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  • user 3:35 pm on May 24, 2018 Permalink | Reply
    Tags: , , , , , , , , Sale,   

    Payment innovation extends the marketplace for credit at the point of sale 

    today are facing stiff competition from innovative fintechs focusing on niches in the retail banking value chain. The advent of Open Banking will also facilitate the creation of new products and services that were previously impossible to imagine.

    This creation of new products and services is blurring the gaps between banks&; traditional lines of business, such as payments and . Fintechs and banks see the importance of linking credit and payments, self-evident for many years with credit cards, but which is an emerging theme in payments currently.

    The millennials of today are uneasy carrying credit card balances, particularly as an aftermath of the struggle with debt during the financial crisis. They lend with more certain repayment terms, which helps them fund their big-ticket as well as smaller purchases while also consolidating their debts. -of- lending has emerged as a new category of lending to help such consumers finance new spending and to help merchants reduce basket abandonment. By partnering with merchants and embracing digital technologies, some disruptive fintechs are competing directly with credit cards and store cards to provide customers with quick and easy short-term credit at checkout.

    One such disruptive in this space is Klarna, which provides a “buy now pay later” option at the checkout. When visiting a website powered by Klarna, shoppers need to simply input their email ID and shipping address, without the need to set up an account or type in credit card information. The maximum purchase limit is different on each account and is determined by a credit assessment by Klarna. For retailers, Klarna assumes all the financial risk of encouraging shoppers to close the deal without . When the online retailer ships the product, Klarna pays the merchant directly, then sends a message to the consumer allowing 14 or 30 days to pay or return the item. Shoppers can also choose to pay on monthly installments with an interest component added. Behind the scenes, Klarna does checks that quickly determine if a shopper is a legitimate person and has good credit based on his or her email and shipping address.

    Other companies in this space, like PayPal credit (formerly known as Bill me Later), have been steadily growing since 2008; PayPal credit offers a digital reusable line of credit to shop anywhere PayPal is accepted. Customers get up to six months to pay on purchases of $ 99 or more. Another player in this space is Affirm, which is also partnering with merchants to offer payment options, including financing as an alternative to credit cards.

    Payments systems, like those offered by these players, are growing, are profitable and are encroaching more and more on traditional banking systems. The primary benefit of such a service is that removal of the payment step greatly reduces friction and shopping cart abandonment in the checkout process. The model proves to be a win-win for the customer and the retailer alike. The granting of a banking license to Klarna has enabled the fintech to move into ‘big bank’ territory and start offering its customers a larger range of financial services.

    Banks such as Wells Fargo and Citigroup have been big players in point-of-sale loans historically—but these types of loans are now becoming increasingly popular. This is due to the advent of that enables merchants to offer the option of a loan at the moment of purchase, where they may have previously only accepted cash or credit cards. Of late, consumer loan growth has become a top priority for banks to diversify their loan books, which historically have been over-burdened with commercial loan portfolios.

    Some banks have taken the route of partnering with fintechs to have their share in the POS lending scene—e.g. banks like SunTrust, Regions Financial Corp, Fifth Third Bancorp, etc. have been offering their loans through GreenSky, a fintech which enables merchants selling furniture, home improvement and medical firms to provide POS credit to their customers. GreenSky provides loans—from $ 5,000 to $ 55,000—which are funded in minutes by any of the banks in their network.

    POS lending provides the much-needed portfolio diversification which banks need in their books. Burgeoning fintechs in this space are claiming their share of these loans from customers—and banks need to ensure they have their own plans in place to either partner with them, or speed up their digital innovation processes to get their fair share of the POS lending market. With the advent of technology and regulations aimed at removing friction in the customer journey, the linkage between payments and credit are strengthening like never before, and banks need to have their strategies ready to retain their dominant foothold in this space.

    The post Payment innovation extends the marketplace for credit at the point of sale appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 12:19 pm on May 1, 2018 Permalink | Reply
    Tags: $1.9B, , Baidu’s, , , , Sale, ,   

    What the Sale of Baidu’s Banking Unit for $1.9B Says About the Future of Payments 

    Like everything in China, the purchase of Baidu&;s financial services by TPG Capital Management LP and Carlyle Group LP today is a big deal. It is also a deal that will require a big effort by the private equity firms in order to find success. This is a deal that offers a glimpse into [&;]
    Bank Innovation

     
  • user 12:18 pm on December 16, 2017 Permalink | Reply
    Tags: , , Careful, Marketed, Sale, , Sellers, , , , Unlikely   

    The U.S. is Unlikely to Ban Token Sales, But ICO Sellers Should be Careful How Sale is Marketed 

    EXCLUSIVE—While the U.S. is to ban outright, those looking to raise funds with an ICO (or Initial Coin Offering) make sure they’re paying close attention to risk. This is according to Joshua Ashley Klayman, co-head of the and smart contract group, Morrison &; Foerster. “It doesn’t look like [regulators] are [&;]
    Bank Innovation

     
  • user 12:18 pm on March 3, 2017 Permalink | Reply
    Tags: , , , , Sale   

    Will the Sale of JD Finance Be Enough to Match Alibaba? 

    Chinese e-commerce company JD.com just made the next move in its on-going with the Group. After reporting promising fourth-quarter results, including a 47% jump in revenue, JD.com also announced the  of its arm JD Finance for about $ 2 billion (or 14.3 billion yuan). JD Finance will spin off on its own, but [&;]
    Bank Innovation

     
  • user 3:35 am on September 16, 2016 Permalink | Reply
    Tags: 1.5M, , , , , , , , , , , , Sale,   

    Blockchain Marketplace Lykke Begins Crowd Sale; Looks to Raise 1.5M CHF 

    , a Swiss startup seeking to build a global marketplace powered by , has begun its Initial Coin Offering (ICO) campaign as the company to CHF 1.5 million.

    Lykke blockchain global marketplaceLykke seeks to sell 30 million Lykke coins at the price of 0.05 CHF each. Lykke coins represent ownership of Lykke, an exchange for trading financial instruments built on top of blockchain technology.

    &;Lykke is looking for investors who want to change the face of the global market,&; Richard Olsen, co-founder and CEO of Lykke, said.

    &8220;Our goal is to upset the inefficiency and unfairness of the existing financial system, giving people a better way to manage their money and their assets.&8221;

    The is available to anyone over 18 years old (except for US citizens) and will run until October 10, 2016. Individuals can purchase these tokens using the Lykke Wallet application for iOS or Android devices using Swiss francs, US dollars, bitcoins and ether, the native of Ethereum. (more information here)

    The Lykke Wallet lets users purchase &8220;any kind of financial instrument,&8221; trade them in a peer-to-peer manner, with &8220;second-by-second interest payments.&8221;

    &8220;We want to give our customers and those who believe in our vision a chance to participate in owning part of the company,&8221; Olsen said.

     

    Lykke&8217;s technology

    Launched in 2015 and headquartered in Zurich, Lykke is building a single where any sort of financial instrument can be traded and settled. Unlike the structure of traditional markets, Lykke aims at being a &8220;level playing field to which anyone with an Internet connection can have access.&8221;

    By using blockchain technology, Lykke offers immediate settlement and direct ownership for zero commission. According to the company, revenues will come from providing liquidity, offering issuance services, and supporting institutional clients.

    Lykke uses the Colored Coin protocol to list financial instrument on the blockchain in the form of a digital tokens. Colored coins follow the idea of &8220;coloring&8221; a specific &; the issuer guarantees to hand out the underlying assets to the person, who returns the colored coin.

    According to its whitepaper, all of the software underpinning the Lykke Exchange are being developed in open source.

    Lykke WalletThe Lykke ecosystem will be composed of several elements: the Lykke Wallet for core currency trading with 0% commission; the Lykke Exchange, a semi-centralized online exchange for trading financial instruments issued in the form of colored coins and a marketplace for retail and institutional clients; as well as the yet-to-be launched Competition Platform, which will allow users to crowdsource the most innovative ideas.

    Lykke also plans to partner with , corporations, and municipal entities to speed up adoption of its software wallet though white-labeling.

    Lykke Exchange was developed since December 2015 and went live in beta on March 2016 with wider industry testing starting in May 2016. The exchange was initially launched with the Lykke coin, shares of Lykke, and started two innovative projects: colored coins for music rights and colored coins for CO2 certificates.

    The company is looking to include several asset classes such as future and options on digital assets, crowdfunded loans for retail and private equity financing for Small and Medium-Sized Enterprises (SME), contracts for difference, zero coupon bonds and other fixed income, and natural capital bonds, among others.

    Lykke received initial seed funding in 2015. Philipp Netzer, an investor in the country says that &8220;Lykke is the begging of a giant movement that will trigger a lot of very important changes in the financial industry.&8221;

    Prior to founding Lykke, Olsen was the chairman and co-founder of OANDA, a Canadian-based foreign exchange company.

    You can be part of Lykkes Initioan Coin Offering here,.

    Lykke Wallet_iOS_and_Android

    The post Blockchain Marketplace Lykke Begins Crowd Sale; Looks to Raise 1.5M CHF appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
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