Fri.Jan 19, 2018

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How the future of cash and digital payments is playing out in Europe

Payments Dive

This ease of contactless payments has spurred a cultural shift, embraced by the younger and more tech-savvy generations, who are happy to go for days without carrying physical cash and instead opt for their phones — even over cards. Older generations, meanwhile, typically prefer to have the option of the security of traditional physical cash.

Payments 304
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Citi Ventures on the Lookout for Machine Learning Startups in 2018

Bank Innovation

EXCLUSIVE – Since its launch in 2010, Citi Ventures has focused on investments that are strategic to its parent, the global financial services provider Citigroup. But when your parent company is a bank that spans the world, you can get involved with a lot of things. The portfolio of Citi Ventures, which comprises 35 companies, […].

Company 284
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#Brexit, Banking and Equivalence

Chris Skinner

As usual, the Financial Services Club was delighted to host David Doyle as our starting speaker for 2018, and he presented a fine overview of all the things bubbling as top of the agenda in the European Union’s regulatory plans for 2018. Led by the Bulgarian presidency, the agenda focuses … The post #Brexit, Banking and Equivalence appeared first on Chris Skinner's blog.

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Meet Ceba, Commonwealth Bank of Australia’s AI-Powered Chatbot

Bank Innovation

The Commonwealth Bank of Australia today unveiled its own chatbot, called Ceba, that performs more than 200 banking tasks, including activating cards, paying bills, receiving bank statements, and more. Check out the video of how Ceba works. Ceba will first be rolled out to 6.2 million NetBank and CommBank app users in the coming weeks and […].

Meeting 275
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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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Amazon Raises Monthly Prime Membership Fees By 18 Percent

PYMNTS

Two years after Amazon launched monthly Prime memberships, the eCommerce retailer is increasing its monthly membership fees by nearly 20 percent, Recode reported. The monthly fee for Amazon Prime will jump from $10.99 to $12.99 in the U.S., which works out to an increase of 18 percent. On an annual basis, monthly memberships will now cost consumers $156 a year.

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Global Wireless Access: Smart Roaming for POS Terminals

Payments Dive

Global Wireless Access (GWA) is a wireless m2m solution for POS terminals, specifically designed for the payments industry. It provides comprehensive international coverage, strongest signal SIMs, an advanced SIM management portal and dedicated POS terminal application. Download the product sheet to learn how it can help your business.

Industry 150
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Varo Money Raises $45M To Become ‘A National Bank’

Bank Innovation

Startup Varo Money has raised $45 million for its plans to become a full-fledged, “national bank,” the startup announced yesterday. The funds will go towards marketing its service as well as for laying “the foundation” to become a bank, company CEO Colin Walsh told TechCrunch. Varo, a mobile banking startup that provides an FDIC-insured bank […].

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Visa Taps PayMate To Enhance B2B Payments In India

PYMNTS

Visa is working with India B2B payments company PayMate to enhance its payment services for corporate customers, reports said Thursday (Jan. 18). Reports in Money Guru India said Visa has chosen PayMate to provide a B2B payment platform for joint customers, including small- and medium-sized businesses (SMBs) struggling with managing manual payment methods like checks and cash.

Payments 136
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INV Global Announces Launch of Token Offering, App for Corporate Venturing

Bank Innovation

INV Global, which includes INV Fintech, this site’s sister accelerator, announced its upcoming token offering at the North American Bitcoin Conference (#TNABC on Twitter) yesterday in Miami. The global accelerator is launching an application to support the corporate venture ecosystem by connecting them with the most relevant startups. The INV application aims to streamline the interactions and transactions […].

Miami 220
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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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‘Costco For Millennials’ Attracts Big Investors

PYMNTS

A popular eCommerce retailer, which has been called the “Costco for millennials,” is attracting potential investors, according to The New York Post. Both General Mills and Bed Bath & Beyond are considering investing in Boxed.com. Boxed has become one of the most sought-after tech startups because its distribution centers, which can provide 24-hour delivery to consumers’ homes in many parts of the United States.

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Marcus Adds Home-Improvement Loan Product — What’s Next?

Bank Innovation

EXCLUSIVE – After a successful 2017, Goldman Sachs’s consumer lending offshoot Marcus is hoping for a better 2018 by expanding its products beyond personal loans and savings offerings. Now, Marcus will be providing home improvement loans ranging between $3,500 to $40,000 for periods of three to six years. Marcus previously offered loans topping out at […].

Lending 210
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Sizzle Fizzle: Apps Sizzle, Startups Fizzle And Regulators Battle Bitcoin

PYMNTS

Fizzle of the Week: Cryptocurrency Regulation. The saga over bitcoin and its relationship to various regulators has become something of the payments answer to a romantic comedy. How so? Because, as of right now, the same basic question animates both plots: Will they or won’t they? South Korea, as we noted last week, can’t quite settle on which direction they want to take.

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SEC Expresses ‘Investor Protection Issues’ On Bitcoin ETFs While Currency Wobbles to $10K

Bank Innovation

EXCLUSIVE—The U.S. Securities and Exchange Commission, or SEC, has expressed serious reservations regarding bitcoin ETFs, in a public letter published on the regulator’s website yesterday. The reservations come at a time when bitcoin has experienced a series of falls in value, just wobbling over its previously celebrated mark of $10,000. The currency is standing at […].

Bitcoin 186
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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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Digital Gifts In A Digital Envelope: More Than Just A Money Move

PYMNTS

People love to give the gift of cash , and their friends and family typically love to receive it: Cash guarantees that the recipient gets a gift that he or she truly wants (and it’s never the wrong size or color!), which is a win for both parties. However, cash doesn’t have much flair. Fifty dollars, a paper check or a gift card stuffed into a greeting card feels very impersonal, and is largely saved by the fact that it can be delivered in person.

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Westpac Bank Customers Finally Can Use iMessage for Payments

Bank Innovation

Following a troubled relationship with tech giant Apple, Westpac Bank customers can finally use iMessage to send and receive money. The Australian bank’s customers can now make P2P transactions within iMessage by clicking on a Westpac icon that appears on the keyboard within iMessage. Westpac, which was previously using Israeli fintech PayKey to provide P2P […].

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Three Crypto Operators Sued By US Regulator

PYMNTS

In the latest sign of regulatory action in the virtual currency realm, the Commodity Futures Trading Commission (CFTC) has filed a lawsuit against three virtual currency operators, with allegations that the trio had defrauded customers. In addition, the regulator charged, the three operators broke laws governing commodity trading. The Globe and Mail reported that the CFTC filed suit in New York.

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Why 2018 will see the end of the traditional concept of the EDM

Bobsguide

Enterprise Data Management (EDM) has long been associated with the disciplines of sourcing, mastering and distributing data that is widely used across different departments in a financial services firm. This typically includes valuation data, instrument master data and entity data. However, major.

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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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Logistics Outshines Blockchain In B2B Venture Capital This Week

PYMNTS

The hot topics in B2B venture capital these days are often cutting-edge technologies like blockchain and data analytics. Indeed, these spaces secured significant funding in this week’s B2B venture capital roundup. But a lesser-discussed market grabbed the largest investment of the week: logistics. In total, companies landed more than $255.6 million, an impressive way to start the year for the B2B startup space.

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With Costco in the past, Amex shifts the narrative

Payments Source

The dark cloud that was the lost Costco card portfolio didn't garner a mention during the American Express 2017 fourth-quarter earnings call Thursday — the first time in many quarters that this was the case.

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Integrated Payments: Beyond The Buzzword With WePay

PYMNTS

[link]. Integrated payments seem to be the feature every business wants to add and every software company wants to advertise, and it’s true that they’re becoming a more critical component of payment providers’ jobs. Yet the concept has become such a buzzword that it’s not clear whether these businesses even know what they’re asking for or how it will help them.

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The Digital Fortress: Fortifying Your Treasury

Bobsguide

We have been witness to a series of significant security events recently around payment execution, from Leoni in Germany through to ABB in South Korea and SWIFT in Bangladesh to name a few of the major headlines.

Fraud 68
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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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Automakers Rev Up Venture Capital Engine With 38 Investments in 2017

PYMNTS

Automakers that want in on ridesharing, self-driving cars or innovative car financing options aren’t always developing their own technologies or starting their own ventures. Some are taking an alternate approach to speed up development or add new business lines: They’re simply investing in another company that has already developed the next big thing.

Capital 109
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01.19.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web: Australia plugs into Alexa; Europe regulates processing; contactless payments in sports; and more.

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Uber Told By SoftBank To Win Back Share In US And Europe

PYMNTS

Uber’s newest and largest shareholder, telecommunications firm SoftBank, wants the ridesharing app company to regain its market share in the U.S. and grow in more markets in Europe. According to a report by the Financial Times , Rajeev Misra, board director of Japanese company SoftBank, said Thursday (Jan. 18) that the company will soon formally close on its $8.8 billion investment in Uber.

US 109
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Mastercard goes cashless at ski race, launches push for ‘Priceless’ moves

Payments Source

Mastercard is teaming with SIX Payment Services to enable cashless payments at the Hahnenkamm, a top European ski race in Kitzbühel, Austria, to speed up service and eliminate lines.

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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.