logo
Why Accelerated Transformation in Lending is Imperative Today

Why Accelerated Transformation in Lending is Imperative Today

Finextra3 days ago

In part two of our series on lending transformation with Mambu, we are joined by Miguel Amaro, Partner, Deloitte and Anthony Nonnis, Head of Global Partnerships, Mambu to discuss how modernising lending operations is now a necessity for financial institutions to remain competitive. We explore what accelerated transformation looks like - embracing new technologies through a cloud-based API core platform and quickly launching new products in the market.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Retailers Accepting Crypto Payments – With Instant Settlement in Cash: By Shane Rodgers
Retailers Accepting Crypto Payments – With Instant Settlement in Cash: By Shane Rodgers

Finextra

time2 hours ago

  • Finextra

Retailers Accepting Crypto Payments – With Instant Settlement in Cash: By Shane Rodgers

Cryptocurrency payments are gaining interest in the retail world, from luxury watches to fast food. As consumers express interest in paying with digital assets, businesses see a means of gaining a larger customer base. With a new generation of crypto payment solutions now available, businesses can accept crypto seamlessly, converting it instantly to their local currency. The merchants never touch the crypto, so there is no need to worry about crypto volatility, wallets to manage, or compliance headaches. A Shift in Retail Payments Consumer desire to use crypto at checkout is growing fast. The numbers back it up: 65 million Americans now own crypto, and according to Capital One, 80% would like to use it for everyday purchases. These consumers may be shopping for luxury items, but they also want to pay for groceries, plane tickets, and even fast food with digital currency. What's more, crypto users typically spend twice as much as those using traditional cards. Retailers are responding. In the United States alone, over 6,000 merchants already accept Bitcoin payments, and a Deloitte survey reveals that 85% of retailers see crypto as a tool to engage new audiences. Early Adoption Across Sectors The pay by crypto option isn't just theoretical — businesses are already seeing the impact. PDX Beam has been piloting its payment gateway with dozens of merchants across diverse industries, from diamond sellers to luxury car dealerships. By offering crypto-based payment these businesses are accessing a new demographic of spenders. One international fast-food chain is launching a crypto payment pilot in ten Miami-Dade locations, part of its expansive U.S. presence of 6,800 outlets. These tests could soon bring crypto payments to the mainstream of fast-food transactions. Beyond individual retailers, major retail payment players behind the scenes are getting involved. A $7.5 billion financial institution has signed a deal to process crypto payments, while a private equity group is using PDX Beam to enable crypto transactions for its portfolio of retailers. Eliminating Crypto Exposure for Merchants For most merchants, the biggest worry is dealing with crypto's price swings and the operational headaches of managing digital assets. PDX Beam's modern crypto-to-cash gateway eliminates that concern entirely. When a customer pays in crypto, the system instantly converts it to local currency and deposits the funds directly into the merchant's account — usually within seconds. Retailers don't touch the crypto themselves, meaning there's no exposure to volatility and no need to maintain separate crypto accounts. Plus, because these payments settle on blockchain rails, they help reduce the risk of chargeback fraud, offering merchants an extra layer of security. Lower Fees and Instant Settlement Another major benefit is the fees associated with crypto payments. While traditional card payments come with fees that can reach 3-4% for standard transactions and up to 7% in high-risk sectors (including cannabis stores), crypto payments bypass these intermediaries, lowering transaction costs to less than half Visa/MC charges. Settlement speeds are another major advantage. Credit card transactions can take days to clear, but crypto payments through these new gateways settle in real time or the same day — helping retailers improve cash flow. Positioning for the Future The shift toward crypto payments isn't slowing down. Big banks like JP Morgan and Goldman Sachs are launching crypto products, and the U.S. government is laying the groundwork for regulations that will support the growing digital asset economy. Worldpay forecasts that crypto spending worldwide will more than double by 2030, from $16 billion to $38 billion. For retailers, the takeaway is clear: crypto payments aren't a passing trend. Consumers want to use it, and with modern gateways eliminating risk and complexity, merchants can meet this demand safely and efficiently. By enabling crypto transactions without ever directly handling digital assets, retailers can meet the needs of this new generation of shoppers who are living increasingly digital-first lives.

Alligator near your ball? AI rules expert at U.S. Open will tell you what to do
Alligator near your ball? AI rules expert at U.S. Open will tell you what to do

Reuters

time3 hours ago

  • Reuters

Alligator near your ball? AI rules expert at U.S. Open will tell you what to do

OAKMONT, Pennsylvania, June 13 (Reuters) - The rules of golf can be complex but at this week's U.S. Open an interactive artificial intelligence avatar is offering a glimpse into how golfers can get instant answers to questions, even what to do if you encounter an alligator on the course. Inside a hospitality suite overlooking the 17th green at Oakmont Country Club are three demo terminals that feature an avatar of USGA rules expert Jay Roberts standing with steepled fingertips and awaiting any questions about golf rules. To interact with the Rules of Golf AI Avatar, a user must tap and hold their finger on the screen while asking a question in either English, Spanish or Mandarin and then get answered in that same language. When asked what to do if a golfer finds an alligator in the same bunker where their ball is, the avatar quickly shows some mental wit: "An alligator in the bunker, now that's a hazard." The avatar then proceeds to tell the user they can either take free relief by dropping their ball at the nearest point in the bunker where they are safe, no closer to the hole, or take a penalty stroke and drop outside the bunker. Deloitte, in collaboration with the United States Golf Association, created the demo using four years of USGA expert-answered rules inquiry data, combined with advanced AI to provide real-time and accurate answers to rules questions. The avatar is not yet accessible to the broader community or stakeholders that the USGA works with but could ultimately serve players through an app on their phone or perhaps on a screen in their golf cart. According to Lou DiLorenzo, Deloitte's National AI & Data Strategy leader, the technology can help further educate golfers on the rules of the game, which can help ensure fair play and perhaps even speed up the pace of play. "What we are doing here is using technology to help make the game and the rules more accessible, which is good for more people to enjoy playing it under fair play conditions," DiLorenzo told Reuters. "Ultimately we think it's going to help increase speed of play, we think it's going to help the interaction between the USGA and the courses that it serves and ultimately the membership that it represents."

Multinationals cut back on support for Pride festivals
Multinationals cut back on support for Pride festivals

Times

time10 hours ago

  • Times

Multinationals cut back on support for Pride festivals

Corporate sponsors are pulling back their support for Britain's Pride festivals amid President Trump's attacks on diversity, equity and inclusion (DEI) policies. A number of multinational companies have decided not to renew their sponsorship of some of the UK's biggest Pride events, or opted for more low-key support. Sony and Reckitt Benckiser, which both sponsored Pride in London last year through their PlayStation and Durex brands, do not appear on the list of sponsors of the event this year. According to the website for Brighton Pride, Costa Coffee, owned by Coca-Cola, has also not renewed its sponsorship. Deloitte and Skyscanner, previous sponsors of Pride in Edinburgh, are also missing from the list of sponsors for the event this year.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store