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12.09.16: Your morning briefing
Welcome to the new PaymentsSource Morning Briefing, delivered daily. The information you need to start your day, including top headlines from PaymentsSource and around the Web:
Square's Caviar expands in Philadelphia: Since its acquisition two years ago, Square's Caviar has become a major part of the mobile point of sale company's diversification strategy, adding food delivery for high-end restaurants as a complement to its order ahead service as Square seeks to position itself as a provider of broad merchant services in addition to payments. Caviar is expanding in Philadelphia, as the Philadelphia Business Journal reports Square has acquired Main Line Delivery, a delivery outsourcer for restaurants in Philadelphia's suburbs. The newspaper reports the deal will increase Caviar's footprint in the Philadelphia area to more than 300 restaurants.
Buildings stand in the skyline of Philadelphia, Pennsylvania, U.S., on Friday, May 8, 2015. Philadelphia, the largest city in the Commonwealth of Pennsylvania, is the center of the state's economic activity as well as home to seven Fortune 1000 companies. Photographer: Victor J. Blue/Bloomberg
Victor J. Blue/Bloomberg
Crowdfunding gets regulated: For payment startups, crowdfunding is proving to be an alternative to traditional venture capital, but it might be getting tougher to raise funds from U.K. sources. The Financial Conduct Authority plans to change rules for crowdfunding to require more transparency into marketing and policies that dictate how money is returned for failed ventures, according to the BBC. The U.K. government found some crowdfunding programs make due diligence difficult and promotions are "misleading" at times. The FCA also contends it has found conflicts of interest in some campaigns.
Canada's payments overhaul: Payments Canada is seeking public consultation on a project that will change the country's payment ecosystem to accommodate faster processing, digital transactions, blockchain and other advancements, according to Finextra. Formerly known as the Canadian Payments Association, the country's payment system is working off of a roadmap that releases the first enhancements in 2017, with full project taking as much as five years, including financial services institutions, government agencies and payment companies. The association has committed to using the ISO20022 message standard and has set a path away from paper-based processing for remittance, checks and invoicing.
AI on the ground floor: Artificial intelligence needs advanced technology support such as quantum computing to take off, but there are still benefits that can be obtained now, contends Pavel Abdur-Rahman, an IBM associate partner. Speaking at the Mobey Day event in Toronto, Abdur-Rahman said AI can help manage compliance for transactions such as payments, reports Finextra. IBM has acquired Promontory Capital, which will form Watson Financial Services, a unit that will use AI to adjust quickly to changes in regulations. IBM, which is also embedding its technology in mobile payment apps, will combine the experience of Promontory's staff with Watson to address the cost and manual work involved in risk management and regulations, Abdur-Rahman said.
How Mobile Millennials Buy: Banking 74%, App Purchases 53%, Music 51%, Retail 44% MediaPost • Chuck Martin U.S. Millennials shop in person because of a sense of immediacy, the ability to touch the product, and to see if it fits, based on a new global study. The majority (66%) of Millennials overall shop in a store rather than online...
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How Credntia aims to eliminate wallets once and for all There's still a gap in the mobile ecosystem that forces people to cling to leather and plastic, but there may be a way to shift to a mobile-only economy, contends Credntia's Cody Winton.
Amazon, McDonald's turn up the digital heat on retail The Amazon Go store launching in Seattle, that enables customers to walk in with their Amazon app and walk out with goods without a single interaction with staff or checkouts, really goes to show that no vertical is safe from tech disruption.
CIBC shakes up cross-border payments to battle remittance disruptors Innovation around cross-border remittances is driving growth for startups using mobile technology to expand access and drive down costs, while many banks are still relying on slower, costlier approaches to international funds transfers.
Mobey Forum makes changes at the top Mobey Forum is naming a new executive director who will take over early next year, the global bank-driven technology association has announced.
Senate Banking Committee ranking member Elizabeth Warren, D-Mass., sent a letter to banking regulators urging them to preserve the enhanced Supplemental Leverage Ratio, warning that a rollback would only enrich bank shareholders.
Cincinnati-based First Financial scooped up Westfield Bank near Cleveland after Westfield's parent company decided to exit the bank space and focus on its core insurance business.
Since the end of COVID, each bank has set its own rules for how often employees need to show up at the office. Here's how a dozen lenders are handling the shift.
A number of fintechs emerged amid the COVID-19 pandemic as a flurry of Paycheck Protection Program loan applications inundated banks. Now, the government is alleging many of them facilitated or committed fraud.
