finextra

The Revolution of Money Is in the Hands of the Consumer – A Money 20/20 Round-up

For the seventh year running, Money 20/20 put on an impressive show in Las Vegas and welcomed thousands of innovators from the fintech and banking industries to learn about disruption and forge business connections.

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VIDEO: Tackling Fraud and Financial Crime Through Digitization

Mike Lim, Head of Financial Institutions, ANZ, speaks at Sibos 2018 in Sydney, about how the digitization of banking services is effecting the management of supply chains, what the next steps are for blockchain and distributed ledger, and how AI and ML are being used to benefit the industry.

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Most Banks Will Be Made Irrelevant by 2030 – Gartner

Within 12 years time, 80% of financial firms will either go out of business or be rendered irrelevant by new competition, changing customer behavior and advancements in technology, according to forecasts by Gartner.

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Ride-hailing App Grab Launches Prepaid Mastercard

Southeast Asian ride-hailing app Grab is pushing further into payments through the launch of a prepaid Mastercard card. Grab will issue both virtual and physical prepaid cards directly from its app.

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Ride-hailing App Grab Launches Prepaid Mastercard

Southeast Asian ride-hailing app Grab is pushing further into payments through the launch of a prepaid Mastercard card. Grab will issue both virtual and physical prepaid cards directly from its app.

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Banks See Payments Infrastructure Renovation as Key to Digital Strategy

Nearly two-thirds of banks believe their payments infrastructure will need a significant upgrade in the next three years as an area once confined to the back-office domain becomes a key part of firms’ digital strategy, according to a new report from Ovum.

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Visa Readies Blockchain-based B2B Connect for Market

Visa today announced new product details surrounding digital identity in preparation for a first quarter 2019 launch of Visa B2B Connect. This one-of-a-kind distributed ledger-based platform is designed to give financial institutions a simple, fast and secure way to process cross border business-to-business payments globally.

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Mastercard Signs Off on Removal of Card Signature Panel

Mastercard is embracing new modes of authentication across its network, introducing a voluntary programme for banks to eliminate the signature panel on physical plastic, and enabling token services on all cards by 2020 for shopping online.

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Payments Revenue to Hit $2.4 Trillion by 2027

The payments industry remains one of the brightest spots on the financial services landscape, according to a report from the Boston Consulting Group (BCG) and Swift, which predicts global revenue to grow by more than 1 trillion by 2027. Payments revenue grew at a CAGR of 6.8 globally between 2010 and 2017, when it reached […]

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Fed Study Finds Rising Noncash Payments Fraud

The value of fraudulent noncash payments in the United States rose significantly between 2012 and 2015–outpacing growth in noncash payments overall, according to a new report based on Federal Reserve Payments Study data. The study’s survey of depository institutions found that the value of noncash payments fraud rose 37 percent from 6.

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The Revenue Squeeze Is on for Incumbents as Digital Disruption Begins to Bite

Traditional financial institutions can expect to see a material shift in future revenues to new entrants – including challenger banks, non-bank payments institutions, and big tech companies – as competitive pressure from digital disruption continues, reports Accenture.

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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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