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Technology

Online Sales for Cyber Monday Hit Record $9.42 Billion

Online Sales for Cyber Monday Hit Record $9.42 Billion

U.S. shoppers spent a record 9.42 billion online on Cyber Monday, according to numbers released Tuesday by Adobe Analytics, the data insights arm of software firm Adobe Inc. This 19.7 jump from 7.87 billion on Cyber Monday 2018 surpassed projections from a number of analysts and makes Cyber Monday the largest sales day in the […]

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“Scripting the Future” – Digital Transactions

“Scripting the Future” – Digital Transactions

Foundational changes in payments – the emergence of fintechs, a mobile-first approach by consumers, and the digitization of payment methods – are altering vital relationships in the industry. Two thousand twenty may be the year that many of the underlying changes various payments players have made in the last few years manifest in a resounding […]

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Robinhood Has Withdrawn Its Banking Charter Application

Robinhood Has Withdrawn Its Banking Charter Application

The US-based commission-free stock trading platform has withdrawn its application with the Office of the Comptroller of the Currency (OCC) for a bank charter, per CNBC, merely seven months after submitting the application in April.

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Securing the Next Wave of Banking: Why Generation Z Will Shape the Future of Payment Cards

Securing the Next Wave of Banking: Why Generation Z Will Shape the Future of Payment Cards

By David Orme, SVP, IDEX Biometrics ASA Consumers in Generation Z (those born after 1995) are the biggest market disrupters right now. They are predicted to make up 40% of all consumers by 2020, and will account for 32% of the global population overtaking millennials (31.5%, born between 1).

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Industry

What Will 2020 Hold for Banking and Financial Services?

What Will 2020 Hold for Banking and Financial Services?

It’s fair to say that over the last decade, the world of financial services has changed irreversibly.

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Have an Amex Platinum Card? Booking Reservations at Some of the World’s Top Restaurants Is About to Get Easier

Have an Amex Platinum Card? Booking Reservations at Some of the World’s Top Restaurants Is About to Get Easier

One of the many benefits of having the Platinum Card from American Express or the Business Platinum Card from American Express is access to Amex’s premium concierge service.

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Shoppers Will Spend Nearly $27.5 Billion Online Thanksgiving Weekend in 2019

Shoppers Will Spend Nearly $27.5 Billion Online Thanksgiving Weekend in 2019

U.S. shoppers are set to spend a record $27.49 billion online this year during the five-day stretch from Thanksgiving to Cyber Monday, Digital Commerce 360 (formerly Internet Retailer) projects. This is up from $23.63 billion in 2018 and would be a 16.3% year-over-year jump in ecommerce sales for the biggest U.S. retail weekend of the […]

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Top 5 Digital Banking Transformation Trends Shaping 2020

Top 5 Digital Banking Transformation Trends Shaping 2020

Nobody will disagree that the banking industry is going through massive changes unlike anything seen in decades. New technologies are impacting legacy banking models and consumer expectations, as well as the competitors in the marketplace.

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Regional

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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Life in China Without Alipay or WeChat Pay Is Still Rough

Life in China Without Alipay or WeChat Pay Is Still Rough

“You might not have to make that trip to the bank after all,” Rob, a friend, messaged me over WeChat the other day. He attached a press release saying Alipay had launched an international version of its mobile payments platform for visitors to China.

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Electronic Payments in Mexico. Are We There Yet? Not Really, Says Recent Survey

Electronic Payments in Mexico. Are We There Yet? Not Really, Says Recent Survey

Contxto – Let’s give the Mexican government some credit. It had good intentions when it launched its electronic payment solution, Cobros Digitales (CoDi) last September. Now, all intentions aside and nearly two months into its release, there’s still a long way to go in terms of penetration and acceptance. According to a recent survey, over […]

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Regulatory

Federal Financial Regulators Cautiously Support Use of Alternative Credit Data

Federal Financial Regulators Cautiously Support Use of Alternative Credit Data

Five federal agencies including the Federal Reserve, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and National Credit Union Administration (NCUA) have essentially green-lighted the mortgage industry’s use of alternative credit data in underwriting – howev.

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2 in 3 Consumers Uncomfortable With Financial Apps’ Level of Access to Data

2 in 3 Consumers Uncomfortable With Financial Apps’ Level of Access to Data

More than half (54) of U.S. banking consumers use apps to manage their finances or make person-to-person payments, but most are unaware how their personal data is stored and shared, or even which data is used, according to a study released this week by payments infrastructure firm, The Clearing House .

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FedNow Will Have a Hard Time Stopping Fraud

FedNow Will Have a Hard Time Stopping Fraud

The way in which we process payments here in the U.S. market has undergone significant change over the years. That said, the Automated Clearinghouse (ACH) process itself has remained fairly static, at least up until now. That’s all set to change, with the Federal Reserve’s recent announcement of its FedNow service.

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OCC Cannot Grant Special Bank Charters to Fintech Companies

OCC Cannot Grant Special Bank Charters to Fintech Companies

A federal judge in New York ruled that the Office of the Comptroller of the Currency (OCC) did not have the authority to issue special bank charters to non-bank fintech companies.

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