Michael McEvoy

Great to see the Curinos partner ecosystem expanding and there is no better time to offer deposit analytics to community banks at scale.

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Introducing the third musketeer of payments tech — drumroll, please — generative AI. Just as Athos, Porthos, and Aramis were a formidable trio, so too is the combination of traditional payment methods, innovative fintech solutions, and the cutting-edge capabilities of generative AI. With its ability to analyze vast amounts of data, identify patterns, and generate insights in real-time, GenAI is revolutionizing the payments landscape. From fraud detection and risk management to personalized customer experiences and predictive analytics, GenAI is slowly but surely becoming the unsung hero of the payments industry. #PaymentsTech #GenerativeAI #Innovation #Finance #Data

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one of the rare examples of true fintech excellence. kudos to Kirill Lisitsyn and Sergey Lebedev. they are the people I'm always happy to consult in payment business. great job, guys! #torus #fintech #irf #invoice #optimization #cardpayments

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STET and ACI Worldwide have reached a RECORD high, processing of over 50 MILLION cross-border payments is set to DOUBLE annually 🤯 🤝 💸 Having partnered since 2017, the STET platform uses ACI's Low Value RTP as a SaaS service to offer SOPHISTICATED routing and processing capabilities to enable its 20 member banks to connect DIRECTLY to the European schemes 👨‍💻 “ACI is uniquely positioned to provide interoperability and connectivity to all European and global schemes, which is crucial as efforts to build cross-border payments networks accelerate across the world, said Nick Craig, Head of Europe, ACI Worldwide. “Central infrastructures, banks and PSPs are using ACI to maximize the use of their real-time rails and position themselves for the future growth of instant payments, whilst offering new and innovative service for their customers.” Find out more on the link below! 👇 Regis Folbaum #aciworldwide #instantpayments #digitalpayments #europe #paymentprocessing #crossborderpayments #stet #SEPA

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In 2022, Wells launched a credit card with Bilt Technologies, a fintech startup. But ...losing as much as $10 million every month..the program has also been hit by fraud. The partnership also poses money-laundering risk. Khwaja's Reflections from Board Oversight Standpoint: Wells Fargo has been making some (good) progress on the corporate governance front. Some of the forward-thinking areas include: ✅ Enhancing disclosures regarding board oversight of human capital management and risks, culture and ethics, and framework for workplace harassment and discrimination.  ✅ Technology and Innovation as one of five strategic pillars. More can be done. Here is My Take: ✅ There is a misalignment or lack of interlock between tech/innovation and risk oversight. ✅ I recommend the lead director establish a standing technology/innovation and cybersecurity committee. ✅ Make the pie bigger for value creation and don't delegate innovation/technology agendas to other committees such as audit or risk. ✅ Per proxy report, 38% of Director nominees only have technology/innovation/cybersecurity expertise while 92% have risk management expertise. Get more innovation/technology/Cybersecurity expertise. ✅ Get the right incentives aligned to take the lead in the innovation game. What do you think? *********Subscribe here to get all my 🔥 takes on the Board and C-suite effectiveness. 👉🏿 https://bit.ly/3VCkqyV ******** #CEO #KSgems #TheVentureMindset #Startup #Technology #Innovation #BoardOversight Manuj Aggarwal Nitin Gaur Christopher Hetner Ilya Strebulaev Alex Dang https://lnkd.in/euXAN-9b

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Why do some fintechs want to become banks? Because they need to stay in business. 🌐 Increasing regulatory scrutiny of BaaS partnerships has created existential risk to partner bank-dependent fintechs: ~ 40% of the federal banking regulators’ formal enforcement actions in Q4 2023 involved fintech partner banks. 🌐 Many of those enforcement actions limit the bank’s ability to onboard new fintech partners or grow existing fintech relationships. 🌐 In response, many partner banks are offboarding fintech partners and turning down 90% or more of the onboarding requests they receive from fintechs. Obtaining a bank charter allows a fintech to: 🌐 Reduce the risk that its business could be disrupted by partner bank regulatory issues. 🌐 Have a direct relationship with the regulators that control whether the company stays in business. In other words, becoming a highly regulated bank may not be what a fintech wants to do, but it may be what the company has to do. #Fintech #BankRegulation #Innovation #BaaS

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While the days of zip-zap ⚡️ machines are long behind us, there’s still more to do when it comes to #onlinecheckout 💻🛒. Mastercard is committed to bringing the same convenience and safety that we’ve brought to the in-person shopping experience online 🔒. That’s why we’re leading the charge to phase out manual card entry in Europe by 2030 with a one-click checkout experience all platforms. How? By bringing #tokenization (aka the tech that replaces a card number with a random code to protect your data) together with #ClicktoPay and #paymentpasskeys. Together, these key solutions will create a consistent experience across devices, browsers, and operating systems. It’s an ambitious vision – but we believe in its potential to benefit the entire ecosystem. Read more 👉: https://lnkd.in/dvpTSgXb #commerce #payments #innovation 

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For the first time, crypto exchange users will be able to send and receive crypto using their Mastercard Crypto Credential aliases, instead of the typically long and complex blockchain addresses 🔐 Read more below 👇

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Thought Machine has expanded its partnership with Mastercard to include payments AND core banking! 👏 ☁ 🏦 Mastercard's GLOBAL network paired with Thought Machine’s NEXT-GENERATION core banking and payments platform will enable FI's transition from legacy core banking and payment technologies to cloud-native ones AND provide their customers with efficient, SEAMLESS banking experiences 🤝 💰 This collaboration ALSO aims to enhance banking efficiency, lower costs, and enable the rapid introduction of more personalised, and customer-centric experiences – from account opening to credit scoring. 👨‍💻 “We’ve had a longstanding relationship with Thought Machine, and they’re now our first strategic, end-to-end partner in the core banking space,” says Mark Barnett, President, Mastercard Europe. “We’re providing leading banks and financial institutions with a comprehensive core banking and card issuing solution that meets tomorrow’s payment needs, and we look forward to scaling our joint capabilities.” Read more on the link below! 👇 Paul Taylor #mastercard #thoughtmachine #corebanking #banking #payments #cardissuing #digitalpayments #cloudbanking #fintech #fintechnews #fintechindustry #bankingexperience

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Fintech Disruptor Update - Big Three Troublemakers We have had earnings announcements from SoFi and Block, and thanks to a great feature in Forbes by Jeff Kauflin, we have some numbers from Chime Let's Talk about it! Cash App 💳 Cash App is up to 24MM active debit card users, up 16% YoY 💳 Interchange is now the biggest drive of profit (was instant deposit) 💳 $1B in savings account growth and $71B in total inflows 💳 Primary Accounts (direct deposit) grew QoQ, but primary accounts not disclosed. (2MM last quarter) Shareholder letter was almost exclusively about #bitcoin, which may truly be a renewed focus given the performance. This could also be a misdirect from less than stellar growth. That said Cash App still has 24MM debit cards and 2MM primary accounts, which is nothing to sneeze at. SoFi 💳 Checking accounts grew 61% to 3.8MM 💳 Total Deposits grew $3B 90% from primary accounts 💳 32% growth in credit cards 💳 27% growth in personal loans 💳 Median FICO for customers was 744 💳 NIM is 5.91% despite cost of deposits being at 4.4% They seem to be hitting on all cylinders. Some of their numbers are misleading. For example the total lending products is a cumulative number and does not take out paid off or closed loans. They also count credit monitoring service as a product. It counts in their total FS product numbers. That said 3.8MM accounts and 90% deposit growth from primary customers is pretty impressive. Chime 💳 7MM accounts mostly primary 💳 $270MM spend on marketing in 2023 💳 Direct Deposit required to enable SpotMe and other features 💳 Cost to serve is 1/3 the cost of a traditional bank 💳 Launching Personal loans of up to $1000 with fixed fee structure 💳 Targeting consumers making under $100K per year 75% of the US population So What? Overall total checking from these three is around 34MM with about 12-13MM primary accounts. Cash App is focused on increasing conversions to primary, and Chime is looking to expand into more profitable lending products. While the replacement of banks and credit unions is a long way off SoFi is furthest along in offering end-to-end banking services (and has a charter). Together these three companies represent somewhere in the neighborhood of 5 -20% of the checking accounts in the market today. This does not include other fintechs like Affirm and Klarna, who are moving aggressively into the space. They are also growing at a much higher clip than almost anyone in the space. How concerned are you about the competition from #fintech and their cannibalization of your deposit base? What are you doing to overcome this headwind? #Fintechdisruptors #primarybank #checkingaccounts #banking #debitcards Mary Wisniewski Sam Kilmer Ron Shevlin Brandi Gregory Kevin Von Holten Emily Osburn Lindsay Hooks Jayme Madden

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#PayByBank is on the rise in the U.S., marking a significant shift in how we transact directly from our bank accounts. In latest episode of Breaking Banks Fintech Podcast, Trevor Nies, Adyen's Global Head of Digital, and Eric Sager, COO of Plaid, delve into the factors for widespread adoption and our readiness for diverse use cases. Will pay-by-bank become the norm in everyday e-commerce? Listen now to find out! 🔊🎧

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Great #Payments2024 keynote session on faster payments, focusing on both same-day ACH and #instantpayments with insights from U.S. Faster Payments Council members David Watson of The Clearing House, Mark Gould of Federal Reserve Financial Services, Jane Larimer of Nacha and moderated by David Stewart. The group talked about the growth of instant payments and same-day ACH, interoperability between #FedNow and #RTP, #ISO20022, and #fraud

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Excellent fireside chat yesterday between Karen Webster and Mark Nelsen from Visa on the evolution of consumer payments and the tools and features that Visa is launching (around the Visa Payments Forum 2024) to improve commerce experiences and reduce fraud for consumers, issuers and merchants. https://lnkd.in/gnKPZiaZ Several of the products include: 1. Passkey to simplify online consumer checkout, increase security, and reduce fraud 2. Flexible Credentials on the same card enabling the card to be configured for certain transaction values on debit, higher values on credit, BNPL, and more 3. Tap to "Everything": to enroll for merchant services by tapping a phone with one's card 4. Pay by bank: 5. Visa Protect: using AI over RTP/A2A rails to find anomalies and fraud 6. Data Tokens: for consumers to share more information and enable merchants to provide more curated offers.

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As pay-by-bank payment rails become more instantaneous & cheaper, traditional #creditcard networks will need to stay relevant Https://https://lnkd.in/gtv6JJi2

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Great opportunity to participate in Payment Expert's series: 'ID Check: Payments Professionals'. In the interview, I discussed strategies I've employed to navigate the evolving financial landscape, particularly in Embedded Finance. Adapting to the complexities of a constantly evolving sector requires foresight, adaptability, and a deep understanding of emerging technologies. For those interested, you can read the full article here: #EmbeddedFinance #PaymentExpert #Andaria

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How much fraud is hiding in a lender's credit losses? Like a snake in the grass 🐍 By the time you see it - it's too late. At Point Predictive we've conducted hundreds of data studies with different lenders and have found that early payment default is an extremely strong proxy for fraud. How strong you may ask? Frank McKenna joins me on this episode to discuss a recent retro study we completed. Our incredible Fraud team does a forensic investigation on a lender's early payment defaults just to see how many of them contain identifiable fraud flags at the time of application. In this study we found that 78% of their losses, categorized as credit losses, had some sort of material misrepresentation at the time of application. And the results of the types of fraud may shock you. Almost 4 out of 5 credit write-offs were actually fraud 😱 Most lenders focus all of their attention on #identityfraud...but this makes up a minority stake of the overall #fraudpie. The fraud breakdown was: 💸 46% Income Fraud 🏦 25% Employment Fraud 🥷 16% Identity Fraud (only 16%....) 👥 10% Straw Purchase 🚗 4% Powerbooking I like to say that fraud is preventable. There are red flags and trends to spot. The problem is you first have to understand that it exists. When a lender only focuses on identity they're missing the big picture. Although it is extremely important to know who you're doing business with, if this is your only priority you're going to keep losing a lot of money. #fraud #fraudprevention #fraudawareness #fraudstrategy #autofinance #ai

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The problem is not bundling - the problem is fintech’s selling you smoke and mirrors - locking you into a 10 year contract - then relying on their big VC pockets to outspend you in legal to terminate. Everything we do at BankSocial has an easy out - we want you as a partner. To come share your problems and needs with us so we can fix them and help you grow. And if we end up not being the right partner- we want you to be free to find the right partner. That’s why we believe in the power of open banking and the coming wave of Web3. The fix is not unbundling and signing MORE contracts - it’s finding partners who care. #sorrynotsorry

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This Fintech Nexus article offers a fascinating look at how Jifiti is shaping the future of embedded finance through strategic partnerships with banks and retailers. I'm proud of our team's work building flexible infrastructure that powers personalized lending solutions across 12 countries. The embedded finance landscape has evolved rapidly in recent years, with forward-thinking FIs embracing fintechs like Jifiti to enhance their digital offerings. While integration is never simple in this industry, our "pipes" are designed to connect banks, retailers, and service providers with minimal disruption. With the embedded finance market projected to grow nearly 150% by 2028, Jifiti is well-positioned to help banks launch embedded POS finance solutions on a global scale. Our partnerships with Ingenico, FIS, and Finastra are key to making this happen. The future of embedded finance is bright – and Jifiti is ready to light the way.

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This is a great share American Banker. This is a common issue among banks and credit unions, which is one reason why BankShift exists. Having experience at top U.S. financial institutions, we empathize with navigating these challenges as we’ve been there before. We’re into solving problems for the toughest challenges that most financial institutions face. Please feel free to reach out. https://lnkd.in/gUvSgFYD Here are some tips to reduce frustration: 1. Implement a rigorous vendor management screening process to avoid hiring individuals without the necessary experience. 2. Ensure vendors possess intellectual property and a team with a proven track record of transforming financial institutions. 3. Move away from lengthy contracts, which benefit providers with recurring revenue but are not advantageous for financial institutions. 4. Conduct thorough technical due diligence before signing contracts to ensure compatibility across the entire institution. 5. Only deal with bundled services outside of the core systems and try not to create spaghetti (API) monsters. Note: If you already have a spaghetti monster, our digital hub (gateway) to monitor all your vendors is the cheapest start with immediate upside to your call center. 👊 #digitalfirst #transformation #creditunions #banks

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