Sat.Feb 15, 2020 - Fri.Feb 21, 2020

Mastercard: Collaboration Is Key To Scaling Real-Time Payments

PYMNTS

With speed being the most obvious value proposition of real-time payments capabilities, it’s not difficult to imagine that corporate payers would be eager to embrace faster payments functionality in their accounts payable (AP) departments.

If you’re API and you know it, block aggregators

Chris Skinner

I bumped into a real API marketplace the other day.

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Are banks having a kodak moment? Lessons from a fallen giant

Bank Innovation

Giants have fallen when they reacted too slowly to changing consumer needs. Kodak, despite developing the first digital camera, did not believe digital photography would dominate the market, and therefore did not leverage the opportunities their discovery offered.

How Australia’s banks can map a divestment journey

Accenture

In the first of this three-part series, we looked at what Australia’s financial services (FS) firms must do to rediscover their purpose and regain customer trust—a process that culminates in deciding which assets to divest.

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Will banks get caught up in facial recognition backlash?

American Banker

Consumer advocates and policymakers are railing against use of the technology by government, universities and others. Banks using it for authentication need to tread cautiously, experts say. Authentication Biometrics Identity verification Facial Recognition Mobile banking

Bank Wars, Episode XX: The Rise of FinTech

Chris Skinner

Over the years, a few people have likened me to the Yoda of banking. Yoda is one of the most likable characters in the Star Wars franchise, but I’m not sure if I like the comparison. Yoda is seriously old, speaks in riddles and is tiny and wrinkled.

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WorldRemit links with Alipay on one-tap global payments to China

Bank Innovation

WorldRemit is partnering with Alipay to reduce friction in cross-border payment transactions. The integration allows WorldRemit customers to send money to Chinese recipients by connecting with their Alipay accounts. The service has been available since January.

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How LGBTQ-Focused Travel Platform misterb&b Protects Travelers, Builds Travel

PYMNTS

Homesharing has been a part of the gig and sharing economies for nearly a decade, and consumers and homeowners alike are now asking such platforms for personalized support.

What would Winston Churchill say about #Brexit?

Chris Skinner

No one knows. He died in 1965 and, fifty-five years later, no one can say what his view on Brexit would be. But the question is being raised in The Independent this week (first of a five part series).

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HSBC to shed 35,000 jobs globally in major restructuring

Mobile Payments Today

The London-based bank will slash 35,000 jobs worldwide, shift much of its focus to Asia and close a large number of U.S. branches, as part of a major restructuring of its global operations

LendingClub breaks ground with Radius Bank acquisition 

Bank Innovation

LendingClub, the publicly traded digital-lending marketplace, announced Tuesday that it is acquiring Boston-based Radius Bank, which has $1.4 billion in assets and is partnered with several fintech companies.

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Sweden’s Central Bank Floats E-Krona As Digital Currency

PYMNTS

Sweden’s Riksbank is assessing e-krona, a new form of digital currency that hopes to take the country a step closer to the creation of the world’s first central bank digital currency (CBDC), according to reports on Thursday (Feb.

Things worth reading: 19th February 2020

Chris Skinner

Things we’re reading today include … HSBC to slash investment bank, 35,000 jobs in strategy overhaul What’s gone wrong at HSBC?

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Balancing payment innovation and trust

Mobile Payments Today

Payment security is central to the consumer experience with 54% of North America firms hoping to achieve higher customer satisfaction through improving the security of new payment technologies

RBC fuses payments and messaging for business clients 

Bank Innovation

Royal Bank of Canada is using digital money transfer service Interac to help corporate clients follow up with their customers on outstanding debts. The bank announced the feature, “Interac e-Transfer: Bulk Request Money,” last week to help clients collect payments faster.

NYC Taxi Commission Accused Of $810 Million Fraud

PYMNTS

New York Attorney General Letitia James announced plans to sue New York City for allegedly fraudulent practices by its Taxi and Limousine Commission (TLC), according to reports on Thursday (Feb.

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Things worth reading: 21st February 2020

Chris Skinner

Things we’re reading today include … Why Morgan Stanley wants to buy E*Trade HSBC undergoes yet another overhaul.

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Payments innovation in the Latin American market

Mobile Payments Today

Latin America is becoming an increasingly important market in the global payments business. There are a number of important innovations underway that are changing the industry

Mexican digital bank Stori aims to assist the underbanked

Bank Innovation

Digital bank Stori, which is based in Mexico City, aims to reach customers with minimal access to financial services. Recent research highlights the problems the bank is attempting to solve.

Three steps to implementing digital process automation in your bank

Accenture

Guest bloggers Richard Gillespie-Brown, Helen Bayliss and Nicholas Kitson explain how a bank’s centre of excellence can unlock customer and colleague value by overcoming hurdles to automating digital processes.

The Finanser’s Week: 10th February 2020 – 16th February 2020

Chris Skinner

The main blog headlines are … Banking is what we do and technology is how we do it A decade ago, we talked about the financial crisis, technology, regulations and compliance.

Morgan Stanley to buy E-Trade for $13B

Mobile Payments Today

Morgan Stanley will buy the pioneering brokerage in a historic merger that will create one of the industry's most powerful online brokerages

Rapyd taps Visa to grow its card-issuing business

Bank Innovation

Rapyd, a startup that converts international payments, announced a partnership with Visa this week to grow its card issuing business. “A

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ePharma Takes Aim At High Drug Prices

PYMNTS

Be thankful you don’t have lipodystrophy. It’s a condition in which the body cannot control production of fat tissue. It can cause energy control problems and diabetes, and even worse, the drug that can control it, Myalept, is a bit expensive. List price for Myalept: $71,306 a month.

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AI Resistance is Futile!

Chris Skinner

We had our first 2020 meetings of Nordic Finance Innovation last week. The theme was digital transformation and its implementation, and was co-hosted by our partner Swedbank. One of the slides struck me as particularly noteworthy.

Using Floors On Commercial Loans

Banker to Banker

In our last blog, we reviewed ZIRP (zero interest rate policy) strategies deployed by various central banks. We discussed how ZIRP strategies had been deemed by many economists to be ineffective over the long-term to stimulate economic growth and stoke inflation

Moody’s: I-Banks spend $72B annually to fend off fintechs

Bank Innovation

Global investment banks are making major digital investments to keep pace with fintechs, Moody’s Investors Service reported in a research note this week.

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FinTech LendingClub Buys Radius Bank For $185M

PYMNTS

FinTech LendingClub is purchasing Radius Bancorp for $185 million in cash and stock, according to a report by CNBC. LendingClub provides personal lending online, and it wants access to funding that is more stable and not as expensive. Radius is based in Boston and has in the neighborhood of $1.4

JUST HODL IT

Chris Skinner

Another day, another conference, another meeting. This time we’re chatting and talking with a group of people from banks, and I’m wearing one of my favourite new t-shirts, emblazed with the message: Just hodl it! Before taking stage, someone asked me what hodl meant. I was surprised.

How Australia’s banks can rediscover lost purpose

Accenture

In their quest for growth, Australia’s financial services (FS) firms spent decades acquiring and merging with a range of businesses to become one-stop shops. The aim?

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