Australian Fintech Assembly Payments Lands JV with Standard Chartered Bank

Australian Fintech Assembly Payments Lands JV with Standard Chartered Bank

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Australian Fintech Assembly Payments Lands JV with Standard Chartered Bank
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Flood insurance- where the rising tide has NOT raised all ships

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Flood insurance- where the rising tide has NOT raised all ships
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What’s the Best Use of Your Tax Refund? 8 Smart Ideas

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What’s the Best Use of Your Tax Refund? 8 Smart Ideas
Getting a sizable tax refund can seem like winning the lottery. All at once, you’re a few thousand dollars richer. It can be tempting to blow that cash without thinking, but you’re wiser than that. You know that your tax refund isn’t free money — it’s your money. If you’re unsure of the best use of your tax refund, remember that it’s a portion of the hard-earned cash you worked for throughout the year and consider these eight smart ways to put that money to good use. 1. Build Up Your Emergency Fund Saving cash aside for emergencies gives you peace of mind that you can financially weather a crisis. Unfortunately, many Americans have much less than the recommended amount for an emergency fund. If you have less than three-to-six-months worth of living expenses, funnel some of your tax refund to your emergency fund. Pro Tip Keep your emergency fund savings in a liquid, no-risk account that’s easy to access when you need it. Earn interest with a high-yield savings account or money market account. 2. Pay Down Debt Relieve yourself of some of the pressure weighing down on you from debt. If you’re a fan of the snowball method of debt repayment, put your refund toward one or two of your smaller debt balances. Once they’re paid off, work on your next largest debt.  If you’re more of a debt avalanche fan, use your tax refund to pay down a larger balance that has the highest interest rate. Even if you don’t pay it off completely, reducing the balance means you’ll pay less in interest. 3. Contribute More to Your Retirement Funds Hopefully you’re already contributing to a 401(k) plan or individual retirement account (IRA), but are you maxing out your contributions? The 2020 401(k) contribution limits are $19,500 for individuals younger than 50 or $26,000 for those 50 and up. This year, you can contribute up to $6,000 in an IRA if you’re younger than 50 or up to $7,000 if you’re 50 or older. The more you add to your retirement accounts, the greater your money can potentially grow. Even if you can’t afford to increase the percentage of your paycheck that goes to retirement each month, you can use your tax refund to make a one-time, lump-sum contribution. 4. Save for a Big Bill Think about what big expenses you have coming up on the horizon that you haven’t budgeted for — like your auto insurance premiums or getting braces for your teen. If your monthly income can’t support such an expense in addition to all your regular bills and obligations, using your tax refund is a smart choice in lieu of dipping into your emergency fund or turning to credit cards. FROM THE BUDGETING FORUM Changing my eating habits is changing my finances 1/8/20 @ 2:56 PM Family Budgeting Strategy for Youth 2/10/20 @ 4:42 PM K Pay all bills on one day or spread throughout the month?? 2/6/20 @ 5:59 AM See more in Budgeting or ask a money question 5. Fill Out Your Sinking Funds You’re probably juggling multiple savings goals. Maybe you’re trying to stack cash for a cross-country move while saving for a wedding. Or you’re saving to welcome a new baby into the family while putting money aside for your older kid’s birthday party and concurrently saving for a down payment on a minivan. Each sinking fund — which is just a personal finance term for a pool of money you add to over time to break up a large expense — could probably use an influx of cash. Distribute a portion of your refund money to each savings goal — or funnel it all toward your most pressing need. 6. Invest in Yourself Sometimes it takes money to make money. Is there a certification program you can take or a piece of tech equipment you need to enhance your career and help you get a better-paying position?  Or perhaps you have a business idea you’ve been wanting to get off the ground but just needed some initial capital. Invest your tax money in something that’ll help you generate more income. 7. Save for Your Kids’ College Education College is a big-ticket expense for most parents. Even with scholarships and financial aid, families can expect to have significant out-of-pocket costs. Get in the habit of putting your tax refund toward saving for college to help offset your child’s looming tuition bill. A 529 college savings plan is a common option to store your funds. Pro Tip If your kid is still in diapers, it may seem more practical to put your extra money toward more immediate expenses, like the cost of daycare. There’s always time to save for college later. 8. Make Home Improvements Home upgrades can be expensive, but they can also increase the value of your home when it’s time to sell. If your roof is due for replacement, you’ve got major appliances that are decades old or you simply want to give your kitchen a facelift, tap into your tax refund to take care of those home improvement projects. Nicole Dow is a senior writer at The Penny Hoarder. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. [...]
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Small Business Fintech is levelling the playing field with big business over cost of capital

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Small Business Fintech is levelling the playing field with big business over cost of capital
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FINRA Requests Comments on Proposed Amendments to CAB Rules

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FINRA Requests Comments on Proposed Amendments to CAB Rules
On January 14, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 20-03 announcing that it had concluded its retrospective review of Rule 5250 (Payments for Market Making), which generally prohibits members from receiving payments for market making. Based on the review, FINRA has elected to maintain the rule without change. Regulatory Notice 20-03 is available here. [...]
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This Week in Fintech ending 14 February 2020

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This Week in Fintech ending 14 February 2020
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5 Cellphone Plans That Come With Free Streaming TV

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5 Cellphone Plans That Come With Free Streaming TV
This post comes from partner site WhistleOut.com. All major carriers like AT&T, Verizon, Sprint and T-Mobile now offer incredibly competitive unlimited data plans. In their effort to win your business, these carriers (and some smaller mobile companies) are now offering streaming service as a free perk for signing up for one of their unlimited plans. So, if you’re in the market for an... [...]
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This Week in Fintech 7th February 2020

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This Week in Fintech 7th February 2020
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Speaking of Blockchain, what of its place in insurance?

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Speaking of Blockchain, what of its place in insurance?
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50 Diverse Takeaways from Davos WEF2020

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50 Diverse Takeaways from Davos WEF2020
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Nimbla To Take Invoice Insurance Mainstream With Barclays Deal

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Nimbla To Take Invoice Insurance Mainstream With Barclays Deal
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This Week in Fintech 31 January

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This Week in Fintech 31 January
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Security Token news for Week ending 24 January 2020

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Security Token news for Week ending 24 January 2020
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This Week in Fintech 24 Jan

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This Week in Fintech 24 Jan
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Australia’s Open Banking Dream Drifts Away

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Australia’s Open Banking Dream Drifts Away
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This Week in Fintech 10 Jan

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This Week in Fintech 10 Jan
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Fintech Must Meet Cleantech. Fast.

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Fintech Must Meet Cleantech. Fast.
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Bitcoin VC Funding is now over 30% of Fintech and catching up fast

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Bitcoin VC Funding is now over 30% of Fintech and catching up fast
Editor’s Note: this is the 7th post on Daily Fintech, written in 2014 – to close out 2019. Happy New Year to our Western readers To give our authors a break over the holidays, we are re-posting from our archive of over 1,000 articles. Rather than pick favourites we elected to simply repost the first 8 articles (as that was over 5 years ago you may have missed them; we were pretty unknown then).  As we close out 2019, make a resolution to be smarter about Fintech in 2020 by subscribing for just US$143 a year (= $0.39 per day). You will get all our fresh daily insights and participate in our forum. You can also read our archives with over 1,000 articles, an example of which you are reading from over 5 years ago. We look forward to welcoming you to the Daily Fintech membership community today! This is one of a series called Explorations down the Bitcoin rabbit hole. Actually this understates it, but more on that later. First the basics. I looked at data from Coindesk on Bitcoin VC funding and data from CB Insights on Fintech. The Coindesk data is for Q2 and the CB Insights data is for 2013, so I multiplied the Coindesk data by 4 to get an annual run rate of $960m vs total Fintech over $3,000m. Thus the 30% headline number. This understates the Bitcoin number. Where would we record the pre-mining that funds a lot of Bitcoin 2.0 start-ups? However the bigger story is around momentum. Bitcoin startups only started to get serious money in the last 12-18 months. As some of these like Coinbase and Bitpay get real traction, this will pull in more funding. More importantly, the Bitcoin 2.0 platforms such as Ethereum, Maidsafe and Counterparty are getting funded through pre-mining and they are platforms to attack Fintech markets well beyond what we narrowly think of as Bitcoin today. My guess is that if did the same analysis in Q4 of 2014, the Bitcoin run rate would be closer to 50% of total Fintech. Some time during 2015, this analysis will no longer be useful as most Fintech startups will use Blockchain technology in some way. By 2016, it will be like saying “we use the cloud”. This is one of a series called Explorations down the Bitcoin rabbit hole. As we close out 2019, make a resolution to be smarter about Fintech in 2020 by subscribing for just US$143 a year (= $0.39 per day). You will get all our fresh daily insights and participate in our forum. You can also read our archives with over 1,000 articles, an example of which you are reading from over 5 years ago. We look forward to welcoming you to the Daily Fintech membership community today! The post Bitcoin VC Funding is now over 30% of Fintech and catching up fast appeared first on Daily Fintech. [...]
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Add Student Loan Payments to Your Holiday Wish List Through This App

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Add Student Loan Payments to Your Holiday Wish List Through This App
Is your grandmother still asking you what you need for Christmas? How about the gift of freedom from student loan debt — available for the low, low price of $30K? Just kidding (sort of). Student loan management app Pillar has launched a new feature, a gifting platform called Boost, which allows friends and family to make contributions directly into your student loan accounts. (This is particularly helpful if the $25 Nana usually gives “disappears” into pizza night.) It’s probably for the best that the money goes directly to an account anyway — Grams probably doesn’t have a box big enough to contain outstanding student loan debt, which stood at $1.48 trillion in the second quarter of 2019. If you go the gifting route, you’ll need to set up a free account on Pillar, where you’ll add all of your student loan account and bank info. The app also recommends student loan repayment plans based on your income and spending info. Then you’ll need to set up a Boost profile page with your photo, bio and the amount received so far — it looks similar to the donation pages for those fundraiser walks, except here the fundraiser is you. FROM THE DEBT FORUM Eliminating Credit Card Debit - Take out personal loan with low interest rate 12/4/19 @ 9:28 AM L Balance transfer credit card 11/27/19 @ 1:39 PM Credit card Debt 11/19/19 @ 10:56 AM Student loans 11/20/19 @ 9:17 AM See more in Debt or ask a money question But you’ll have to set up your profile in a hurry — the gift platform only lasts from Dec. 17 through January 7. And through Dec. 23, PIllar will give some users special holiday surprises of additional payments ranging from $25 to $250, which could make your holidays even happier. Don’t feel like setting up a crowdfunding page but are still facing a pile of student loans? Check out our tops ways to pay off student loan debt. After all, debt-free living is the gift that keeps on giving. Memaw would agree. Tiffany Wendeln Connors is a staff writer/editor at The Penny Hoarder. Read her bio and other work here, then catch her on Twitter @TiffanyWendeln. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. [...]
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This Week in Fintech

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This Week in Fintech
This weekly summary from our 5 experts, brings you insights based on their experience as investors, entrepreneurs & executives. Ilias Hatzis started his first company, an internet search engine, during the dot-com era & now focusses on crypto. Efi Pylarinou worked for top tier Wall Street firms and is now a top global Fintech influencer. Jessica […] The post This Week in Fintech appeared first on Daily Fintech. [...]
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The SME trends fintech companies need to know in the MENA region

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The SME trends fintech companies need to know in the MENA region
Jessica Ellerm is a thought leader specializing in Small Business and the Gig Economy and is the CEO and Co-Founder of Zuper, a neowealth disruptor in Australia. This week we turn our eyes to the middle east when it comes to SME fintech trends. Dubai based SME lender Beehive, has released its SME State of the […] The post The SME trends fintech companies need to know in the MENA region appeared first on Daily Fintech. [...]
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The Block vs Binance intersection of niche media implosion and Crypto Fintech cambrian explosion

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The Block vs Binance intersection of niche media implosion and Crypto Fintech cambrian explosion
Daily Fintech lives at this intersection. Thankfully we avoided the temptation to monetize via advertising and as we are self funded we have no pressure to meet external growth expectations (which is the sort of pressure that leads to sacrificing editorial independence). So the media implosion does not worry us and we can focus on […] The post The Block vs Binance intersection of niche media implosion and Crypto Fintech cambrian explosion appeared first on Daily Fintech. [...]
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This Week in Fintech

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This Week in Fintech
Daily Fintech brings fresh daily fintech insights from people just like you – senior executives, entrepreneurs & investors working in the fintech revolution. Our weekly summaries give you a look at what you will get by reading the whole article and a brief summary with links to the daily articles. If you want to continue […] The post This Week in Fintech appeared first on Daily Fintech. [...]
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Top 7 Global Fintech Trends 2019

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Top 7 Global Fintech Trends 2019
This is my third year at DailyFintech. Looking back, this year has been the most eventful year of the three, with several significant Fintech trends emerging across the world. Typically, I am not a big fan of the “Top” titled posts. But, I have had to use it, thanks to the events of 2019. A few […] The post Top 7 Global Fintech Trends 2019 appeared first on Daily Fintech. [...]
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Gamification via a Fintech ecosystem wins a UN Global Climate Action Award

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Gamification via a Fintech ecosystem wins a UN Global Climate Action Award
A 3yr old Corporate Social Responsibility – CSR – initiative that took a life of its own, has resulted in a 2019 UN Global Climate Action Award for Alipay AntForest App. A great example of gamification and network effects on an ecosystem like Alibaba. At launch, it was one of the many charity projects that […] The post Gamification via a Fintech ecosystem wins a UN Global Climate Action Award appeared first on Daily Fintech. [...]
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This Week in Fintech

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This Week in Fintech
Daily Fintech brings fresh daily fintech insights from people just like you – senior executives, entrepreneurs & investors working in the fintech revolution. Our weekly summaries give you a look at what you will get by reading the whole article. Bernard Lunn is a Fintech deal-maker, investor, entrepreneur and advisor. He is CEO of Daily […] The post This Week in Fintech appeared first on Daily Fintech. [...]
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Daily Fintech unveils its Deans List of influential industry leaders to guide editorial direction

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Daily Fintech unveils its Deans List of influential industry leaders to guide editorial direction
   Daily Fintech, the analysis driven online publication, is announcing a team of global fintech leaders who will serve as on-going advisors on our editorial direction. The team is called the Deans List to reflect Daily Fintech’s focus on producing high-quality, insightful and independent fintech analysis that one associates with higher learning. The initial list […] The post Daily Fintech unveils its Deans List of influential industry leaders to guide editorial direction appeared first on Daily Fintech. [...]
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The Most Valuable Perks of the Bank of America Premium Rewards Card

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The Most Valuable Perks of the Bank of America Premium Rewards Card
The Bank of America® Premium Rewards® Visa® credit card stands out from other Bank of America® cards in that it comes with a $95 annual fee — which isn’t necessarily the best reason to stand out. But don’t let the fee automatically turn you off. The card also has a slew of perks and benefits that may... Chris O'Shea is a writer at NerdWallet. Email: travel@nerdwallet.com. The article The Most Valuable Perks of the Bank of America Premium Rewards Card originally appeared on NerdWallet. [...]
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How Do I Know If the Bank of America Business Advantage Travel Rewards Mastercard Is Right for Me?

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How Do I Know If the Bank of America Business Advantage Travel Rewards Mastercard Is Right for Me?
When you’re interested in applying for a new travel credit card, the overwhelming number of options can make picking the right card seem daunting. How are you supposed to know which one is best? Or worth the annual fee? Or which card will net you the most points? If you’re considering a travel credit card... Alisha McDarris is a writer at NerdWallet. Email: travel@nerdwallet.com. The article How Do I Know If the Bank of America Business Advantage Travel Rewards Mastercard Is Right for Me? originally appeared on NerdWallet. [...]
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Boat Loan Calculator: Estimate Your Payments

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Boat Loan Calculator: Estimate Your Payments
If you need a boat loan to cover the purchase of a new or used boat, a loan calculator can help you determine what size or type of vessel you can afford. Use this boat loan calculator to estimate the cost of a personal loan used to finance a boat. Enter your expected loan amount,... Steve Nicastro is a writer at NerdWallet. Email: steven.n@nerdwallet.com. Twitter: @StevenNicastro. The article Boat Loan Calculator: Estimate Your Payments originally appeared on NerdWallet. [...]
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This week in Fintech

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This week in Fintech
Daily Fintech brings fresh daily fintech insights from people just like you – senior executives, entrepreneurs & investors working in the fintech revolution. Our weekly summaries give you a look at what you will get by reading the whole article. Bernard Lunn is a Fintech deal-maker, investor, entrepreneur and advisor. He is CEO of Daily […] The post This week in Fintech appeared first on Daily Fintech. [...]
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Fintech based inclusion before it was famous – interview with Accion CEO Michael Schlein

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Fintech based inclusion before it was famous – interview with Accion CEO Michael Schlein
This is one of our Fintech From A Peak Interviews, where we talk to people making a big difference in people’s lives with fintech services, Accion, founded in 1961, is hardly an overnight sensation. This is a story of quietly doing the right thing for a long time and then suddenly the world catches up. Today Accion […] The post Fintech based inclusion before it was famous – interview with Accion CEO Michael Schlein appeared first on Daily Fintech. [...]
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Ready to Leave Your Bank? How to Make the Switch in 5 Easy Steps

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Ready to Leave Your Bank? How to Make the Switch in 5 Easy Steps
Love them or hate them, there’s no escaping the fact that you need a bank to keep your money safe. But if your current bank isn’t cutting it, you may be wondering how to switch banks and if switching to a new one is more trouble than it’s worth. If you’re looking to change banks but aren’t sure where to start, this step-by-step guide will set you in the right direction. What to Consider Before Switching Banks Before you do anything with your current bank account, you’ll need to choose a new bank. Here are some things to consider. Bank or Credit Union? The first decision you’ll need to make: credit union vs. bank.  The main difference between the two is how they are run. Banks are designed to make a profit by investing their money and growing their business. Credit unions are owned by members, who receive dividends on annual profits. Each have their pros and cons. Online or Traditional? Many credit unions are local organizations, so you’re likely to have an ATM close by you.  Banks can be trickier. Local banks and larger national banks may have physical branches in your area so you can stop by and speak with someone in person with any questions or issues. But if you choose a bank without a physical branch near you or an online bank that doesn’t have brick-and-mortar locations, you’ll need to ask your questions online or over the phone. That can be stressful if customer service isn’t up to scratch. You could also end up paying ATM fees if your bank doesn’t have a location near you, but many online banks will reimburse these fees. Perks and Benefits When you choose a bank, consider how much interest your money will earn, as well as any perks or benefits offered. You might be eligible for a cash bonus just for joining.  But you’ll also need to weigh the perks against the fees, including overdraft charges. Also be aware of any minimum balance requirements. Read Reviews You might find a bank or credit union that looks perfect for you, but what do current customers think? Look for reviews online and ask your friends or family members to share their experiences. You might be put off by bad reviews and continue your search, or you might find good reviews of your chosen bank that put your mind at ease. How to Switch Banks in 5 Steps Ready to say goodbye to your bank? Here’s how to switch banks in five easy steps. 1. Open Your New Account Once you’ve decided on a bank or credit union, you can start the process of opening a bank account. Whether you do this online or in person, it’s important to be prepared with the right documents, including a photo ID. You’ll want to open your new account at least a few weeks before you want to make the official switch. This will ensure that your bills will be paid and you won’t be hit with late or overdraft fees. 2. Redirect Automatic Payments You probably have a lot of your bills set up to autopay from your bank account. It’s vital that you switch these automatic payments to your new account as soon as possible to avoid missing payments. Make a list of all the automatic payments you have. This might include, but isn’t limited to, the following: Mortgage or rent Car payment Student loan payments Credit card payments or other loans Utilities, including gas, electric and water TV provider, including cable, satellite and streaming services Car insurance Internet  Cell phone bill Gym or other club memberships Charitable donations Check previous bank statements to make sure you have all automatic payments listed. Once you have your list, start switching over your autopay information. It’s a good idea to ask for an email receipt for confirmation. Pro Tip Go back through 12 full months of bank statements to make sure you don’t miss automatic payments that you only make quarterly or annually.  3. Contact Your Employer Many employers, especially larger ones, pay via direct debit. Contact your employer ASAP to let them know your new account details to avoid a paycheck delay. Your employer may require you to fill out a form with the new information or provide a voided check. Make sure you ask exactly what they need from you to ensure the switch goes smoothly. If you have more than one employer or receive other direct deposits, such as child support payments, make sure you update that information as well. 4. Transfer Your Money Once you’re sure your automatic bill payments and direct deposits are up to date, move any remaining money from your old checking and savings accounts to your new ones.  Depending on your bank, you may be able to transfer the money to your new account free of charge. If you’re faced with a fee for the privilege of moving your money, you can request a check from your old bank that you can deposit into your new account. 5. Close Your Old Account Once your new account is set up and established, it’s time to close your old account. Wait a month or two to make sure all direct deposits and automatic payments are set up properly with your new bank before closing your old one. The last thing you want is to have your water cut off for non-payment when you thought you’d switched that bill over. Make sure you’ve paid off any outstanding balances on your old accounts before moving funds. Failing to do so could make it harder to open bank accounts in the future. No matter why you’re switching banks, it’s important that you feel confident in your decision. Follow these steps to ensure an easy transition between your old and new banks. Catherine Hiles is a writer, mother, runner and avid reader. She enjoys cooking (and eating), good beer and spending time with her husband and two young children. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. [...]
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This week in Fintech

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This week in Fintech
Daily Fintech brings fresh daily fintech insights from people just like you – senior executives, entrepreneurs & investors working in the fintech revolution. Our weekly summaries give you a look at what you will get by reading the whole article. Bernard Lunn is a Fintech deal-maker, investor, entrepreneur and advisor. He is CEO of Daily […] The post This week in Fintech appeared first on Daily Fintech. [...]
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This Week in Fintech

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This Week in Fintech
Daily Fintech brings fresh daily fintech insights from people just like you – senior executives, entrepreneurs & investors working in the fintech revolution. Our weekly summaries give you a look at what you will get by reading the whole article. Bernard Lunn is a Fintech deal-maker, investor, entrepreneur and advisor. He is CEO and Editor […] The post This Week in Fintech appeared first on Daily Fintech. [...]
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What has triggered the explosion of payments for order flow? Not Fidelity

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What has triggered the explosion of payments for order flow? Not Fidelity
The Robinhood effect popped up again, as Schwab slashed its stock commissions to zero and forced TD America, E-trade, Interactive Brokers, Ally Invest, and Fidelity to follow suit over the next few days. Schwab called this the zero commission brokerage war, on CNN. This war is just the beginning of a broader trend that will […] The post What has triggered the explosion of payments for order flow? Not Fidelity appeared first on Daily Fintech. [...]
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This week in Fintech

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This week in Fintech
Every day we bring you fresh insights about Fintech from an elite group of Authors who are just like you – senior executives, entrepreneurs and investors on the frontlines of the global Fintech & Crypto revolution. Once a week Daily Fintech’s Editor summarises these posts so that busy people can get a peek at what […] The post This week in Fintech appeared first on Daily Fintech. [...]
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African fintech migrates to Europe

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African fintech migrates to Europe
Jessica Ellerm is a thought leader specializing in Small Business and the Gig Economy and is the CEO and Co-Founder of Zuper, a neowealth disruptor in Australia. With less than 4 years of operations under its belt, ambitious African fintech, SME lender Lidya, has announced it will commence its expansion into eastern Europe. The venture backed […] The post African fintech migrates to Europe appeared first on Daily Fintech. [...]
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This week in Fintech

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This week in Fintech
Every day we bring you fresh insights about Fintech from an elite group of Authors who are just like you – senior executives, entrepreneurs and investors on the frontlines of the global Fintech & Crypto revolution. Once a week Daily Fintech’s Editor summarises these posts so that busy people can get a peek at what […] The post This week in Fintech appeared first on Daily Fintech. [...]
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How Do Bank Loans Work?

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How Do Bank Loans Work?
Bank loans work similarly to personal loans you get from online lenders: After you apply, the bank will review your credit score, history and income to determine how much money to loan you and what annual percentage rate you qualify for. Once you get the loan, you’ll pay it back in monthly installments. Bank loan... Annie Millerbernd is a writer at NerdWallet. Email: amillerbernd@nerdwallet.com. The article How Do Bank Loans Work? originally appeared on NerdWallet. [...]
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This week in Fintech

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This week in Fintech
Every day we bring you fresh insights about Fintech from an elite group of Authors who are just like you – senior executives, entrepreneurs and investors on the frontlines of the global Fintech & Crypto revolution. Once a week, Daily Fintech’s Editor summarises these posts so that busy people can get a peek at what […] The post This week in Fintech appeared first on Daily Fintech. [...]
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So You’re Ready to Open a Bank Account? Here’s Exactly What You Need

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So You’re Ready to Open a Bank Account? Here’s Exactly What You Need
Regardless of where you are in life, you will likely need to open a bank account at some point.  But what do you need to open a bank account, exactly? Whether you’re a total newbie or just haven’t opened one in a long time, the process of opening an account can be stressful. But it doesn’t have to be. Prepare yourself before you head to the bank, and the process will go much more smoothly. What Do You Need to Open a Bank Account? Usually, you can open an account online or in person at a local bank branch. If you go in person, make sure you collect all your documents ahead of time to avoid delays. (We’ll discuss what you need to bring later on.) No matter how you open your bank account, you’ll need to fill out an application. This will include personal information like your name, address and Social Security number. If you’re applying online, you’ll need to enter your photo ID number so the bank can verify that you are who you claim to be. How to Determine if You’re Eligible to Open a Bank Account Each bank has different eligibility requirements, so it’s a good idea to do some research before choosing a bank. But all banks have certain eligibility requirements mandated by law. First, you need to be at least 18 years old to open a bank account on your own.  If you’re under 18, you may be able to open a joint account with a parent or legal guardian. You might also check with your bank to see if they offer accounts designed for minors.  Opening a bank account at a young age can help you learn how to properly manage your money, making the transition to adulthood an easier one. Many banks will look at your financial history before allowing you to open an account. So if you have a history of overdrafts or have had accounts closed by the bank before, you may be ineligible. Some banks will work with you even if you have a bad history, so it’s worth doing your research if this applies to you. In some circumstances, banks will only allow you to open an account if you’re a U.S. citizen. What to Bring When You Open a Bank Account Once you’ve chosen a financial institution where you want to open a checking or savings account, you’ll need to make sure you show up with the right documents to ensure a smooth process. Here’s what to bring. Photo ID When opening an account for the first time, you will need to bring some form of photo ID. The most common form is a state-issued driver’s license, but a passport will also work.  If you don’t drive and don’t have a passport, you can get a state ID from your local Department of Motor Vehicles office. To get an ID, you’ll need to provide the DMV with your birth certificate and proof of address. Social Security Card You may need to show your Social Security card to open an account, so it’s a good idea to bring it along just in case.  If you don’t have a Social Security number, you will need an Individual Taxpayer Identification number. You can get one by submitting Form W-7 to the IRS. Proof of Address You will need to bring some sort of proof of your address, such as a utility bill or mortgage statement. You can also provide a lease agreement that lists your address. Deposits Most banks require you to make an initial deposit when you open a new account, so make sure you ask what the minimum deposit is and have that amount of money with you when you go to open the account. FROM THE BANKING FORUM Social security Representative Payee bank account 9/26/19 @ 5:16 PM L How to find a checking account that displays scheduled transaction on account activinty view? 9/4/19 @ 2:05 PM ONLINE BANKS 8/26/19 @ 6:54 PM Best bank to use? 7/12/19 @ 2:52 PM See more in Banking or ask a money question What Happens After You Apply for a Bank Account? Once your application is complete, the bank will review it and check your history with bank accounts, if applicable. If you’re approved for the account, you will receive the account number and routing number so you can begin using it immediately. This is when you will pay your initial deposit.  If you’re opening the account in person, you can use cash, a check or an electronic transfer. If you’re opening the account online, you should be able to use all of the above options, with the exception of cash. After a few days, you’ll receive a checkbook, deposit slips and a debit or ATM card in the mail. The card will include instructions on how to activate it, which you’ll typically do over the phone or online. Make sure you sign the card or it could be considered invalid. Once you have your bank account details, you can set up a direct deposit for your regular monthly income, whether that’s a paycheck, retirement funds or other benefits. Direct deposits make it easy to access your money each month and avoid the extra step of having to cash a check. Next, you can set up online access to your bank account. Make sure you choose a password that you’ll remember but that isn’t too easy to guess. Some banks have different login methods for additional security, so make sure you choose one that won’t be too hard for you to use to access your funds. Opening a bank account, whether for the first or 50th time, can be daunting. But by making sure you have everything you need ahead of time, it can be quick and easy. Catherine Hiles is a writer, mother, runner and avid reader. She enjoys cooking (and eating), good beer and spending time with her husband and two young children. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. [...]
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This week in Fintech

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This week in Fintech
Every day we bring you fresh insights about Fintech from an elite group of experts who are just like you – senior executives, entrepreneurs and investors on the frontlines of the global Fintech & Crypto revolution. Once a week Daily Fintech’s Editor summarises these posts so that busy people can get a peek at what […] The post This week in Fintech appeared first on Daily Fintech. [...]
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This week in Fintech

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This week in Fintech
Daily Fintech brings fresh daily fintech insights from people just like you – senior executives, entrepreneurs & investors working in the fintech revolution. Our weekly summaries give you a look at what you will get by reading the whole article. Bernard Lunn is a Fintech deal-maker, investor, entrepreneur and advisor. He is CEO of Daily […] The post This week in Fintech appeared first on Daily Fintech. [...]
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Payments giants battle it out for the new breed of retail customer

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Payments giants battle it out for the new breed of retail customer
Jessica Ellerm is a thought leader specializing in Small Business and the Gig Economy and is the CEO and Co-Founder of Zuper, a neowealth disruptor in Australia. Payments processor Adyen has prized eBay away from PayPal and a high profile customer from Square.  Is there a changing of the guard afoot in the global fintech […] The post Payments giants battle it out for the new breed of retail customer appeared first on Daily Fintech. [...]
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Announcing Daily Fintech Conversations

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Announcing Daily Fintech Conversations
Need to ‘voice’ and share your fintech insights with industry peers and experts? Look no further. Sign up to be part of Conversations today. Daily Fintech Conversations integrates our publishing and forum into a single platform. The purpose of both is to enable conversations that make good things happen. Most of us understand instinctively how to have […] The post Announcing Daily Fintech Conversations appeared first on Daily Fintech. [...]
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Discover Bank CD Rates: How They Compare

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Discover Bank CD Rates: How They Compare
+ See a summary of Discover Bank CD rates Discover Bank CD rates 2019 1-year: 2.40% APY 3-year: 2.45% APY 5-year: 2.50% APY 10-year: 2.60% APY Discover Bank’s CD rates are competitive with other online banks and are some of the highest you can find. The range of terms is extensive, from three months to 10... Spencer Tierney is a writer at NerdWallet. Email: spencer.tierney@nerdwallet.com. Twitter: @SpencerNerd. The article Discover Bank CD Rates: How They Compare originally appeared on NerdWallet. [...]
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This week in fintech

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This week in fintech
Daily Fintech brings fresh daily fintech insights from people just like you – senior executives, entrepreneurs & investors working in the fintech revolution. Our weekly summaries give you a look at what you will get by reading the whole article. Bernard Lunn is a Fintech deal-maker, investor, entrepreneur and advisor. He is CEO and Editor […] The post This week in fintech appeared first on Daily Fintech. [...]
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Fall in Love With Your Car Again Without Breaking the Bank

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Fall in Love With Your Car Again Without Breaking the Bank
We used to have a joke in our family. I’d wash the family beater, gas it up, and then say to my kids, “See how much better it runs now?” Then, based on their skeptical faces, I’d add, “It’s scientifically proven.” Your perception of your car, how it looks and how it drives, might be more... Philip Reed is a writer at NerdWallet. Email: preed@nerdwallet.com. Twitter: @AutoReed. The article Fall in Love With Your Car Again Without Breaking the Bank originally appeared on NerdWallet. [...]
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When The Thrill of The Hunt Lands You in a House Full of Clutter

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When The Thrill of The Hunt Lands You in a House Full of Clutter
Guest post from Julianna of The Simplicity Habit: Do you love getting great deals? I do! I’ve always been a frugal person. I was raised in a home where I was taught to budget and manage money well at a young age, and I’ve continued to hone my skills over the years. It’s a running joke with my family that when anyone gets a great deal, they talk about how proud I will be. And I am! I don’t like wasting money nor do I like hearing when other people have spent too much on something. The Thrill Of The Hunt It’s thrilling when I can combine sales and coupons to spend as little as possible. I once went to Kohls and bought 3 pairs of jeans and another pair of pants for a grand total of $1! In case you’re wondering how, they were all 90% off combined with a coupon and a $10 gift card for it being my birthday month… and yes, I saved that receipt like it was a trophy. Clutter Accumulation While I still enjoy the thrill of the hunt and pride myself on finding deals, I realized these deals came at a cost. I’d buy things I didn’t truly love or even want sometimes because they were a good deal. This was the first way I started to accumulate clutter. The second way was from my creative endeavors. Over the years, I’ve tried a few different things including photography, sewing baby blanket sets, and furniture and thrift store finds flipping. Each of those came with a slew of supplies. I got everything on sale or even free. In the end, it all became a stockpile of clutter in my home — to the point where I was no longer able to park even 1 car in our 3 car garage. Yikes! Decluttering Ironically, as I was stockpiling, I began reading books about decluttering my home and life. I had gotten to a point where I was so weighed down by the stuff that I knew things needed to change. This journey brought me to my work now, which is as a professional declutterer and writer. I learned a lot going through the process of decluttering my home, and while I still hold onto my deal-finding ways tightly, I’ve learned to be more mindful in what I purchase. Before buying anything, I ask myself these 5 questions: Do I really want or need this? Am I settling? Will we be able to use this before it goes bad? Do I have the space to store this? What will it cost me? 1. Do I really want or need this? It’s so tempting to buy something because it’s a great deal. There’s often scarcity with the product being on sale for a limited time or with limited quantities. and I don’t make the best decisions when I feel stressed. If it’s something I already planned to buy then yes, I’ll snatch up that great deal. If not, I choose not to buy on impulse anymore. That landed me in a house full of clutter and I don’t want to repeat that mistake. 2. Am I settling? Do you ever go shopping for a specific item and end up settling for something that wasn’t quite right because it was the closest thing you could find? For me, that always ended with money wasted and an item that became clutter. I’m quite opinionated so if I don’t love something, I don’t want it. I don’t want to wear clothes that almost fit. There’s nothing more annoying than having to constantly adjust clothing. Don’t settle for good enough. 3. Will we be able to use this before it goes bad? I ask this question primarily for food, but it works for anything that can expire. It’s awesome to get great deals on produce. It’s less awesome when that deal is rotting in your fridge a week later. Be realistic about what you can use in the amount of time you have before it will go bad. Some things can be frozen and other things can’t. Be wise so that you aren’t wasteful. 4. Do I have the space to store this? Along with using it before it goes bad, don’t intend to freeze a ton of meat if you have a tiny freezer. Know your space limitations. This can happen for things that don’t expire as well. You know it’s turning into a problem when you’ve installed racks in your bedroom to store your toilet paper overstock because you found such a great deal. If you ever watched that extreme couponing show, you know what I’m talking about. 5. What will it cost me? When shopping locally, consider the cost of gas and your time. Yesterday I bought some applesauce pouches that were on clearance. I briefly considered driving to additional locations to buy more, but realized it wasn’t worth the cost in gas or my time. The things we own don’t just cost us money. Once you bring something into your home it takes your time and energy to clean, maintain, and store it. If you’re feeling burdened by your home and are suffocating underneath the clutter, it’s costing you breathing room and your peace. In trying to find my balance between simplicity and frugality, I started shopping less and being much more intentional with my choices. I will always be a deal hunter, but I’m more thoughtful in what I buy so that the thrill of the hunt will never again land me in a house full of clutter. Julianna Poplin is a wife, mom, professional declutter, and writer at The Simplicity Habit. She writes to encourage moms who want to declutter and simplify their homes and lives. top photo sources 1, 2 [...]
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This week in FinTech

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This week in FinTech
Every day we bring you fresh insights about Fintech from an elite group of Authors who are just like you – senior executives, entrepreneurs and investors on the frontlines of the global Fintech revolution. Once a week Daily Fintech’s Editor summarises these posts for the time challenged to give you a peek at what you […] The post This week in FinTech appeared first on Daily Fintech. [...]
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FINRA Issues Regulatory Notice Reminding Members of the SEC’s Adoption of a Best Interest Standard of Conduct

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FINRA Issues Regulatory Notice Reminding Members of the SEC’s Adoption of a Best Interest Standard of Conduct
On August 7, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 19-26, reminding members of the Securities and Exchange Commission’s (SEC) adoption of a “best interest” standard of conduct for broker-dealers and a relationship summary (Form CRS) delivery obligation. Regulation Best Interest (Reg BI), adopted by the SEC on June 5, 2019, establishes a “best interest” standard of conduct for broker-dealers and associated persons making a recommendation of any securities transaction or investment strategy involving securities to a retail customer. Other new rules and forms were adopted that will require broker-dealers and investment advisers to provide a Form CRS to retail investors. Firms must comply with Reg BI and the Form CRS delivery obligation by June 30, 2020. In connection with the new rules, a staff committee with representatives from the SEC’s Division of Investment Management, Division of Trading and Markets, Division of Economic and Risk Analysis, Office of Compliance Inspections and Examinations and Office of the General Counsel was established to assist firms with planning for implementation. Firms may send any questions by email to IABDQuestions@sec.gov. In addition, FINRA will produce written and online content and hold in-person meetings and workshops to assist firms with their implementation efforts. A webpage is also available for members to obtain information about the new rules. The Notice is available here. [...]
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5 Things to Do When You Get the Bank of America Premium Rewards Credit Card

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5 Things to Do When You Get the Bank of America Premium Rewards Credit Card
You’ve applied for the Bank of America® Premium Rewards® credit card and were accepted. Once you receive it in the mail, what should you do next? 1. Plan your next vacation over dinner Cardholders receive 2 points per $1 on travel and dining and 1.5 points per dollar on other spending. Enjoy a leisurely dinner... Amanda Johnson is a writer at NerdWallet. Email: travel@nerdwallet.com. The article 5 Things to Do When You Get the Bank of America Premium Rewards Credit Card originally appeared on NerdWallet. [...]
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