Payments Dive
OCTOBER 23, 2023
“Big gaps in the law” are leaving the financially vulnerable open to harms from digital payments, one law professor argues in a recent Georgetown Journal on Poverty Law & Policy paper.
South State Correspondent
OCTOBER 23, 2023
Good commercial lenders use commitment letters and proposal letters to their advantage. A proposal letter (or letter of intent) expresses interest from the lender before credit approval is obtained. A commitment letter evidences the lender’s commitment to lend. It is only furnished after preliminary credit approval and typically contains the following language: lender commits to provide the loan on, and subject to, the terms and satisfaction of conditions set forth herein.
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Payments Dive
OCTOBER 23, 2023
In the interest of faster, cheaper and more transparent cross-border payments, the Bank of International Settlements last week produced an interim report aimed at developing a governance structure for an interlinked faster payments system.
CFPB Monitor
OCTOBER 23, 2023
On October 19, 2023, the Consumer Financial Protection Board (“CFPB”) released a proposed rule that, if enacted, would grant consumers greater access rights to the data their financial institutions hold. Under the proposed Personal Financial Data Rights Rule (the “Proposed Rule”), bank customers nationwide would have privacy rights similar to what is afforded under the dozen state privacy laws that have been enacted in recent years. .
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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.
Payments Dive
OCTOBER 23, 2023
That’s the maximum amount of money the card network estimates may yet result from claims brought against it years ago by merchants who argue they were overcharged for card transaction processing.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
OCTOBER 23, 2023
When crafting strategies that can both create this future-forward perspective while capturing sales today, it’s important to consider modernizing the virtual payment structure.
CFPB Monitor
OCTOBER 23, 2023
Last Wednesday, the Senate Commerce Committee voted to advance President Biden’s nominees to fill the two open Republican Commissioner seats on the Federal Trade Commission: Andrew N. Ferguson and Melissa Holyoak. The nominations, which were approved by a voice vote, will now be voted on by the full Senate. The Committee also unanimously advanced the renomination of current FTC Commissioner Rebecca Kelly Slaughter. .
Payments Dive
OCTOBER 23, 2023
“Increasingly, government agencies — and the people they serve — need a payments system that is connected across departments and jurisdictions,” writes one payments executive.
BankBazaar
OCTOBER 23, 2023
*Trigger warning for shopaholics* Dear readers, gather ’round, and let me take you on a journey through the aisles of online shopping, where the siren call of “Add to Cart” beckons even the most frugal souls. Yes, we’re diving into the realm of impulse buying and I promise you, it’s eerily irresistible. The Allure of Online Shopping Picture this: You’re in your pyjamas, nestled in the cosy cocoon of your favourite blanket, a steaming cup of cocoa in hand
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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.
Payments Dive
OCTOBER 23, 2023
For retailers, the flurry of first-time shopper activity can also look like fraud.
American Banker
OCTOBER 23, 2023
Banks already share consumers' transaction data with fintechs, mostly through data aggregators, and often grudgingly through screen scraping. The proposed 1033 regulation could give more control to consumers, better data access to fintechs and a competitive edge to big banks over smaller ones, some observers say.
TheGuardian
OCTOBER 23, 2023
It was due to be transferred but never went through. So where’s the money now? I have had a complaint with NatWest since May, after it lost £10,000 of my dad’s money. He transferred the cash out of his Isa and into an old NatWest Isa of my own. The transfer didn’t go through, but the money wasn’t returned to his account, either. Continue reading.
American Banker
OCTOBER 23, 2023
The Alabama bank reported that check fraud resulted in operational losses of $135 million between April and September, including $53 million last quarter. The entire banking industry has been beset by higher levels of check fraud since the start of the COVID-19 pandemic.
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.
BankInovation
OCTOBER 23, 2023
Michigan State University Federal Credit Union’s consumer-facing chatbot is answering member live-chat questions at a pace equal to that of more than 50 employees. “We’ve been on this (AI) journey for a little while,” MSUFCU Chief Executive April Clobes said at the Jack Henry Connect event in Indianapolis last week.
American Banker
OCTOBER 23, 2023
The Federal Reserve Board and state regulators signed off on the $1 billion deal, paving the way for a late 2023 closing. The approvals were significant given that other large combinations have run into trouble.
BankInovation
OCTOBER 23, 2023
Mastercard is exploring generative AI uses with a specific focus on operational efficiency and coding assistance. Purchase, N.Y.
American Banker
OCTOBER 23, 2023
The Dallas company, which is in the midst of a four-year business overhaul, is facing a margin squeeze in the coming quarters. But even as analysts express skepticism, company executives aren't budging from the profitability goals they set two years ago.
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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
The Paypers
OCTOBER 23, 2023
US-based blockchain security startup Blockaid has secured USD 33 million in Series A funding to scale its technology aimed at stopping malicious transactions.
American Banker
OCTOBER 23, 2023
Brazil's PIX network has sparked a venture-capital boom in an otherwise down economy, including interest from U.S. investors.
The Paypers
OCTOBER 23, 2023
Mexico-based Plata has partnered with authentication solutions provider Entersekt to increase the security of its credit card with 3-D Secure payment authentication.
American Banker
OCTOBER 23, 2023
The top five banks and thrifts have combined total deposits of nearly $7.5 trillion.
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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
The Paypers
OCTOBER 23, 2023
US-based company Jumio has announced the launch of its new AI-driven fraud prevention technology, in order to identify fraud patterns more accurately.
American Banker
OCTOBER 23, 2023
Three years removed from the Black Lives Matter protests, banks have not fulfilled their promises to help close the racial wealth gap.
The Paypers
OCTOBER 23, 2023
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have published a Consultation Paper on two draft Joint Guidelines.
American Banker
OCTOBER 23, 2023
The Treasury Department's Financial Crimes Enforcement Network issued an alert Friday calling on financial institutions to closely monitor and report suspected financial activities related to Hamas, including complex cryptocurrency transactions and through fictitious charities.
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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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