A financial supply chain (FSC) is the sequence of business processes and technologies that connect monetary and financial flows with merchandise exchanged between trading partners—the physical supply chain (PSC). FSC processes are triggered by PSC events: A payment (i.e., FSC process) is initiated once goods are shipped and an invoice is issued.
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On May 12, 2015, the Federal Reserve Bank filed the annual debit card interchange report card for 2014. The findings and the opportunity have been fairly consistent since the Durbin amendment went into effect in 2011. Financial institutions under US$10 billion in assets issuing debit and prepaid cards still have a clear advantage. The Fed’s findings indicate that purchase transactions moving over the signature network rails collect almost double the interchange fee over transactions traveling over the PIN network rails. This finding applies to the fee collected and the percentage of the transaction value for average purchase sizes.
Over two days last week, 72 financial technology companies presented their solutions in San Jose, California. Presenters had seven minutes to discuss their latest innovations in a hands-on product demonstration. No PowerPoint, no video. Just the latest financial technology deployed across multiple platforms from desktop, to tablet, to smartphone, and even to the new Apple Watch.
FinovateSpring 2015 key trends include the following:
More Americans living abroad renounced their U.S. citizenship in the first quarter of 2015 than in any other quarter. First-quarter expatriates numbered 1,335, which is 18% higher than the former record. This record quarter immediately follows the annual record set in 2014, when 3,415 citizens gave up their U.S. citizenship. Of the approximate 6 million citizens living abroad, the percentage of Americans making this choice is miniscule (less than 1%).
Financial planning software is hot. Many wealth management firms are reviewing planning providers to make sure they have the most intuitive applications that support advisor and client collaboration. Advisor application providers are developing planning application integrations to automate data flow (e.g., eMoney Advisor, Blueleaf, and others). Envestnet decided to acquire a strong Web-based solution, Finance Logix, to more tightly integrate planning capabilities than they could through partnerships.