Thu.Nov 07, 2019

Things worth reading: 8th November 2019

Chris Skinner

Video 156

Robinhood is back in Washington’s crosshairs after leverage glitch

Bank Innovation

Robinhood Markets Inc. is once again getting unwanted scrutiny in Washington after some of the brokerage’s customers took advantage of a flaw that allowed them to make highly leveraged trades without putting down enough cash to back the transactions.

What do banks think about decentralised finance

Chris Skinner

I got a tweet the other day pointing me to a report from the Financial Stability Board about the use of decentralised technologies for financial services. Excellent report from the Financial Stability Board @fsb about the impact of decentralized #fintech#finserv #DeFi #DLT #payments #lending ??[link]

Taking a stand on data privacy and security in the payments space

Mobile Payments Today

Mastercard last month challenged the industry on adoping a set of new standards on data privacy and security. Computop's founding director Ralf Gladis says the industry should take up the challenge and collectively move in a similar direction

Why voice is integral to TD Ameritrade’s customer strategy

Bank Innovation

As financial services companies consider the next wave of interaction technologies, TD Ameritrade is making the case for voice as a channel. Over the past year, the company has invested in voice-based tools to allow customers to learn more about their portfolios.

USDA Releases Interim Final Hemp Rules

Abrigio

3 minute read Key Takeaways The USDA released their interim rule on hemp production. States and tribes must include key components in their programs. States may begin submitting programs to the USDA for approval. .

N26’s Cooke: A global presence is fueling the brand’s expansion

Bank Innovation

To digital banking brand N26, which operates in 26 markets and boasts 3.5 million customers, a global footprint lets it benefit from a wealth of expertise on product development. The company recently began offering products to U.S.

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HSBC Launches Digital Supply Chain Solution For Sri Lanka Clothiers

PYMNTS

HSBC has revealed that it is launching a web-based supply chain platform specifically for Sri Lanka apparel exporters, allowing them to make early payments to suppliers.

Small banks, tap the consortium model for fintech investment to innovate

Accenture

Guest bloggers Alex, Devon, Eliza and Reagan – from Accenture’s Emerging Leaders Program – dive into how regional retail banks combat the challenge of keeping up with the tech acquisition capabilities of larger banks through banking consortium models. A regional retail bank’s ability to effectively future-proof its business depends on how well it can adopt technology…. The post Small banks, tap the consortium model for fintech investment to innovate appeared first on Accenture Banking Blog.

Tune.fm Enables Hedera Crypto Payments For Music

PYMNTS

Tune.fm has become the first music streaming platform with an integrated cryptocurrency to run on Hedera Hashgraph ‘s public distributed ledger technology (DLT). Musicians have often struggled to get paid what they are owed for their work.

10 things to know about Cash Recycling Technology

ATM Marketplace

To improve efficiency and the customer experience, many are investing in cash recycling. It may be a strategic business decision for your bank or credit union, too. But first let’s address the questions you might have

Bitcoin Daily: Hong Kong Calls For Regulators To Unite On Libra; New Blockchain Solution Aims To Eliminate Hotel Booking Mistakes

PYMNTS

Hong Kong’s chief securities regulator is calling on the world regulators to get on the same page when it comes to Facebook’s Libra to avoid the “real risk of regulatory arbitrage.”. “If

ATMIA's Ron Delnevo discusses importance of payment choice, independent ATMs

ATM Marketplace

Ron Delnevo, executive director of Europe at the ATMIA, believes in payment choice. He also thinks independent ATM operators play an important role in keeping cash accessible

ATM 62

Virtu Financial Announces New Business Unit For Capital Markets

PYMNTS

Virtu Financial has announced the launch of its new business unit, dedicated to capital market clients.

Server and Endpoint Protection in Financial Services

Perficient Financial Servies

My last blog explored network infrastructure and proactive measures to take to keep the network secure. This blog analyzes the how and why of server and endpoint protection. In a network context, an endpoint is defined as any computing device that communicates with a network to which is it connected.

Sphere Teams With RMS For Automated Healthcare Payments

PYMNTS

Payments and security software provider Sphere announced that it is teaming up with Oklahoma-based Revenue Management Solutions (RMS), a healthcare remittance automation platform, to offer a comprehensive healthcare payment platform.

Workday Acquires Scout RFP: A Review Of The B2B Supplier Management Market

CB Insights

On November 4th, Workday announced an agreement to acquire Scout RFP , a cloud-based sourcing and supplier engagement platform for procurement teams, for $540M. Scout RFP brings 300,000 users in over 150 countries to Workday’s platform.

Amazon Ring Security Flaw Opened Door To Hackers

PYMNTS

Amazon Ring fixed a security vulnerability in its Ring Video Doorbell Pro that could have potentially allowed hackers to get homeowners’ Wi-Fi passwords, TechCrunch reported on Thursday (Nov. Cybersecurity research firm Bitdefender exposed the Amazon Ring flaw in a white paper.

Walmart hits gold with India Payments as PhonePe valued at $10 Billion

Daily Fintech

How do you make $10 Billion from $300 Million investment within a year? Walmart did just that with their acquisition of Flipkart in India last year. Flipkart is the ecommerce giant in India, and Walmart acquired a 77% stake in them for $16 Billion in 2018.

EU’s Vestager Objects To Big Data Acquisitions After Google’s Fitbit Deal

PYMNTS

European Union antitrust chief Margrethe Vestager has concerns about Google’s recent acquisition of Fitbit, as well as continued competition issues over how the company lists shopping search results, according to reports by Reuters. Google made a deal to buy Fitbit for $2.1

Moving Abroad? Here’s How You Need To Plan Your Finances

BankBazaar

Shifting your base to a different country is a big step, so it’s important to take the right financial steps before you proceed. Read on to find out how you can do just that. Moving abroad can be exciting as well as emotional.

Taxes 52

Ex-Uber CEO Kalanick’s Startup Lands $400M From Saudi Fund

PYMNTS

CloudKitchens, the delivery startup founded by former Uber CEO Travis Kalanick, has received a $400 million investment from Saudi Arabia’s Public Investment Fund (PIF), according to a report by The Wall Street Journal.

Five Ways to Make Better Data-Driven Decisions in 2020

Dataconomy

Is your organization data-driven? Across industries, data has become a core component of most modern businesses. Here is how budgets and corporate planning reflect this trend.

Study 52

Brazil’s Banco Inter Teams With Alibaba, Nike, Others For eCommerce App

PYMNTS

Brazilian Lender Banco Inter is launching an app to give its clients direct access to more than 60 online stores, according to Reuters. The company is moving beyond simply offering free checking accounts in an attempt to attract more customers, and also to grow profit margins.

Jury Decides for USAA in Key RDC Patent Case

New York's State of Mind

It took a federal jury in Texas less than three hours to conclude that Wells Fargo was in willful violation of two patents held by USAA, which facilitate remote deposit capture technology. The $200 million verdict strengthens USAA’s hand as it seeks to enter into licensing arrangements with banks and credit unions that provide remote […]. Legal Watch Regulatory technology RDC USAA Wells Fargo

Texas 48

Gig Economy Co Upwork Reports Revenue Gain, New Enterprise Push

PYMNTS

Gig economy platform Upwork plans to focus more on larger companies in the coming months, as the company seeks to increase its market share in the fast-growing world of matching freelance labor with employers via digital technology.

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'It makes my head explode': Comments of the week

BankThink

Readers react to Sen. Warren calling for banks to fund her Medicare plan, a proposal requiring big-bank CEOs to testify before Congress, federal regulators missing Trump-appointees on their board and more.

Taxes 62

Former Obama Chief Of Staff Tapped To Lead Wells Public Affairs

PYMNTS

William M. Daley has been appointed Wells Fargo vice chairman of Public Affairs and will begin his new role Nov. 13, the company said in a press release Thursday (Nov.

Wealth manager defections sting small and midsize banks

BankThink

Washington Trust warned that it could lose $3 million in annual revenue after two top advisers left to join a brokerage firm. Other banks are facing similar hits. Community banks Wealth management Non-interest income Rhode Island Louisiana

Blueshift Rolls Out Offline Transcription App For iOS 13.2

PYMNTS

Blueshift Development has released a dictation app that taps into Apple’s latest operating system – iOS 13.2 – for iPhones and iPads, 9to5Mac reported on Thursday (Nov.

Johnny Allison returns to familiar role as Home Bancshares' CEO

BankThink

The veteran banker succeeded Randy Sims, who recently retired. Sims had been the Arkansas company's CEO since replacing Allison in 2009. Community banking M&A Succession planning Arkansas

New WhatsApp Feature Lets SMBs Share Products To Drive Sales

PYMNTS

WhatsApp business is introducing a new feature to help small businesses interact with customers, according to VentureBeat. The feature is called catalog, and it will help users share a picture, price, description and link to an item.

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Regions Financial rethinking M&A after First Horizon-Iberiabank deal

BankThink

If the no-premium agreement announced by First Horizon and Iberiabank this week is a sign that sellers’ asking prices will come down, then Regions might reconsider its anti-M&A stance, a company executive said.

Gap CEO To Exit Amid Sluggish Sales

PYMNTS

The Chief Executive of apparel company Gap Inc. will step down immediately, according to a report in The Wall Street Journal. Art Peck is leaving the company and will be temporarily replaced by Robert Fisher, who is the son of the couple that founded the company.

Broker’s pitch to small banks, credit unions: We’ll handle robo advice

BankThink

A new partnership will let some community banks and credit unions roll out robo-advice platforms without a significant investment of their own. Robo advisors Automated investing Community banking Credit unions

Amazon Ring Doorbell Security Flaw Opened Door To Hackers

PYMNTS

Amazon Ring fixed a security vulnerability in its Ring Video Doorbell Pro that could have potentially allowed hackers to get homeowners’ Wi-Fi passwords, TechCrunch reported on Thursday (Nov. Cybersecurity research firm Bitdefender exposed the Amazon Ring flaw in a white paper.

The definitive guide to turning traffic into customers

BankThink

How to use proactive guidance to build consumer confidence and convert browsers to buyers. Customer experience