Sat.Jul 13, 2019 - Fri.Jul 19, 2019

FinTech is on fire and London is burning …

Chris Skinner

A regular question that comes up is: When will the Fintech bubble burst? My claim is that it won’t under my watch, as this is as big a restructuring of banking and finance as the internet has been for commerce and trade.

Fintech Unfiltered: Huddl’s Corliss on his move from big finance to startup

Bank Innovation

At first glance, Stephen Corliss, whose resume includes senior roles at Blackrock and UBS, seems an unlikely candidate to lead a startup. But Corliss, 50, wants to use his experience from the world of big finance to help solve problems for customers of more modest means.

Monopoly Goes Cashless And Board Games Gain Popularity

PYMNTS

In this age of live multi-player online gaming, and virtual reality, and all things digital, it can be easy to think of board games as an artifact of the analog world.

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Visa invests in Indonesian payment, ride hailing app Go-Jek

Mobile Payments Today

Go-Jek has evolved into a super app of sorts. It began as a ride-sharing, but now allows its customers to make online payments for food, groceries and a plethora of other services

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The UN’s SDG’s, FinTech and Banking

Chris Skinner

Due to various connections, I was asked to deliver the opening keynote speech at the United Nations High Level Political Forum last week (some coverage here). It was one of those rare occasions where I got nervous, looking out at the faces of dignitaries from nations all over the world.

eBay accelerates payments push

Bank Innovation

eBay is pushing forward with efforts to move payments in-house instead of relying on PayPal.

PayPal On Its Xoom Into The Continent And The UK

PYMNTS

Call it remittance on a global scale, or P2P without borders. PayPal said on Monday (July 15) that it is launching Xoom, its international digital money transfer service, in the United Kingdom and 31 markets spanning Europe.

More Trending

Digital finance includes everyone (speech transcript)

Chris Skinner

Five Ways to Build a Solid Foundation With Your Examiners

Abrigio

One of the most important business relationships you will have is the one you maintain between your institution and your examination staff. This is not a relationship that only needs attention during the exam process. Instead, this relationship should be nurtured by both sides on an ongoing basis.

Visa Acquires Germany-Based Payworks

PYMNTS

Visa said early Wednesday (July 17) that it has acquired Payworks , a payment gateway based in Germany focused on the point of sale (POS). The company said in a release that Payworks will be integrated into CyberSource ’s portfolio of services offered to clients.

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European fintechs, challenger banks poised to invade US market

Mobile Payments Today

A new wave of European fintechs are planning to invade the U.S. banking market with alternative models of savings, payment and new customer relationships that could shake up the dynamics of the incumbent American banking industry

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Why is financial inclusion a good thing?

Chris Skinner

Whilst at the United Nations they had me doing various activities, one of which was a panel for UNTV.

IBM in “Leaders” Quadrant of 2019 Gartner Magic Quadrant for IT Risk Management, fourth report in a row

Insights on Business

Our goal has always been to provide our customers with the tools and insights that help them meet their governance, risk and compliance (GRC) needs, and we do so, by leveraging the innovation of IBM within a single ecosystem.

US Treasury Secretary Sees Libra As National Security Threat

PYMNTS

Treasury Secretary Steven Mnuchin believes that Facebook’s proposed cryptocurrency could pose as a national security threat.

LG faces uphill climb to make a splash in US mobile wallet space

Mobile Payments Today

LG officially entered the U.S. market with its own LG Pay mobile wallet app, but faces a historically slow market for adoption and stiff competition from rival apps by Apple, Google and Samsung

Financing is critical to our future world

Chris Skinner

A key part of UN’s agenda for sustainability is the taskforce for digital finance.

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Capital One: Pressure from non-banks is hurting commercial lending

Bank Innovation

Capital One‘s commercial lending business is facing price pressure from a saturated market of lenders, including non-banks, that are pushing interest rates down.

How Bitbuy Is Keeping Crime Out Of Crypto

PYMNTS

More than $1.2 billion is estimated to have been lost to cryptocurrency scams, thefts and fraud in the first quarter of 2019, and cybercriminals and scammers are not the only ones putting digital asset users at risk.

Survey shows that tools with strong user experience are key to better risk management across the enterprise

Insights on Business

Today, risk-awareness and risk averse behavior is the responsibility of everyone in the firm, so staff need to be able to engage in the common goal of regulatory compliance.

The Finanser’s Week: 8th July – 14th July 2019?

Chris Skinner

The main blog headlines are … Two weeks to pay someone? Luxury! Being raised on Monty Python, an old sketch popped into my head (The Four Yorkshire Men) and led to a thought.

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JPMorgan Chase’s Dimon: Finn app was not a failure

Bank Innovation

JPMorgan Chase‘s now-defunct millennial-focused banking app, Finn, was not a failure, CEO Jamie Dimon said Tuesday during the bank’s second-quarter earnings call.

Curve Captures $55M In New Funding

PYMNTS

Referred to as an “over-the-top” digital banking platform, London-based Curve has cleared $55 million in its latest funding round. Curve’s claim to fame in financial services is allowing customers to consolidate their many cards into a single Curve card and app.

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Opacity vs. Transparency at the Federal Reserve Stress Testing Conference

Abrigio

Last week, the Federal Reserve hosted a stress testing conference in Boston, MA. The conference brought together regulators, bankers, economists, and others to discuss the most important annual check on the stability of the banking system. The initial stress test conducted in 2009 was described as a “wartime” test meant to reassure the public that the system was solvent, and it was very effective.

Things worth reading: 19th July 2019

Chris Skinner

Weekly Wrap: Big banks address Libra as challengers seek to lure customers

Bank Innovation

Welcome to the first episode of our new weekly wrap video series, for the week ending July 19, 2019.

Helping SMB Service Providers Catch The Digital Innovation Wave

PYMNTS

It can be easy to forget — especially for people plugged into digital payments and commerce — that much of the world still revolves around analog processes.

Cybercrime Continues to Top the Leader Board:

Abrigio

Cybercrime is on the rise within financial institutions and other businesses and continues to be at the forefront of the minds of those in the fraud prevention field. Bad actors are staying one step ahead of detection creating serious hard dollar losses for financial institutions.

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Things worth reading: 18th July 2019

Chris Skinner

Things we’re reading today include … German online bank N26 valued at $3.5bn after investment Bitcoin tumbles as U.S.

Goldman invests $28m in German savings and investments firm Raisin

Bank Innovation

Berlin-based savings and investment startup Raisin landed a $28 million investment from Goldman Sachs on Tuesday to fuel its expansion plans, product roadmap and acquisitions strategy. The funding is part of Raisin’s Series D round, bringing its total amount raised to $220 million.

How PSD2 Is Changing ING Bank’s API Strategy

PYMNTS

Banks and merchants are racing to meet the Strong Customer Authentication (SCA) deadline as September 2019 approaches.

FASB Gives Breathing Room on CECL to Smaller SEC Filers, Private Cos

Abrigio

Small public banks, privately held banks, and credit unions will get extra time to get CECL right, based on a move by the Financial Accounting Standards Board Wednesday.

Things worth reading: 16th July 2019

Chris Skinner

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INV Fintech accelerator signs up BMO Harris Bank

Bank Innovation

INV Fintech has secured BMO Harris Bank as a member of its accelerator and technology innovation platform, INV announced today.

McDonald’s Ends Exclusivity With Uber Eats, Starts DoorDash Partnership

PYMNTS

McDonald’s has added DoorDash as a delivery partner, ending its exclusivity with Uber Eats , according to a report by CNBC. Uber Eats has singularly handled McDonald’s delivery since 2017 in about 64 percent of the chain’s stores in the U.S., and delivery has ballooned into a $3 billion business.

The Majority of CFOs Expect a 2020 Recession – Is Your Financial Institution Ready?

Abrigio

After more than a decade of steady economic expansion, many experts are forecasting an impending economic downturn. Nearly half of CFOs in the U.S.

Things worth reading: 15th July 2019

Chris Skinner

Things we’re reading today include … French financial regulator wants more flexible market rules U.S.

Bankers prepare for GDPR-type regulations to take hold in the US

Bank Innovation

The GDPR bogeyman is now preoccupying bankers in the U.S.