Fed officials tout FedNow, seek adoption
Payments Dive
SEPTEMBER 13, 2023
Fed officials are on a campaign to increase adoption of the new instant payments system, noting it may have implications for other Fed services.
Payments Dive
SEPTEMBER 13, 2023
Fed officials are on a campaign to increase adoption of the new instant payments system, noting it may have implications for other Fed services.
South State Correspondent
SEPTEMBER 13, 2023
Most banks have still not committed to RTPĀ® or FedNow SM for their commercial customers – a bank’s most significant single profit driver. Most banks ignore instant payments or are still worried about fraud and research. The irony is that of the estimated $25 trillion in B2B payments in the U.S., 33% are still made via check that contains more than $8B of fraud per year.
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Payments Dive
SEPTEMBER 13, 2023
Fraudsters developed sophisticated techniques to evade safeguards and steal payment credentials, the card network said in its biannual report.
CFPB Monitor
SEPTEMBER 13, 2023
Last week, three farm credit trade associations filed the latest in a series of unopposed emergency motions for leave to intervene in the Texas case challenging the Consumer Financial Protection Bureauās (āCFPBā) final small business lending rule implementing Section 1071 of the Dodd-Frank Act (Rule). The intervenors ā the Farm Credit Council, Texas Farm Credit, and Capital Farm Credit (collectively, āFarm Credit Intervenorsā) ā argue that the Rule imposes substantial burdens on agricultural len
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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
SEPTEMBER 13, 2023
Discover executives met with regulators on the issue Monday, and the company expects further discussion, CFO John Greene said.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
TheGuardian
SEPTEMBER 13, 2023
Thinktank says replacements for European Investment Bank have backed āfewer, smaller and lower-risk projectsā New public sector lenders created by the government since Brexit are investing two-thirds less than the UK was receiving from the EUās European Investment Bank, a new report finds. Over more than four decades, the EIB backed UK projects ranging from the Channel tunnel and the Manchester Metrolink to offshore windfarms and upgrading the National Grid.
CFPB Monitor
SEPTEMBER 13, 2023
The Consumer Bankers Association (āCBAā) recently published a letter it sent to the CFPB describing the information that banks typically use for identity verification and fraud prevention and addressing the impact of subjecting such information to the requirements of the Fair Credit Reporting Act (āFCRAā). The letter is a response to CFPB Director Chopraās recent remarks detailing proposed changes to the FCRA.
TheGuardian
SEPTEMBER 13, 2023
Number of payments using coins and notes rose 7% last year amid cost of living crisis, after a decade of decline Cash has mounted a comeback in the UK, with payments made using notes and coins increasing for the first time in a decade, data shows. Cash use has been in long-term decline, but the banking body UK Finance said the cost of living crisis had prompted many people to turn back to ātangibleā physical money to help them manage their budgets.
ATM Marketplace
SEPTEMBER 13, 2023
Bank of America, Citizens Bank and America's Credit Union all earned awards at the annual BCX Awards.
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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.
American Banker
SEPTEMBER 13, 2023
A handful of banks concentrated in the Southeast U.S. are facing elevated charge-offs amid the liquidation of Mountain Express Oil. First Horizon Corp., which led a syndicated loan of more than $200 million to the bankrupt company, expects to take a $70 million hit.
The Paypers
SEPTEMBER 13, 2023
UK-based iProov has partnered with Estonia-based Cybernetica to provide digital signing and authentication solutions to government and financial services organisations.
American Banker
SEPTEMBER 13, 2023
Any comprehensive overhaul of the Federal Home Loan Bank System will have to navigate a dense thicket of countervailing regulatory and stakeholder priorities.
BankInovation
SEPTEMBER 13, 2023
MGM Resorts International has been saying its hotels and casinos are āoperationalā following a cyberattack over the weekend that appeared to take down everything from payment systems to sportsbooks. Some of its patrons begged to differ.
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.
American Banker
SEPTEMBER 13, 2023
The FBI, NSA and CISA highlighted the emerging dangers of AI-powered deepfakes in phishing campaigns and cataloged protections companies can deploy.
BankInovation
SEPTEMBER 13, 2023
NatWest has selected fintech Icon Payments Framework to modernize its payments capabilities. Icon Payments Framework (IPF) is a low-code, cloud-native platform that allows financial institutions to enhance their payments technology, according to the fintechās website.
BankBazaar
SEPTEMBER 13, 2023
We are happy to bring to you the 6 th edition of the BankBazaar Aspiration Index – our annual study that attempts to understand what are the key aspirations of people and how they change year on year. For the first time since 2020, the All-India Aspiration Index has fallen. It now stands at 85.3, down two points from 2022 (87.3). Given the prevalent economic uncertainties around the world, we expected reports of financial challenges from our respondents.
BankInovation
SEPTEMBER 13, 2023
NEW YORK ā Citizens Bank will launch a virtual assistant, Digital Butler, on its commercial banking app in the next quarter, Jo Wyper, executive vice president of commercial digital operations at Citizens Bank, told Bank Automation News at Finovate Fall 2023.
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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 overwhelmingāwhere 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
American Banker
SEPTEMBER 13, 2023
The bank aims to use new tech to make account-to-account transfers for merchants an easier option than credit cards.
BankInovation
SEPTEMBER 13, 2023
Barclays, CitiGroup, Truist Financial and Santander announced layoffs this week as they look to cut costs and gain efficiencies. Truist is making āsizable reductionsā to its workforce in the coming months to save $300 million in costs, the bank announced at the Barclays Financial Services Conference Monday.
American Banker
SEPTEMBER 13, 2023
Frontline staffers are asking for better pay, internal talent development programs and more flexible work environments.
The Paypers
SEPTEMBER 13, 2023
Vanuatu has adopted VANKLIA, a new national digital payment platform to strengthen its digital economy and promote financial inclusion.
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In this report, youāll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organizationās current and future use of automation. The reportās 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
American Banker
SEPTEMBER 13, 2023
This week in global news, Ant gets bullish on AI, PayPal's stablecoin has a fan in the bitcoin world, and more.
The Paypers
SEPTEMBER 13, 2023
Canada-based Scotiabank has extended its partnership with financial services provider Chase , a J.P. Morgan subsidiary, to offer advanced banking and merchant services solutions.
American Banker
SEPTEMBER 13, 2023
Lenders either write down portions of soured credits or charge them off altogether to remove them from their balance sheets. Banks also set aside reserves to cover potential future bad loans. This allowance creates a buffer for lenders to absorb losses.
The Paypers
SEPTEMBER 13, 2023
Sweden-based fintech Brite Payments has announced a partnership with digital auction platform Auctionet to provide its users with instant account-to-account (A2A) payments.
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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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