Should your business upgrade to a modern payment system?

Mobile Payments Today

Retailers need to consider shedding their legacy POS systems to enable mobile payment acceptance, business analytics, EMV security and better inventory management

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Mexico And Amazon Reportedly Collaborating On Mobile Payments System


The Mexican central bank and Amazon are in talks to introduce a government-approved mobile payment system, according to reports. The system would involve users paying for online purchases using QR codes, and it would be the first time Amazon offered the technology in the country.

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Peru Taps Vocalink In Payments System Overhaul


the release noted, and the real-time mobile transfer systems in Singapore and Thailand. Separately, a number of retailers, among them giants Target and Walmart, have requested that the Federal Reserve create a real-time interbank settlement system.

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EU Blockchain Forum Recommends Digital Identity Systems


In its newest report, the EU Blockchain Forum (EUBF) noted that government bodies need to home in on two aspects of the blockchain to help the technology fully actualize: That is, the institutions need to have digital national currencies as well as systems for digital identity, The Next Web reported.

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Crafting an Effective Financial System Process

Perficient Financial Servies

The content this week will outline the effective financial system process and the steps to take when beginning. The General Ledger system is, of course, the heart of a firm’s financial system.

Lawmakers Mull Overhaul Of Student Debt System


A proposed law aims to completely overhaul the student loan system by having monthly bills automatically deducted from borrowers’ paychecks. Alexander said the regulation would not only simplify the student loan system, but protect borrowers.

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Benefits of Deploying Financial Services Systems in the Cloud pt2

Perficient Financial Servies

As a firm migrates financial services applications to the cloud, systems integration becomes of paramount importance. The methods and controls available within the cloud provider’s security framework need to be evaluated and the specific means of securing access to the systems and data.

Why banks fear core systems change

Chris Skinner

I was listening to a group of CIOs talking about legacy systems change the other day. One said that it doesn’t matter how old the systems are; it’s all about whether they are maintainable and fit-for purpose. I kind of agreed with that, although I cannot think of any silo-based, … The post Why banks fear core systems change appeared first on Chris Skinner's blog.

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Legacy vendors are more of an issue than legacy systems 

Chris Skinner

I often find myself in weird or frustrating situations that I don’t know how to break.

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Why Banks’ Immune Systems Need Both AI And Human Boosts


How HSBC Uses AI & Human Insights To Boost Banking’s Immune System. Yet, what good are AI-powered insights if banking systems do not know how to respond?

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How Will Blockchain Transform the Education System?


But how will this system help administrators and students? The post How Will Blockchain Transform the Education System? Smart classrooms aren’t too far off, and blockchain technology may become an integral part of schools all over the globe in a few years.

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What Hong Kong’s New Faster Payment System Means


After two decades of tweaking and updating its existing Real-Time Gross Settlement (RTGS) system, Hong Kong determined it needed a new rail. The Hong Kong Monetary Authority (HKMA) designed its long-awaited Faster Payment System (FPS) to ease frictions that RTGS couldn’t.

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Europe Seeks Alternate Payment System To SWIFT


To help attain financial independence, Europe has reportedly been working on a money transfer system. We are studying proposals for payment channels and systems, more independent from SWIFT , and for creating a European monetary fund.”. Beyond the money transfer system, Maas unveiled a new foreign policy strategy. “It’s The news comes as SWIFT, as an organization, bills itself as a neutral player in the global economic system.

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What cost a system outage?

Chris Skinner

A month ago, I blogged about the problems at TSB when implementing the change-over of their core systems. Yes, core systems replacements are challenging, but they’re not risky when done right. Not only has it been highly … The post What cost a system outage? Unfortunately, TSB’s change-over shows all the marks of how to get it wrong. appeared first on Chris Skinner's blog. Case Studies Grid Opinion

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Shape the Future of Financial Services: Modernize Information Systems

Bank Innovation

The reality for many financial services organizations is that modernizing information systems is a project that is often desperately needed but never at the top of the priority list.

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The complex impact of fintech and legacy systems on banking

Insights on Business

Legacy systems, not fintech (November 2016), by Mike Gardner seemed to go viral on my Twitter stream. After reading Gardner’s article, I decided to tap into some of the fintech experts I’ve engaged with and see what their thoughts are on legacy systems and fintech as threats to banking.

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FICO To Debut New Credit Scoring System In 2019


Fair Isaac, creator of the FICO credit score, will be rolling out a new scoring system in early 2019. FICO said about seven million applicants who have low credit scores due to limited borrowing histories will probably see their scores improve under the new system.

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Benefits of Deploying Financial Service Systems in the Cloud

Perficient Financial Servies

While deploying key financial service systems in the cloud has numerous advantages, the paradigm, as compared to on-premises systems, is sufficiently different as to require a comprehensive analysis of risks and readiness. however, the impact to system customizations, integrations, and support must be carefully evaluated. Firms more often than not customize on-premises systems to better meet their specific business process.

Is it Time to Upgrade Your Loan Origination System?

CU Direct

La Capitol Federal Credit Union operated on a Loan Origination System (LOS) that was time-consuming, expensive, and inefficient in managing day-to-day tasks, such as emailing documents to members or the flexibility to change rules without an added fee. Lending Loan Origination Systems

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Revamped UK Payment System Embraces Blockchain


A revamped Bank of England (BoE) payments system is expected to connect with FinTech firms using distributed ledger technology (DLT). According to Reuters , the new plans will see the payments system, that supports British banking and trading, boost its defenses against cyberattacks by 2020, as well as increase the number of businesses that can use it. Payments System What's Hot

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HSBC To Launch AML System With Google Cloud


HSBC , one of the largest banks in the world, wants to launch its new cloud-based anti-money laundering risk management system by next year, according to Reuters. The system cross-references customer actions and flags unusual activity for review.

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How Inefficient B2B Payments Systems Hobble Business Growth


Business confidence remains strong in the U.S., riding on the optimism of a strengthening economy that brings new opportunity for revenue growth.

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Public transit systems look to drive down costs, boost ridership with contactless fares

Mobile Payments Today

Public transit systems in New Jersey, New York, Chicago and other major metropolitan areas are converting their systems to accept contactless payments, which experts say will reduce costs and help improve ridership

Mitek Systems Rejects Offer From Elliott Management, ASG Technologies


Mitek Systems , the financial technology provider to banks, is pushing back from a takeover offer from Elliott Management , the hedge fund and ASG Technologies , the software company. Partnerships / Acquisitions ASG Technologies Elliott Management M&A Mitek Systems News What's Hot

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Forget legacy systems; what about legacy vendors?

Chris Skinner

I’m always blogging about replacing core systems, open source the bank, change the leadership to one that gets it and just do it. Not gonna name names, but I’ve had a few really fun discussions with banks in … The post Forget legacy systems; what about legacy vendors? I’m saying it so much that I’m finding myself boring. So let’s change tack. Who’s the vendor?

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Through New Oracle Partnership, Baton Systems is Bringing the Cloud, APIs, DLT to Banks

Bank Innovation

EXCLUSIVE—The legacy infrastructure of most banks leaves something to be desired, and payments technology provider Baton Systems wants to use the cloud, APIs, and distributed ledger technology to help.

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How the system crushes the poor

Chris Skinner

The reason for thinking this is that poverty and inclusion is yet another area, … The post How the system crushes the poor appeared first on Chris Skinner's blog.

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Core systems should have built-in obsolescence

Chris Skinner

There is no need to build … The post Core systems should have built-in obsolescence appeared first on Chris Skinner's blog. Talking about moving from proprietary to open, from controlled to marketplace and from internal to external focus, another key change is the very nature of technology itself. It’s quite clear that a start-up today could launch with just a few thousand dollars, Amazon Web Services and a bright idea.

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UK Tries Another Late Payments Tactic With Stoplight System


is launching a traffic-light warning system to spotlight large companies that fail to pay their suppliers on time. The U.K. The Sunday Times reported that the plan will be revealed this week by the nation’s Small Business (SMB) Commissioner Paul Uppal.

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Cubic Expands Contactless Payment System To Sydney Trains


Cubic Corporation announced Monday (November 26) that its Cubic Transportation Systems unit and Transport for New South Wales will expand the contactless payment system to cover Sydney’s train network.

Finicity Acquires Aurora Financial Systems


As we were about to go to press with the Finovate Debut feature for Aurora Financial Systems , the company’s VP for Corporate Partnership, Chris Melendez asked us to hold off. The post Finicity Acquires Aurora Financial Systems appeared first on Finovate.

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FSS Aadhaar Enabled Payment System

Mobile Payments Today

In emerging markets, the high costs of last mile services delivery functions as a barrier to building a widespread financial services network in peri-urban and rural areas

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The Treasury Management System, Unbundled


SMEs rarely have the funds to invest in sophisticated treasury management systems (TMS), says TreasuryXpress CEO Anis Rahal, part of that is because the TMSs available are hefty, chock-full of tools that not every company actually needs and force a business to spend time and resources on implementation efforts. you have thousands of companies with revenue of about $50,000 — only 10 percent are using treasury management systems,” the executive said.

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Nordstrom Transitions POS System To The Cloud


While some retailers may plan to partner with technology vendors to help benefit various facets of their physical stores, there’s a growing need to transform retail point-of-sale (POS) systems to compete with the eCommerce arena. It announced this week the decision to move its POS system to the cloud via a partnership with Infor. It will connect its back-office systems with commerce platforms that help analyze various pieces of data to help boost overall company performance.

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Amazon Goes After Employees Helping Merchants Game The System


and India for accessing internal data that was used by merchants to move their products higher in the ranking system. Amazon is cracking down on seller scams and has fired employees in the U.S. and India as a result.

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India’s FSS Backs Ecentric Payment Systems; Vista Group Taps Temenos For Digital Transformation


Coverage includes India ’s Financial Software and Systems (FSS) investment in South African payment processor Ecentric Payment Systems. India’s Financial Software and Systems (FSS) is backing South African payment processor Ecentric Payment Systems with a strategic investment, The Economic Times reported. Global Payments Banking Software Ecentric Payment Systems FSS News payment processor PayRight temenos Vista Group

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Uber Revamps Driver Support System


In an attempt to retain its drivers and recruit new ones, Uber is revamping its driver support system. Ridesharing driver support system Drivers mobile app News tipping Uber What's HotAccording to news from Recode , the move comes after the company has received a slew of bad press, which included a video of then-CEO Travis Kalanick berating an Uber driver.

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Mastercard Launches Early Detection Fraud Fighting System


As of today, Mastercard is releasing one — it announced its new Early Fraud Detection System. With the system, issuers can now receive advance alerts about cards and accounts that are facing a higher risk of fraud due to involvement or exposure in an earlier data breach.

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Smart Bedroom Storage Ideas System

BYM Agency

Learning to create extra spaces where to store the accessories, is to realize that they deserve a bedroom storage ideas system made to measure. The post Smart Bedroom Storage Ideas System appeared first on Montserrat Home Design.

The Best Way to Revamp a Bank’s Core System

Bank Innovation

With the rise of large and nimble fintechs like PayPal and Stripe, banks have started evaluating their legacy core systems and, as a result, many have taken to core-overhauling in some form or another. This is a massive project," Ed Page, managing director at Protiviti, a technology consulting firm for FIs, told Bank Innovation. But […].

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The European banking system is flat-lining

Chris Skinner

In the US, since the crisis, the six largest US banks now control nearly 70 per cent of all the assets in the US financial system, having increased around 40 per cent (against overall asset growth of only 8 per cent). A large banking system is not necessarily problematic.

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Bluefin Payment Systems Gets Two Patents


Bluefin Payment Systems, the provider of PCI-validated point-to-point encryption (P2PE) solutions for retail, health care and higher education, announced Tuesday (Jan. In a press release, Bluefin Payment Systems said the patents cover the systems and methods for decryption as a service via a message queuing protocol and systems and methods for decryption as a service (DaaS) via configuration of read only databases.

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TRENDING: Inside Hong Kong’s New Faster Payment System


. Last year, only 25 real-time payment systems were operational worldwide — that number is growing rapidly. Demand is also heating up for real-time gross settlement (RTGS) systems. The governor of the Federal Reserve is pushing conversations on getting an RTGS system in the U.S.,

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