Instant payments to buoy cross-border flow
Payments Dive
JANUARY 11, 2024
The latest cross-border input from the U.S. Faster Payments Council suggests it’s not too early to assess how real-time payments will shape international transactions.
Thu.Jan 11, 2024
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U.S. Senate Fails to Override Veto of Legislation Rejecting CFPB Section 1071 Small Business Lending Rule
CFPB Monitor
JANUARY 11, 2024
As previously reported , in late December 2023 President Biden vetoed legislation adopted by the U.S. House of Representatives and U.S. Senate under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071 Rule). The vote in the House was 221-202 and the vote in the Senate was 53-44.
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Will Toast raise prices this year?
Payments Dive
JANUARY 11, 2024
The restaurant point-of-sale provider may give clients a choice when it makes price adjustments, following a fee flub last year.
Caught in the Net: Protect Against Phishing Attempts
Jack Henry
JANUARY 11, 2024
Avoid phishing scams with a secure messaging and communication platform. Discover how Banno Business™ can help your financial institution.
Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!
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Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.
Amazon brings cashierless tech to hospitals
Payments Dive
JANUARY 11, 2024
After opening automated stores on college campuses and sports stadiums, the tech giant is moving into healthcare facilities.
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Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
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Convenience retailer Maverik taps Relay’s fuel payment tech
Payments Dive
JANUARY 11, 2024
The Salt Lake City-based convenience store retailer joins Yesway and Pilot in implementing Relay’s contactless purchasing platform.
Michael Guerrero Presents at ABA Consumer Financial Services Committee Meeting on CFPB Rulemaking and Non-Rulemaking Efforts During Biden Administration
CFPB Monitor
JANUARY 11, 2024
On January 9 th , Michael Guerrero, Partner in Ballard Spahr’s Consumer Financial Services Group, presented at a program titled “Has the CFPB Offered Simpler Rules of the Road? Successes and Challenges with the CFPB’s Rulemaking and Non-Rulemaking Efforts During the Biden Administration”. Panelists discussed the CFPB’s rulemaking and non-rulemaking guidance after Director Rohit Chopra’s June 2022 blog post titled “Rethinking the Approach to Regulations” in which he shared the CFPB’s aspiration t
UK car finance: ‘millions of drivers could get payout’ as watchdog investigates
TheGuardian
JANUARY 11, 2024
FCA to examine whether consumers have been charged inflated loan rates on new and secondhand cars What is the FCA looking into and will people get money back? Millions of drivers could be in line for a payout, it has been claimed, after the UK financial watchdog opened an investigation into whether consumers had been unfairly charged inflated prices for loans on new and secondhand cars.
This week’s podcast episode: Foreclosing on “zombie” mortgages: what lenders and servicers should know
CFPB Monitor
JANUARY 11, 2024
We discuss various issues faced by lenders and servicers when attempting to foreclose on “zombie” mortgages, meaning second mortgages on which the borrower has not made a payment for a considerable period of time and the lender or servicer has not previously taken action to foreclose. First, we look at the CFPB’s May 2023 advisory guidance on the enforcement of time-barred mortgage loans. .
New York Lien Law Essentials: 5 Key Facts for Commercial Lenders
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Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.
Visa and Mastercard push to make VC investing more diverse
American Banker
JANUARY 11, 2024
The card networks are expanding their development of accelerators for women and minority-owned businesses, improving these entrepreneurs' access to venture capital.
Walmart announces new generative AI-powered capabilities
The Paypers
JANUARY 11, 2024
Walmart has announced new AI-powered tools to help shoppers quickly search for products and automate the process of re-ordering frequently ordered items.
Senate fails to override veto of small-business data collection rule
American Banker
JANUARY 11, 2024
The Senate on Wednesday fell short of the two-thirds majority needed to override President Biden's veto in December of a Republican-led resolution to gut the small-business data collection rule using the Congressional Review Act.
Grasshopper, Mantl to launch small business product
BankInovation
JANUARY 11, 2024
Grasshopper Bank is working with account origination solution provider Mantl to make credit more easily available to the bank’s small business clients. The New York-based digital bank’s clients asked for a simpler way to access credit in “a more efficient, technology-oriented way,” Grasshopper Bank Chief Executive Mike Butler told Bank Automation News.
Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Former head of bank with links to Greensill Capital fined by UK financial regulator
TheGuardian
JANUARY 11, 2024
Chief executive of Wyelands Bank, part of steel magnate Sanjeev Gupta’s empire, found to have committed ‘serious’ rule breaches • Business live – latest updates The former boss of a bank linked to steel magnate Sanjeev Gupta has been fined nearly £120,000 for not managing the troubled lender’s exposure properly. Iain Mark Hunter, the former chief executive of Wyelands Bank, will pay a fine of £118,808 for failing to ensure the lender had adequate systems and controls, the Bank of England said on
By the numbers: 97% of FIs to invest more in AI
BankInovation
JANUARY 11, 2024
The financial services industry is investing in AI and generative AI as uses for both technologies expand. Ninety-seven percent of FIs plan to increase investment in AI to identify uses, optimize workflows and enhance their infrastructures, according to chip-making behemoth Nvidia’s “State of AI in Financial Services: 2024 Trends” report, published today.
To reduce bank account closures, AI needs data — and humans
American Banker
JANUARY 11, 2024
The anti-money-laundering systems that are automatically kicking customers out of their accounts need to be tempered with rich customer data, human involvement and perhaps quick requests for information from customers.
Former recruitment head sues Goldman Sachs for £1m over ‘excessive workload’
TheGuardian
JANUARY 11, 2024
Ian Dodd says in high court claim he developed heart problems and depression that made him suicidal The former head of recruitment at Goldman Sachs is suing the investment bank for more than £1m alleging that demanding him to be “working unreasonable and excessive hours” led to “physical and psychiatric injuries” and “wanting to take his own life”. Ian Dodd, 55, who was Goldman’s global head of recruiting in London between 2018 and 2021, says in a personal injury claim at the high court that he
Digital Transformation: Accelerating ROI and Growth in Commercial Lending
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Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper
How auction design can make a difference: the case of the Bank’s Indexed Long-Term Repo Facility
BankUnderground
JANUARY 11, 2024
Julia Giese and Charlotte Grace In response to the global financial crisis, the Bank of England (BoE) began using Product-Mix Auctions (PMA) to provide liquidity insurance to financial institutions. The PMA, designed by Paul Klemperer , allows the quantity of funds lent against different types of collateral to react flexibly to the economic environment and market stress.
OpenAI launches its own GPT Store | SEC approves 11 spot Bitcoin ETFs | HSBC reportedly eyeing Tesco Bank acquisition
Bussman Advisory
JANUARY 11, 2024
This week’s must-know stories in the FinTech, AI and Digital Asset space: OpenAI launches its own GPT Store SEC approves 11 spot Bitcoin ETFs HSBC reportedly eyeing Tesco Bank acquisition Plus, 12 more exclusive stories to help you stay ahead of the curve! The latest edition of the FinTech Ecosystem Newsletter is here : Join our Community Join our community of 52,000+ subscribers and stay informed on the latest trends and news in the FinTech & AI world with the weekly newsletter pro
Five trends to watch in banks' Q4 earnings
American Banker
JANUARY 11, 2024
When big banks kick off earnings season on Friday, industry observers will be paying close attention to loan growth, deposit growth, expense growth, credit quality and capital ratios. All five areas will offer clues about the industry's trajectory in 2024.
ECB allocates EUR 1.2 billion for retail digital euro development
The Paypers
JANUARY 11, 2024
The European Central Bank has announced plans to allocate up to EUR 1.2 billion to contractors to develop features facilitating offline payments for a retail digital euro.
The State of Automation in Financial Services 2024 Report
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In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202
Fed Inspector General: Board needs policies for sensitive information
American Banker
JANUARY 11, 2024
The internal watchdog called for new standards for staff handling of controlled unclassified information.
VoPay launches instant micro-transactions verification service
The Paypers
JANUARY 11, 2024
Embedded fintech solutions provider VoPay has announced the launch of VoPay Verify, an instant bank account verification solution via microtransactions in Canada and the US.
SEC approved spot bitcoin ETFs. What happens now?
American Banker
JANUARY 11, 2024
The decision could make bitcoin a major part of more investing portfolios. But after bitcoin, the SEC is likely to move slowly on approving other crypto-tied ETFs.
ACI Worldwide to enable payments for Co-op
The Paypers
JANUARY 11, 2024
Real-time payments software ACI Worldwide has announced that Co-op migrated its full stack of payments and fraud prevention software into its cloud platform.
Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance
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Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.
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