Tech Center: New York City Takes on Tech Full Force

PYMNTS

For years, New York City has been at the epicenter of United States’ culture with the fashion and entertainment industries leading the way. With the top modeling agencies, MTV and the home of American broadway plays, there’s no denying New York City is bustling with creativity. With a big focus on technology in Silicon Valley and Boston, New York City slowly made its way to becoming a powerhouse tech player.

New York City Taxi Medallions Valued at $160,000

Keith Leggett's Credit Union Watch

Signature Bank of New York announced on April 18 that it has valued each of its New York City taxi medallion loan or asset at approximately $160,000 at the end of the first quarter. Below is comments from Joseph DPaolo, President and CEO of Signature Bank of New York, from the conference call. As such, we further wrote down the value of our New York medallion loans to 160,000 each and our Chicago portfolio to 27,000."

New York City Taxi Medallions Valued at $358,000

Keith Leggett's Credit Union Watch

Signature Bank in its earnings press release provided a new data point on the value of New York City taxi medallions. According to its second quarter earnings release and conference call transcript, Signature Bank either reserved for or wrote down each New York City taxi medallion loan by approximately $168,000 to a value of $358,000. This would suggest New York City taxi medallion loans held by credit unions are likely to be written down further.

IBM Opens Bluemix Garage in New York City

NetBanker

In opening its latest Bluemix Garage in New York City , IBM continues to put its money where the developers, software designers and others are. IBM is partnering with Galvanize, who will host the New York garage on its new New York campus.

New York City Taxi Medallion Prices in June Show Further Signs of Distress

Keith Leggett's Credit Union Watch

New York City taxi medallion prices continue to fall in June. The nine medallion asset sales ranged in price from $150,000 to $475,000. Six medallions sold for $230,000 or less. This would suggest more pain for credit union taxi medallion loan portfolios. Taxi Medallions

Ahead of Auction, Minimum Bid for 46 New York City Taxi Medallions Set at $165,000 Each

Keith Leggett's Credit Union Watch

The Wall Street Journal is reporting that trustee liquidating part of New York taxi mogul Evgeny “Gene” Freidman’s holdings has found a bidder offering $165,000 for each of 46 taxi medallions ahead of a planned auction. Even if bids come in higher than the floor of $165,000, this will probably be bad news for credit unions holding New York City taxi medallion loans, as they will see a significant mark down in the collateral backing these loans.

The New York Subway’s Better Digital Ticket To Ride

PYMNTS

New York City commuters – arguably the most on-the-go demographic in the United States – do not want to wait for anything. ” It’s an inefficiency that the New York Metropolitan Transportation Authority (MTA) has not only acknowledged, but committed to doing something about. Last week, they officially tasked long-term Mastercard partner Cubic Transportation Systems to implement a new fare payment system across the city’s entire subway (and bus) system.

Walmart Pushes Same-Day Delivery With Parcel

PYMNTS

According to a news report from CBNC, Walmart is pushing full-speed-ahead with its same-day delivery plans in New York City, and has acquired local startup and delivery tracking app Parcel to make the behind-the-scene logistics work properly. The Brooklyn-based firm specializes in handling scheduled and same-day deliveries in New York for retailers like Bonobos, as well as meal kit companies like Chef’d and Martha Stewart’s Martha & Marley Spoon.

Amazon Opens NYC Bookstore

PYMNTS

Amazon.com , the eCommerce giant, will open its first bookstore in New York City Thursday (May 25), marking the seventh physical store for the company. The Columbus Circle store in New York City is the first of three retail locations Amazon plans to open in the New York City market. Amazon Amazon Bookstore new york city News nyc physical bookstore Retail What's Hot

Macy’s Requires Appointments To Visit Santa Claus

PYMNTS

Retailer Macy’s is looking to have a more structured Christmas this year, with reservations to see Santa Claus this holiday season being required for the first time ever at its flagship 34th Street store in New York City, New York. According to Macy’s, the goal of the new appointment system is to make the holiday queue line shorter and the wait times more manageable for all.

Silicon Valley’s Lead in Innovation Centers is Shrinking

Bank Innovation

A new report shows that despite many companies struggling to maintain a culture of innovation, financial services companies are among the top three industries getting it right. DataBank Innovations Online Open Fintech Payments Startups fintechs innovation labs New York City TexasIf it feels like innovation has been one of the hot themes of 2017 in the financial world, it’s because its true.

Minimum Income to Rent a 1-Bedroom Apartment in New York City Neighborhoods

Money Crashers

Rent in New York City is famously expensive. We’ve all heard that those rent-controlled apartments on “Friends” and “Sex and the City” were not remotely realistic in terms of what the average 20- or 30-something could reasonably afford.

New York City gets `ParkNYC` parking meter mobile payment app for Android and iPhone

The Paypers

(The Paypers) The all-new `ParkNYC` app for Android and iPhone lets drivers pay to park using their smartphone

New York’s New Digital Crime Lab Fights Fraud

PYMNTS

New York City has a new fighting chance against the proliferation of cyber fraud in the form of a state-of-the-art, $10 million digital crime laboratory. The New York district attorney’s office estimates that over a quarter of its cases annual involve digital evidence — and the trend is growing. New York’s lab is mostly equipped to process evidence from mobile data. With each new update companies roll out, phones get even tougher to crack.

Ralph Lauren Shutters Its 5th Avenue Flagship Store

PYMNTS

Given Ralph Lauren’s staunch attitude towards the traditional aesthetic of his brand, this new approach may have been too much of a push. On Tuesday, Ralph Lauren announced its decision to close its 5th Avenue flagship store in New York City. Many retailers on the famous luxurious city street have had to make adjustments due to a decrease foot traffic, online discounts and higher rent prices.

Former Visa CEO Scharf named chairman of New York City Ballet

Payments Source

was named chairman of the New York City Ballet, the largest dance organization in the U.S. Payment cards Charles Scharf Visa New YorkCharlie Scharf, the former chief executive officer of Visa Inc.,

Cab Glut In The Big Apple Hints At Ridesharing As Salve?

PYMNTS

would be adequate to cover as much as 98 percent of the riding demand that exists city-wide. Contrast that 3,000-car fleet with the 13,600 taxis and 45,000 drivers tied to Lyft, Uber and other ride-hailing services that currently putter about the city, and it seems glut may be a good word to use. Does the study give a quantitative/qualitative push to ridesharing as a business model for transportation around the city?

Appear Here Monetizes Pop-Up Store Market

PYMNTS

Renting out retail spaces in large cities for a short period of time can be tough to accomplish and expensive. It’s an online marketplace that specializes in short-term retail rental space and has just recently launched in the United States in New York City. ” Retail Appear Here Etsy lease long-term manhattan Marketplace new york city Rent short-term soho west village

While Global Retail Expansion Cools, U.S. Remains Leader Of The Pack

PYMNTS

A new study has found that retail global expansion has lost some steam, and while the United States remains the most active, Europe is now the preferred spot for expanding retailers, according to Chain Store Age. s 10th annual study of international retail expansion surveyed 166 cities across 51 countries on how many international retailers had debuted in their markets last year. Of all expansion at city level, 21 percent was by U.S.

New York Seeking Tip Option On Uber App

PYMNTS

Tipping a taxi driver is a common occurrence in New York City. New York City’s Taxi Commissioner, Meera Joshi, commented on how this new proposal would impact the ridesharing industry in the area: “This rule proposal will be an important first step to improve earning potential in the for-hire vehicle industry, but it is just one piece of a more comprehensive effort to improve the economic well-being of drivers.”.

Kroger Acquires NYC’s Murray’s Cheese

PYMNTS

recently announced its acquisition of iconic New York City–based cheese shop Murray’s Cheese. Kroger and Murray’s Cheese have yet to disclose the financial terms of the deal, though The Wall Street Journal noted that city records show that Kroger dropped $20.6 Murray’s former owner, Rob Kaufelt, will reportedly remain as a strategic adviser, and the team leading the New York City operation will largely remain unchanged.

Startup Maple Being Sold To UK’s Deliveroo

PYMNTS

Maple, the food delivery company in New York, has shuttered its doors as of Monday (May 8). The report noted that some of the New York team members of Maple will join Deliveroo in the U.K. According to the report, when Maple began operations, it pioneered a new business model because the company operated out of a commissary kitchen and created delivery kitchen hubs, which resulted in shorter wait times.

Evolving payments technologies challenge merchants to keep pace with consumers' expectations

Mobile Payments Today

That was the overarching message to retailers from a group of executives on a panel at the recent Oracle Industry Connect in New York City Retailers must be aware of what's changing in payments to better serve their customers.

The Case for CSR

Banking 2020

In 2012, the city of New York passed legislation known as the Responsible Banking Act. Then-mayor Michael Bloomberg originally vetoed it, had his veto overridden by the City Council, then dragged his feet on appointing nominees to the local board.

US retailers' EMV pain opens path to contactless-only checkout lanes

Mobile Payments Today

Mobile Payments Today spoke about this concept with payment technology providers at the recent National Retail Federation Big Show in New York City

MasterCard helps fashion make a splash on the payments runway

Mobile Payments Today

The card network hosted a hack event this past weekend at The New School Parsons School of Design in New York City

New York City Checking Bonus Pays $250

Bankaholic

That’s what Astoria Bank, based in Lake Success, New York, is offering savers who open a new checking account [.]. Here’s a checking account that works almost like a short-term CD. A very, very good short-term CD.

National Bank of NYC Raises 36-41 month CD (2.20% APY)

Deposit Accounts

Offers & Promotions National Bank of New York City Bank Information Page | Receive Alerts for this Bank. Availability: Market area includes the Boroughs of New York City, Long Island, and Westchester. Earlier this week, National Bank of New York City (NBNYC) raised the rates on its longer term CDs, with the 36-41 month CD (2.20% APY) being the most competitive. 1.80% APY 18-23 month CD National Bank of New York City.

BNP Paribas, Barclays and Goldman Sachs Invest in AI Startup Digital Reasoning

Bank Innovation

’s Barclays, Square Capital, Goldman Sachs, Nasdaq, Lemhi Ventures, HCA, and the Partnership Fund for New York City. Artificial intelligence startup Digital Reasoning has raised $30 million from a group of major banks, in a round led by French bank BNP Paribas.

Two Forthcoming Auctions of Taxi Medallions

Keith Leggett's Credit Union Watch

On June 11th, the National Credit Union Administration as the liquidating agent of First Jersey Credit Union will be auctioning four New York City taxi medallions. Here is the Public Notice of the auction in the New York Post. This auction coupled with the auction of up to 139 medallions on June 14 will provide greater clarity regarding the market value of New York City taxi medallions.

Top 5 Emerging Fintech Hubs in The U.S.

Bank Innovation

Silicon Valley, New York City, and Boston all have thriving fintech communities, and are definitely worth a trip for the invested fintech entrepreneur, but the U.S. These cities boast strong tech communities, talent pools, good coffee, and cheaper rents.

Auction: 131 Medallions Sold at $170,000 Each, A Pool of 8 Medallions Fetches $250,000 Apiece

Keith Leggett's Credit Union Watch

Crain's New York Business is reporting that a hedge fund paid $170,000 apiece for 131 New York City taxi medallions at an auction on June 14. This indicates that New York City taxi medallion prices are down about 80 percent, since peaking in 2014 at over $1 million. The winning bid came to $22,270,000. A separate pool of eight medallions sold for $2 million, or $250,000 apiece.

Boloro rolls out debit authentication system in South Africa

The Paypers

(The Paypers) Boloro , a New York City-based multifactor mobile authentication technology provider, has launched a debit authentication system in South Africa to help eliminate fraud

Brexit Hasn’t Knocked London Off Top Spot In Finance World

PYMNTS

Despite Brexit, London remains the most attractive destination for finance, according to a new survey from The Z/Yen global financial centers index (GFCI), news reports on Monday (Sept. According to Reuters reports, London banks surpassed New York City , Hong Kong and Singapore in the survey, which assessed 92 cities’ allure to the financial world based on a variety of factors, including access to talent and infrastructure.

Four NYC Taxi Medallions Sold for $180,000 Each

Keith Leggett's Credit Union Watch

At a June 11th auction, the National Credit Union Administration acting as the liquidating agent of failed First Jersey Credit Union sold 4 New York City taxi medallions for $180,000 each. In related news , a stalking horse bid for 131 out of 139 New York City taxi medallions of $22.7

Apple Pay, Masterpass Come to MTA eTix

Bank Innovation

Earlier this week, it was announced that both Apple Pay and Masterpass are now integrated into MTA’s eTix, meaning that the millions who use the MTA trains to get into and out of New York City every day can purchase tickets digitally.

Apple 209

A Recipe for Risk Management

Banker to Banker

There is a trendy restaurant in New York City that temporarily changed its menu to serve food composed entirely of garbage. The idea was to highlight the amount of food that is wasted worldwide.

Amazon ready to launch first bookstore in New York in 2017

The Paypers

(The Paypers) Amazon is planning to open its first New York City bookstore in the spring of 2017 in Time Warner Center

Mastercard to hire 470 to triple size of its Manhattan tech hub

Payments Source

will hire 470 people as the world’s second-largest payments network expands its technology hub in New York City. Payment processing Mastercard New YorkMastercard Inc.

3 Things You Need To Start Your Credit Union Day

New York's State of Mind

New York City Employment History Ban takes effect. Yesterday, a local law took effect banning employers in New York City from inquiring about an applicant’s compensation history. HR New York State delinquency tracker Illinois Cease and Desist NYC Compensation BanThis one just impacts the credit unions in NYC but it’s the type of thing that could get consideration in next year’s legislative session.