Tue.Dec 05, 2023

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How to deal with rising competition and risk in commercial payments

Accenture

It’s an open secret in payments that the commercial client experience is often second-class, far surpassed in both innovation and investment by consumer offerings. For years this disparity didn’t reach the bottom lines of incumbent payments providers, but our new research, Reinventing commercial payments for profitable growth, suggests it’s now creating competitive vulnerabilities.

How To 351
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Tipalti investigating ransomware attack

Payments Dive

The AlphV ransomware group claimed responsibility for the attack on Saturday and threatened to extort the business payments company's customers with allegedly stolen data.

Groups 397
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Ten qualities of a successful BSA officer

Abrigo

Good BSA Officer can be hard to find. Here are a few qualities to look for when you are evaluating candidates for your next BSA Officer. You might also like this resource: "Building a strong future: Succession planning strategies for you AML program." Watch webinar Takeaway 1 BSA Officers are the frontline defenders against financial crimes in banking institutions, and hiring the proper skill set for each BSA position is critical.

Training 221
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FTC to hold January hearing on ‘click to cancel’ rule

Payments Dive

The Federal Trade Commission is scheduled to hear from six industry organizations concerned about a proposed rule that would crack down on automatically renewing subscriptions.

Industry 221
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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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6 Concepts Borrowers Must Understand About The Lending Curve

South State Correspondent

Most borrowers have a rudimentary understanding of interest rates, the yield curve, forward rates, and forward premiums. Commercial bankers are trusted advisors and have a unique opportunity to understand their client’s specific financial and personal situations, explain the basic concepts of capital markets, and offer prudent and objective advice to help customers reach their goals.

Lending 195

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Improving the Accountholder Experience: Jack Henry™ Connect 2023

Jack Henry

We heard it often onstage at Jack Henry Connect: Today’s accountholders have a lot of options, and it’s not just banks or credit unions you’re competing against anymore.

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BNPL growth decelerates: Bank of America

Payments Dive

The growth rate in the number of shoppers downloading buy now, pay later apps shrunk for this year's Thanksgiving shopping weekend compared to 2022.

America 243
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From Novice to Expert: Chief Appraisers’ Journey to Excellence

Realwired Appraisal Management Blog

Some Chief Appraisers were thrown into their role. The role carries significant responsibilities, as it directly impacts a bank’s risk assessment and lending decisions. Some lacked an appraisal background which added a steep learning curve. Also, what does success look like for a new Chief Appraiser?

Lending 105
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Restaurant gift card sales rose during Thanksgiving weekend

Payments Dive

Guests spent 7.3% more on restaurant gift cards during the Thanksgiving weekend compared to the same period in 2022, according to Paytronix data.

Cards 195
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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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Consumer Finance Monitor Podcast receives highest ranking

CFPB Monitor

We are very proud to share the news that in a recent analysis by Good2bSocial, which measured reach and engagement, our Consumer Finance Monitor Podcast ranked highest among law firm podcasts devoted exclusively to consumer financial services. Good2bSocial is a consulting firm that advises law firms on how to use social media effectively.

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PayPal venture arm backs Israeli data privacy startup

Payments Dive

The funding boost comes as data privacy management startup Mine seeks to increase its hiring in the U.S.

Data 221
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Commercial Construction Loans: A Complete Guide to Funding Projects

Commercial Lending USA

Commercial construction loans are a type of financing used to fund the construction of commercial properties such as office buildings, retail centers, industrial facilities and large residential multi units projects.

Retail 98
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TD Bank takes a closer look at banking preferences

ATM Marketplace

What do customers actually want from banks? Do they still want branches? To answer this, TD Bank did a survey to gauge what makes customers tick.

Survey 101
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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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CFPB reported to be planning to unveil overdraft regulations before year-end

CFPB Monitor

Last week, Bloomberg Law reported that “Consumer Financial Protection Bureau officials have privately told industry executives that the regulator will likely unveil its long-awaited plan to crack down [on overdraft fees] in December, according to people familiar with the discussions. The CFPB has been crafting the regulations for months, and most of the details remain secret.”.

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Unwrapping PR Success: Lessons from Holiday Traditions

William Mills

It’s that time of year once again, and the holiday season is quickly approaching! While the holiday season is the most wonderful time for festive celebrations, there is also an abundance of valuable industry lessons to be gained.

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McKinsey sees AI adding up to $340B to Wall Street profit

BankInovation

Banks using generative artificial intelligence tools could boost their earnings by as much as $340 billion annually through increased productivity, according to consultants hoping to help the industry adapt in this fast-moving area. This would amount to a 9% to 15% increase in operating profits, according to a McKinsey Global Institute report published Tuesday.

Tools 74
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Truist mulls a restructuring of its underwater bond portfolio

American Banker

The North Carolina-based bank is considering the idea of selling a portion of its securities portfolio as a way to build capital, CEO Bill Rogers said Tuesday. At the end of the third quarter, Truist's securities were worth about 20% less than what the company paid for them.

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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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Podcast: Fighting AI-driven fraud with AI

BankInovation

Financial institutions are looking to AI to fight fraud, but fraudsters are using the same technology to up their attacks. “Generative AI has become a game-changer for fraudsters,” Alex Tonello, chief revenue officer at risk intelligence platform Trustfull, tells Bank Automation News on this episode of “The Buzz” podcast.

Fraud 74
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How one bank uses generative AI to fight domestic abuse

American Banker

Commonwealth Bank of Australia has developed an advanced artificial intelligence tool that can spot harassment in transaction messages.

Tools 91
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Kiwibank introduces Apple Pay

The Paypers

New Zealand-based Kiwibank has announced the introduction of Apple Pay to provide its customers with convenience and accessibility.

Apple 74
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Citrix software bug leads to outages at 60 credit unions

American Banker

A third-party provider for credit unions failed to fix a long-patched vulnerability, according to a cybersecurity researcher who has studied the situation.

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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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Tietoevry Banking partners with Tier 1-bank

The Paypers

Financial SaaS solution provider Tietoevry Banking has partnered with Nordic Tier 1-bank to deliver card issuing and payments software services to clients in the region.

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JPMorgan Chase says it's running out of branches to close

American Banker

The nation's largest bank has already completed many of the branch closings that can boost its earnings, leaving it with "less and less accretive opportunities to consolidate," according to a top executive.

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Qonto selects Fourthline for customer onboarding

The Paypers

France-based finance manager for SMEs and self-employed Qonto has selected Netherlands-based regtech Fourthline as its technology solution for customer onboarding.

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The danger of kneecapping the CFPB's small-business data rule

American Banker

The passage of a Congressional Review Act resolution to rescind the Consumer Financial Protection Bureau's small-business data collection rule may be only symbolic, but the rule is designed to detect and stop discrimination — something everyone should support.

Data 52
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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.