Mon.Nov 06, 2023

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Apple spotlights payments in fourth-quarter earnings call

Payments Dive

CFO Luca Maestri said the Cupertino, California-based company’s gains in payments were “very, very important” in order to get users of Apple’s hardware to also start paying for its software.

Apple 243
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FTC targets deceptive practices in merchant cash advance case

CFPB Monitor

The Federal Trade Commission recently prevailed on summary judgment in a case against Jonathan Braun and his company RCG Advances, LLC. The product at issue, merchant cash advances, generally provide small businesses with critical and timely financing, and there was no dispute that the defendants gave these businesses upfront lump-sums of money in exchange for the right to collect future receivables. .

Company 212
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Top trends shaping the future of bill payment

Payments Dive

As consumer payment expectations continue to transform e-commerce experiences, billers should consider which emerging trends should be adopted.

Trends 221
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Union Bank Continues its Support of Northeastern Vermont Regional Hospital with $100,000 Donation for ER Expansion

Ublocal

When the Northeastern Vermont Regional Hospital emergency room opened 50 years ago, it was serving about ten patients per day. Over the past five decades health care needs have changed, and the ER now serves an average of 38 patients each day, with some days seeing up to 50 to 60 patients. This dramatic increase in patient visits has caused an enormous strain on the facility and presented daily challenges for its dedicated staff.

Vermont 98
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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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ICO apologises to ex-NatWest chief over claim she broke privacy law on Farage

TheGuardian

Watchdog says it was ‘incorrect’ to suggest Alison Rose breached law by discussing ex-Ukip leader’s banking with journalist The UK’s data watchdog has issued a formal apology to ex-NatWest boss Alison Rose, saying it was “incorrect” to suggest she had breached data protection laws by discussing Nigel Farage’s banking relationship with a BBC journalist.

Data 102

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Interest rate rise would see almost half of Australian mortgage holders under financial stress

TheGuardian

Record level of stressed households projected as all but four of 39 economists in survey tip Melbourne Cup Day hike Get our morning and afternoon news emails , free app or daily news podcast Almost half of Australia’s mortgage holders would be in financial stress if the expected Melbourne Cup interest rate rise goes ahead, paying at least 30% of their income to service their loans.

Taxes 97
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SCOTUS to hear oral argument on Nov. 29 in case involving challenge to use of administrative law judges by federal agencies

CFPB Monitor

On November 29, 2023, the U.S. Supreme Court will hear oral argument in Jarkesy v. Securities and Exchange Commission , a case in which the respondents are challenging the constitutionality of the SEC’s use of administrative law judges (ALJs). The outcome of the case could have significant implications for the use of ALJs by all federal agencies, including the CFPB, FTC, and federal banking agencies. .

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With the Sam Bankman-Fried trial over, can banks get back into crypto?

American Banker

FTX's implosion made it even harder for crypto-related businesses to work with U.S. banks. With the fraud conviction of the company's founder, regulatory clarity may gradually come.

Fraud 99
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Ripple becomes technology partner of National Bank of Georgia

The Paypers

US-based crypto solutions company Ripple has become the technology partner for National Bank of Georgia ’s (NBG) digital GEL pilot project.

Georgia 96
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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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Banks eager to resume M&A predict 'wave of consolidation' in 2024

American Banker

Many banks tapped the brakes on mergers and acquisitions this year amid economic and regulatory challenges. But executives at banks with a history of dealmaking say conditions could be right for them to return to buying mode next year.

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Inside look: The hunt for AI talent

BankInovation

Financial institutions are on the hunt for AI talent as AI, machine learning, natural language processing and generative AI continue to gain importance in bank operations. In fact, 99% of bank executives are hiring talent to support generative AI initiatives, according to Google’s New Banking Survey, released in October.

Survey 69
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Why some banks are realizing their once-unrealized losses

American Banker

More banks are selling their underwater bond portfolios at a loss, crystallizing what were previously losses on paper only. Though the maneuver brings some short-term pain, the banks expect to make the money back over time.

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Deutsche Bank shifts branch strategy amid digital adoption

BankInovation

Deutsche Bank completed the IT migration of financial institution Postbank to its network during the third quarter and has decided to shutter nearly half of Postbank’s branches as clients lean into digital banking.

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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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Iowa bank is fifth failure this year

American Banker

Months prior to its failure, Citizens Bank in Sac City had entered into a consent order with the Federal Deposit Insurance Corp. and the Iowa Division of Banking due to problems in its portfolio of commercial trucking loans.

Iowa 87
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CFPB lags on information security updates

BankInovation

While the Consumer Financial Protection Bureau plans to step up enforcement action in the lending sector, the federal watchdog has yet to implement measures laid out in its own information security audits dating back to 2014. At a consumer rights conference Oct.

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Fed policies continue to batter small businesses

American Banker

The small businesses that drive the U.S. economy and local economies throughout our nation are being "hung out to dry" by regulators' push for increased capital requirements, according to the head of the Small Business & Entrepreneurship Council.

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Arta TechFin partners with Chainlink Labs

The Paypers

Hybrid financial platform Arta TechFin has partnered with Chainlink Labs to leverage the latter’s services and deliver fiat-based investment returns to its clients.

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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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Capital One faces lawsuit from savers left behind amid rate hikes

American Banker

Longtime customers of Capital One's online banking arm thought they were getting the best possible rate, according to a lawsuit. Little did they realize, they say, that they needed to open a new account in order to benefit from interest rate increases.

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IDnow partners with IATA

The Paypers

Germany-based IDnow has announced its partnership with IATA in order to demonstrate an integrated digital identity travel solution and optimise passenger experience.

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8 of the biggest issues facing the banking industry today

American Banker

From glitches in payment processing to the consequences of compliance failure, banks need to pay attention to a range of significant issues.

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Travelex reveals that Australians rely on cash for abroad payments

The Paypers

A newly published research from Travelex has revealed that more than 50% of Australians still rely on cash as a main overseas payment method.

Maine 48
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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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NCR, Diebold embark on new strategies to improve ATMs

American Banker

NCR Atleos and Diebold Nixdorf are signing deals that grant access to other industries and regions where there's demand for self-serve cash access — with additions such as artificial intelligence and better security.

ATM 84
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Alibaba International announces pilot launch of AI suite

The Paypers

Alibaba International has announced the pilot launch of Aidge, a commerce-centric, artificial intelligence-powered suite of APIs that intends to simplify global operations for enterprises.

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FTC's $18-million fine for Brigit: A warning for cash-advance fintechs

American Banker

The Federal Trade Commission filed a complaint against finance app Brigit for misleading customers about accessing "up to" $250 in cash advances and making it difficult to cancel their subscriptions.

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Airwallex launches Yield returns account

The Paypers

Global payments and financial platform for businesses Airwallex has launched Yield returns account, a product for businesses to earn returns on AUD and USD balances.

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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.