FinTech Articles Week of 10/02/15
The liability shift has arrived
Small businesses must brace themselves for the EMV payment roll out this week. Only 19 percent of merchants will have the equipment to take chip cards by the end of the year, according to Stratechery, which opens them up to liability for about $3 billion worth of counterfeit card fraud in the U.S. Click here to find out which major retailers have already switched, and what’s at stake for those that haven’t.
Merchant service providers are dropping the ball on EMV
The deadline to switch to EMV arrived this week, but, sadly many merchants don’t have a clue about what it’s for, why it’s mandatory, and how it will affect them. Payments Source’sSuneera Madhani examines the benefits of EMV payments, and what it means for secure transactions going forward.
Addressing the legacy of corporate treasury
Capital One aims to develop new banking methods for corporate clients, and the company’s new head of Treasury Management’s Product Management & Innovation Patrick Moore is taking on the challenge. Moore talks with Karen Websterabout his new role, payment needs for corporate clients, and his ideas for how to meet them.
$225 into AvidXchange shows the American B2B paper payment dam may be breaking
While FinTech has developed rapidly for consumers, methods for business-to-business payment processing remains snail-mail sluggish. AvidXChange is looking to digitize the accounts-payable processing for small business, with the help of a $225 million from investors like Square1Bank, TPG, and Foundry Group, Daily Fintech reports.
McKinsey warns banks face wipeout in some financial services
One of McKinsey’s annual global banking review predictions is the erosion of two-thirds of revenue on some banks’ financial products, the Financial Times reports explains why thinking big is good but comes with many hurdles. Over the next decade, competition from tech companies could reduce earnings from loan products such as credit cards and car loans by 60% and revenues by 40%. Westcott Capital called the report “hyperbole” as bank seek increased regulation of FinTech disruptors—I agree.
My half life in payments
When Scott Loftesness left Visa in 1994 the thought the payment innovation was done. “Looking at the innovations in payments over the 20+ years since, how wrong I was.” Read his reflections on FinTech then and now.
FinTech Rising: How to Create Synergies with Financial Institutions
Register for my October 8 webinar with Yodlee Interactive, Lloyds Banking Group, and Pariti, sponsored by Finextra: Details and Registration.