Wed.May 29, 2024

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The courts need to rein in the SEC before it kills the crypto industry

American Banker

The Securities and Exchange Commission's overly broad expansion of the Dealer Rule is only the latest example of the agency's yearslong effort to stifle innovation in a vibrant and growing industry.

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Debit cards face rising digital wallet competition

Payments Dive

Roughly 72% of consumers say they swipe, dip or tap a debit card at the point of sale, a larger portion than credit cards, checks and digital wallets, according to a consumer survey by research firm J.D. Power.

Cards 435
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‘Fleecing the man off the street’: Car dealers investigated over high interest rates

TheGuardian

The FCA is considering opening a compensation scheme for customers after an influx of complaints When Gary Hill took out a £12,500 loan to pay for a new family vehicle in late 2014, he had no idea that the north London dealership he had travelled to from his home in Bedfordshire could have sway over his monthly payments. But the 45-year-old was in a bind, having started a new job that no longer gave him access to a company car.

Payments 102
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Klarna uses AI to cut marketing costs

Payments Dive

The Stockholm-based buy now, pay later company said more than a third of its first-quarter savings on sales and marketing expense was attributable to artificial intelligence.

Marketing 397
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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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Is Walmart ready to take on banks after its divorce from Capital One?

American Banker

The retail giant has scrapped its credit card partnership with Capital One, its second public spat in recent years with a partner bank. Analysts say it may be a sign that Walmart wants to launch its own credit card on what it hopes will be a financial super-app.

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Banks, credit unions respond to wave of windstorms and tornadoes

American Banker

Leaders of financial institutions and industry trade groups are working together to provide impacted communities across the U.S. with basic necessities and quick, online emergency loans.

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Transactions: Cache Valley Bank selects Finastra for core and digital banking

BankInovation

Cache Valley Bank has selected fintech Finastra for its core banking and digital banking offerings. The Logan, Utah-based bank will use the tech provider’s core banking platform, Fusion Phoenix, and its mobile banking platform, Fusion Digital Banking, for commercial and retail banking clients, according to a May 16 release from Finastra.

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Klarna vents at CFPB over BNPL rules, Discover bullish on Italy

American Banker

The Swedish financial institution argues over potential regulations that treat buy now/pay later lending like credit cards in the U.S.; Discover seeks the next hot market for real-time payments; and more.

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Quarterly Banking Profile: Banking net income $64.2 billion in Q1 2024

ABA Community Banking

The banking industry reported net income of $64.2 billion in the first quarter of 2024, an increase of $28.4 billion or 79.5% from the previous quarter, according to the FDIC’s most recent Quarterly Banking Profile released today. The figure was down from Q1 2023, when FDIC-insured banks and savings institutions earned $79.8 billion.A 13.3% decline […] The post Quarterly Banking Profile: Banking net income $64.2 billion in Q1 2024 appeared first on ABA Banking Journal.

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5 Ways You Can Win Faster with Gen AI in Sales

Incorporating generative AI (gen AI) into your sales process can speed up your wins through improved efficiency, personalized customer interactions, and better informed decision- making. Gen AI is a game changer for busy salespeople and can reduce time-consuming tasks, such as customer research, note-taking, and writing emails, and provide insightful data analysis and recommendations.

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BMO's U.S. arm hurt by sluggish loan growth, tighter margins

American Banker

The Toronto-based company's U.S. banking segment continues to face headwinds from muted loan growth and higher deposit pricing. Net income for the division tumbled by more than 25% last quarter.

Company 74
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Triple-A integrates PayPal USD for cross-border payments

The Paypers

Triple-A , a digital currency financial institution, has announced the incorporation of PayPal USD (PYUSD) into its payment services.

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Was the CFPB really manipulating data about credit cards?

American Banker

A reader takes issue with a column by the agency's former director in which she criticized its analysis of the consumer credit card market.

Cards 65
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ZTLment secures EUR 2.4 million

The Paypers

Copenhagen-based ZTLment has announced the rise of a EUR 2.4 million funding round in order to replace outdated banking infrastructures and solutions.

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The Role of Automation in Commercial Lending

Automation is changing the game for commercial lenders, offering a clear path to competitive advantage in 2025. Rising costs, outdated workflows, and manual data entry slow growth and impact borrower satisfaction. Automation addresses these challenges, reducing costs, speeding up loan cycles, improving accuracy, and elevating borrower experiences. With market uncertainty easing, now is the time to act—waiting until loan volumes rebound leaves lenders unprepared and struggling to compete.

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Illinois passes one-of-a-kind swipe fee restrictions

American Banker

The Illinois state legislature, as part of an agreement with retailers to raise state tax revenue, passed a budget bill that would bar the collection of interchange fees on sales taxes, excise taxes and tips for transactions that would be subject to Illinois sales taxes.

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Aspire expands services in Hong Kong

The Paypers

Singapore-based all-in-one finance platform Aspire has announced it secured a Money Service Operator (MSO) licence from the Hong Kong Customs and Excise Department.

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Client Spotlight: Jennifer Lopez of LUSO Federal Credit Union

Image Works Direct

Jennifer Lopez spent 10 years in local journalism with a grueling work schedule and decided to shift her career to marketing to be able to spend more time with her son. She worked for a full-service marketing agency for a year before she started at LUSO Federal Credit Union in February 2018 as their Marketing Manager.

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Mastercard partners with EagleLion

The Paypers

Mastercard has announced its partnership with EagleLion in order to drive digital payment development for customers and businesses in Ethiopia.

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10 Ways to Leverage Buyer Signals and Drive Revenue

In today’s ultra-competitive markets, it’s no longer enough to wait for buyers to show obvious signs of interest. Instead, sales teams must be proactive, identifying and acting on nuanced buyer behaviors — often before prospects are fully ready to make a purchase. In this eBook from ZoomInfo & Sell Better, learn 10 actionable ways to use these buyer signals to transform your sales strategy and close deals faster.

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Cleveland Fed taps former Goldman Sachs exec as next president

American Banker

Beth Hammack, who stepped down as the bank's co-head of global finance earlier this year, will take the helm as President of the Federal Reserve Bank of Cleveland later this summer following the retirement of longtime President Loretta Mester.

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Worldline signs agreement with Banque Raiffeisen

The Paypers

Global provider of payment services Worldline has signed an agreement with Banque Raiffeisen to allow the latter to leverage its cloud-based instant payments solution in Luxembourg.

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Five Social Influencers That Financial Services Professionals Should Know

The Financial Brand

This article Five Social Influencers That Financial Services Professionals Should Know appeared first on The Financial Brand. Dipping in regularly on social media influencers – including those targeting consumers – can help reality-check your strategies. This article Five Social Influencers That Financial Services Professionals Should Know appeared first on The Financial Brand.

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Ascenda joins forces with Ramp

The Paypers

Rewards network Ascenda has announced its partnership with Ramp , aiming to offer the latter’s customers more options for redeeming points on US spending.

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Outsource With Confidence for RDC Program Success

Remote Deposit Capture (RDC) clients are more likely to use additional treasury services and maintain larger deposits. However, poor customer experiences—particularly if they delay deposits—can compel RDC clients to take their business elsewhere. This eBook makes the case for outsourcing RDC operations to a proven managed services partner. This approach helps Treasury Departments with limited resources provide excellent client experiences that result in higher retention and productivity rates.

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Differentiation Value that Drives A+ Prospects [VIDEO]

The Emmerich Group

Do you agree that high quality customers love high quality attention ? Let’s explore how you can transform your safety and profitability by creating the kind of differentiation that attracts the highest quality credits and makes price irrelevant. If you think that the best customers get the best pricing because everyone wants them, then you have to watch this episode because it can and is being done.

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Brass acquired by investment group led by Paystack

The Paypers

Nigeria-based Brass has been acquired by an investment group led by Paystack , with participation from PiggyVest, Ventures Platform, and P1 Ventures.

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Appeals court again nixes judge's transfer of CFPB late-fee case to D.C.

American Banker

A federal judge in Texas is locked in a back-and-forth with an appeals court over whether the industry's challenge to a cap on credit card late fees should be moved to Washington, D.C.

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Revolut expands Mobile Wallets

The Paypers

Revolut has announced the expansion of its Mobile Wallets with Airtel, Orange Money, and MTN to build strong economic ties between Europe and Africa.

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Signal-Based Selling: How to Leverage 4 Key Buying Signals

As prospects define their problem, search for solutions, and even change jobs, they are generating high-value signals that the best go-to-market teams can leverage to close more deals. This is where signal-based selling comes into play. ZoomInfo CEO Henry Schuck recently broke down specific ways to put four key buying signals into action with the experts from 30 Minutes to President’s Club.