March, 2019

FIS Buys Worldpay In $35B Cash, Stock Deal

PYMNTS

Fidelity Information Services ( FIS ), a global financial services technology company, announced Monday (March 18) it is merging with Worldpay , the global eCommerce and payments company, in a roughly $35 billion dollar deal.

AI and the rise of digital humans in financial services

Insights on Business

“AI is not going to replace managers, but managers who use AI will replace the managers who do not,” Rob Thomas, IBM General Manager of Data and AI predicted at IBM Think 2019. [1]

The true meaning of Open Banking

Chris Skinner

A year ago I blogged about invisible banking and that I have some issues with it, namely that the bank brand disappears and the customer finds it too easy to spend without thinking.

Banks Finding More Entry Points to Real Estate Tech

Bank Innovation

Two real estate tech players, Compass and OpenDoor, each rather quietly raised $400 million from SoftBank in 2018, a year that included announcements like Credit Karma’s $500 million investment from Silver Lake and Plaid's $250 million raise that made it a unicorn.

Rise in mobile shopping, banking forcing shifts in endpoint security

Mobile Payments Today

The increased use of mobile apps in e-commerce, banking and corporate payments is forcing cyber experts to shift tactics and technologies to protect vulnerable endpoints from malicioius attacks

Square Expands To Offer Retail Online Store, Improved POS App

PYMNTS

Square has two new offerings: the revamped Square Online Store and Square For Retail, introduced in an announcement by the company on Wednesday (March 20).

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Amazon, Worldpay And A One-Click Entrance To A New Commerce Ecosystem

PYMNTS

Amazon Pay is a well-established payment method across online commerce — and not only because it’s the home payment method of the largest, most successful eCommerce platform in the U.S.

More Trending

What does the #Brexit vote mean for banking and fintech?

Chris Skinner

Being British with a British accent, everyone asks me about what life will be like with Brexit … and my answer is that I have no idea. I can see that the country is divided, and we have real issues, but then don’t most countries?

Bank Boardrooms Are Increasingly Accepting of Technological Change

Bank Innovation

"Flexibility" is a commonly used term when it comes to innovation in banking and finance, but the typical bank boardroom hardly evokes the image of openness to technological change.

Cashless trend becoming a crisis debate in UK, US

Mobile Payments Today

The rise in cashless payments and the declining presence of bank branches and ATMs is leading to a potential crisis point in many communities across the U.S. and the U.K.

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Why Technology Isn’t Bank Transformation’s Silver Bullet

PYMNTS

Is there a right way and wrong way to innovate? For banks interested in transforming their brick-and-mortar branches, maybe, according to Diebold Nixdorf Senior Director of Advisory Services Chris Gill.

How Data Will Speed The Move To Cashless Payments

PYMNTS

Is there a hotter topic — a buzzier buzzword, one might term it — than cashless? Ours is swiftly becoming the age of digital payments, push payments and instant payments, done by bits and bytes rather than through the conduits of coins and bills.

Data 268

Stop money laundering with a proactive AML approach

Insights on Business

The recently revealed $8.8 billion Troika Laundromat offshore money laundering scandal was a vast and complex deception.

Taxes 149

Will Facebook become the world’s central bank?

Chris Skinner

I got a large number of pings over the weekend to read and comment on an article on Medium by Lance Ng headlined: Facebook Plans to Become World’s Biggest Central Bank?

BI Ignite 2019: What Makes a Bank a Good Fintech Partner? [Video]

Bank Innovation

Rapid prototyping and an innovation-oriented mindset are two characteristics that make a bank a good fintech partner, according to panelists at the Bank Innovation Ignite 2019 conference in Seattle last week.

Video 151

What's coming with point-of-purchase trends

Mobile Payments Today

Katie Kochelek, marketing specialist at Frank Mayer and Associates, Inc., shares insight on what experts expect to come this year with point-of-purchase

Trends 155

How Wells Fargo Uses AI, Biometrics To Fight Money Laundering

PYMNTS

Digital banking customers of today aren’t looking for the bank with the newest features — they’re looking for the bank that can keep their data safe. Any security mishap can send customers to one of the other digital banking apps that are ready and waiting for them.

PayPal Powers Instagram Checkout

PYMNTS

Instagram has launched a checkout feature designed to help the social media platform become a more attractive place for consumers to buy retail products, and to capture more sales via what is coming to be known as contextual commerce.

How Many Multibillion-Dollar Deals Does It Take To Change Payments?

PYMNTS

Behind the billions of dollars — OK, make that tens and tens of billions of dollars — in deal-making that has marked the payments space in the just the first few weeks of 2019, lies, of course … strategy.

The bank CIO sees most tech firms as blah, blah, blah

Chris Skinner

I can understand why bankers can be sceptical about what technologists say. For years, technologists have been telling them that their business is threatened by technological change.

Tencent Sees Payments Growth Driven by Merchant Adoption

Bank Innovation

Chinese conglomerate Tencent missed the mark overall in the fourth quarter of 2018, but its WeChat Pay showed significant growth, particularly as the number of merchants actively transacting on the platform was up 80% year-over-year. WeChat and its local version, Weixin, reached about 1.1

Apple Buys Payments API Developer Stamplay

PYMNTS

Apple has reportedly acquired API integration developer Stamplay for 5 million euros ($5.678 million). The Rome-based startup won a contest to make the best use of new Visa APIs, according to Venture Beat.

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Will Consumers Want To Monetize Their Own Data?

PYMNTS

If headlines are any indication, data breaches have made off with consumers’ most sensitive bits of information, such as Social Security numbers, credit card info and bank details. Advertisers pay Facebook to display targeted ads, and Facebook shares data (though it maintains it doesn’t sell it).

Data 263

Philadelphia Passes Ban On Cashless Stores To Fight Income Discrimination

PYMNTS

Lawmakers in Philadelphia have passed a ban on cashless stores, making it the first major city in the U.S. to do so, according to a report by The Wall Street Journal. The new law will take effect in July and would require most retail outlets to accept physical currency.

RegTalk Podcast Episode 2: Engaging and empowering the first LOD with next-gen GRC

Insights on Business

In a business environment defined by sustained market volatility and ever-increasing regulations, companies need the ability to integrate enterprise-wide risk management processes and multiple regulations.

Are banks customer focused?

Chris Skinner

I’ve talked a little about TechFin in the past but, in my presentations, I talk more and more about TechFin versus FinTech. FinTech is doing what we’ve always done, cheaper and faster and better with technology. TechFin is reimagining everything with no idea of what’s been before with technology.

3 Notable Fintech Funding Rounds in March

Bank Innovation

Fintech funding is significantly on the rise. CB Insights' 2018 Q4 report showed a $21 billion, or 120% total increase in fintech funding from 2017 to 2018. And already this year, there have been several notable funding rounds.

Google Pay Is Coming To eBay

PYMNTS

Very soon, eBay shoppers will be able to choose Google Pay as their payment method when checking out. The move comes as the latest expansion of its newly redesigned payments experience.

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Visa, PayActiv Launch Real Time Payroll

PYMNTS

The gig economy has changed — and is still changing — when we work, how we work and, of course, how we get paid. Readers of this space may recall some stats at the end of last year, where the PYMNTS Gig Economy Index found that as many as one-third of workers in the U.S.

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Faster Payments: Does The Fed Have A Hidden Agenda?

PYMNTS

“Connect the dots” is used as a metaphor for describing how a series of discrete events can explain a “big picture” – often high-impact – action or outcome.

Facebook Working On WhatsApp P2P Digital Currency

PYMNTS

Facebook , Telegram and Signal are looking to launch their own cryptocurrencies that will allow users to send money internationally on their messaging systems.

Which camp are you in?

Chris Skinner

There are five camps out there. The first is the FinTech camp. This camp sit around the campfire and go “down with banks, down with banks”. They believe banks are out-dated legacy firms who have no idea about the modern age of technology.

Citi Ventures Leads $28 Million Round for Client Management Startup HoneyBook

Bank Innovation

Citi Ventures led a $28 million Series C equity round for client management platform HoneyBook, the company announced today.

Why The Netherlands Waited A Year To Roll Out PSD2

PYMNTS

With PSD2 becoming firmly planted in the European Union (EU), more markets are integrating the regulation into their financial systems, and prepping for changes in the ways they approach payments, data transfers and customer authentication.

Ant Financial Launches Banking As A Service Platform

PYMNTS

Ant Financial Services Group and Jiangsu-based Hoperun Information Technology announced Wednesday (March 7) a new banking product aimed at financial institutions.

Chase Tries To Win Over More Unbanked Consumers

PYMNTS

The percentage of unbanked people in the U.S. recently fell to the lowest rate since the 2007-2009 financial crisis, but a new product launch from JPMorgan Chase & Co. underscores the fact that tens of millions of U.S. households remain unbanked.

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How PSD2 Will Change Lending

PYMNTS

Merchants and customers are now transacting under PSD2 and GDPR in the European Union (EU) — regulations that allow a greater window into how customer data is being used.