Sat.Aug 03, 2019 - Fri.Aug 09, 2019

Are these FinTech unicorns worth it?

Chris Skinner

There’s a regular itch that I feel in the back of my neck. I scratch it, but it won’t go away. The itch is an alarm call really, and it’s asking whether all this FinTech investment is worth it. Last year, $111.8

Artificial intelligence in banking — separating reality from hype

Mobile Payments Today

AI and machine learning for banking are getting a huge amount of attention these days, but the question remains: can these technologies truly replace human interaction and in-depth analysis of data

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Inside OTP Labs, Eastern Europe’s most adventurous bank innovation experiment

Bank Innovation

It might have $55 billion in assets and 10.5 million customers in 10 countries, but OTP Bank, one of the largest financial institutions in Central and Eastern Europe, might be one of the most unorthodox banks on the Continent.

Mastercard Buys Nets For $3.19B

PYMNTS

In its biggest acquisition to date, Mastercard will buy Nets for 2.85 billion euros ($3.19 billion).

Eyes wide open

Chris Skinner

I sat through a soul-destroying meeting the other day. The meeting was with a C-level decision maker in a bank, and we were brainstorming. Ideas were flowing and, at the end of the ideation process, we went to see the C-level person to get his view. It wasn’t good.

FedNow faster payments proposal sets up turf battles that may last into future

Mobile Payments Today

A proposed faster payments regime from the Federal Reserve may be just the beginning of a years-long turf battle among various sectors of the payments industry, government and other sectors

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Walmart’s Answer To Facebook’s Libra: The Walmart Coin

PYMNTS

There are many ways to introduce an idea to the world. There is something to be said for going big — fireworks, a parade and a vast array of headlines.

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How does MiFID II and FinTech work?

Chris Skinner

Over a decade ago, I curated a book about MiFID – the Markets in Financial Instruments Directive.

Removing friction from the global travel space

Mobile Payments Today

The travel indsustry is moving towards removing friction from the payments process, as consumer and business travel increasingly becomes more global in nature

Why 6 credit unions are partnering to access better payment solutions

Bank Innovation

As credit unions look to improve their technology on smaller budgets, one solution is to band together and pool assets. On Thursday, six credit unions did exactly that to improve their online payment capabilities through an investment in the digital payments company Payrailz.

Federal Reserve To Launch FedNow Instant Payments System 

PYMNTS

The Federal Reserve has officially announced it will create a real-time payments service, to be called FedNow. The move was described by Kansas Federal Reserve President Esther George as the biggest infrastructure upgrade embraced by the Federal Reserve since the ACH system went online in 1972.

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Three Commerzbanks are worth less than One Stripe

Chris Skinner

The big news yesterday is that Klarna is now Europe’s largest FinTech unicorn, valued at $5.5 billion, and the sixth largest FinTech unicorn worldwide (discounting Ant Financial, Ping An and co). According to CB Insights, Stripe is the largest FinTech unicorn (USA, $22.5

The key to Latin American payments: Get local to play global

Mobile Payments Today

To compete in the Latin American ecommerce space, businesses must understand the nuances of the local payments space and how business in each individual country gets done

CUNA Mutual program lets credit unions test startup-developed products

Bank Innovation

For financial institutions that can’t develop new products in-house, a startup partnership can help move an innovation agenda forward through new tech-enabled product offerings for customers.

The Fed Debuts FedNow

PYMNTS

It’s now official. The Fed plans to build its own instant clearing and settlement rails.

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Everything is open to change

Chris Skinner

It’s the holiday season, so my wife dragged me off to Disneyland with the children. It was a great experience but, halfway through, I saw this t-shirt: “It was all started by a mouse” Now it wasn’t. It was started by Walt and his brother who became a formidable team.

Is your sales performance management mid-year correction strategy effective?

Insights on Business

Building a strategy and doing the right planning in order to achieve corporate objectives is the key to any business, and no doubt, planning sales compensation plays a crucial role in meeting those goals.

Weekly Wrap: Apple channels fintechs with card launch

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending August 9, 2019.

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Visa CEO On Apple Card, Big Tech, Libra

PYMNTS

In a wide-ranging televised interview, Visa CEO Al Kelly discussed Apple ’s new co-branded credit card, Big Tech ’s move into financial services, and Visa’s interest in the Libra Association , per reports from CNBC.

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Things worth reading: 6th August 2019

Chris Skinner

Things we’re reading today include … PIN the blame on us, says Monzo in mondo security blunder: Bank card codes stored in log files as plain text The new IMF chief should not be chosen by Europe alone | Amanda Khozi Mukwashi HSBC CEO Flint leaves abruptly after only 18 … The post Things worth reading: 6th August 2019 appeared first on Chris Skinner's blog. Reading

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Payments modernization: Addressing threats and assessing new opportunities

Insights on Business

Payments modernization initiatives around the globe have long been a topic of huge interest and are at different stages of implementation in different countries. Time and again, it has proven to be a catalyst for transformation that has fueled innovation.

Investment startup Dough bags $20m to join fee-free trading race

Bank Innovation

Chicago-based investment app Dough is making a bet on customers who want to trade for free on their phones. On Tuesday, the company confirmed a $20 million funding round to expand its financial literacy program in advance of a mobile trading product in September.

How Airbnb, Lime, Turo, Fiverr And Newegg Are Using Instant Payments

PYMNTS

Whether it’s a merchant or their customer, an employer or their employee — every party involved in a transaction wants to be paid immediately, without any hassles or surprises.

Things worth reading: 9th August 2019

Chris Skinner

Things we’re reading today include: Investec hit by shareholder protest over auditors Core elements of the global banking industry are moving to India HSBC sticks by US strategy despite missing targets Should we worry about a currency war?

How To Use Goal Gradient Rewards In Banking

Banker to Banker

Put a rat in a maze, and they will speed up as they get near the end as can smell the reward. Forget rats, human sprinters also run the last 15% of a race faster than the previous 30%. Forget athletes, citizens make more donations to a charity as that charity gets closer to its fundraising goal.

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Green Dot seeks to stem the bleeding caused by new digital-only banks with Unlimited

Bank Innovation

Green Dot is feeling the pinch from digital-only banks on the market. To fight back the newfound competition, Green Dot is building its own digital-only banking brand with a look and feel that resembles Chime, Monzo, N26 and other banking startups.

Mastercard, Salesforce Team To Offer Small Business Solutions

PYMNTS

Software company Salesforce has joined Mastercard’s small business program, along with Intuit, to supply solutions in the small business space, according to a release. The aim is to help businesses succeed by increasing revenue, boosting customers and improving customer engagement.

Things worth reading: 7th August 2019

Chris Skinner

Things we’re reading today include … Mastercard buys Nets Group’s unit for $3.2bn Sweden’s Klarna becomes biggest fintech firm in Europe JPMorgan confirms winning bid to take majority stake in China fund JV No-deal Brexit: How might it affect the EU?

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Helping Bankers Deal with Change: ThinkBIG Keynote Speaker Champions Tips For Change Management

Abrigo

The current expected credit loss model, or CECL. Modernization of the Community Reinvestment Act. The shifting shape and effect of fintechs on banking. Libra and other forms of digital currency and their impact. Financial institutions are dealing with enormous change these days.

Inside the U.S expansion plans of OakNorth, an aspiring ‘Bloomberg of SME lending’

Bank Innovation

based digital lender OakNorth is using its tech platform as the pillar of its U.S. expansion strategy. The company, which has a U.K. banking license and is currently valued at $2.8

Why Retailers Need Better Payments To Boost Mobile Retail App Appeal

PYMNTS

The best is yet to come. As long as checkout and payments are part of the plan. In one sense, that describes the situation for mobile commerce — specifically, retail apps — as 2020 looms. New research from PYMNTS and LISNR digs deep into consumer views of mobile retail apps.

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