Sun.Dec 20, 2020

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Report: Jack Ma Offered Part Of Ant Group To Chinese Government To Smooth Over IPO Fiasco

PYMNTS

Alibaba billionaire Jack Ma told Chinese regulators in November that he would give portions of Ant Group , the FinTech he founded, to the country's government in what so far has appeared to be an unsuccessful effort to make peace with authorities in the country, The Wall Street Journal (WSJ) reported. Ma told regulators at a meeting: "You can take any of the platforms Ant has, as long as the country needs it," WSJ reported, citing an unnamed source.

Groups 278
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How TIAA Bank acts like a fintech to push digital payments

Payments Source

Even with the pandemic's dramatic shift to online commerce, TIAA Bank's Claudia Tabacinic says there's still room to migrate consumers, and lingering reluctance to embrace new technology.

Fintech 168
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FIS, Global Payments Eyed Merger, But Talk Broke Down, Report Says

PYMNTS

Fidelity National Information Services ( FIS ) and Global Payments were in talks to merge in a $70 billion deal, but it didn't end up happening, according to The Wall Street Journal (WSJ). Officials quoted by WSJ said the fact that the talks happened at all means that a trend of consolidation is still ongoing. However, WSJ noted that deal making this year has been erratic.

Report 261
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Christmas is the perfect time to perfect 'the curb'

Payments Source

Moving into 2021, curbside will continue to be a significant element of the retail experience as customers grow to prefer the convenience. Getting a head start on streamlining checkout now will set your company up for success in the next digital decade, says Mobiquity's Brittany Mills.

Retail 114
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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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Report: SoftBank Aims To Raise At Least $500 Million In IPO Via SPAC

PYMNTS

Softbank on Monday (Dec. 21) will file documents with securities regulators to allow a special purpose acquisition company (SPAC) it created previously to raise as much as $600 million through an initial public offering (IPO), Axios reported. Moreover, Axios reported, Softbank is moving toward creating additional SPACs. Companies or investment groups create SPACs to raise money through the sale of stakes to either the public or entities such as private equity funds.

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Razorpay To Offer Products To SMBs Via B2B App Store

PYMNTS

Indian FinTech unicorn Razorpay is expanding the breadth of its B2B offerings through a new platform it's calling an app store that will connect customers with third-party companies, financial news site Mint reported. It is also offering a range of languages customers will be able to use. One of the tools Razorpay will offer small- to medium-sized businesses (SMBs) is health insurance, Mint reported.

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HMRC paid my tax rebate into someone else's bank account

TheGuardian

The tax office and Santander blame one another over the £453 I am owed Can you help me to get back a £453 tax rebate that HMRC has paid into someone else’s bank account? The matter is partially my fault, in that I gave the tax office the wrong bank details – using an account number from one Santander account, with the sort code from another we also hold.

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Report: An Estimated £26 Billion In UK COVID Loans Might Be Fraudulent

PYMNTS

The Bounce Back loan program the British government launched in May to spur England's economic recovery from COVID-19 has been beset with fraud and poor-quality loans that could cost taxpayers as much as $35 billion, the Financial Times reported. More than a dozen people familiar with details of the $58 billion program and the assessments were in many cases gloomy or worse.

Report 201
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Autonomous Finance Required for Digital Banking Success

The Financial Brand

With consumer expectations outstripping institutions' ability to deliver strong CX, automation of engagement may be the only solution. The post Autonomous Finance Required for Digital Banking Success appeared first on The Financial Brand.

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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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CSI To Invest More In B2B Ad Payments

PYMNTS

Corporate Spending Innovations (CSI) has announced that it will be spending more to boost its cloud-based services for B2B payments for advertising and media needs, a company press release says. President David Disque called it a “key focus” for the company to help invest in media payments, which could boost speed and efficiency. “This investment in innovation will enable CSI to continue to advance our market-leading position in media and advertising — delivering solutions that increase efficien

Payments 193
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10 Digital Banking UX Trends that Will Drive Post-Pandemic Strategy

The Financial Brand

Digital experience gaps are causing banks and credit unions to lose ground. They can regain it by a singular focus on customer centricity. The post 10 Digital Banking UX Trends that Will Drive Post-Pandemic Strategy appeared first on The Financial Brand.

UX 42
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Vendors, Landlords And Banks Start Ending Pandemic Breaks Given To Restaurants

PYMNTS

Independent restaurants that have staggered through the pandemic are running out of time, raising the specter of a wave closings in the next few months, the Wall Street Journal reports. The paper attributes the risk to a number of factors: Landlords and vendors waited patiently for payment through the early months of the pandemic increasingly expect to be paid.

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Banking Self-Assessment: Our Digital Sales Efforts Still Aren’t Working

The Financial Brand

Four steps could help make online and mobile sales easier for consumers and businesses and not dependent on branches. The post Banking Self-Assessment: Our Digital Sales Efforts Still Aren’t Working appeared first on The Financial Brand.

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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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PrimaDollar Rolls Out Indian SCF Location

PYMNTS

PrimaDollar , a U.K.-based supply chain trade finance platform, is rolling out its services in India, a report from The Hindu Business Online says. PrimaDollar’s platform works to connect importers, exporters, local banks, logistics providers and funders, the report says. Then the international supply chain is managed by the importer through one process, no matter how the goods are moved or where they're coming from.

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China Eyes Limits On Bank, FinTech Partnerships

PYMNTS

Chinese officials may limit the number of financial institutions to which any single FinTech platform may connect, Reuters reported, citing coverage by state media. The suggestion was made by Lou Jiwei, the country's former finance minister and now an advisor to the government, Reuters reported. Jiwei was speaking at a wealth management conference. One reason Jiwei gave for the possible rule is that it would help avoid the amassing of too much bad debt by one entity.

Fintech 256
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Bitcoin Daily: Square's Cash App Lets Consumers Earn Bitcoin On Purchases; Nigeria Trades Second-Highest Bitcoin Volume On Paxful's Platform

PYMNTS

Square 's Cash App has a new feature letting customers get bitcoin back with any transaction, CoinDesk reported. Previously Cash App only allowed clients to get U.S. currency back with their transactions, according to the report. But bitcoin has been trending upward for the company and in general, with Square reporting $1.63 billion in bitcoin revenue from Cash App in its third quarter earnings.

Bitcoin 160
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New COVID Strain In UK Inspires Travel Bans

PYMNTS

A highly infectious new COVID-19 strain has caused some countries to ban U.K. travelers from entering, according to The Wall Street Journal (WSJ). The new strain, according to the British government, per WSJ, is spreading 70 percent faster than the earlier variants of the virus. There has been a surge in cases in London connected to the new strain, with recorded cases rising 51 percent in the week to Sunday (Dec. 20).

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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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SnapAP Announces Funding From Israel Angel Investors

PYMNTS

Snap Accounts Payable (SnapAP) has completed the first stage of a new funding round with help from a group of Israel-based angel investors, a press release says. The intent of the round is to help SnapAP on the first stage of its planned $2 million seed stage round. SnapAP works on solutions to streamline the Procurement to Payment workflow for mid-tier and enterprise market clients.

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US Senate Leaders Compromise On Fed Lending Powers In COVID Aid Deal

PYMNTS

The new U.S. government coronavirus relief package will contain $600 direct checks, $300 unemployment benefits per week and aid for small businesses, schools and vaccination plans, The Wall Street Journal (WSJ) reported. The deal was reached Sunday (Dec. 20) after months of false starts and negotiations between Democrats and Republicans in Congress and the White House.

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