May, 2016

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This Guy Just Implanted a Payments Chip in His Hand, Literally [VIDEO]

Bank Innovation

Your next wallet may be your hand. Unless you’ve been on a Buzzfeed-less streak in the past few days, you’ve probably heard of a Buzzfeed news reporter’s mission to spend a month without a wallet — a journey that led him to implant an NFC-enabled chip inside his own hand. Tech reporter Charlie Warzel Read More.

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For all the talk about blockchain, what is really happening?

Chris Skinner

There is a lot of talk about blockchain. A lot. Loads. But when you get past all the talk, what is actually happening with blockchain? Answer: not enough. I say this because there are some stand out firms out there – like R3, Digital Asset Holdings, Ripple – who have gained traction with the banks, … The post For all the talk about blockchain, what is really happening?

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Talking With: Amazon payments exec on brokering consumer trust, solving customer pain points (Part 1)

Payments Dive

Mobile Payments Today sat down with Patrick Gauthier at the Shoptalk conference to discuss a wide range of topics about e-commerce, the checkout experience and what makes Pay with Amazon different from MasterPass, PayPal and Visa Checkout.

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6 Hot Cybersecurity Fintechs

Bobsguide

Over 65% of British businesses have been pinpointed by hackers in the past year, and the cyber security industry is undergoing extensive change as officials are feeling increasingly threatened by the rapid rate and scale of attacks. We take a look at the best cybersecurity fintechs out there and how.

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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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EMV Cards Aren't Winning Over Young Consumers

Payments Source

Older consumers like chip cards better than young people, mostly based on a generational divide over security and speed rather than a predisposition to adopt new technology.

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R3CEV, Ripple May Band Together

Bank Innovation

It looks like an R3CEV-Ripple partnership is in the works. This development could be a sign of the bundling of distributed ledgers and alliances between companies and consortiums in the space. The news was teased on Twitter today by Ripple CEO Chris Larsen: The future of fintech is bringing together like-minded companies, Read More.

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The future of banking, money and finance [Presentation]

Chris Skinner

I’ve been presenting a summary of Digital Bank and ValueWeb for a few months now. It is the story of the origins of moneykind and, as many have now heard the story, I thought it’s about time to share this on the blog. If you have half an hour free, then you can watch the presentation. It’s been filmed … The post The future of banking, money and finance [Presentation] appeared first on Chris Skinner's blog.

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Differentiate or die: Dunkin' innovation chief warns retailers about new digital age

Payments Dive

John Costello, Dunkin’ Brands president, global marketing and innovation, doesn’t mince words when it comes to the state of retail and what retailers must do to survive and beat the competition.

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â??There is a new world order coming about in bankingâ?? â?? Vincent Kilcoyne, Fintech Innovation Lead, SAS UK & Ireland

Bobsguide

In financial services, access to big data and analytics is creating a huge opportunity to improve everything from efficiency, accuracy and speed to fraud prevention.

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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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Even Strong Passwords Don't Cut It for Bank Payment Systems

Payments Source

When black market criminals use tighter security than global payment systems, you know the banking industry needs to wake up. Two-factor authentication (2FA) is now a standard practice on the ‘dark web,’ yet most banks require just one password to authorize transactions.

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Hackers Are Challenging Banks Every Day

Cisco

$81 million is what was stolen, undetected, out of a Bangladesh Bank account at the Federal Reserve Bank of New York. Unbelievable how the malware modified the SWIFT software and bypassed validity checks. This Bangladesh Bank breach highlights the wide range and new, creative ways hackers are innovating. And the challenges in protecting the financial […].

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BBVA Builds Out Private Cloud Services with Red Hat Deal

Bank Innovation

BBVA has its head in the cloud. Through a partnership with Red Hat, announced today, the global bank has designed and deployed an automated cloud based on Red Hat’s OpenStack Platform. The new cloud will allow the bank to have a “highly scalable” infrastructure to support faster digital services and applications Read More.

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Social KYC: far easier than passports and utility bills

Chris Skinner

I just received a white paper about Social KYC from Fintech startup Veridu. The idea is to use our social media profiles to authenticate and onboard as a new 21st century KYC process. It’s an interesting idea I thought I’d share here but, before I do, I posted a note on the blog in 2009 that … The post Social KYC: far easier than passports and utility bills appeared first on Chris Skinner's blog.

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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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Retailers should seek to own mobile payments

Payments Dive

A panel discussion at the ShopTalk conference in Las Vegas focused on the issues merchants face today as it relates to the mobile customer experience.

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Machine vs. Mind: The Internet of Zombies

Bobsguide

In the last five years, 10% of all global fintech investment has flowed into the UK to the sizeable tune of £5.4bn. While the US might command the most, some £31.6bn, the UK is holding its own against China, $3.5bn, and Europe, $£4.4bn. It’s a reflection of many things.

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Technology and Timing Doomed MCX's CurrentC

Payments Source

For a customer to switch from a tried and true payment method to a new one, the provider must be able to offer a unique payment experience which offers concrete and obvious advantages like top-level security, unique rewards and unprecedented agility. For these reasons, the Merchant Customer Exchange's retailer-led mobile payments initiative CurrentC was bound to fail.

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The Road to Digital Value Just Got Smoother for Banks

Cisco

Today’s bankers have no shortage of headaches. Agile “fintech” challengers, tech-savvy customers, complex compliance demands, legacy-burdened IT environments — all conspire to keep them up at night. But there is great news for retail banks — as Cisco has outlined in a new research study, “A Roadmap to Digital Value in Retail Banking.” By adopting […].

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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.

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MasterCard Releases Its IoT App for Samsung Refrigerator

Bank Innovation

The vision of a refrigerator — and internet of things — that can facilitate home shopping has been realized. MasterCard several days ago quietly released its iOS app to support a partnership with Samsung it announced last January. The new Groceries by MasterCard app connects to Samsung’s Family Hub Refrigerator for “standing Read More.

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Fintech vs Banks is like the Mouse vs the Elephant

Chris Skinner

I’m often asked whether banks should be afraid of the threat of Fintech. My answer is that most Fintech is enhancing what banks do, rather than threatening their core business. I sum this up as wrappers, replacers and reformers, and that the only Fintech firms we should really fear are those that replace core bank … The post Fintech vs Banks is like the Mouse vs the Elephant appeared first on Chris Skinner's blog.

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A List of Mobile-Only Banks

Let's Talk Payments

Here’s a list of mobile-only banks that are defining the industry today: The UK Atom Bank: Atom is a startup bank. It has been authorized with restrictions by the Prudential.

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Fintech isn’t about disruption – it’s renovation

BankNXT

Banking renovation is a more apt way to describe how digital banking has, and is being, transformed by fintech. Story by Roberto Ferrari. Fintech isn’t about disruption – it’s renovation on BankNXT.

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Addressing Top Enterprise Challenges in Generative AI with DataRobot

The buzz around generative AI shows no sign of abating in the foreseeable future. Enterprise interest in the technology is high, and the market is expected to gain momentum as organizations move from prototypes to actual project deployments. Ultimately, the market will demand an extensive ecosystem, and tools will need to streamline data and model utilization and management across multiple environments.

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How to Avoid Fraud Scams at the ATM

FICO

The recent spike in ATM compromises and fraud in the US reminds us that something we do all the time — getting cash from a cash machine — can be risky business. However, with so many different types of banks and ATMs, it can be challenging to decipher what is cause for concern and what is just a trustworthy ATM. Here are four signs that an ATM has been tampered with: 1.

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Alibaba now 3rd largest money market fund in the world

Disruptive Finance

Almost 2 years ago, I wrote about the incredible rise of Yue Bao, Alibaba’s money market fund (Can a disruptor grow 10x faster than an incumbent?). At that time, the numbers were as follows: Whereas it had taken 10/15 years for Vanguard, Fidelity and JP Morgan to reach $100bn under management, it only took 9(.).

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Samsung Pay Leapfrogs Rivals with Epic Alipay Deal

Bank Innovation

Take that, Apple. Samsung Pay may not be available in the United Kingdom yet, but it’s rapidly expanding its reach in China in a March deal with UnionPay, the world’s largest credit card network, and now through a new deal with Alipay. The Seoul-based electronics company announced the deal today. Alipay’s 450 Read More.

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The inhumanity of humans and the importance of identity

Chris Skinner

We had an all-day meeting on Friday about Digital Identity at the United Nations. There are almost two billion people born with no identity. There is no record of their birth. There is no proof of their existence. As a result, these people can disappear without a trace. There is no evidence of their disappearance … The post The inhumanity of humans and the importance of identity appeared first on Chris Skinner's blog.

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Need Curated Pre-foreclosure Lists to Generate New Real Estate Leads? Trellis Has the Data!

Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.