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

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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. And for many firms, that’s exactly what they’re beginning to do. PYMNTS’ recent Making Real-Time Payments a Reality: Rising Demand for Real-Time Payments report, a collaboration with Mastercard, found that two-thirds of corporate surv

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

Chris Skinner

I bumped into a real API marketplace the other day. Just what I’ve been looking for … … but not sure why they’re opening physical stores pic.twitter.com/NaUUiyQ4lK — Chris Skinner (@Chris_Skinner) February 17, 2020 It gained a few nice comments like: “So people could stock up on spaghetti code and … The post If you’re API and you know it, block aggregators appeared first on Chris Skinner's blog.

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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. They chose to focus on film, not innovation, and fell after a century in business. Now banks […].

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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.

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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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Payments innovation in the Latin American market

Payments Dive

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.

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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. According to data from CB Insights, less than 3% of the poorest Mexicans have access to a credit card, as opposed to more than 15% of the country’s highest earners.

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5G Network Rollout Delayed In China, Flights Canceled Due To Coronavirus

PYMNTS

The coronavirus has far-reaching impacts that extend beyond health, with a wide range of economic effects in sectors ranging from transportation to telecom and retail. We have the latest news on the economic impact of the coronavirus from airlines canceling flights to the delay of the rollout of next-generation 5G networks and merchants reopening stores in China.

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HSBC to shed 35,000 jobs globally in major restructuring

Payments Dive

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.

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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). They quote a few speeches by Churchill post-war and his views … The post What would Winston Churchill say about #Brexit? appeared first on Chris Skinner's blog.

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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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With ‘fintech startup mentality,’ MoneyGram launches text payments   

Bank Innovation

MoneyGram is upgrading its digital capabilities beyond international cash pickup services with FastSend, a new feature that allows customers to send money to recipients’ accounts via mobile phone numbers instead of account numbers. The feature rolled out earlier this month. “We’re trying to address [pain points] with a fintech startup mentality and a very convenient […].

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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. During our frequent conversations with banking clients about automating their digital processes, we’ve found that many of them are struggling to scale up from proofs of….

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Largest U.S. Pizza Hut Franchisee Could Choose Bankruptcy

PYMNTS

The largest franchisee of U.S. pizza chain Pizza Hut is reportedly considering options in the wake of financial woes, including bankruptcy. The news, reported by Bloomberg on Wednesday (Feb. 19), said that NPC International, which owns around 1,200 Pizza Huts, is about $1 billion in debt. In lieu of that, the franchisee has begun negotiations with lenders.

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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? The humbling of Goldman Sachs Regular savers tempted with cash prizes UK climbs ranking of tax havens, campaign group warns UK’s cash system ‘will collapse without new laws’ The post Things worth reading: 19th February 2020 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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Banking startup Chime reports it has 8 million customers

Bank Innovation

In Silicon Valley, entrepreneurs and venture capitalists are making big bets that the future of banking is digital, doesn’t have fees, offers a high savings rate—and might not technically be a bank at all. Chime Inc. is part of a fast-growing class of well-funded financial technology startups offering debit cards, checking accounts and other financial […].

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Balancing payment innovation and trust

Payments Dive

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.

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Mastercard: Online Platforms – And Data – Help Cities Tackle Urban Challenges

PYMNTS

Bright lights, big (and small) cities and Big Data. In the drive to modernize, scale and handle burgeoning populations, cities are harnessing the power of data collection and analytics to improve infrastructure and services. As Mastercard Executive Vice President of Enterprise Partnerships and Head of Global Cities Miguel Gamiño told Karen Webster, it’s an endeavor that demands a long-term view and collaboration.

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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. I thought everyone … The post JUST HODL IT appeared first on Chris Skinner's blog.

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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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A one-branch credit union with a global reach serves members through messages 

Bank Innovation

The Dow Chemical Employees’ Credit Union, which has 68,000 members around the globe and only one branch, is using in-app messaging to more efficiently reach members. “We can now reach out to [members] in a secure fashion without them having to contact us first,” COO Art Peters said. “We know when we get a message […].

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Four digital banking trends to watch in 2020

Payments Dive

In 2020 and beyond, it will critical for banks and credit unions to reevaluate their digital strategies.

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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. 20). The e-krona could eventually be used for banking functions — payments, deposits, withdrawals — from a digital wallet, Riksbank said.

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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. It came from a presentation by Stephan Erne, Chief Digital Officer at Handelsbanken, in … The post AI Resistance is Futile!

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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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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. Through Interac, a bank-operated digital payments service used by Canadian consumers, RBC business clients […].

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Morgan Stanley to buy E-Trade for $13B

Payments Dive

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

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Future Tech Comes To eCommerce

PYMNTS

Future tech is no longer the province of high-end retailers. Innovations in 3D and augmented reality (AR) eCommerce are leveling the playing field and bringing conversion-centered visual technology to any online retailer. “There have been amazing shifts in the ecosystem and demand is rising for 3D and AR tools that will help connect consumers with the right products and eliminate uncertainty in the buying journey,” said Ashley Crowder, CEO and co-founder of VNTANA , whose company introduced new

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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. A decade later, we still talk about regulations and compliance, but the discussion has changed thanks to the explosion … The post The Finanser’s Week: 10th February 2020 – 16th February 2020 appeared first on Chris Skinner's blog.

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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.