Chris Skinner
JULY 24, 2018
Ever since the collapse of Enron, we’ve seen auditors under question. I’m sure most of you can remember the Enron disaster but, just in case, the company went from Oil King to Futures Basketcase faster than Lewis Hamilton could catch up with Sebastian Vettel yesterday. Much blame was placed on their … The post What is the point of an auditor? appeared first on Chris Skinner's blog.
Bank Innovation
JULY 24, 2018
U.K. neobank Starling is in a mood to switch things up, at least on the design front. Last week, Starling unveiled changes to the payments screen on its mobile app and today it unveiled a new debit card. For starters, the new debit card is not purple, Starling’s signature color. Instead it’s teal and navy […].
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Chris Skinner
JULY 24, 2018
Building on yesterday’s discussions of regulating, I got copied on a letter that’s doing the rounds from Sam Woods, Deputy Governor of the PRA (the Prudential Regulatory Authority). It lays out the official position and expectations of the regulator when financial insitutions are dealing with crypto-assets. It makes for interesting … The post The UK regulators official position on crypto-assets appeared first on Chris Skinner's blog.
PYMNTS
JULY 24, 2018
MoneyGram and Visa announced today (July 24) that they have partnered to deliver real-time digital disbursements to MoneyGram customers using Visa’s push payments platform, Visa Direct. Launching in October in two key markets, Mexico and the Philippines, MoneyGram will expand its options in which receivers from those markets may receive and use funds instantly — via their bank-issued Visa-branded debit card or Visa-branded prepaid card — and senders may choose the option by which to send those
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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
Bank Innovation
JULY 24, 2018
Ant Financial has done it again. In 2Q18, the Chinese fintech raised the largest amount for fintech invest ever. According to CB Insights’ 2Q fintech report, Ant Financial’s fundraising accounted for 69% of total global fintech funding. This is not the first time Ant Financial has done something like this. Back in 2016, Ant Financial took […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
JULY 24, 2018
Rafik Hanna, senior director of Taco Bell's All Access, shared insight on how the QSR is transforming to drive a best-in-class customer experience and why technology is always at the forefront in a keynote address at the recent ICX Summit.
PYMNTS
JULY 24, 2018
It’s a striking difference: A new Visa study has found that digital accounts for 38 percent of consumer retail purchases, but when it comes to small- and medium-sized businesses (SMBs), only 15 percent of their sales are conducted via eCommerce. That signals opportunity for smart, nimble merchants that can get ahead of the curve — or potential disaster for retailers that cannot.
Payments Dive
JULY 24, 2018
The FSS team is excited to announce the launch of FSS eFinclusiv, a second-generation financial inclusion solution that leverages the India Stack to promote financial deepening among underbanked customers.
PYMNTS
JULY 24, 2018
Madonna. Cher. Ringo. Beyoncé. Sometimes a first name is all you need. Instant identification. And likely an instant conversation follows right on the heels of that one-name utterance. Outsized personalities, after all, get us thinking and chatting. So here are two names that need no dropping, if you’ve been a reader of this space for the last several years.
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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
Payments Source
JULY 24, 2018
Two payments startups, PayStand and Quadpay, are collaborating with Silicon Valley Bank and First Data during a four-month accelerator program to explore mutual product development opportunities.
PYMNTS
JULY 24, 2018
The movement of banks to join FinTech firms and stanch the disruption of their business models — decades and centuries old — has been well-documented. As banks embrace technology in ways that are both novel and, perhaps, permanent, observers have noted that the shift toward APIs is gaining momentum. A recent report that bowed via Citi underscores that thesis, as Global Market Manager of the bank’s Channel Services division, Rene Schuurman, wrote that 87 percent of banks have a clear API strateg
Bobsguide
JULY 24, 2018
Libor, the interest rate that reflects the general cost of unsecured borrowings by large banks, is the world’s most widely used benchmark rate. It is used in millions of contracts with an estimated gross notional of $370trn and is referenced by a wide range of financial products, from exotic.
PYMNTS
JULY 24, 2018
The developers of the U Network have reportedly run out of their reserve of crypto tokens and intend to buy back some of its supply, CoinDesk reported. They had set a limit of 10 billion tokens for its UUU coins — and dedicated 40 percent of the tokens to future development and the founding members. “The demand for UUU tokens has exceeded our current designated holdings,” the developers said in a Medium post.
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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.
Payments Source
JULY 24, 2018
To make informed decisions about fraud prevention, merchants must understand the current fraud landscape, customer expectations, and the risks and rewards associated with internal and external fraud prevention approaches, writes Bernardo Lustosa, partner, co-founder and COO of ClearSale.
PYMNTS
JULY 24, 2018
The story of the enterprise’s digital transformation is long and winding, as executives struggle to overcome budget restrictions, integration hiccups and a lack of willingness for change from the higher-ups. The latest research adds new chapters to this story, highlighting the continuing struggles of technological adoption while, at the same time, showcasing the progress the enterprise has made.
Payments Source
JULY 24, 2018
Under its new chargeback rules, Visa retired one of the chargeback codes that merchants almost always lost — "transaction not recognized," formerly listed as Chargeback Reason Code 75.
PYMNTS
JULY 24, 2018
Rambus , the digital security, semiconductor and IP products and services company, announced Tuesday (July 24) that Coles , the Australian retail group, has selected the Rambus Unified Payment Platform to securely power its Digital Payment Solutions. In a press release, Rambus said its Unified Payment Platform provides customers and retailers with an easy-to-use omnichannel payments service.
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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.
Payments Source
JULY 24, 2018
The hack's core trick highlights an area of cybersecurity which is often neglected: hardware connected to computer networks which laymen wouldn’t normally consider a computer.
PYMNTS
JULY 24, 2018
Western Union announced on Tuesday (July 24) that ecoAccount digital wallet holders can now send Western Union international or domestic money transfers from the U.K. In a press release , the company said the capability was made possible by the integration of Western Union’s money movement functionalities within the ecoPayz platform. “Western Union is integrating our core business functionalities with third parties and their platforms to unlock new growth,” said Odilon Almeida, Western Union pre
Payments Source
JULY 24, 2018
Digital money platform Wirex has added a Ripple cryptocurrency wallet to its portfolio, giving its users the ability to exchange and spend Ripple's XRP token through their Wirex Visa cards.
PYMNTS
JULY 24, 2018
Is Ripple – specifically the XRP token – the platypus of the crypto world? Turns out the debate over whether it is or isn’t a security is having a knock-on effect: It’s making the XRP token’s price less than … well, secure. The XRP token’s value is now below $0.50, which means new lows and a shadow of a $3.40 peak. As reported by Express in the United Kingdom, there are rumors afoot in crypto land.
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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.
Payments Source
JULY 24, 2018
To consolidate the data flows that are increasingly becoming part of real-time payment processing, Ingenico is turning to MapR Technologies to provide artificial intelligence and analytics to its platform.
PYMNTS
JULY 24, 2018
Avis Budget Group , the car rental company, is offering Amazon customers a deal when they rent vehicles through the company. CNBC , citing Avis Budget Group, reported that when Amazon customers book an Avis vehicle via the Avis skill for Amazon Alexa, they will get an Amazon.com gift card that is valued at 20 percent of the rental price. Amazon customers who book an Avis vehicle without Alexa will get a gift card valued at 10 percent of the car rental.
Payments Source
JULY 24, 2018
The U.K.’s Starling Bank markets itself as a digital bank that’s too modern for branches, and now it’s seeking an edge by offering a vertical payment card with all of the account details moved to the back.
PYMNTS
JULY 24, 2018
A revamped Bank of England (BoE) payments system is expected to connect with FinTech firms using distributed ledger technology (DLT). According to Reuters , the new plans will see the payments system, that supports British banking and trading, boost its defenses against cyberattacks by 2020, as well as increase the number of businesses that can use it.
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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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