Sat.Aug 10, 2019 - Fri.Aug 16, 2019

The best FinTech startups in Europe

Chris Skinner

I received a long and lengthy article last week from Taylor Ryan, CMO at Valuer.ai (tryan@valuer.ai). The link provides a comprehensive article on European FinTech developments. It’s so good that I am happy to share it with y’all. Enjoy.

Payments fraud remains on the table as PSD2 delay takes hold

Mobile Payments Today

As the payments industry works to get through an 18-month delay in implementing Strong Customer Authentication, retailers and consumers remain vulnerable as criminal fraudsters will likely seek to take advantage of the lull

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Chatbot Company Sued By Delta Over Data Breach

PYMNTS

Delta Airlines Inc. has filed a lawsuit against a firm that powered a chatbot on its website. The lawsuit alleges that [24]7.ai

How digital lender Earnest is charting its growth path

Bank Innovation

At $6 billion in refinanced student loans, digital lender Earnest is rapidly growing its reach. The seven-year-old company offers student loans and refinancing options, approving more than 50% of refinancing applications within one minute using its proprietary assessment tool.

A bank that runs accounts for just 50 cents a year

Chris Skinner

I recently attended a FinTech conference where Henry Ma, Vice President & Chief Information Officer of WeBank, presented an update of how the bank is faring in China. For those unaware, WeBank is the offshoot of WeChat Pay, WeChat and Tencent, and focsuses upon financial inclusion in China.

Fintechs, banks target Gen Z consumers with mobile apps, financial education

Mobile Payments Today

Fintechs and traditional banks are targeting Gen Z consumers, millions of whom have limited access to banking or credit, with targeted mobile apps and financial education

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Citibank Sees Credit Card Charge Offs, Delinquency Rates Spike

PYMNTS

Citigroup reported that its July credit-card delinquency rate increased to 2.91 percent in July, up from 2.56 percent in June. The lender’s three-month average is 1.54 percent, with a net charge-off rate of 2.91 percent, an increase from 2.56 percent in June, reported Seeking Alpha.

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More Trending

FinTech’s lies, damned lies and statistics

Chris Skinner

There are lies, darned lies and statistics. I often quote numbers in my presentations and get pretty annoyed if they’re wrong. I also prefer to take official sources rather than estimates.

Achieving Compliance in Record Time - AADHAAR TOKEN GATEWAY

Mobile Payments Today

India’s leading bank leverages FSS Aadhaar Token Gateway to tokenize 5M Aadhaar records and protect customer data against breaches. Learn more

Visa’s CyberSource On The Digital Payments Evolution

PYMNTS

The “online version of a payments terminal” was how the media portrayed Visa ’s acquisition of CyberSource in 2010. Then, it was a very easy way to mentally place the online payments processor in what was at the time a nascent online payments ecosystem. And very nascent it was.

Challenger banks raise $649m in Q2 as investor confidence grows

Bank Innovation

Challenger banks are the single biggest segment among the fastest growing fintech startups, CB Insights reported Tuesday. According to the latest CB Insights’ State of Fintech Funding report, digital-only challenger banks raised $649 million across 17 deals in the second quarter of 2019.

Chris Skinner’s TEDx Talk

Chris Skinner

Well, I’ve always thought there’s a few accolades that would be good on the profile. Advisor to the White House, World Bank, World Economic Forum and United Nations all sounds good. Now I can add TEDx Speaker.

Merging digital and in-person services for the next generation of banking customers

Mobile Payments Today

Banks and other financial services organizations will face new challenges in order to match mobile technology and in-person customer service to attract and maintain customers in the Generation Z era

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Can Banks Get On The Super App Train?

PYMNTS

Here’s some bad but potentially motivating news about banks: So far, they are missing out on an emerging opportunity to get into the “super app” game, which is shaping up to be one of the biggest focuses of payments and retail innovation in the 2020s.

Why SellersFunding sees an opportunity with Amazon, eBay merchants

Bank Innovation

As e-commerce merchants’ needs become more complex, the ecosystem of small-scale lenders continues to expand to meet demand. On Wednesday, U.S.-based based e-commerce loan provider SellersFunding announced its expansion plans to Canada and the U.K.,

Is transparency a good thing?

Chris Skinner

Who wants transparency when you can have magic? Do you watch The Crown? If not, maybe you should as Series 3 is about to begin with Olivia Coleman, a great actress.

Shopping grinds to halt when Mexican banks unable to process cards over weekend

Mobile Payments Today

Major banks in Mexico reported problems processing debit and credit card payments on Saturday. The problem stemmed from a Prosa data center outage

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How FinTechs Combine The Benefits Of A Gateway, Hub And Switch

PYMNTS

FinTech firms will travel the world and describe what they are up to using brand-new terms that are different or exciting. People might draw comparisons in response — wait a second, isn’t this kind of like? — and use some more familiar terms that have been in the marketplace for a long time.

German payments giant Wirecard targets US with new app

Bank Innovation

Wirecard, a Germany-based payments firm that works with brands and retailers, recently launched its first U.S. mobile application in an effort to expand its reach across the Atlantic. The 20-year-old publicly-traded company, which recently reported consolidated revenues of $1.3

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Things worth reading: 16th August 2019

Chris Skinner

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Cash won't die in America — it's too darn convenient

Mobile Payments Today

Cash is still king when it comes to buying things like a cup of coffee, pack of gum or a pint of beer in the U.S. Because it's faster and often more convenient, especially when it comes to the little stuff

New Strain Of Ransomware Striking US, European Firms 

PYMNTS

Cyber insurance claims are spiking as a new type of ransomware targets companies across the U.S. and Europe, the The Financial Times reported on Sunday (Aug.

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Inside Xolo’s plan to win the banking business of contractors

Bank Innovation

Xolo, an Estonia-based financial platform for freelance workers, is launching a product to allow European contractors to set up a financial toolkit in a matter of minutes, which includes bank accounts, legal cover and accounting services.

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Things worth reading: 15th August 2019

Chris Skinner

Is the ThinkBIG Conference Right for My Financial Institution?

Abrigio

The first annual ThinkBIG Conference is right around the corner.

Pasta Passes Sell Out At Olive Garden

PYMNTS

With fans of the restaurant chain looking to get an unlimited fix, Olive Garden ‘s Never Ending Pasta Pass sold out in one second. All 24,000 passes were bought by customers, Fox Business reported. Members spent more than $100 for a nine-week pass.

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How credit startup Deserve aims to reach the ‘unscoreables’

Bank Innovation

When Kalpesh Kapadia moved to the U.S. from India as a student more than 20 years ago, access to credit was a major challenge for him. Without credit, buying car, a home or even signing a lease can seem out of reach.

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Things worth reading: 13th August 2019

Chris Skinner

Things we’re reading today include … German financial sector ‘expects No Deal’ and wants no more concessions from EU Could devaluation of China’s yuan trigger the next financial crisis? |

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The back-office revolution: powered by the agile workforce

Accenture

Closing out their four-part series, guest bloggers Ben Lopez and Charlie Arthy discuss how banks can empower their back-office workers to add value and fuel growth. It’s a bold move, but winning banks will remake their back office into a front-line, value-adding engine that can stir growth.

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FTC Chair: Breaking Up Big Tech Is An Option

PYMNTS

The chief of the U.S. Federal Trade Commission (FTC) said he’d he’d be willing to break up tech companies if necessary, according to a report by Bloomberg.

Funding Circle surpasses $10b in loans, plans aggressive partnership strategy

Bank Innovation

Funding Circle, the U.K.-based based peer-to-peer lending platform, hit a $10 billion milestone in loans to small- to medium-sized (SME) businesses on Thursday. The nine-year-old company plans to continue to develop its “partnership strategy,” Bernard Martinez, U.S.

Things worth reading: 12th August 2019

Chris Skinner

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Are Current Security Measures Providing an Effective Defense Against Data Breaches? Data Security I Encryption I Cloud Services I Security Budget

Mobile Payments Today

As criminal activity evolves, the challenge is on for companies to keep pace with the latest data breach threats. Download this infographic from TNS which looks at the challenges organizations are facing when developing and evolving their security plans

Why FedNow Will Slow Real-Time Payments

PYMNTS

I’m from the government and I’m here to make sure you get your paychecks faster – even instantly…. …if if you can just hang in there until about 2024.

Weekly Wrap: Several key findings from CB Insights’ 2Q fintech funding report

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending August 16, 2019.

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The Finanser’s Week: 29th July – 11th August 2019

Chris Skinner

The main blog headlines are … Eyes wide open I sat through a soul-destroying meeting the other day. The meeting was with a C-level decision maker in a bank, and we were brainstorming.

Cash won't die in America — it's too darn convenient

ATM Marketplace

Cash is still king when it comes to buying things like a cup of coffee, pack of gum or a pint of beer in the U.S. Because it's faster and often more convenient, especially when it comes to the little stuff