Accenture

SEPTEMBER 15, 2023

The years-long ISO 20022 journey has achieved a major milestone this year: it is now being used for cross-border payments. The new standard successfully launched globally in March 2023 with SWIFT CBPR+, and on the European Market Infrastructures of T2 (March 2023), Euro 1 (March 2023) and CHAPS RTGS (June 2023). Early data reveal a… The post Shifting from compliance to value with ISO 20022 appeared first on Accenture Banking Blog.

Compliance 526

Compliance Data Marketing Payments 526

Payments Dive

SEPTEMBER 15, 2023

The fight over the Credit Card Competition Act is intensifying on Capitol Hill, with Senate floor diatribes and doughnut truck freebies.

Cards 418

Cards 418

CFPB Monitor

SEPTEMBER 15, 2023

On September 8, 2023, the Financial Crimes Enforcement Network (“FinCEN”) released an alert regarding a notorious virtual currency scam called “pig butchering,” because, unfortunately, it resembles the “fattening a hog before slaughter.” These scams are primarily perpetrated by criminal organizations in Southeast Asia where these scams are also called “Sha Zhu Pan.”.

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157

Payments Dive

SEPTEMBER 15, 2023

In a new report, the federal watchdog highlighted the pitfalls of school-based tuition payment plans, including confusing repayment terms and a high cost for credit.

Payments 221

Payments Report 221

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Groups

American Banker

SEPTEMBER 15, 2023

Bancrédito International Bank and Trust Corp. "willfully violated" the Bank Secrecy Act, according to the Financial Crimes Enforcement Network. The penalty was the first under a two-year-old federal rule aimed at closing gaps in anti-money-laundering enforcement.

Puerto Rico 101

Puerto Rico 101

CFPB Monitor

SEPTEMBER 15, 2023

Alleging violations of the Illinois Biometric Information Privacy Act (BIPA), approximately 50,000 Samsung customers filed individual arbitration demands with the American Arbitration Association (AAA) pursuant to an arbitration clause in Samsung’s customer agreement. Samsung refused to pay its share of the AAA’s administrative fees, totaling about $4 million, and the AAA closed the matters for lack of payment.

Samsung 97

Samsung Illinois Payments 97

Payments Dive

SEPTEMBER 15, 2023

The incursion is part of a spate of recent attacks against hospitality companies, including at Caesars Entertainment, that have affected card transactions, ATMs and reward programs.

ATM 195

ATM Payments Cards Company 195

CFPB Monitor

SEPTEMBER 15, 2023

Earlier this week, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses that would permit consumers to choose between arbitration and litigation only after a dispute has arisen. There are numerous compelling reasons why the CFPB should not engage in such rulemaking.

Groups 88

Groups 88

American Banker

SEPTEMBER 15, 2023

A movement is afoot to transfer the job of the Federal Home Loan banks to the Federal Reserve. This would be a disaster for small lenders.

Washington 87

Washington Community Bank Policies Community 87

Advertiser: ZoomInfo

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Analysis

CFPB Monitor

SEPTEMBER 15, 2023

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra recently addressed The Mortgage Collaborative National Conference recounting the Congressional response to the mortgage industry crisis that began in 2008 that resulted in the creation of the CFPB. Mr. Chopra emphasized that challenges to the validity and authority of the CFPB could hurt the stability of the U.S.

Conference 88

Conference Regulation National Industry 88

American Banker

SEPTEMBER 15, 2023

The American Bankers Association found that 89% of the banks it surveyed feel that social media is important. But there is room for improvement in their practices.

social media 81

social media Survey Compliance Technology 81

CFPB Monitor

SEPTEMBER 15, 2023

The Federal Trade Commission (“FTC”) on September 11, 2023, settled a claim against a group of affiliated entities operating a background reporting business, Instant Checkmate, LLC, TruthFinder, LLC, The Control Group Media Company, LLC, Intelicare Direct, LLC, and PubRec LLC (“background report companies” or “companies”) for alleged misrepresentations that deceived consumers about whether they had criminal records and for operating as a consumer reporting agency without following the requiremen

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Report Company Groups Operations 78

American Banker

SEPTEMBER 15, 2023

The Senate Banking Committee is expected to mark up the Secure and Fair Enforcement Act, or SAFE Banking Act, the week of Sept. 25.

Security 78

Security Policies Compliance Regulation 78

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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.

Lending

BankInovation

SEPTEMBER 15, 2023

Fintech startups are increasingly leveraging AI to make operations and offerings more efficient for financial institutions. At Finovate Fall 2023 in New York this week, fintechs hit the stage to demonstrate the latest in AI innovation — AI is serving a wide variety of use cases.

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New York Fintech Innovation Operations 72

American Banker

SEPTEMBER 15, 2023

Commercial real estate loans are a growing area of concern for banks. But OceanFirst says its exposure to a troubled shared credit tied to a Manhattan office building isn't a sign of broader problems in its portfolio.

New Jersey 74

New Jersey Lending 74

BankInovation

SEPTEMBER 15, 2023

UBS Group AG this week eliminated about a dozen jobs in its US investment bank as part of its integration of Credit Suisse, according to people with knowledge of the matter.

US 72

US Groups Retail Management 72

American Banker

SEPTEMBER 15, 2023

Former Deutsche Bank investment banker Rashawn Russell, who has denied defrauding investors in a cryptocurrency fraud, appears ready to change his mind and plead guilty to fraud charges, court records show.

Fraud 69

Fraud cryptocurrency Industry Compliance 69

Advertiser: ZoomInfo

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Capital

BankInovation

SEPTEMBER 15, 2023

Financial institutions are looking to AI to enhance developer productivity and get products to market quickly. “Developer productivity is a huge use case [for AI] that is amazing,” Prag Sharma, global head of AI at Citi, said Thursday during the webinar “Global ideas for better banking AI,” presented by Bank Automation News.

Marketing 69

Marketing 69

American Banker

SEPTEMBER 15, 2023

Carrie Tolstedt, the former retail banking chief at Wells Fargo, was sentenced Friday to three years of probation including six months of home confinement — a major setback for federal prosecutors who wanted to send a message by putting a high-level big-bank executive in prison.

Retail 64

Retail Compliance Regulation 64

The Paypers

SEPTEMBER 15, 2023

NEC Corporation has introduced three modern digital finance solutions that aim to enable the financial industry in Thailand to cope with fintech challenges.

Fintech 54

Fintech Industry 54

American Banker

SEPTEMBER 15, 2023

While proponents of a central bank digital currency tout modernity and financial inclusion, House Financial Services Committee members of both parties fear lending could suffer under a digital dollar and are wary of handing the Federal Reserve even more power.

Lending 45

Lending Policies cryptocurrency Compliance 45

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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.

Operations

The Paypers

SEPTEMBER 15, 2023

US-based digital asset financier Bitwave has acquired Gilded to augment accounting and enterprise solutions amid the improving clarity in accounting and tax regulations in the US.

Taxes 48

Taxes US Regulation 48

The Financial Brand

SEPTEMBER 15, 2023

This article Designer of ‘Real-Time Payments’ Tackles ‘Chuck’ for Community Banks appeared first on The Financial Brand. 'Payment Jedi' Peter Davey hopes to take Alloy Labs consortium members where no community bank has gone before. His mission? Launch Chuck. This article Designer of ‘Real-Time Payments’ Tackles ‘Chuck’ for Community Banks appeared first on The Financial Brand.

Community Bank 40

Community Bank Community Payments Branding 40

The Paypers

SEPTEMBER 15, 2023

BNY Mellon and Datos Insights have released a report examining the ongoing growth of real-time payments due to the increasing demand from consumers for faster payment options.

Report 48

Report Payments 48

The Financial Brand

SEPTEMBER 15, 2023

This article Why Your Next Strategic Plan Should Start with a Board-Management Survey appeared first on The Financial Brand. A strategic plan only works well when the entire team gets behind it. Surveying the board and management can ensure there's no misalignment. This article Why Your Next Strategic Plan Should Start with a Board-Management Survey appeared first on The Financial Brand.

Survey 36

Survey Management Branding Groups 36

Advertiser: ZoomInfo

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.

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