Amex, Santander Explore FinTech Using API

July 20, 2018

By PYMNTS American Express has filed for a blockchain-based proof of payment technology, and Santander U.K. entered into an agreement with Infosys Finacle. Traditional banks and other financial institutions are undergoing tremendous pressure right now to compete in an environment where they are faced with enormous scrutiny from government regulators looking to mitigate risk. At the same time, they are facing new competition from smaller, nimbler financial technology upstarts that…

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Five At Five: How Prime Day Helped Amazon — And Its Rivals

July 20, 2018

By PYMNTS Welcome to Five at Five, your late look at the payments and commerce news of the day. Coverage today digs into the results of Prime Day, and shows what the Amazon event means for its competitors. A big food delivery company has even bigger plans, the CFPB has innovation news and Nigeria seems to be hampering the growth of mobile money, a move that could slow financial inclusion…

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The Challenges and Rewards of Having Hundreds of Local Payment Options

July 20, 2018

By PYMNTS Change typically brings confusion and some level of chaos, and that’s true for merchants trying to win over foreign shoppers and master cross-border payments — achievements that can provide a revenue edge as eCommerce continues to grow across the world. And digital technology’s ongoing work of tying together global markets, combined with the spread of FinTech, is leading to the problem of payment fragmentation. Various types of consumers…

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Wells Fargo Refunding Customers For Add-On Products

July 19, 2018

By PYMNTS Wells Fargo, the embattled national bank, is reportedly refunding tens of millions of dollars for a range of products, including pet insurance and legal services. According to a report in The Wall Street Journal that cites people familiar with the matter, Wells Fargo is making the refunds for adding services to thousands of customers’ accounts without the customers fully understanding what they were getting. For years, Wells Fargo…

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TrueLayer Secures $7.5M In Funding; United Overseas Bank Teams Up With Razer

July 19, 2018

By PYMNTS Welcome to The Axis, your late look at payments news from around the world. Coverage includes United Overseas Bank Limited (UOB) and Razer Inc. teaming up to launch Razer Pay in Singapore. In addition, the U.K.’s TrueLayer has secured a new round of funding, while Lativa’s Robo.cash and LLP Zaymer are working together to provide an opportunity to invest in installment loans. U.K.-based TrueLayer, which provides application programming…

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Even Snaps Up $40M In Funding

July 19, 2018

By PYMNTS For the more than 170 million Americans who live paycheck to paycheck — three-quarters of all American workers, according to a recent survey — the idea of better financial planning can seem a bit like wanting a pet unicorn. It would certainly be nice, and something to hope for, but not really something to plan on. For salaried and hourly American workers — across age, demographic and income…

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Apple’s Subscription Reset — And What It Might Mean For What’s Next

July 19, 2018

By PYMNTS These days, it seems one can get a subscription for just about anything – software, movies, music, pet food, toys, children’s books, meals. At this point, if you can name it, there is probably a service out there somewhere that will deliver it to your door weekly, bi-weekly or monthly –depending on what it is, and what one is willing to pay. Subscriptions are popular because, done right,…

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The Strange Spending Trends Around Sales Tax Holidays

July 19, 2018

By PYMNTS The summer season is here, and while most of us tend to associate that with spending on sunblock, grilling meats and bathing suits, the reality, particularly for American parents, is that summer is also the time to start spending for the next school year. While by the end of July school is a distant memory for most children, by early August parents have not only been thinking (or…

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Spend Analytics’ Real-Time Visibility Problem

July 19, 2018

By PYMNTS They say money talks, and if the procurement function is to show its strategic value to the enterprise, savings have to reach the bottom line. Research suggests only a fraction of the savings procurement generates actually do so, however. The digital transformation of procurement processes promises to land more of those savings on bottom lines, but technological disruption is no easy change to endure. While an end-to-end procurement…

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Santander Adopts nCino Platform For Faster SMB Lending

July 19, 2018

By PYMNTS Santander Bank is adopting nCino technology to accelerate its business lending operations, the FI announced on Wednesday (July 18). Santander’s business banking unit has integrated nCino’s bank operating system, a cloud-based tool that supports omnichannel access to Santander services and reduces the time it takes for the bank to make a decision on a loan application. The bank said the integration can cut the loan decision time by…

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