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

PYMNTS

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.

System 257

London Transport System To Track Subway Riders

PYMNTS

The TfL ran a pilot of the tracking system in 2016, and will use the data to better understand how people flow in and out of the system. The transit system will use that data, it said, to send specific information to riders about how to avoid congestion. .

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Peru Taps Vocalink In Payments System Overhaul

PYMNTS

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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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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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.

EU Blockchain Forum Recommends Digital Identity Systems

PYMNTS

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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Albertsons Implements Toshiba’s Self-Checkout Systems

PYMNTS

Albertsons has announced that it is implementing Toshiba Global Commerce Solutions’ self-checkout systems to speed up checkout times and improve operational throughput while reducing shopper interventions. “We

System 163

New Walmart System Lets Suppliers Increase Prices

PYMNTS

The application is located inside Walmart’s Retail Link system, which also includes data-mining capabilities that allow suppliers to predict what items will be in high demand. Walmart has updated a tool to allow suppliers to submit cost increases related to higher U.S.

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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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Lawmakers Mull Overhaul Of Student Debt System

PYMNTS

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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Google Erred In Not Disclosing Microphone In Nest Security System

PYMNTS

Google admitted that it didn’t tell users about a built-in microphone in its Nest Secure home security system, according to a report from Reuters. Nest Secure, a user-friendly home security system, costs around $400.

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10 questions to evaluate your BSA system

Abrigio

An institution needs a system that will adapt and withstand the changes associated with growth. Did he or she say it’s time to automate and/or move toward a more robust system? Did he or she say it’s time to automate and/or move toward a more robust system? Is the system tailored to meet my risk profile? Why would you use a system with parameters set to a generic risk profile? Do we need a rules-based or a behavior-based system?

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What Hong Kong’s New Faster Payment System Means

PYMNTS

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.

System 180

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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Why Banks’ Immune Systems Need Both AI And Human Boosts

PYMNTS

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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Regulators Eye ‘Excess Capacity’ In European Banking System

PYMNTS

To that end, Andrea Enria, the European Central Bank supervisor, said this past week that the European banking system is operating with excess capacity, and that efficiency might be spurred by mergers and acquisitions. The IT error was connected to the integration of old and new IT systems.

Europe Seeks Alternate Payment System To SWIFT

PYMNTS

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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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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How Will Blockchain Transform the Education System?

Dataconomy

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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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.

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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Satisfaction With Anti-Fraud Systems Linked To Platform Strategy

PYMNTS

The Payments 2022 Playbook : Building A High-Performing Payments Team For Fraud Detection examines the growth strategies of digital platforms over the next three years, how payments teams are facing the challenges of fraud detection and how satisfied they are with their current systems.

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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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Singapore Transit Rolls Out Visa On SimplyGo Contactless System

PYMNTS

The Land Transport Authority of Singapore now includes Visa cards in SimplyGo, its contactless payment system. That has set the stage for transit systems to roll it out all over the world.

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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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Revamped UK Payment System Embraces Blockchain

PYMNTS

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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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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Mitek Systems Rejects Offer From Elliott Management, ASG Technologies

PYMNTS

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

System 163

FICO To Debut New Credit Scoring System In 2019

PYMNTS

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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4 Criteria When Assessing a Modern-Day Loan Origination System

Abrigio

A loan origination system (LOS) can provide clarity to the intertwined data web that the loan lifecycle weaves , but not every LOS is built the same. The systems need to talk and work together. Do they use a ticket system or can you pick up the phone and call a live person to get answers right away? 4 Criteria When Assessing a Modern-Day Loan Origination System. The post 4 Criteria When Assessing a Modern-Day Loan Origination System appeared first on Abrigo.

System 100

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

GIACT Systems Launches New Enhancement To Compliance Solution

PYMNTS

Identity verification solutions provider GIACT Systems has announced the launch of gOFAC Monitoring, a new Office of Foreign Assets Control (OFAC) compliance solution to eliminate false positives and boost compliance processing. This new solution will enable businesses to fulfill the most current version of OFAC compliance by comparing client-provided lists against regulatory and sanction screening lists, including international sources, Politically Exposed Persons, OFAC and other sources.

HSBC To Launch AML System With Google Cloud

PYMNTS

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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Leading order management systems

Bobs Guide

Efficient order management is critical to the success of any organisation. Yet achieving flawless orders on an ongoing basis can be challenging for organisations of all shapes and sizes. There are dozens of hurdles to overcome along the often tumultuous road to order fulfilment – from

How Inefficient B2B Payments Systems Hobble Business Growth

PYMNTS

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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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.

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.

System 188

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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Finicity Acquires Aurora Financial Systems

Fintech Labs Insights

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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How Subscription Services Can Disrupt Alcohol’s Confusing Distribution System

PYMNTS

The system is controversial within the industry, with supporters noting that it controls the flow of alcohol within the U.S. But the evolving consensus is that the digital economy is disrupting, and possibly displacing, the system – mainly by exploiting loopholes.

System 163

The Treasury Management System, Unbundled

PYMNTS

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

PYMNTS

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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