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A Segment of One: The New Reality

A Segment of One: The New Reality

Consumers now have access to all the information they need to define, compare and select the financial products and services that best serve their individual needs. As a result, financial institutions (FIs) who continue to offer cookie-cutter products will struggle to retain existing and attract new customers.

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Payments Are Quickly Moving to the Cloud

Payments Are Quickly Moving to the Cloud

This article from TechRadar understates how rapidly payments are moving to the cloud and the role of data in driving that transition. It also incorrectly positions Google, Apple, Facebook and Amazon as key payment suppliers driving the transition.

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Hackers Hold Travelex to Ransom

Hackers Hold Travelex to Ransom

Hackers are demanding a ransom from Travelex in return for giving the foreign exchange bureau back control of its IT systems and customer data. On New Year’s Eve, Travelex was forced to pull the plug on its websites in 30 countries after discovering a software virus infection.

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5 Things to Know About the Future of Wearable Payments

As contactless payments become more ubiquitous in certain European and Asian countries, wearable payments technology is seeing a dramatic increase in adoption. This is particularly true for the devices themselves — such as Apple Watches and Fitbit fitness bands — that may have been recently given as gifts during the holiday season.

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Industry

LendingClub to Purchase Radius Bank for $185M

LendingClub to Purchase Radius Bank for $185M

LendingClub is buying Boston-based Radius Bank in a cash-and-stock transaction valued at 185 million, the online credit marketplace Tuesday. The firm says acquiring the online bank will provide greater regulatory clarity and cheaper funding for its loans.

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Payment Trends Outlook for 2020

Payment Trends Outlook for 2020

Payment trends will be influenced by consumer demographics, targeted customer experiences, and the rise in contactless and person-to-person payments. Approaching a new year and a new decade, payment trends indicate that significant changes are ahead.

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Millennials: More Than Just Credit Cards to Worry About

Millennials: More Than Just Credit Cards to Worry About

Today’s NYT talks about how Millennials Could Make the Fed’s Job Harder. A young generation of aggressive savers could leave central bankers with less room to cut interest rates, which they have long done to boost growth in times of economic trouble. To leave the work force early, millennials would need to build up massive […]

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HSBC Reorganization Slashes 35K Positions, $100B Assets

HSBC Reorganization Slashes 35K Positions, $100B Assets

Europe’s biggest bank by assets, HSBC, is slashing 35,000 jobs and $100 billion in assets as it moves to streamline business functions in the U.S., mainland Europe and its investment bank, the Wall Street Journal (WSJ) reported on Tuesday (Feb. 18).

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Regional

PayPal Completes GoPay Acquisition, Allowing the Payments Platform to Enter China

PayPal Completes GoPay Acquisition, Allowing the Payments Platform to Enter China

PayPal this morning announced it has completed its acquisition of a 70% equity stake in GoPay (Guofubao Information Technology Co. [GoPay], Ltd.), making PayPal the first foreign payment platform to provide online payment services in China. The transaction was approved by the People’s Bank of China on September 30 and has now closed.

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New York City Could Become a Hotbed for Contactless Payment Adoption in the US

New York City Could Become a Hotbed for Contactless Payment Adoption in the US

One Metro New York (OMNY), New York City’s contactless transit system, has recorded over 4 million taps since launching in select subway stations on May 31, per a release from Visa.

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UK Regulators Crack Down on Bank IT Outages

UK Regulators Crack Down on Bank IT Outages

Regulators made proposals on Thursday to strengthen the ability of banks and payment firms in Britain to recover from disruptions to services within set timeframes. FILE PHOTO: Workers are seen in the City of London, near the Royal Exchange and Bank of England, London, Britain, December 2, 2019.

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Head of Chinese Crypto Exchange Disappears

Head of Chinese Crypto Exchange Disappears

The CEO of Chinese cryptocurrency exchange Idax has gone missing prompting fears that users of the platform have lost their virtual assets. On November 29th, an official announcement on the echange’s website announced that Lei Guorong had “gone missing with unknown cause and Idax Global staffs were out of touch with Idax Global CEO”.

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Regulatory

Varo Has Become the First Neobank to Win Approval for FDIC Insurance

Varo Has Become the First Neobank to Win Approval for FDIC Insurance

The San Francisco-based neobank won approval earlier this week to use federal deposit insurance from the FDIC, a milestone in its three-year journey toward receiving a national bank charter. Upon receiving full bank charter approval, Varo plans to roll out more products, including credit cards and joint accounts.

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Coinbase Becomes Visa Principal Member

Coinbase Becomes Visa Principal Member

Coinbase has become the first pure-play cryptocurrency company to gain Visa membership. Coinbase launched its Visa debit card in the UK in 2019, enabling users to use one of up to ten cryptocurrencies for spending on everyday purchases. The card has since been rolled out to 29 markets worldwide.

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Banks Need to Shift Their Mindset to Fight Synthetic ID Fraud

Banks Need to Shift Their Mindset to Fight Synthetic ID Fraud

Economic growth is making credit more widely available for consumers to purchase cars and homes, as well as to invest in their future. It is also providing fraudsters a broader opportunity to implement innovative schemes, such as synthetic identity fraud.

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Wawa Says POS Malware Incident Impacts ‘Potentially All Locations’

Wawa Says POS Malware Incident Impacts ‘Potentially All Locations’

Image via Wawa website Convenience store chain Wawa disclosed today a card breach after its security team found malware installed on its payment processing systems. Wawa said the malware collected payment card information from customers who used credit or debit cards at their stores and gas stations.

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