American Express is looking to use the same style data that has made PayPal and Square so successful in small business lending; Gina Taylor Cotter, senior vice president and general manager of global commercial financing at American Express. tells American Banker,“We have done some research on this and we are trusted providers, so this puts us neatly between banks that may have a longer application process and the online lenders who are fast, but maybe a bit more expensive." Source.
American Express started making the slow transition a few years ago to cloud computing but the pandemic forced wide adoption...
In this week’s PeerIQ Weekly Update the company covers the recent spate of bank earning reports, securitization news and issues another round of hiring updates; banks have seen a continued drop in fixed income and commodities trading revenue, picking up the slack has been lending and wealth management; Citigroup and Morgan Stanley had strong reports while Goldman Sachs and American Express missed the mark; SoFi is issuing a $720mn securitization deal, Moody’s rated the A classes AAA; PeerIQ also lists five new hires stemming from the $12mn round last summer. Source.
Scott Sanborn discussed the current market environment for online lending in his speech at LendIt USA comparing the industry to the growth of online retail and using Amazon as an example for how businesses can dramatically change and adapt to provide the best services for market needs; online lenders will have to be strategic in identifying market opportunities, building on their proprietary systems and partnering with other companies; Ash Gupta from American Express also noted at the conference the challenges and opportunities presented to online lending through the use of big data; the growing amount of data sourced by the industry has the potential to improve credit models and fraud prevention while also providing broader capabilities through machine learning technology. Source
A small group of American Express salespeople pushed credit cards on small business owners without adequate credit checks or through...
JPMorgan Chase, American Express and HSBC said they are leading a $40mn round into Menlo Security; banks are usually a lot more secretive about security investments but they see a wider industry potential in using isolation technology; the technology can better defend against phishing attacks which account for most breaches as employees click on a fake link that then causes malware to infect the computer; when a user clicks on a link they open a browser that really is a one time instance in the cloud and prevents malware from downloading onto a computer; while some big banks have started using the technology more there has not been a significant rush yet. Source.
Payments fintech Stripe announced three major upgrades to their payments platform to help users increase revenue, direct connectivity to major...
The National Restaurant Association has asked Congress to mandate the reduction of credit card interchange fees during the current crisis;...
A couple of weeks after rebranding, Bread Financial launched a feeless, unlimited 2% Cashback Amex Express credit card.
American Express has joined the Hyperledger Project; the Hyperledger Project which is hosted by the Linux Foundation and supported by IBM, now includes over 100 members from various industries; in regards to joining the Hyperledger Project, Marc Gordon, executive vice president and chief information officer at American Express said, "We're excited to join Hyperledger, as we're looking to take full advantage of blockchain to deliver new and innovative products for our customers and partners, while transforming existing business processes and applications."; with the firm's membership, senior executive Sastry Durvasula, who is responsible for leading enterprise-wide big data, blockchain, digital payments and partnerships at American Express will join the Hyperledger Project's governing board. Source