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Data Security Top This Week’s News FinTech Loyalty Programs

FinTech, Loyalty Programs, Data Security Top This Week’s News

May 28, 2021 at 09:23PM
by PYMNTS

In this week’s news, we saw a report that Aspiration is eyeing a public offering. Also, new insights have emerged on data security and loyalty programs. The Weekender is here to catch you up.

News

Star-Studded Green FinTech Aspiration Eyes Public Offering

Aspiration, the California financial technology upstart, is reportedly considering filing for a public listing. The firm is backed by actors Orlando Bloom, Leonardo DiCaprio and Robert Downey, Jr.

Square Circles Traditional Banking Services 

Square intends to grow its financial services offerings for its customers, with an eye toward debuting savings and checking accounts for small to medium-sized businesses (SMBs).

Tech Collaboration Gives Corporates Boost in B2B Payments Digitization

Market collaborations will play an essential role in helping large companies have a more strategic, methodical approach to B2B payments digitization – one that puts digital transformation at the forefront without forced disruption.

Visa: Putting $105 Billion of FinTech Investment to Work for Banks

Financial technology firms have long been darlings on Wall Street and in venture capital, receiving votes of confidence by the way of tens of billions of dollars from investors to innovate and disrupt financial services. The traditional narrative is that the innovation comes at the expense of incumbent, traditional financial institutions (FIs). However, as Terry Angelos, senior vice president and global head of FinTech at Visa, recently told PYMNTS, there’s a way to bring some of that innovation back into the financial services ecosystem.

The Instacart Way to Innovate in the Connected Economy

Seventeen percent of all consumers reported harnessing digital platforms like Instacart to order and pay for supermarket items in lieu of traveling to the grocery store to purchase food, according to PYMNTS’ newest consumer study fielded earlier in May. That figure is only slightly more than the 16 percent of all consumers who reported ordering restaurant food online or via delivery aggregators in lieu of visiting a restaurant to order and consume it.

Trackers and Reports

Remote Work Challenges FIs To Rethink Data Security

The growth of telecommuting exposed some of the flaws in firms’ historical cybersecurity and fraud prevention approaches. PYMNTS explores why companies have to revise their fraud protection approaches for the emerging remote working world and how technologies like multifactor authentication can help.

Machine Learning Helps FIs Identify Accountholders’ Fraudster Twins

Digital banking has risen dramatically in popularity during the last year, and as a result, more customers than ever have to onboard at FIs. Amid this trend, banks face the task of balancing security with client convenience. PYMNTS explores how one FI has streamlined its services to clients and implemented a machine learning (ML)-based system to help stop false positives from occurring.

NEW DATA: New Models Needed to Make Loyalty Work for Local Businesses

Not only do a number of consumers say they would like banks to run their local businesses’ loyalty programs, but a number of them also say they would trust banks with their transactional data more than any other kind of entity. 

Fun, Cool and Otherwise Interesting

It’s On: Amazon Confirms $8.5 Billion MGM Acquisition That Will Roil Streaming Video Space

The worst-kept secret in Hollywood was confirmed this week when Amazon announced that it has struck an $8.45 billion deal to buy MGM, the iconic film studio.

Paymentus CEO Says IPO Cements Role as Bill Payments OS

In a recent PYMNTS interview, Paymentus CEO Dushyant Sharma said that when he initially set out to obtain the patents that would give rise to a digital billing and payments platform, he was informed by the Patent Office that the pain points could be solved by the fax machine. But, as he told PYMNTS, there are trillions of dollars in household spend that could reap the rewards from digitalization, standardization and modernization.

Monetizing the Metaverse in Real Time as It’s Being Built

While the metaverse – the online 3D space that is a favorite of gamers – might still be being built and only beginning to come into its own, it is already taking on a secondary role as a marketing platform.

Bitcoin’s Woes Spark Gov’t Probes and Clear Way for CBDCs

The more unsteady the crypto markets become, the more attention they receive from regulators domestically and abroad. But regulators are also unwittingly bolstering the probability that they will ultimately enter the digital currency themselves by building – and implementing – their own central bank digital currencies (CBDCs).

Dosh on Drawing Restaurant Customers Back With Seamless Rewards, Immersive Experiences

Immediate cash back is one way to handle the economic concerns people might be having as they go back to restaurants. “[At] Dosh, we’re providing that cashback moment,” Rob Kenny, director of restaurant partnerships at Dosh, recently told PYMNTS. “As soon as that meal is over and that transaction happens, that consumer walks away with a smile on their face.”

Categories
BankingTech FinTech

[Discussion] Trading Cryptocurrency peer2peer

February 27, 2021 at 11:39PM

I was wondering if anyone can offer me any advice.

I am from the UK with a UK passport.

I am trading cryptocurrency’s through peer2peer exchanges.

Quick explanation: I post an advert online via an FCA approved website of a sale of crypto.

The customer clicks the advertisement, agrees to buy *x* amount of crypto in exchange for fiat.

In order for the crypto to be sent to them, a payment is required by the customer via bank wire transfer during the trade.

The accounts I have been using to receive payments for p2p trades have been my personal & business bank accounts.

The problem I am facing is the banks keep shutting my accounts down, for reasons they will not disclose.

I think I am triggering AML and fraudulent security software that the banks have in place whilst i'm doing my trades. 20/30 transactions per day.

The process is completely legal, the site I use is regulated by the financial conduct authority and the customers are all KYC registered.

However it is safe to say, the UK banks do not like what I am doing.

So I am looking for an offshore account that, which if possible could accept multi-currency transfers and has instant bank wire transfers available.

This is NOT an evasion of tax, I love the UK, I would love to support my country and I would declare my income taxes, I have even formulated a company to do my part for the British economy. However i'm not even getting a chance to start whilst I am using UK bank accounts.

Can anyone suggest anything or offer any advice? If not, I will be forced to take my business outside of the United Kingdom.

submitted by /u/Mowgli9991
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Categories
BankingTech FinTech

[Discussion] Bank Mobile App

February 27, 2021 at 10:20PM

What is the coolest or uniquest feature or option your bank offers on their mobile app?

submitted by /u/MaverickMaker
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Categories
BankingTech FinTech

[Discussion] ATM ate my cash ???

February 27, 2021 at 08:03PM

Hi there, I’m a BoA customer and I went to my neighborhood atm to deposit about $400 cash. During the deposit, it returned a $20 cuz it was too crumpled to go through. After that, it displayed a message that there was still money for me to take back. The slot was completely closed. The message continued for about another minute and then the whole thing reboots and doesn’t return my card.

I was able to go inside to get my card back, but there was no evidence of any cash being deposited into my account.

I called and filed a claim but they didn’t even ask for the ATM number. I’m also not 100% on the amount I deposited… my bad for not counting it before putting it into the machine.

Anyone have any luck getting their money back from a huge bank before ? I’m feeling hopeless and stressed !

submitted by /u/crtnflwr
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Categories
BankingTech FinTech

[Discussion] Question about Charge-offs

February 27, 2021 at 07:15PM

For several years I did most of my banking with BofA as I moved around a lot, but settled for a while in San Diego and opened an account with a local credit union with the goal of getting a decent car loan/rate. To start, I opened a checking account with a small deposit and would eventually secure a car loan. In short, I had 2 separate accounts.

Since I still did the bulk of my banking elsewhere, I didn't pay attention to the checking account and there was some monthly subscription that caused it to become overdrawn. It became delinquent in March of 2017 and they apparently charged it off the next month. The overdue amound was $175. I did pay attention to my car loan, paying that off every month. In Oct of 2019 I was in a branch and the manager informed me of the $175 shortfall, and so I paid that amount in full. I was thinking the account was merely frozen and this would settle the tab. I didn't know it had been closed and charged off. I'm not disputing that I owed the money, even though there was never any debt collection attempts for 2+ years.

However, if they wrote off the account in 2017 then how is it they were asking for the account to be settled in 2019? In other words, if I'm paying them money towards an account, and they accepted that money – doesn't that imply that this debt was never really written off, or that the account was still valid? And if they take money in 2019 for a write-off in 2017, do they have to amend their earnings/taxes?

Thanks!

submitted by /u/joninsd
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Categories
BankingTech FinTech

[Discussion] Whats the best bank to open a CD account with?

February 27, 2021 at 07:09PM

Got my tax return recently, and honestly my money is doing well, so i figured i could deposit this return into a CD (this was a suggestion, I first considered a savings account, but found interest rates were better with a CD). I just wanted to not have access to this money, but figured why not accrue interest while not spending it? So im trying to research CDs, and was wondering if anyone can point me in a good direction. Im not rich by any means, but i could afford most minimum deposits, even if by barely just enough

submitted by /u/JassTheBass91
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Categories
BankingTech FinTech

[Discussion] Wire transfer – sent to the right account but wrong branch

February 27, 2021 at 07:07PM

I recently had to wire funds for an investment from Canada to the US. I used my bank (Simplii Financial) to wire the funds to a Wells Fargo account.

I was asked to wire the funds to WFBIUS6S which is one of the Swift codes for Wells Fargo: https://www.wellsfargo.com/com/international/resources/routing-numbers/

My banks wire lookup function was based on ABA and not Swift so after I made the wire transfer, the confirmation page showed that the funds are being sent to PNBPUS3NNYC.

From looking at the above Wells Fargo link, they are both Wells Fargo routing codes but different branches.

How does the above impact my wire? The account number at Wells was entered correctly. Should I be concerned the funds would be lost?

submitted by /u/karancan
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Categories
BankingTech FinTech

Small-savings inflows are down to a trickle

February 27, 2021 at 04:51PM
Collections seen inching up by 3% y-o-y in FY21 on falling rates, rising equities
via Business Line – Money & Banking https://bit.ly/3ksOUSW
Categories
BankingTech FinTech

‘Insurance sector transforming, stakeholders must work together’

February 27, 2021 at 04:12PM
BCG and India Insurtech Association report highlights fundamental shifts
via Business Line – Money & Banking https://bit.ly/3svsBik
Categories
BankingTech FinTech

[Discussion] Chase credit card product change

February 27, 2021 at 04:02PM

Does anyone know when I would be able to return to sapphire reserved if I downgrade from it to preferred? Do I need to stay at reserved for a certain time, like a year?

With travel restrictions and Chase freedom unlimited offering 3% back on dining, I don't want to pay the large annual fee. I'd upgrade back to reserved once things open up and I can really utilize the travel benefits again.

submitted by /u/elysium73
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