said they had received clearance from the Department of Justice (DOJ) for the merger, and had agreed for Credit Karma to sell its tax business to Square.

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TheGuardian

NOVEMBER 25, 2020

Hiring of investor to advise on environmental regulation for banks looked into by watchdog The EU did not properly consider conflicts of interest when it hired the US investment manager BlackRock to advise on environmental regulation for banks, an influential watchdog has said. The European ombudsman, Emily O’Reilly, said the European commission, the EU’s executive arm, should strengthen its conflict of interest rules in light of the findings, in a judgment published on Wednesday.

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Regulation US Management 98

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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.

Compliance

PYMNTS

NOVEMBER 25, 2020

Binance has purportedly started notifying U.S. users by email that they have 14 days to shutter their accounts and take out all their money or have their accounts locked, Decrypt reported. The email reportedly told users that the firm found that they were aiming to access the platform while having identified themselves as U.S. persons. “Please note that as per our terms of use, we are unable to service US persons,” the company reportedly said in the email, as per the outlet.

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Taxes US social media Report 243

Payments Source

NOVEMBER 25, 2020

Just months after revealing it was testing lending directly to consumers through its Cash App, Square says it is buying the tax business of Credit Karma to bring tax preparation to Cash App customers.

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Taxes Lending Payments 94

PYMNTS

NOVEMBER 25, 2020

The COVID-19 pandemic is inspiring many businesses to accelerate their shifts to digital transaction methods as workforces operate remotely from home, and many are finding that doing so is helping them overcome traditional business-to-business (B2B) payment frictions. Companies long-used to sending and receiving paper invoices and checks are finding that digital methods can deliver funds and billing information at a far faster clip.

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Payments Tools Security Report 238

BankBazaar

NOVEMBER 25, 2020

Like it or not, your Credit Score judges you! Find out how it helps lenders perceive you before they approve or reject your credit application. Bummed about your Credit Score acting like your judgemental aunt? Don’t fret. You can always change its impression of you by being smart with your banking activities in the future. Before you do this, however, it’s important to understand the role of a Credit Score.

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Cards Management Training Payments 78

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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.

Lending