Fri.Feb 16, 2024

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Toast to cut 550 employees

Payments Dive

The company’s CEO acknowledged during an earnings call that “we grew our team too quickly in some areas,” while reporting a presence in 106,000 locations as of the end of 2023.

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Credit administration department housekeeping: Practical steps for improvement

Abrigo

Preparing your credit administration for the next cycle Financial institutions should consider these tips for maintaining an efficient credit process throughout the year. You might also like these on-demand webinars tackling common credit risk questions. WATCH Takeaway 1 Credit administration housekeeping should clean up processes that could be streamlined to save time and effort.

Training 195
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Meta forces Apple fees on advertisers

Payments Dive

Meta said it will pass along Apple’s 30% service charge to advertisers who pay to boost the visibility of their posts on its social networks.

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What Bank of America is doing for customers after data breach

BankInovation

Bank of America is working to control the fallout following an October data breach at third-party vendor Infosys McCamish Solutions. The bank is offering the more than 57,000 affected clients a free, two-year membership to IdentityWorks, an identity protection product from Experian, according to an Infosys McCamish Solutions filing with the state of Maine.

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Back to Basics with Reconciliations

Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

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HUD Issues 2023 Update to Housing Equity Action Plan

CFPB Monitor

The U.S. Department of Housing and Urban Development (HUD) recently issued a press release announcing a 2023 update to its Equity Action Plan. The Equity Action Plan is part of HUD’s efforts to implement President Biden’s Executive Order on “ Advancing Racial Equity and Support for Underserved Communities Through the Federal Government.”.

More Trending

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‘I’m still proud of what we created’: Metro Bank’s 14-year rollercoaster ride

TheGuardian

From its lavish launch parties to a 2019 accounting scandal, the UK challenger bank has been beset by controversy In early 2008, inside the Seashell fish and chip shop in Marylebone, west London, Anthony Thomson was about to make a deal. Sitting with the American billionaire Vernon Hill over cod and chips, he revealed plans to import the tycoon’s template for a US-style, consumer-focused bank to the UK.

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Podcast: How flexible is your core? A new tool to help assess

ABA Community Banking

On the latest episode of the ABA Banking Journal Podcast, Kristiane Koontz discusses ABA's recent work on core resilience and competition, as well as the Core Platforms Committee's plans for 2024. The post Podcast: How flexible is your core? A new tool to help assess appeared first on ABA Banking Journal.

Tools 69
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Lessons from JPMorgan's fallout with the fintech Viva Wallet

American Banker

The bank is arguing in court with Viva founder Haris Karonis over whether it hindered the fintech's growth. The allegations strain a relationship that was already pressured by inflation and other economic factors.

Fintech 65
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OpenAI Launches Revolutionary Video-Generating AI | Microsoft & OpenAI Combat Global Hackers Using ChatGPT | Apple Surpasses 12m Credit Card Users

Bussman Advisory

This week’s must-know stories in the FinTech, AI and Digital Asset space: OpenAI unveils AI that instantly generates eye-popping videos Microsoft, OpenAI fighting foreign hackers utilizing ChatGPT in attacks Apple reached 12m credit card users and US$10B in savings balances Plus, 12 more exclusive stories to help you stay ahead of the curve! The latest edition of the FinTech Ecosystem Newsletter is here : J oin our Community Join our community of 52,000+ subscribers and stay informed o

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How a Managed Services Partner Can Reduce the Friction in Your RDC Program

Treasury teams at community banks face an ongoing challenge of delivering frictionless customer experiences as they support treasury products – especially RDC. This infographic focuses on the efficiencies community banks gain when partnering with a proven managed services provider. You’ll see the advantages you can gain when a managed services partner leverages online tools, skilled customer and technical support personnel, and fulfillment and logistics capabilities to streamline RDC fulfillment

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City National reports layoffs amid focus on controlling costs

American Banker

The Los Angeles-based bank said that it's eliminating roles across its footprint. The job cuts follow a year in which expenses soared and losses piled up.

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NatWest saves $315M a year through digitalization

BankInovation

NatWest is saving on costs and improving the customer journey through technology. “Since 2021, we have delivered run rate savings of around 250 million pounds ($315 million) a year through digitizing customer journeys,” newly appointed Chief Executive Paul Thwaite said during the bank’s fourth-quarter earnings call today.

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How to apply for the Most Powerful Women in Banking and Finance: Next 2024

American Banker

Call for submissions for women 40 years and younger who are rising stars at their bank or financial institution.

How To 83
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WLPayments integrates with Unlimit, enhancing payment solutions

The Paypers

WLPayments , a global payment processing and orchestration platform, has integrated with Unlimit , a payment solutions provider.

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Budget Playbook for Commercial Lenders — Bank and Credit Union Edition

Amid market uncertainty, banks and credit unions are faced with critical decisions about the future of their commercial lending. With fluctuating interest rates and rising competition from non-bank lenders, it's critical to allocate your 2025 budget strategically to optimize lending operations. Our Budget Playbook for Commercial Lenders delivers key strategies to help you navigate these challenges, ensuring your institution is well-positioned for the coming year.

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Fed's Barr says supervisors have stepped-up vigilance since SVB

American Banker

Federal Reserve Vice Chair for Supervision Michael Barr said Friday Fed supervisors continue to draw on lessons learned from last March's bank failures — like the need for heightened scrutiny — in addressing risks banks currently face including firm asset growth, liquidity pressures and plummeting commercial real estate values.

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Nexo partners with Sift

The Paypers

US-based regulated digital assets institution Nexo has announced its collaboration with Sift , aiming to safeguard customers against digital risk and simplify user experience.

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Rep. Andy Barr to introduce bill on bank mergers

American Banker

Rep. Andy Barr, R-Ky., will propose legislation on Friday that would curtail the Federal Reserve's ability to slow down the bank merger process by mandating that the central bank must approve or deny applications within 90 days of receiving them.

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Fiserv's network available at NCR Atleos' ATMs

The Paypers

US-based financial technology provider Fiserv has announced the expansion of its CheckFreePay network for in-person bill payments to NCR Atleos ’ ATM network.

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It Takes Two to Tango

With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.

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Hometown Financial near Boston strikes seventh M&A deal in past decade

American Banker

Buying North Shore Bancorp in Peabody, Massachusetts, would give Hometown nearly $6 billion of assets and a higher profile in New England.

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EQ Bank partners with Trulioo

The Paypers

UK-based identity platform Trulioo has announced its collaboration with EQ Bank , aiming to provide the latter with identity document and biometric verification.

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New York bank settles wage dispute with a $5.8 million payout

American Banker

Community Bank System in Syracuse faced claims it failed to properly pay some branch-level employees, making it one of a growing number of banks forced to confront compensation-related disputes in recent months.

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Klarna launches new Sign in with Klarna product

The Paypers

AI-driven global payment provider and shopping assistant Klarna has launched its Sign in with Klarna product to offer clients an optimised shopping experience.

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The 2024 Lenders Guide to Automating the Complex Loan

Download the latest edition of GoDocs' "The Lender's Guide to Automating the Complex Loan." This comprehensive guide offers financial institutions valuable insights into document automation for complex commercial loans. It unpacks the intricacies of complex loans and showcases how an automation platform like GoDocs — the leading commercial loan closing platform — delivers impressive benefits and ROI to any FI.

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Real-time spending data and AI can mitigate risks in loan portfolios

American Banker

An investor in early stage fintech startups weighs in on the breakthrough technologies that will transform the relationships between banks and fintechs.

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ConnectID brings digital ID to the real estate industry

The Paypers

Australia-based digital identity ecosystem ConnectID has announced that property management platform RentBetter has integrated its digital identity services.

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Tracy Atkinson joins Citizens Financial's board, Toast cuts workers

American Banker

Ex-State Street exec joins Citizens Financial's board, payment software firm Toast will cut workers, Visa rolls out enhanced digital wallet tools and more in the weekly banking news roundup.

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RBI asks Visa and Mastercard to halt B2B fintech payments

The Paypers

The Reserve Bank of India (RBI) has urged Visa and Mastercard to halt card-based business-to-business (B2B) payments routed via third-party fintech firms.

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Confronting the Change Challenge

Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.