Sat.Sep 07, 2019 - Fri.Sep 13, 2019

We’re just a technology company that happens to have a banking licence

Chris Skinner

I hear this a lot, and don’t like it. Many banks say it these days, and they say it to be cool. To be like a start-up. To be like a Silicon Valley angel investment firm. To be like a young, FinTech unicorn.

Plugging leaks: Bento for Business uses tech to help clients streamline payments

Bank Innovation

As consumer payments go digital, startups and banks now are focusing on digitizing business-to-business payments, an area where small business owners still are reliant on paper checks and a multitude of expense-management tools.

Making digital payments work in the moving and storage space

Mobile Payments Today

The moving and storage industry can benefit tremendously from upgrading to a modern payment system that supports EMV and allows for alternative payment options

System 196

MoneyGram Teams With Visa On P2P Debit Card Deposits

PYMNTS

MoneyGram and Visa Direct have formed a strategic partnership to roll out a new debit card deposit service, the companies announced in a Sept. 9 press release. The person-to-person (P2P) money transfer option offers U.S.

Cards 281

Money without government? Emperor’s without Clothes?

Chris Skinner

I finally hit the nail on the head about why you can’t have money without government.

System 282

US Bank’s White: Digital banking is now more than DIY

Bank Innovation

As digital banking goes mainstream, banks are recognizing that a mobile app that lets customers carry out day-to-day tasks isn’t enough. It’s a reality for which U.S.

US 187

Diebold Nixdorf CEO sees bank branches enduring threat from fintechs

Mobile Payments Today

Gerrard Schmid, the CEO and president of Diebold Nixdorf, argues that bank branches are here to stay, despite banks' efforts to cut costs and threats from challenger banks

More Trending

Where the AI rubber hits the banking road

Chris Skinner

I was talking with a senior banker, who told me that he was in charge of the Artificial Intelligence program in the bank. I was impressed as he is part of the executive leadership team of the bank and not the CIO.

Varo drops goals feature from app, citing low user uptake

Bank Innovation

In a sea of sameness among digital-only banks, Varo is taking a bold move in pulling the plug on a feature that millennials supposedly hold dear: goals-based savings envelopes.

Ride sharing, delivery firms gear for battle after California reclassifies workers in new bill

Mobile Payments Today

A bill that reclassifies gig workers at ride sharing, delivery and other app-based firms passed overwhelmingly in California.

Euro Zone Working On Plan To Roll Out Digital Currency

PYMNTS

With aspirations to make projects like Facebook ’s Libra redundant, euro zone central banks and governments are at work on a plan to roll out a public cryptocurrency.

Elvis seen opening a bank account in Hawaii

Chris Skinner

As it’s Friday, a slightly more whimsical post.

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Mastercard’s Miebach: Prepaid cards are not a niche business

Bank Innovation

Mastercard is doubling down on its prepaid card business, which it sees as fuel for the rise of many consumer-facing fintech companies. During its investor day on Thursday, the payments giant said its prepaid card business grew 19% in gross dollar volume from the first half of last year.

Cards 172

Should My Financial Institution Enter into This Interest Rate Swap?

Abrigio

A rather common method for financial institutions to hedge earnings or value at risk is an interest rate swap transaction. As we move into ever-changing rate environments, eventually you or someone on your ALCO committee may wonder exactly what an interest rate swap would do for the institution.

Mastercard Rolls Out Global B2B Payment Service

PYMNTS

Mastercard is launching a new business-to-business (B2B) payment ecosystem to streamline and simplify transactions between suppliers and sellers.

Things worth reading: September 13, 2019

Chris Skinner

Google 193

Retail rewards as in-app cash: Venmo embeds with loyalty programs

Bank Innovation

Brands have begun to Venmo their most loyal customers with rewards points converted to Venmo cash.

Retail 163

Can Financial Institutions Bank CBD Retailers? Did the Farm Bill Legalize CBD?

Abrigio

Retail 130

New IBM Platform Allows Data Privacy Control

PYMNTS

IBM has unveiled the latest addition to its Z mainframe portfolio, a new platform called the z15 designed with data privacy, security and hybrid multi-cloud use in mind, the company said in a release on Thursday (Sept.

Data 267

All we are saying, is give us a chance

Chris Skinner

One of the key attributes of many of the firms I’ve talked to about doing digital transformation is that there are lay-offs but, whenever possible, these banks support people to change careers.

US 195

Jack Dorsey’s Square is testing a new free stock trading service

Bank Innovation

Jack Dorsey’s Square already lets customers buy and sell Bitcoin on its popular Cash App. Soon, it may let them buy and sell stocks. Square is testing out a new Cash App feature that would enable users to make free stock trades, according to a video outlining the product’s features seen by Bloomberg.

Video 157

Leverage New Bank Technology by Examining Current Processes, Pain Points

Abrigio

Imagine buying a new engine for your car. Your car, however, happens to be 8 years old, with tread-worn tires, and a window that won’t roll up.

Data Shows China Slowdown Much Worse Than China Admits

PYMNTS

China’s second-quarter economic data shows a 6.2 percent growth; however, economists and investors believe the numbers are worse than what is being officially released, The Wall Street Journal reported. .

Data 270

The Finanser’s Week: 2nd September – 8th September 2019

Chris Skinner

The main blog headlines are … We just haven’t got a clue what to do! I was talking with a CXO of a bank. They are actively engaged in ‘going digital’, but she was sharing with me that the bank’s executive team had no idea what going digital means.

Maine 189

How Goldman-backed Credijusto is reaching Mexican small businesses

Bank Innovation

Credijusto, a Mexican small business lender, is using data points like tax and invoice information to reach small businesses typically out of reach of large banks.

Taxes 141

From Investing To Budgeting, How Millennials Are Disrupting Personal Finance

CB Insights

While the media often portrays millennials as preoccupied with the rising prices of festival tickets and avocado toast, their real financial concerns are a bit more practical. get the REPORT on next generation investors.

Walmart To Expand Delivery Unlimited Program

PYMNTS

With an expansion of its Grocery Delivery membership option for customers, Walmart plans to grow the reach of Delivery Unlimited to 1,400 stores later this autumn. The offering allows shoppers to pay a monthly or yearly fee to get unlimited Walmart Grocery Delivery orders.

Tampa 265

Things worth reading: 9th September 2019

Chris Skinner

How Academy Bank is using video to improve service efficiency

Bank Innovation

When customers walk into one of Academy Bank’s new branches, a banker will guide them to a screen where they can video chat with a specialist at Academy’s headquarters in Kansas City.

Video 141

The Future According To Y Combinator

CB Insights

Startup accelerator Y Combinator is well known for making a huge number of small bets across a wide variety of industries. YC invests $150K for 7% of company equity in each startup in its accelerator program.

MyPayrollHR Leaves Users In Limbo With Sudden Closure

PYMNTS

Payroll processing company MyPayrollHR has suddenly closed, leaving some business customers in limbo and drawing accusations of fraud and leading to employees losing money.

Things worth reading: September 11, 2019

Chris Skinner

Things we’re reading today include … Big banking profits should invite questions Banks hold £1.2

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Aiming high and low: Inside Personal Capital’s customer strategy

Bank Innovation

For Personal Capital, the path to scale is to go broad. As a result, the Redwood Shores, Calif.-based

A Checklist For Any Bank Considering a Payment Strategy

Banker to Banker

Payment Innovation When it comes to long-range strategic planning in banking, what to do about payments, should be in the top five considerations up there with treasury management, capital allocation, risk tolerance, and human capital.

Deep Dive: How FinTechs, FIs Can Arm Up Against Fraud

PYMNTS

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines.

Fraud 260

Things worth reading: 10th September 2019

Chris Skinner

Things we’re reading today include … Why are people shopping online late at night?

Weekly Wrap: Varo drops goals-based savings, as banks woo SMEs with faster payments

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending Friday, September 13, 2019.