November, 2018

Venmo Payment Fraud Led To $40M In Losses

PYMNTS

Venmo , the digital money transfer service owned by PayPal , suffered payments fraud earlier in 2018 that played a role in the company posting losses that were higher than forecasted for the first quarter of this year.

Fraud 284

Teach children the things that machines cannot learn

Chris Skinner

I often talk about teaching children to learn what machines cannot learn. Our system of education was created in the Industrial Revolution, and is based upon kids being stuffed with facts, stats and dates. They learn to parrot-fashion repeat things, and are tested to see if they can remember.

System 284

IBM Open Banking Platform launch: Key takeaways

Insights on Business

In today’s financial services industry, issues ranging from new regulations to unforeseen competitive pressures are placing ever-growing pressure on traditional banking institutions to move toward open banking models. To address this need, IBM introduced the IBM Open Banking Platform.

INV Fintech Announces Sixth Class of Startups

Bank Innovation

INV Fintech, Bank Innovation’s sister accelerator, has announced its sixth accelerator class, which begins this week with six unique startups seeking to revolutionize financial services.

Smartwatch, bracelets help broaden mobile payment options amid competition

Mobile Payments Today

Consumer demand for smarter wearables is leading watch makers and others to explore new approaches to embedded payment technologies

Mobile 203

What Black Friday Tells Us About The Future Of Retail

PYMNTS

The verdict is in. Black Friday was a boon for online retail.

Retail 279

Overstock To Sell Retail Biz, Focus On Blockchain

PYMNTS

Overstock is gearing up to sell its retail business, with a deal taking place in the next few months as it focuses solely on its blockchain initiatives.

Retail 279

More Trending

Where is the Financial Services Industry in the digital transformation journey?

Insights on Business

At last month’s Money20/20 conference, the event brought over 10,000 people together and hosted speakers from start-up disruptors to incumbent financial institutions, and everything in between. IBM was there in full force. And I had the pleasure of hosting a panel of CEOs three mornings in a row.

Cannabis Cos’ $4.7B In Cash-Based Taxes Overwhelm IRS

PYMNTS

The Internal Revenue Service (IRS) is paying $1.7 million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.”. According to Quartz , the U.S. government collected approximately $4.7

Taxes 280

Branson isn’t in it for the money; entrepreneurs need to improve the world

Mobile Payments Today

Sir Richard Branson, the British billionaire entrepreneur, philanthropist and visionary, never outgrew his passion to change the world

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Microsoft CEO: Data Privacy Is A ‘Human Right’

PYMNTS

Microsoft CEO Satya Nadella recently called data privacy a “human right,” urging tech companies to do all they could to protect users from cyber threats.

Data 281

SWIFT Disconnects From Iran’s Banks

PYMNTS

Months of geopolitical spats that spanned Europe, the Middle East and the United States have seen payments infrastructure at the center of it all.

Banks and Telcos? Two become one!

Chris Skinner

Twenty years ago, I worked on a strategy for the future of banking. My conclusion was that banks would merge with telecommunications firms and become hybrid institutions. Twenty years later, it hasn’t happened. But will it?

Boost efficiency through operational innovation in financial services

Insights on Business

Now, more than ever, banks must be smarter and faster. Operational innovation is vital in a highly competitive financial services sector, with a new community of digital banks and other firms vying for market share. CFOs in financial organizations are not taking this challenge lightly.

Amex’s Small Business Saturday Bests $100B

PYMNTS

On Nov. 24, holiday consumers and small businesses celebrated the ninth annual Small Business Saturday. The event, created by American Express as an offshoot to Black Friday , brought in an estimated $17.8 billion, according to surveys commissioned by the company.

Survey 271

Cyber crime seen as major risk to mobile shopping during holiday season

Mobile Payments Today

As cyber attackers develop more sophisticated methods of attacking online sites, security experts and retailers are increasingly focused on protecting mobile shopping and payment platforms to ensure a safe holiday season

Mastercard Leads Investment In Mobile FinTech Mobeewave

PYMNTS

Contactless payment company Mobeewave announced the closing of a $16.5 million Series B funding round, led by NewAlpha Asset Management, Mastercard and Forestay Capital.

Nigerian Presidential Hopeful Wants Blockchain And Crypto To Help Economy

PYMNTS

Atiku Abubakar, a 2019 presidential candidate in Nigeria, said he will support cryptocurrency and blockchain if he becomes the country’s next leader, according to the Daily Post. The push is part of his “Get Nigeria Working Again” proposal.

Clash of clans … or new bank versus old bank (Fidor, BPCE) 

Chris Skinner

I was talking with some friends at the most innovative bank in Europe that has stopped getting on my radar for the past few years. I first blogged about them back in 2012, when I met the founder at an event. That bank is called Fidor.

Three fundamental shifts in financial crime investigations

Insights on Business

Financial institutions globally are awakening to the fact that regulatory technology will drive the next wave of innovation in their approaches to understanding and stopping financial crimes. From attempted money laundering, to account takeover, to insider trading, institutions are paying attention.

Real-Time Payments Driving Real-Time Liquidity: Deutsche Bank

PYMNTS

Corporate finance executives seem to be readying for real-time payments, preparing to adopt faster payment capabilities and bracing for changes to their cash flow management strategies as a result.

3 drivers helping bridge the gap to a cashless society

Mobile Payments Today

Veteran payments executive Jason Bohrer says several key consumer trends are pushing us closer to a cashless society, and the financial services industry needs to consider these developments in order to bridge the gap

Trends 194

Bitcoin Daily: Hublot Unveils Bitcoin Watches; Swiss Regulator Throttles Bank Crypto Trading

PYMNTS

Blockchain , the crypto wallet provider, plans to have an airdrop worth $125 million, Fortune reported. Through the cryptocurrency giveaway, each recipient would receive around the equivalent of around $25 in Stellar.

Australia Gets First Virtual Commercial Cards Via Mastercard, DiviPay

PYMNTS

Expense management company DiviPay is rolling out what it says is Australia’s first Mastercard virtual commercial card for corporate payers, and the first solution in the country that combines payments with expense management automation.

Cards 266

Five digital transformation lessons

Chris Skinner

In a final write-up on leadership, there was a fantastic presentation about the lessons DNB had learned in trying to make digital change happen.

Thinking Forward: Financial Services and the AI Revolution

Insights on Business

Artificial intelligence is changing the game. According to Stanford professor Andrew Ng , AI is the “new electricity,” already generating billions in value as it transforms industries such as IT, health care — and now financial services.

US Bans Chinese Facial Recognition Tech

PYMNTS

A Chinese company that develops facial recognition technology could be facing a ban in the U.S. According to the Financial Times , the facial recognition cameras are created by Hikvision , one of the world’s biggest CCTV companies, selling video surveillance throughout China and across the globe.

US 267

Banks team with technology firms: panel cites challenges

Mobile Payments Today

A session at the recent Money20/20 conference in Las Vegas attempted to clarify the roles that technology companies are playing in financial services and how traditional financial institutions are working with them

The Bitcoin Bust And Its Ripple Effects

PYMNTS

It has not been a great week for the price of bitcoin, or really any cryptocurrency for that matter. The price of bitcoin has fallen and stayed below $6,000 for the last four days and no one’s predicting a rally anytime soon.

Nordstrom Breach Exposes Data On 76K Employees

PYMNTS

Nordstrom has suffered a data breach that exposed employee names, Social Security numbers, dates of birth, checking account and routing numbers, salaries and more.

Data 268

Run the bank or change the bank

Chris Skinner

I was surprised to see that JPMorgan Chase is now hiring people as bankers and, as a mandatory part of their induction programme, they are taught to code.

FLEETCOR May Be Nearing Western Union Business Payments Buy

PYMNTS

Western Union and FLEETCOR are nearing an agreement to sell WU’s business payments operations to the fleet payments firm, according to reports in PE Hub on Wednesday (Nov.

PayPal Working Capital Steps Into Germany

PYMNTS

PayPal is broadening its small business financing offering into the German market, a press release announced on Wednesday (Nov.

Black Friday mobile shoppers smash previous single-day record

Mobile Payments Today

Consumers relied on their smartphones to find the best deals on Black Friday

Mobile 186

Is India’s ATM Disappearing Act A Digital Payments Boon?

PYMNTS

In India, get ready for new lines. News came this week that as many as half of the ATMs that dot the country’s landscape may be shuttered by March of 2019. The estimate is courtesy of the Confederation of ATM Industry (CATMi), which focuses on the domestic ATM industry.

ATM 263

Amazon Aims To Put Its Digital Wallet In Stores

PYMNTS

Amazon is preparing to enter the mobile payments market, reportedly working to get retailers to accept Amazon Pay as a payment method. The Wall Street Journal, citing people familiar with the matter, reported Amazon wants the service to be expanded beyond making payments online.

Apple 263

What banks can learn from British Airways

Chris Skinner

Something happened to me this week that made me think of big bank friends. It’s a different industry and one that, last month, I said we could learn from:the airlines. So, here’s a sobering, learning lesson.