Industry

Data: Same-day ACH Volume vs. Fraud

Same-day ACH payments – introduced for credits in 2016 and debits last year – are gaining popularity with banks and corporations. The success prompted Nacha this week to approve new rules for these payments going into effect over the next two years.

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Credential Stuffing Attacks Cause Heartache for the Financial Sector

The financial industry has always been a target for cyberattackers. Credit card data, customer information, and the wealth of corporate data available for the taking has ensured that cybercriminals will try, again and again, to compromise companies in the sector. In August, cyberattackers made off with 13.

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Five Reasons the Payments Business Is Ripe for Big Change

The wholesale disruption of the payments industry has finally begun. Major banks, credit card companies and financial giants have long controlled payments but their dominance looks increasingly shaky. Since 2014, investors have poured 130 billion into ground breaking technologies like Blockchain and mobile payments.

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How Lehmans Collapse Started the FinTech Fire

It’s interesting that the Global Financial Crisis (GFC) sparked by Lehman Brothers collapse in September 2008 sparked the FinTech revolution, according to some. I personally think FinTech was bubbling away before the GFC but, certainly, the GFC led to massive investment focus upon changing the system (almost 100 billion since 2010).

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Square May Start Acting More Like a Bank Using Its Hit Cash App

Square’s peer-to-peer payment app could start looking way more like your average bank account. The payment company is considering lots of ideas like saving products and a way to let customers trade stocks, Square Chief Financial Officer Sarah Friar said at Recode’s annual Code Commerce conference in New York Tuesday.

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Amazon Considering Opening Up to 3,000 Cashierless Stores by 2021

Amazon is considering a plan to open as many as 3,000 new AmazonGo cashierless stores in the next few years, according to people familiar with matter, an aggressive and costly expansion that would threaten convenience chains like 7-Eleven Inc., quick-service sandwich shops like Subway and Panera Bread, and mom-and-pop pizzerias and taco trucks.

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Goldman Sachs Nears Deal to Sell Its Fintech App

Goldman Sachs is in advanced talks with several financial companies to spin off its three-year-old app, Simon, which sells complex financial products to retail investors, a source familiar with the matter told Reuters.

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The Blockchain: Boon for Bankers—or Tool for Tyrants?

Despite all the grifting, thieving, speculation, and wild price swings youve heard about, bitcoin and other decentralized digital currencies are clearly here to stay. Boosters think cryptocurrencies and the distributed ledgers called blockchains they depend on will reinvent the financial system.

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From Startup to Global Payments Giant: Visa Turns 60

Sixty years ago today (Sept. 18), a San Francisco startup launched by sending roughly 60,000 credit cards to consumers living in northern California. This startup was a bank, and its innovation was a single card that could be used by consumers to purchase things on credit from many different merchants.

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Keeping Tabs on B2B Payments’ Tipping Point

We all have a tipping point. And as Malcolm Gladwell writes, the tipping point comes when critical mass or a boiling point is reached. To paraphrase Network, the tipping point comes when we’ve decided we’re not going to take it anymore. So it is with business. Archaic processes? Check. Frustration? Check. Checks? Check.

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NY Attorney General Blasts Cryptocurrency Exchanges

It’s not just the hacks and outright scams that make cryptocurrency a risky investment. According to a report from the office of the New York state attorney general, the exchanges themselves – the places where would-be investors go to buy and sell cryptocurrencies like bitcoin and ether – are not doing enough to protect their […]

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For UN Workers, a Credit Union Crosses Borders

Credit unions (CUs), by default, are cooperative in nature. Many are tapping into their cooperative natures to pursue innovations, so as to compete aggressively and keep up with larger financial institutions (FIs) and FinTech challengers.

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