July, 2020

FinCEN Calls on Financial Institutions to Protect Consumers from COVID-19 Fraud

Abrigo

Key Takeaways It's important for financial institutions to find a balance between detecting suspicious activity without being so broad that BSA professionals are bogged down with false positives. Rules-based and behavior-based approaches both have pros and cons when used exclusively.

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COVID-19, digital payments and the future of cash

Mobile Payments Today

The COVID-19 pandemic has accelerated the use of digital payments and moved the debate over a cashless society to a near-term consideration

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When the banks closed, no-one cared

Chris Skinner

A great headline posted in The Financial Times the other day: When the banks closed in Wuhan, nobody cared The Financial Times article makes clear how advanced the Chinese economy is today. For several months this year, banks across Hubei province, an area home to 60 million people, shut their … The post When the banks closed, no-one cared appeared first on Chris Skinner's blog. Case Studies Crisis Digital Bank Fintech Grid

Why The Pandemic Just Made Identity and Access a Strategic Imperative for all Banks

Banker to Banker

Underappreciated in the banking industry is the growing role of identity and access in banking.

Intelligent Process Automation: Boosting Bots with AI and Machine Learning

Across all sectors, companies are learning that they can transform their businesses by embracing Intelligent Process Automation, or IPA. With the pairing of AI and RPA, IPA adds a new layer of intelligent decision-making processes to automated RPA tasks. By automating repetitive work, and adding the ability to automate intelligent decision making, intelligent automation frees up your most valuable resources – your employees – to spend more time on higher value and more strategic work. But in order to reap the rewards of Intelligent Process Automation, organizations must first educate themselves and prepare for the adoption of IPA. In our ebook, Intelligent Process Automation: Boosting Bots with AI and Machine Learning.

Bank Of China Advises Country’s Banks To Avoid SWIFT Messaging

PYMNTS

With the economic and political battles between the U.S. and China heating to a boil, one of China’s top banks is urging financial institutions (FIs) to cut their use of the SWIFT financial messaging network for cross-border transactions. The bank’s messaging applies to Hong Kong and Macau as well. With U.S. sanctions against China looming, state lenders there have reportedly been developing contingency plans. According to the Bank of China’s new report, sanctions could have the U.S.

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More Trending

The Next Step For Banks In Moving To SOFR

Banker to Banker

In the next twelve months, the transition from LIBOR to alternative Risk-free Rates (SOFR in the US) will take an important course. Banks with products tied to LIBOR need to understand the implications of ISDA Fallback Protocol and how to manage possible risks with this critical industry transition. Shortly, ISDA (International Swaps and Derivatives Association) will be publishing LIBOR Fallback Protocol.

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How EMV has grown beyond the chip on a card

Payments Source

The role of EMVCo — which is often seen as an extension of the card brands that deals only with chip-based EMV plastic cards— has come into sharper focus. EMVCo Digital payments Debit cards Network rules EMV Credit cards

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How the PPP + Technology Means MBL Growth and More for Credit Unions

Abrigo

Key Takeaways Credit unions participating in the Paycheck Protection Program (PPP) found that the right technology helped them serve business members when they needed help and also gain new members.

Am I wrong about Hong Kong?

Chris Skinner

I got an amazing reply to my post yesterday. I cannot say from whom – that’s part of the thing – but it’s such a good reply, I’m sharing it here. For me, it shows how the internet has changed the world – I can write a blog from Poland, … The post Am I wrong about Hong Kong?

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The Best Sales Forecasting Models for Weathering Your Goals

Every sales forecasting model has a different strength and predictability method. It’s recommended to test out which one is best for your team. This way, you’ll be able to further enhance – and optimize – your newly-developed pipeline. Your future sales forecast? Sunny skies (and success) are just ahead!

Digital IDs Help Open Banking Reach Its Fullest Potential

PYMNTS

Open banking comes in several flavors, yet its rise requires robust Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, Zac Cohen , chief operating officer at identity verification firm Trulioo told Karen Webster in a recent interview.

QR codes get a new life as COVID-19 recovery spurs contactless payments

Mobile Payments Today

The rapid demand for safe, contactless merchant payments has led to renewed interest in QR codes, a payment technology that historically dominated Asian markets, but lagged NFC use in the U.S.

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Future-proofing the branch network beyond COVID-19

Accenture

In the first six months of 2020, the global COVID-19 crisis rapidly accelerated the evolution of the branch-network footprint. It’s time now for banks to consider future-proofing their networks for a post-pandemic world. Both the role and shape of branches are changing rapidly. In order for banks to cope—and to create a future-proof network—it is…. The post Future-proofing the branch network beyond COVID-19 appeared first on Accenture Banking Blog.

Coronavirus lockdown spurs widespread adoption of digital ID tech in Canada

Payments Source

The coronavirus pandemic has led to a massive surge in Canadians using digital identity authentication platforms to get immediate access to government emergency aid. Canada Coronavirus Digital ID

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How Banks Are Winning with AI and Automated Machine Learning

Banks have always relied on predictions to make their decisions. Estimating the risks or rewards of making a particular loan, for example, has traditionally fallen under the purview of bankers with deep knowledge of the industry and extensive expertise. But times are changing. Today, banks realize that data science can significantly speed up these decisions with accurate and targeted predictive analytics. By leveraging the power of automated machine learning, banks have the potential to make data-driven decisions for products, services, and operations. Read the white paper, How Banks Are Winning with AI and Automated Machine Learning, to find out more about how banks are tackling their biggest data science challenges.

Capital Assessment, Capital Planning Are Critical as Coronavirus Creates Chaos

Abrigo

Key Takeaways Stress tests and capital planning are vital to financial institutions in volatile times like these, when the coronavirus and pressures on the energy sector result in a financial crisis. Regulators will have elevated interest in credit risk and the resulting impact in the months ahead. Consider utilizing the same advisor for any stress testing or credit-focused capital planning as for estimating the allowance for loan and lease losses.

Neobanks: are they really challenging?

Chris Skinner

In surfing this week, I found a great article on my friend Amit Goel‘s website GoMedici.com. The company has just completed a deep dive into the world of challenger banks or, as they term them, neobanks. The time for neobanks is now. Here’s their summary of thinking: Neobanking 2.0:

QR Codes Enjoy A Renaissance In A Post-COVID World

PYMNTS

QR codes have been around for years, although they often seemed like a marginal tech solution in search of a problem. But as is the case with so many things in our brave new world, COVID-19 is giving new purpose to the much-maligned QR code as an elegant enabler of touchless commerce.

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QR codes get a new life as COVID-19 recover spurs contactless payments

Mobile Payments Today

The rapid demand for safe, contactless merchant payments has led to renewed interest in QR codes, a payment technology that historically dominated Asian markets, but lagged NFC use in the U.S.

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B2B Pocket Playbook: End-to-End Guide to Sales Enablement

Sales enablement is the strategic process of providing sales teams with the content, guidance, and mentorship needed to engage targeted buyers. It’s all about equipping sales professionals with the tools they need to put their best-selling foot forward. And if sales teams want to continuously sell better -- and faster -- their sales enablement process must have a game-winning strategy. It's time for you to start selling smarter - and hitting your sales number - with the best B2B database in the market. Get started today.

Two business models for monetizing Open Banking

Accenture

In my first post, I talked about how it was time for banks to start looking beyond compliance in Open Banking and to imagine their role in the new application programming interface (API) economy. Open Banking offers banks the opportunity for greater efficiencies and new revenue growth, not to mention competitive advantages in an increasingly…. The post Two business models for monetizing Open Banking appeared first on Accenture Banking Blog. Payments APIs Banking Business Models Open Banking

Black women in payments see a chance for change after tragedy

Payments Source

In the tech-centric payments industry, the number of women in C-Suite roles is rising after decades of incremental progress, but the path to leadership for Black people in the payments industry remains steep and lonely. Diversity and equality Fintech Women in Payments

Q2 Sees Historic Decline in GDP

Abrigo

This morning, the Bureau of Economic Analysis released its first estimate of second-quarter gross domestic product (GDP) growth. From April to June, GDP plunged 32.9% – faring just slightly above the 34% estimated. This number is well within the range of estimates which had varied widely, due to deep economic uncertainty. Recall that GDP fell 5.0% in the first quarter. The latest results mark the sharpest decline in GDP in post-war history.

HSBC and Standard Chartered are wrong to kowtow to China over Hong Kong

Chris Skinner

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How Banks Are Winning with AI and Automated Machine Learning

Banks have always relied on predictions to make their decisions. Estimating the risks or rewards of making a particular loan, for example, has traditionally fallen under the purview of bankers with deep knowledge of the industry and extensive expertise. But times are changing. Today, banks realize that data science can significantly speed up these decisions with accurate and targeted predictive analytics. By leveraging the power of automated machine learning, banks have the potential to make data-driven decisions for products, services, and operations. Read the white paper, How Banks Are Winning with AI and Automated Machine Learning, to find out more about how banks are tackling their biggest data science challenges.

US Treasury Tells Banks To Treat Hemp Businesses Like Any Other

PYMNTS

The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other businesses. In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S.

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How convenience stores are embracing omnichannel sales and frictionless payments

Mobile Payments Today

To be effective in reaching customers and keeping pace with changing consumer preferences, convenience store leaders must keep these factors in mind as they embrace new channels and capabilities

Beyond compliance—the new API economy

Accenture

For leading incumbent banks, Open Banking is not just a regulatory imperative. It’s a new revenue opportunity and a source of competitive advantage that can be captured by making the right power plays in the application programming interface (API) economy. But what exactly is the API economy? Gartner describes it as “an enabler for turning…. The post Beyond compliance—the new API economy appeared first on Accenture Banking Blog. Payments APIs Fintech Open Banking

Radical Digitization elements from the SICTIC Blockchain Investor Day

Daily Fintech

Efi Pylarinou is the founder of Efi Pylarinou Advisory and a Fintech/Blockchain influencer – No.3 influencer in the finance sector by Refinitiv Global Social Media 2019.

Pressure Points: How to Ensure Your B2B Pipeline Passes Inspection

This eBook highlights best practices for developing a pipeline management process that helps sales leaders and their team C.L.O.S.E (you’ll see what we mean in this eBook) more revenue through data-driven prospecting, stage analysis, and subsequent sales enablement.