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Technology

Amex Launches Early Pay for Faster Supplier Payments

American Express is introducing a new solution to accelerate B2B payments to suppliers. In an announcement Thursday (Oct. 11), American Express said it is launching Early Pay, a combination of supply chain finance and early payment discount capabilities. Designed for large U.S. companies procuring from U.S.

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Why Bank Security Is About More Than Preventing Attacks

The world can be a scary place these days, especially for banks. According to recently released reports, fraudsters are continuously targeting big U.S. banks, and these attacks are increasing in both frequency and sophistication.

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Moving Toward a Faster Payments Future

The global march toward faster payments is already well under way. Today, 25 countries have faster payments systems in production and an additional 19 are progressing quickly toward them. When the Federal Reserve’s Faster Payments Task Force issued its recommendations in 2017, it outlined a vision for a U.S.

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The World Is Embracing Digital Currency, and the US Is Falling Behind

For many people all over the world, paper cash and metal coins are already items of memory. Mobile payment providers,like Apply Pay and Samsung Pay, are being used at cash registers in countries like the United Kingdom and Japan, and people have responded well to the ease of this system and some of the benefits […]

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Industry

VIDEO: How Long Do Consumers Hold on to a GPR Prepaid Card For?

– 58% of consumers won’t hold a general purpose reloadable card 5 months– 35% claim to have kept a card 6 months or longer– Per usual, lowest-income earners (24%) are most likely to hold for over a year“Its data relatively consistent with prior year’s levels – and points out that penetration of the core users […]

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PayPal Raises Venmo Fee. Users Rant.

PayPal Holdings Inc. increased a Venmo fee as part of a broader push to make money from the fast-growing mobile payment service, prompting backlash from users on social media.PayPal said it will charge 1 percent when Venmo account holders transfer money quickly to their bank accounts, starting Nov. 6.

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Amazon Casts a Long Dark Shadow Over Banking

Bain is once again raising the spectre of the big banking bogeyman that is Amazon, pointing to research which suggests that 65% of Prime subscribers would be prepared to open a bank account with the e-commerce giant.

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JPMorgan Reports Growth in Card Spend, Mobile Users

JPMorgan posted results on Friday (Oct. 12) that beat the Street on headline numbers – top and bottom – based on traction in consumer spending, and also showed growth in its mobile and digital initiatives. The bank is among a trio, including Citigroup and Wells Fargo, that typically kick off earnings season.

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Regional

Digital Payments on the Upward Trend in Emerging Asia and CEMEA

Non-cash payments are recording a rapid growth, owing largely to developing markets. However, innovation if challenged by regulatory and technical complexities, according to a the World Payments Report 2018 by Capgemini and BNP Paribas. Non-cash payments reported a compound annual growth rate (CAGR) of 10.1 in 2015-16.

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Contactless Topples Chip & Pin as UK’s Top Payment Choice

Contactless payments have become the most popular form of card transaction in the UK for the first time, new figures have revealed. The latest figures say that contactless has now overtaken Chip & Pin payments, having already toppled cash transactions earlier this year. The company estimates that 38.

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AusPost Pressures ANZ Over Banking Deal as NAB, Westpac Sign Up

Australia Post chief executive Christine Holgate has heaped pressure on ANZ to join its other big four competitors and support personal banking services at Australia Post offices.

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U.S. Credit Card Giants Flout India’s New Law on Personal Data

Visa, Mastercard and American Express will be violating a new Indian law that is going into effect on Monday night every time an Indian swipes a credit or debit card.

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Regulatory

US Senate Testimony Adds New Perspectives to Cryptocurrency and Blockchain Ecosystem

The US Senate e-Banking Committee’s hearing for Exploring the Cryptocurrency and Blockchain Ecosystem entered into a fantastic debate as witnesses Dr. Nouriel Roubini and Peter Van Valkenburgh argued the opinion for and against cryptocurrencies and blockchain.

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Consumer Rights Groups Hit Out at CFPB Sandbox Plans

Consumer rights groups in the US have slammed a proposal by the Consumer Financial Protection Bureau to create a regulatory sandbox that would enable fintech firms to bypass red tape.

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CBI Calls for Fresh Regulatory Approach to Help Banks Deal With Tech Revolution

The Confederation of British Industry is calling for a tax and regulation revamp to help financial services firms deal with the challenges and opportunities presented by a rapidly changing technological landscape. With over 1.

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Public Interest Groups Oppose Loosening Rules for Fintech Providers

A coalition of 50 public interest groups today sharply criticized the Consumer Financial Protection Bureau’s proposal to gut important consumer-protection rules, especially for fintech providers, arguing the agency does not have the authority to create potentially unlimited exemptions from the very regulations that the CFPB is obligated to enforce.

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