Fri.Oct 18, 2019

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Traditional banks accelerate shift towards digital amid competitive pressures

Payments Dive

Traditional banks in the U.S. and Europe are picking up the transition to digital banking as they face heightened competition from fintech startups and consumers become more and more comfortable with mobile apps and online sites for routine functions.

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Santander InnoVentures leads $39m investment in debt marketplace CrossLend

Bank Innovation

Santander InnoVentures, Santander Group’s fintech venture fund, is leading a Series B investment of 35 million euros ($39 million) in CrossLend, a pan-European digital debt marketplace. Oliver Schimek, CrossLend’s CEO, told Bank Innovation the funding, which was confirmed this week, will support CrossLend’s expansion efforts, building on the 10 markets in which it currently operates. […].

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3 ways to improve the retail app shopping experience

Payments Dive

With mobile apps poised to become the de facto digital shopping channel, retailers can no longer treat them as an afterthought or merely an extension of the website experience.

Retail 252
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Weekly Wrap: Legacy banks tout their digital prowess, as Ripple embeds with Finastra

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending Friday, October 18, 2019. In this episode, Angely Mercado, associate editor, discusses the following news developments: How legacy banks are increasingly growing their customer bases through digital channels; The evolving narratives around bank-fintech partnerships; and How banking technology provider Finastra […].

Video 186
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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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Hot baths and warm burritos of a reimagined payments industry

Accenture

Life in the Middle Ages in Europe was hard. The majority of people’s time was spent on the basics: hauling water from the well, chopping firewood and getting enough to eat. Now, that stuff has faded into the background as we get home from work, run a hot bath, turn on the central heating and heat a burrito in the microwave. For many consumers and businesses around the world making payments is still hard and time consuming.

Industry 150

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Commercial Lending in the Palm of Your Hand

Jack Henry

Today’s lenders are challenged by balancing the pursuit of new business with all the administrative tasks competing for their attention back at the office. How do you ensure they are able to spend the amount of quality time with their business customers needed to strengthen those relationships and discover new financing opportunities? The answer is: technology.

Lending 84
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Mastercard Partners With Four Retailers For Pay By Bank App

PYMNTS

Mastercard is collaborating with four eCommerce retailers — WHSmith.co.uk, Funky Pigeon, Cult Pens and The Card Gallery — to offer the Pay by Bank app to online shoppers, Mastercard announced in a press release on Friday (Oct. 18). “We are thrilled to be partnering with WHSmith and its brands Funky Pigeon, Cult Pens and The Card Gallery to bring this revolutionary new way to pay, putting the customer firmly in control of their finances.

Retail 116
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Can Linux improve ATM security?

ATM Marketplace

Upgrading an ATM to the latest version of Windows is a costly proposition. Rick Anderson, delivery director at Linux distribution company Wind River, argues that an open source operating system offers a more secure, affordable alternative.

ATM 77
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How TaskRabbit, With IKEA, Is Reshaping The Gig Economy

PYMNTS

One of the basics of platform design and ignition is getting “anchor tenants” on board who — given their size, scale and profile — tend to attract other stakeholders to the platform. What’s not as common is for an anchor tenant to acquire a platform to further scale its own business, and create an entirely new ecosystem in the process. That’s exactly what happened when Swedish retailer IKEA bought TaskRabbit in September 2017.

Retail 113
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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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Everything You Need To Know About PayPal

BankBazaar

PayPal is an online payments system which lets you pay merchants for purchases, send money and accept online payments made to you. Read on to know more. You have heard of PayPal, right? If you haven’t, then this article is exclusively for you. And, if you have but haven’t tried it yet, then this article is for you too. Online payments, digital wallets and Credit Cards, saw a phenomenal increase in adoption during the demonetisation wave that swept the country in November 2016.

Online 74
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Facebook Facing $35B Fine Over Facial Recognition Lawsuit

PYMNTS

A class action lawsuit against Facebook , alleging that people in Illinois didn’t consent to have their photos used with the company’s facial recognition technology , will move forward despite Facebook’s efforts to halt it. Facebook lost its latest appeal, which was to have its case heard en banc, or by the complete panel of ninth circuit judges, in the hopes that it could put an end to the case, TechCrunch reported.

Illinois 109
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Morning Brief 10.18.19: European regulators are the latest to delay strong authentication

Payments Source

Mastercard eyes India's cash-only stores; GoPay partners with Boku; Machine learning advances for U.K. payment risk; and other information you need to start your day, from PaymentsSource and around the web.

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Amex Targets Startups With Bank-Linked Cards

PYMNTS

American Express is introducing a suite of new commercial card products targeted at startups and entrepreneurs in a move that is aimed at competing with industry newcomers like Brex, Bloomberg reports said on Thursday (Oct. 17). According to reports, American Express plans to roll out the new cards in the coming months, targeting startup owners with an offering that does not require them to offer a personal guarantee or security deposit.

Cards 109
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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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U.S. Bank launches bill-pay platform to support faster payments, chatbots

Payments Source

U.S. Bank wants to disrupt the way consumers pay their bills by offering billers a new platform fit for faster payment rails, new messaging formats and digital assistants.

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Smart Rosary Beads And Other Ways Churches Are Building Their Digital Flock

PYMNTS

According to data released by Pew this week , America’s churches have an attendance problem. In a telephone survey conducted between this year and last, Pew found that 65 percent of American adults describe themselves as Christians when asked about their religion, down from 77 percent in 2009. Where have all those church patrons gone? Well according to the data, literally nowhere.

Apple 109
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Apple Pay joins Facebook's Libra on the EU’s antitrust radar

Payments Source

In an interview with Bloomberg on Friday, Vestager confirmed that regulators are taking a closer look at potential competition issues, describing alerts she’s seen to set up Apple Pay on her own handset.

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Protecting The Youngest — And Most Vulnerable — ID Theft Victims

PYMNTS

It’s been said that fraudsters are always evolving, and always looking for the path of least resistance in their efforts to steal identities and credentials to remain anonymous and … keep stealing. No surprise, then, that identity theft is on the rise. But increasingly, the bad guys have trained their collective sights on the most vulnerable of populations — utterly defenseless, as some of them cannot even walk or talk.

Fraud 106
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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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Dimon says Libra 'will never happen'

Payments Source

The JPMorgan Chase CEO called Facebook's cryptocurrency project a "neat idea" but added his name to the list of industry leaders and policymakers skeptical about the plan.

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WeWork Cash Crunch Holds Bankruptcy Threat Next Month

PYMNTS

WeWork could run out of money by next month — despite the fact that it was valued at $47 billion just nine months ago, making it America’s highest-valued private firm at the time. While it was expected to be the biggest one of the biggest IPOs of the year, the company — which rebranded itself to We Company — decided to shelve its plans to go public last month after it divulged extensive losses.

Chicago 105
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U.S. Bank hires real-time payments expert Peter Gordon

Payments Source

U.S. Bank has hired payments veteran Peter Gordon to fill a new post as head of emerging payments product and strategy, tapping his years of experience developing real-time payments technology.

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Bitcoin’s Murky Trail Across Dark Web Gets Some Light

PYMNTS

Proponents of cryptos tout anonymity, the fact that digital coin transactions are hard to trace, and that blockchain allows for transactions to occur pretty much instantaneously between parties. Thus, for criminals, at times bitcoin and other cryptos are a conduit to money laundering, ransomware and, at times, just trying to hide in plain sight. Sometimes the darkest deeds, even done through cryptocurrency means, come to light.

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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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Why fintechs will be watching Venmo’s credit card

Payments Source

PayPal’s latest move to jolt Venmo’s revenue is a co-branded credit card developed with Synchrony — something that challenger banks and fintechs may rush to compete against.

Cards 63
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The Invisible Opportunities That Spark Better Payments And Commerce

PYMNTS

Plans are afoot at Google to make the consumer experience better – and while that happens, millennials are increasingly turning to debit , which could have wide implications. Opportunities also abound in integrated payments , and we have the secret behind better merchant rewards and the payments wave of the future. Data: 1-5%: Card-authorization rate increase via pre-authorization risk checks. $2,225: Average annual retail spending of consumers between the ages of 30 and 40. 20%: Portion o

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Staffs are becoming more mobile. And that's dangerous

Payments Source

As merchants and issuers add mobility for staff, they must come to grips with the shortcomings of mobile security, says Blue Cedar's John Aisien.

Mobile 64
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Canada Mulls Public Digital Coin

PYMNTS

The Bank of Canada is thinking about launching its own digital currency. The Logic was the first to report that the country’s central bank is investigating both opportunities and challenges focused on the project, with some believing that creating a public central bank digital currency (CBDC) could help tackle direct threats related to cryptocurrency.

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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.