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Technology

Japan’s Cashless Payment Players Burn Cash to Draw Customers

TOKYO — Operators of cashless payment systems are struggling to expand in Japan, urging companies like SoftBank’s affiliate QR payment service PayPay to invest in promotional campaigns in a bid to increase customers. PayPay launched its second campaign to give out 10 billion yen (91 million) to its customers this month.

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Budding Collaboration Between FIs/FinTechs

Open banking in the United Kingdom is a bit more than a year old, fostering data-sharing by financial institutions and a collaborative mindset between financial services firms that might at first glance seem the fiercest of competitors.

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Does the Answer to POS Consumer Financing Lie in Bank-Fintech Collaboration?

It’s time for banks to pick a side when it comes to fintech. Banks can either continue to see the technology-driven disruptors as a threat, or take the high (and perhaps smarter) ground, and create opportunities out of fintech collaboration. With point-of-sale (POS) consumer financing, this decision needs to come quick.

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What FIs Don’t Know About AI and ML

Artificial intelligence (AI) and machine learning (ML) aren’t part of a far-off future. They are here, and they are at the bank. In fact, 100 percent of modern financial institutions (FIs) use some type of AI, ML or other learning system in varying forms and capacities. Today, nearly 70.

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Industry

Bracing for Brexit: Credit Cards Tighten, P2P Sputters

US is probably getting daily offers from Bank of America, Citi, and Chase on interest-free balance transfer offers, our friends in the UK experience.

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Fintechs Are Ready and Waiting for Australia’s Open Banking Framework

The Consumer Data Right bill has been introduced to parliament. The national association for Australia’s fintech startup community FinTech Australia, as well as its members, have welcomed the progress of Australia’s Consumer Data Right bill.

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Plastic Cards Market: Past, Present and Future Scenario

The chip enabled cards segment has an estimated revenue share of almost 80 of the global plastic cards market by technology in 2018, and is predicted to remain the key technology segment throughout the duration of the forecast period.

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Mobile Payments Have Positive Impact on Business Growth, Opinion

AROUND the world, mobile payments are fast displacing cash as the preferred means of settling transactions. Rapid advances in technology coupled with high levels of smartphone penetration provide a ready infrastructure for cashless payments to be made almost anywhere. According to one recent report, by 2019, nearly 2.

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Regional

City of London Mayor Sees Fintech Promise in Greater Bay Area Plan

Peter Estlin looks to drum up investment for London’s financial district before Britain’s divorce from European Union trading system.

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Fintechs Could Help Mexicans Abroad Send Money Home More Cheaply:…

MEXICO CITY (Reuters) – Mexico’s new government is trying to slash the cost of sending cash home for Mexican families living abroad and is hoping competition from fintechs will encourage banks and services like Western Union to reduce commissions and improve exchange rates.

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EU Parliament Passes New Rules on Cross-border Payment Charges

European parliamentarians have voted in favour of new rules which will force banks to slash fees on cross-border euro payments between EU countries that are in the euro zone and those that are not. The plenary adopted by 532 votes in favour, 22 against and 55 abstentions, to push through the changes before the end […]

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Lithuania Attracts London Fintech Firms as Brexit Looms

Lithuania attracts London fintech firms as Brexit looms.

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Regulatory

Cross Border Payment Innovation and Regulation Drive Each Other

Unheard of today, the New York Mississippi Valley Printing Telegraph Company was founded in 1851. Five years later, the company was renamed Western Union. Arguably one of the first companies to transact across borders, Western Union tapped into its telegraph network to transfer money from one location to another.

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Treasury Official Doubts Fintech Needs Payment System Overhaul

A senior Treasury Department official is challenging the idea that rapidly evolving financial technology will require a sweeping overhaul of rules governing payment services and the electronic transfer of funds between consumers, banks, merchants and others.

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Machine Learning Innovations for Fighting Financial Crime in an Open Banking Era

Pedro Bizzaro, Feedzai`s CSO, reveals three breakthroughs in fraud management which are designed to tackle real-time payments risks: OpenML, AutoML and Genome The fight against financial crime is changing and banks are struggling to keep up. Financial institutions are already losing ground in the adoption of open banking initiatives like PSD2.

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Legislators Move to Ban Cashless Payments at Retailers, Restaurants

The rising adoption of contactless payments in retail and the restaurant industry is igniting a backlash in multiple cities and states as the business payment model requires customers to use mobile apps, credit or debit cards and is increasingly eliminating cash payment as a consumer option.

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