Sat.Feb 09, 2019 - Fri.Feb 15, 2019

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39 FinTech Unicorns Valued at $147.37 billion

Chris Skinner

I spotted an article by Linus Beliunas on LinkedIn this week, and liked it so much that wanted to share. Enjoy! 39 FinTech Unicorns Valued at $147.37 billion 2018 was a phenomenal year for FinTech. Over a course of 12 months, Venture Capital-backed FinTech deals and funding set an annual … The post 39 FinTech Unicorns Valued at $147.37 billion appeared first on Chris Skinner's blog.

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Legislators move to ban cashless payments at retailers, restaurants

Payments Dive

A backlash against cashless retailers and restaurants has spurred legislation in multiple cities and states to force them to accept cash payments.

Retail 366
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Visa: EMV Cuts Card-Present Counterfeit Fraud By 80 Pct

PYMNTS

Merchants saw a drop in card-present fraud due to the increased adoption of Europay, Mastercard and Visa (EMV) chip cards, Visa said. Merchants who have upgraded to chip technology saw a decrease of 80 percent in counterfeit fraud dollars in September of 2018 when compared to September of 2015. Also, total counterfeit fraud dollars went down by 48 percent.

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To Lure Tech Talent, Fintechs Relocate, Pull Out Wallets and Dangle Cultural Perks

Bank Innovation

Established fintechs, startups, banks and tech giants alike are pulling out all the stops to attract and retain the same pool of tech talent. Some firms move operations to where the people are, others acquire the companies with the talent they’re looking for, and others simply loosen their purse strings. Many do all the above […].

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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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AI, machine learning, data and Nordic banks

Chris Skinner

Last week we had our first meetings of Nordic Finance Innovation, the largest networking group in the Nordic region for people involved in finance and technology which I happen to chair. The meeting focused upon data: data usage, data analytics, data leverage and data privacy. It was an interesting meet-up … The post AI, machine learning, data and Nordic banks appeared first on Chris Skinner's blog.

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The Price Of Paying With Plastic Is Going Up

PYMNTS

The costs of using some cards is going on the incline, as news is breaking that the nation’s two largest card networks, Visa and Mastercard, are preparing to up the fees charged to merchants to accept network-branded cards. The change will go into effect in early April, according to reports from The Wall Street Journal. According to a Visa spokeswoman, the new price changes impact fees that Visa hasn’t adjusted in at least three years.

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Fintech Unfiltered: Why Developers Should Use Scala Script for Platform Building

Bank Innovation

The key benefit of using programming language Scala to build a digital platform is a feature called Type Safety. This feature enables faster testing because it supports the detection of "errors while writing the code," according to Jason Brown, CEO and co-founder of fintech Tally. Typically, errors are detected and corrected once the program is […].

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The difference between machine learning and artificial intelligence

Chris Skinner

I often point to a banks’ executive leadership team and ask the question: who can tell me the difference between blockchain and distributed ledger? If anyone even goes there, I then ask them to tell me the difference between artificial intelligence and machine learning. Few ever come out of that … The post The difference between machine learning and artificial intelligence appeared first on Chris Skinner's blog.

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The Future of Fintech Video Series: Cardplatforms

Payments Dive

This interview is part of a video series, “The Future of Fintech,” produced by Mobile Payments Today and powered by Galileo Processing.

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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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Outdoorsy On Adventure Travelers, Driveway Surfers And Trying To Be The Airbnb For RVs

PYMNTS

Entrepreneurs sometimes see opportunity in places that are far from the hustle and bustle of city life: When spending time in San Francisco, Outdoorsy Co-founder and CEO Jeff Cavins spotted an unmet need for accommodations other than hotels or home shares in scenic destinations. And while he noticed that people loved camper vans and recreational vehicles (RV), there weren’t many places to rent them.

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Santander and IBM Strike $700 Million Deal to Accelerate Bank’s Digital Transformation

Bank Innovation

IBM today announced a five-year, $700 million agreement it reached with Banco Santander that will enable the Madrid, Spain-based bank to “accelerate and deepen” its digital transformation to a more open, flexible institution. This means Santander is poised to tap into IBM's AI, blockchain and big data offerings. For instance, the bank will use IBM […].

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100 years of AI Life

Chris Skinner

I just picked up the London Business School’s quarterly journal, with lots of articles talking about Artificial Intelligence (AI). There are two in particular that stand out, with some interesting views. The first is by Julian Birkinshaw, Professor of Strategy and Entrepreneurship, who argues that people will be integral to … The post 100 years of AI Life appeared first on Chris Skinner's blog.

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Digicel Case Study: Mobile wallet helps reach unbanked and underbanked customers

Payments Dive

The largest mobile service provider in the Caribbean and South Pacific used mobile transactions to reach unbanked and underbanked customers — Telepin was able to help Digicel reduce operational costs and increase revenue. Read the full case study to learn how.

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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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Peloton Eyes 2019 IPO

PYMNTS

Heading toward potentially becoming a public company, Peloton Interactive Inc. is reportedly talking with banks about an initial public offering (IPO). The company is seeking a debut in the latter half of the year, The Wall Street Journal reported. According to unnamed sources cited by the outlet, the company is looking for a valuation over $4 billion.

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Banks Won’t Skimp on Technology Spend Despite Bleak Economic Predictions

Bank Innovation

Despite predictions of a bleak economy and decreasing investment spending from businesses, banks will not be cutting down their technology spend in 2019, according to Kurt Spieler, Chief Investment Officer at First National Bank of Omaha. “Banks will continue to spend just as much, if not more, on technology this year,” he told Bank Innovation. […].

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Is the bank talking or walking digital?

Chris Skinner

I’ve been blogging about digital transformation and one commentator asked me to qualify what I actually meant by a bank ‘transforming’ versus the others. This is something I intended to blog about but Bill Streeter over at The Financial Brand beat me to it in his reporting of research by BDO, … The post Is the bank talking or walking digital? appeared first on Chris Skinner's blog.

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Cathy Rumints Impact Story: The Solar Mamas

Payments Dive

Shining a light on solar energy loans in rural Papua New Guinea: Read an incredible example of how, through mobile banking, unbanked families can be introduced to the concept of banking and its benefits.

Examples 186
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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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Intuit Study: A Third Of Small Businesses Grapple With Late Payments

PYMNTS

Cash flow is steady when accounts payable and accounts receivable are well managed. Hiccups in accounts receivable — such as not getting paid on time — mean that business owners can struggle to meet their own financial obligations. Intuit found through a study that, across the globe, as much as 61 percent of small businesses (SMBs) face difficulties when it comes to managing cash flow.

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‘Fintech-as-a-Service’ Startup Rapyd’s $40 Million Series B Round Co-Led by Stripe

Bank Innovation

Rapyd, a fintech-as-a-service platform through which businesses and consumers can pay or be paid as they choose for local and cross-border e-commerce, wants to be the Amazon AWS for financial services. The London-based startup announced today the closing of a $40 million Series B funding round led by payments giant Stripe and VC firm General […].

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Things worth reading: 12th February 2019

Chris Skinner

Things we’re reading today include … Monzo to roll out business bank accounts in revenue shake-up There Is No Such Thing As ‘Dormant Funds’ In Banking Visualising the world’s most valuable bank brands Varley faced walking ‘the plank’ if Qatar rescue failed The Guardian view on the UK economy: before … The post Things worth reading: 12th February 2019 appeared first on Chris Skinner's blog.

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Chief Strategy Officer discusses present and future of KIOSK Information Systems

Payments Dive

Hans Peter Nudling, the recently appointed Chief Strategy Officer for the Posiflex Group, discusses the strategic direction of Posiflex since acquiring KIOSK Information Systems and Portwell Computing.

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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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XinFin Signs On To R3 Corda For Enterprise Blockchain Apps

PYMNTS

Enterprise blockchain platform XinFin is joining the R3 consortium, with the R3 Corda marketplace hosting several XinFin apps for business users, the companies said in a press release Friday (Feb. 8). The blockchain-powered XinFin applications include invoice financing, trade finance, real-time remittance, digital asset management and apps with other functionality.

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What BNY Mellon Seeks in a Fintech Partner

Bank Innovation

BNY Mellon is on the hunt for fintech partnerships related to popular technologies like blockchain, data analytics, and AI, but also those related to more obscure technologies like natural language generation, Lucien Foster, head of digital partnerships at BNY, told Bank Innovation. “We explore all technologies,” Foster said. “We have an AI team, a blockchain […].

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Things worth reading: 15th February 2019

Chris Skinner

Things we’re reading today include … Bank of America’s Brexit bill hits $400m One in 10 support quick sale of government’s RBS stake, poll finds Big tech disrupters may pose risk to financial stability, warns global regulator RBS profits more than double to £1.6bn Anxiety running high about London’s future … The post Things worth reading: 15th February 2019 appeared first on Chris Skinner's blog.

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Tigo Case Study: Seamless Transition to Faster Service

Payments Dive

In Tanzania, Telepin transparently replaced an existing mobile money platform and helped Tigo Tanzania drive revenue growth — actually doubling Tigo Tanzania’s transactions per second, and provided them with a platform that can support their growth. Read the full case study to learn how.

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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.