Fri.Oct 18, 2019

Traditional banks accelerate shift towards digital amid competitive pressures

Mobile Payments Today

Traditional banks in the U.S. and Europe are picking up the transition to digital banking as they face heightened competition from fintech startups and consumers become more and more comfortable with mobile apps and online sites for routine functions

Blend expands toolkit to help banks cross-sell other products

Bank Innovation

Blend, a startup that sells its mortgage application technology to banks, is enhancing its toolkit to help its clients cross-sell other financial products to consumers. The San Francisco-based company, which counts incumbents like Wells Fargo and U.S.

To maximise customer revenues, become a “living business”

Accenture

The approach banks have taken to revenue growth in the past has largely been focused on becoming the single banking provider of all products for their customers.

Apple 156

Trending: Data Aggregation Makes Home Mortgages Cheaper

PYMNTS

Many major companies rely on international trade and global supply chains. Keeping these trade flows operating smoothly requires quick, reliable delivery of payments.

Trends 130

Don’t mess with rules curbing derivatives risk

BankThink

A regulatory proposal to ease the initial margin buffer on certain derivatives trading could be harmful to the economy.

How Smart Contract Tech Moves To Lower Freight Factoring Costs

PYMNTS

When it comes to B2B payments’ late payment problem, the root of the matter can often be traced to a lack of negotiating power between small suppliers and large corporate buyers. With so many carriers in the ground freight and logistics market operating as small businesses, or even as single-person enterprises, it’s no surprise that late payments can place a major cash-flow constraint on truckers.

Tools 100

Sterling in Michigan selects next CEO

BankThink

Tom Lopp will succeed Gary Judd at the end of November. Community banking Succession planning Growth strategies Michigan

More Trending

Can Linux improve ATM security?

ATM Marketplace

Upgrading an ATM to the latest version of Windows is a costly proposition. Rick Anderson, delivery director at Linux distribution company Wind River, argues that an open source operating system offers a more secure, affordable alternative

ATM 62

Firms Offered More Time To Adopt New Accounting Standards

PYMNTS

The Financial Accounting Standards Board (FASB), which establishes accounting standards in the U.S., is offering corporates more time to adopt some revised standards, The Wall Street Journal said on Thursday (Oct. According to reports, the FASB approved a proposal earlier this week to give businesses more time to adopt new standards related to hedging and leases, after voting in July to delay implementation deadlines by between one and three years.

Study 100

Bank, fintech team up to offer no-cost early wage access

BankThink

The service from Evolve Bank & Trust and Branch lets workers access a piece of their next paycheck to meet unexpected expenses. Mobile banking Digital banking Fintech Disruptors Financial inclusion

Amex Targets Startups With Bank-Linked Cards

PYMNTS

American Express is introducing a suite of new commercial card products targeted at startups and entrepreneurs in a move that is aimed at competing with industry newcomers like Brex, Bloomberg reports said on Thursday (Oct. According to reports, American Express plans to roll out the new cards in the coming months, targeting startup owners with an offering that does not require them to offer a personal guarantee or security deposit.

Cards 100

Earnings season wraps up; Financial risks from climate change

BankThink

The big five banks had divergent results; San Francisco Fed publishes 18 papers on the dangers posed to businesses and communities by climate change. Morning scan Earnings Fintech Gender issues Libra Climate Change

SEC Considers Direct Listings As IPO Alternative

PYMNTS

The U.S. Securities and Exchange Commission is considering allowing companies to sell primary shares to investors in direct listings as an alternative to the initial public offering (IPO), according to Financial Times reported Thursday (Oct. Citing unnamed sources, the FT reported that the SEC held an exploratory discussion to considering allowing corporates a different fundraising avenue.

Commercial Lending in the Palm of Your Hand

Strategically Speaking

Today’s lenders are challenged by balancing the pursuit of new business with all the administrative tasks competing for their attention back at the office.

Investors Back Different Points Of The Procure-To-Pay Ecosystem

PYMNTS

It was a week of (mostly) Series A funding rounds for B2B FinTech firms, as startups secured new funding to tackle various parts of the broader business-to-business (B2B) payment process. Some funds backed the corporate commerce and procurement arena, while others went to the friction point of actually paying for what was purchased.

Adyen, Jurlique sign ecommerce partnership

The Paypers

(The Paypers) Adyen has announced an ecommerce partnership with Jurlique allowing the retail company to consolidate its payment platform for its customers across the globe

Who Will Use Self-Driving Cars?

PYMNTS

Last week, Waymo, Alphabet’s autonomous vehicle business, announced that completely driverless Waymo cars are on the way – at least for customers in the suburbs of Phoenix. And this is not a one-off. Ford Motor Company recently chose Austin, Texas as the next city to test and deploy self-driving vehicles. What does the future of autonomous vehicle hold? Will it be about robo-taxis , long-haul truck fleets , grocery delivery or food delivery drones ?

Transact Payments, Irish Credit Unions team up for new account challenger

The Paypers

(The Paypers) Transact Payments has teamed up with Ireland-based Credit Unions under the currentaccount.ie brand to roll out a Current Account for Credit Union members

WHSmith To Acquire Marshall Retail Group

PYMNTS

WHSmith has revealed it will acquire Marshall Retail Group (MRG) in an effort to boost its presence in U.S. airports, according to Financial Times. The U.K. company will buy Las Vegas-based MRG from Brentwood Associates for $400 million. The deal would “broadly double” the size of WHSmith’s international travel business, with the acquisition financed through a combination of new debt and equity.

Groups 100

Raiffeisen announces participants of Elevator Lab Program

The Paypers

(The Paypers) The jury of Raiffeisen Bank International’s (RBI) Elevator Lab has selected from 14 finalists six winners who will be allowed to participate in the third round of the Fintech Partnership Program

Smart Rosary Beads And Other Ways Churches Are Building Their Digital Flock

PYMNTS

According to data released by Pew this week , America’s churches have an attendance problem. In a telephone survey conducted between this year and last, Pew found that 65 percent of American adults describe themselves as Christians when asked about their religion, down from 77 percent in 2009. Where have all those church patrons gone? Well according to the data, literally nowhere.

Apple 100

This week in Fintech

Daily Fintech

Every day we bring you fresh insights about Fintech from an elite group of Authors who are just like you – senior executives, entrepreneurs and investors on the frontlines of the global Fintech & Crypto revolution.

Proxy War Prompts Exit Of CEO From USA Technologies

PYMNTS

USA Technologies CEO Stephen Herbert has stepped down against the backdrop of a proxy war ignited by the company’s biggest investor, New York-based hedge fund Hudson Executive Capital, Biz Journals reported on Friday (Oct. Board member Donald W. Layden Jr. will step in as interim CEO for the Pennsylvania-based company. USA Technologies (USAT) provides cashless and mobile solutions for the self-service retail space, which includes vending machines, kiosks and gas stations.

PayPal to roll out Venmo credit card

The Paypers

(The Paypers) PayPal has announced that it will offer a Venmo-branded credit card in 2020, with Synchrony Financial handling the banking side of the card

Chip Startup Says Sensors May Replace Buttons On Phones

PYMNTS

Striving to eliminate smartphone buttons, chip industry veteran-led Sentons started to market its technology and says it is working with two makers of smartphones beyond an existing Asus Computer Inc contract. Sentons, which is led by engineer Jess Lee who sold his past firm to Apple Inc., announced a sensor system that taps into ultrasonic sound waves to feel presses, touches, and swipes on many different materials like a smartphone’s metal edges, Reuters reported.

Finnair, Finavia pilot biometric authentication in air travel

The Paypers

(The Paypers) Finnair and Finavia have tested the use of biometric authentication in air travel

52

WeWork Cash Crunch Holds Bankruptcy Threat Next Month

PYMNTS

WeWork could run out of money by next month — despite the fact that it was valued at $47 billion just nine months ago, making it America’s highest-valued private firm at the time. While it was expected to be the biggest one of the biggest IPOs of the year, the company — which rebranded itself to We Company — decided to shelve its plans to go public last month after it divulged extensive losses.

IdentityMind, Acuant partnership to boost digital identity proofing

The Paypers

(The Paypers) Acuant , a global identity verification solutions provider, has teamed up with IdentityMind to offer identity and document verification across multiple channels, globally

52

China’s GDP Near 30-Year Low As Trade War Impacts Factory Work

PYMNTS

Economic growth in China is at a near-30-year low in the third quarter as tariffs start to negatively affect factory production, Reuters reported on Thursday (Oct. The slowdown was worse than anticipated — gross domestic product (GDP) growth was the slowest it’s been since 1992, with the GDP increasing only 6.0 percent year-on-year.

Canadians remain worried about data security: Digital ID survey

The Paypers

(The Paypers) A new survey suggests the majority of Canadians remain worried about the security of their personal information online

Mastercard Partners With Four Retailers For Pay By Bank App

PYMNTS

Mastercard is collaborating with four eCommerce retailers — WHSmith.co.uk, Funky Pigeon, Cult Pens and The Card Gallery — to offer the Pay by Bank app to online shoppers, Mastercard announced in a press release on Friday (Oct. 18). “We We are thrilled to be partnering with WHSmith and its brands Funky Pigeon, Cult Pens and The Card Gallery to bring this revolutionary new way to pay, putting the customer firmly in control of their finances.

Retail 100

FASB Green Lights CECL Delay

New York's State of Mind

Good morning folks. As expected, the Federal Accounting Standards Board approved its proposals to delay the effective date of CECL for smaller businesses, including credit unions until January 1, 2023. The delay is welcome news, particularly for the smaller credit unions which are concerned that the standards will negatively impact their bottom line. In making […]. Economy CECL FASB Federal Reserve Bank of San Francisco interest rates SEC

Despite China’s Slowing Economy, Credit Demand Still Strong

PYMNTS

Chinese online finance giant Ant Financial, headed by billionaire Jack Ma, is seeing an uptick in the desire for credit among small and medium businesses despite the economic slowdown in China, Bloomberg reported on Thursday (Oct. Chairman Eric Jing told Bloomberg that the private sector continues to be healthy due to new technology like mobile payments and digital loans. . “We’re

IDEMIA acquires X Core's payment card business

The Paypers

(The Paypers) IDEMIA has broadened its existing offer with Smart Metal Art, a new metal payment card range suitable for contactless payments

Cards 40

Canada Mulls Public Digital Coin

PYMNTS

The Bank of Canada is thinking about launching its own digital currency. The Logic was the first to report that the country’s central bank is investigating both opportunities and challenges focused on the project, with some believing that creating a public central bank digital currency (CBDC) could help tackle direct threats related to cryptocurrency.

Taxes 100

HID Global completes acquisition of De La Rue's identity business

The Paypers

(The Paypers) HID Global , an identity solutions company, has completed the acquisition of the international identity solutions business of De La Rue

Protecting The Youngest — And Most Vulnerable — ID Theft Victims

PYMNTS

It’s been said that fraudsters are always evolving, and always looking for the path of least resistance in their efforts to steal identities and credentials to remain anonymous and … keep stealing. No surprise, then, that identity theft is on the rise. But increasingly, the bad guys have trained their collective sights on the most vulnerable of populations — utterly defenseless, as some of them cannot even walk or talk. Those victims are kids — in some cases, even infants.