Thu.Nov 16, 2023

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How scammers' use of AI is affecting fintech investment

American Banker

Fraudsters are likely to increase their use of generative artificial intelligence to attack banks and other payment companies. Investors are using their own influence to fight back.

Fintech 90
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Shift4 CEO entertains acquisition interest

Payments Dive

CEO Jared Isaacman said the payment processing company is fielding acquisition interest from “several parties.

Payments 468
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Eleventh Circuit rules consumers can recover statutory damages for willful FCRA violations without proving actual damages

CFPB Monitor

Joining every other circuit to address the same issue, the U.S. Court of Appeals for the Eleventh Circuit recently ruled that a consumer does not have to prove actual damages to recover statutory damages for willful violations of the Fair Credit Reporting Act. In Omar Santos, et al. v. Experian Information Solutions, Inc.

Report 142
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PayPal’s new CEO builds team

Payments Dive

Alex Chriss, PayPal's chief executive officer, is lining up outsiders as managers as he seeks to drive profitable growth at the digital payments behemoth.

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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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Profits in a time of inflation: what do company accounts say in the UK and euro area?

BankUnderground

Gabija Zemaityte and Danny Walker Inflation has been high in many countries since 2021. Some have said that companies have increased their profits over that period: so-called ‘greedflation’. We use published company accounts for thousands of large listed companies to look for signs of increased profits in the data. Consistent with previous analysis of aggregate incomes , price indices and business surveys , we find no evidence of a rise in overall profits in the UK – prices have gone up alongsid

Company 138

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2023 ATM & Self-Service Software Trends

ATM Marketplace

The ATM and self-service industry is here to stay, but it’s no longer business as usual. We are at the cusp of a self-service revolution where market players are required to be more efficient, innovative and customer-centric than ever before. Download this report to learn more about ATM and self-service trends in 2023.

ATM 124
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Forter executive offers 2024 payments predictions

Payments Dive

The new instant payment rail FedNow is set for a “roller coaster” next year, according to Forter Head of Financial Partnerships Jeff Hallenbeck.

Payments 243
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Deutsche Bank looks to gen AI for coding, CX

BankInovation

Deutsche Bank is exploring generative AI within its operations as it looks to third-party startups to develop the technology. “Artificial intelligence is one of the most important technology trends for the financial industry, with significant potential to make business processes more efficient,” a Deutsche Bank spokesperson told Bank Automation News.

Trends 118
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Banks Must Up Their Social Media Game to Connect with Digital Natives

Gonzobanker

Banking leaders looking for the next wave of growth need to think differently about marketing to half the population. Traditional financial institutions that want to compete with fintech disruptors like Chime and X (formerly known as Twitter) need to up their social media game. This means a significant contribution in terms of budget and resources from the marketing department.

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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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How Will We Fund That Low Rate, Low Covenant Loan?

Jeff For Banks

Emily McCormick 's ( Bank Director Magazine ) most recent Common Threads newsletter post on LinkedIn got me thinking? How did that 5.5%-6% loan, described by Jeff Rose, CEO of Ambank Holdings, get to committee or even make it past the lender? Banking is one of those businesses that requires bankers to be less stupid than their competitors. And when competitors start funding 6% loans with 5% money, they start pulling those in their competitive eco-system with them.

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Seventh Circuit stays order requiring Samsung to pay millions in arbitration fees

CFPB Monitor

We previously blogged about an Illinois federal district court order requiring Samsung to pay about $4 million in arbitration fees in connection with 35,000 individual arbitration demands filed as part of a “mass arbitration.” By way of update, Samsung is pursuing an appeal to the Seventh Circuit, which recently granted Samsung’s motion for a stay of the district court’s order pending appeal. .

Samsung 88
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How credit unions are adapting to climate change

American Banker

Whether it's bracing for a hurricane or helping members reduce their environmental impact, many credit unions are making the planet's health a focal point of community engagement.

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This week’s podcast episode: Prohibited by law and totally ineffective—just two of the many reasons why the CFPB should deny the petition for rulemaking on post-dispute consumer arbitration agreements

CFPB Monitor

Our special guest is David Sherwyn, Professor of Law at Cornell University’s School of Hotel Administration. In September 2023, 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. .

Groups 78
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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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Bank, credit union advocates seek regulatory clarity in wake of AI order

American Banker

Experts across the financial services space hold that the White House's new mandates won't bring wholly new rules to the industry, but will hopefully explain what the path forward for governing agencies will look like.

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Open banking: Catalyst for innovation, competition

BankInovation

Open banking regulation is in the works — finally. The Consumer Financial Protection Bureau (CFPB) announced in October 2022 a plan to propose a rule in 2023 requiring financial institutions to share consumer data upon request by the consumer. One year later, on Oct. 19, 2023, the bureau unveiled its Personal Financial Data Rights proposal.

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Banker of the Year: PNC's Bill Demchak

American Banker

2023 proved to be a rocky year for large regional banks. But under CEO Bill Demchak's guidance, the Pittsburgh-based company has navigated the turmoil better than many of its peers.

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Onyx and Apollo explore tokenization in investments across blockchains

The Paypers

Axelar, Oasis Pro, and Provenance Blockchain have joined forces with Onyx by J.P. Morgan and Apollo in Monetary Authority of Singapore’s (MAS) Project Guardian.

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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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Regional bank CEOs in no rush to shift to fast payments

American Banker

The chief executives of U.S. Bancorp, PNC and Comerica say that fraud, regulatory uncertainty, technological challenges and other concerns are making them approach the adoption of real-time payments with caution.

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Britain lands at the top of global identity theft

The Paypers

Adyen , global financial technology company, has published a survey with a global ranking of countries most at risk of identity theft.

Survey 53
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The CFPB must turn off its fire hose of new regulations

American Banker

The agency's insistence on churning out new requirements — even as courts question its constitutionality — is harming the very consumers it purports to help.

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Enfuce partners with Funding Circle

The Paypers

Finland-based card issuing and processing company Enfuce has partnered with UK-based lending platform Funding Circle to launch its new credit card for small businesses.

Lending 41
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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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West Virginia governor sues Virginia lender for $1 billion

American Banker

Gov. Jim Justice alleges that Carter Bancorp engineered a technical default on a multi-million lending relationship and has blocked his company's efforts to refinance with other lenders. The lawsuit extends a dispute that started after the death of the bank's founder in 2017.

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Adyen launches Capital

The Paypers

Financial technology platform for businesses Adyen has launched Capital, a solution that allows platform customers to access funding for their SME users in Australia.

Capital 41
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Jack Ma-backed Ant's profit fell 65% due to 7 billion yuan fine

American Banker

Ant Group's quarterly profit fell by 65%, dented by a one-time fine that signaled the end of China's yearslong crackdown on the tech industry.

Groups 66
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MAS is working with the financial industry to support asset tokenization

The Paypers

The Monetary Authority of Singapore (MAS) has disclosed its collaboration with the financial industry to advance initiatives related to asset tokenization.

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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.