Payments funding slips further
Payments Dive
OCTOBER 18, 2023
While investments in payments startups dropped during the third quarter, U.S. companies attracted the most funding, according to a CB Insights report.
Wed.Oct 18, 2023
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How Banks Can Better Use Grid-Based Pricing
South State Correspondent
OCTOBER 18, 2023
Grid-based pricing is typically used to set the applicable margin of a loan based on specific performance measures, such as credit rating or cash flow coverage. However, grid-based pricing can also be used to increase deposit balances. The average borrower does not calculate their cost of borrowing and return on deposits on the economic value as determined by fund transfer pricing (FTP).
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Visa appoints advisory council for policy institute
Payments Dive
OCTOBER 18, 2023
The new council is tasked with providing “strategic guidance” to the San Francisco-based card giant’s Washington think tank, but none of the initial members are based in the U.S.
Live from Jack Henry™ Connect 2023 - Day 3
Jack Henry
OCTOBER 18, 2023
We’re halfway through #JHConnect week and the forward momentum continues with lots of great sessions, valuable Tech Hall demos, proud flair-wearing, and ongoing networking.
Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!
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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.
ACI, states reach $20M in settlements over payments mishap
Payments Dive
OCTOBER 18, 2023
The company is being penalized for unauthorized withdrawals, and attempted withdrawals, from mortgage customer accounts in April 2021.
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How convenience chain Minuteman is optimizing self checkout
Payments Dive
OCTOBER 18, 2023
After a retrofit at a high-volume store failed, the North Carolina-based convenience store company went back to the drawing board and improved the design.
Federal Reserve Board expected to approve final Community Reinvestment Act rule at Oct. 24 meeting
CFPB Monitor
OCTOBER 18, 2023
At its open Board meeting scheduled for October 24, 2023, the Federal Reserve Board is expected to approve its final rule amending its current regulation implementing the Community Reinvestment Act. In May 2022, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation issued a joint notice of proposed rulemaking setting forth proposed amendments to their regulations implementing the CRA. .
Flagstar latest of 60 banks affected by MoveIt breaches
American Banker
OCTOBER 18, 2023
The bank suffered its third breach in three years, this time by virtue of a vulnerability in Progress Software's file-transfer system. But Flagstar is only one of many such victims.
Citizens commits to cloud migration
BankInovation
OCTOBER 18, 2023
Citizens Bank reiterated its commitment to migrating all operations to the cloud by 2025 to create a modern banking platform during today’s third-quarter earnings presentation.
New York Lien Law Essentials: 5 Key Facts for Commercial Lenders
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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.
First Horizon takes big hit to credit quality
American Banker
OCTOBER 18, 2023
The Tennessee bank said a $72 million charge-off tied to a borrower in bankruptcy shaved 10 cents per share off its earnings. Management downplayed the issue, calling it "idiosyncratic," and emphasized that it was growing its loan portfolio.
Scotiabank to cut 3% of staff as CEO Thomson plots new direction
BankInovation
OCTOBER 18, 2023
Bank of Nova Scotia will dismiss 3% of its employees and take a writedown on its investment in a Chinese bank in a broad restructuring that underscores new Chief Executive Officer Scott Thomson’s focus on cutting costs. The reductions amount to about 2,700 jobs, based on the Canadian bank’s staff count as of July 31.
X-Press Legal integrates Open Banking with Ordo
The Paypers
OCTOBER 18, 2023
UK-based X-Press Legal has added Open Banking to its online banking system, X-Press Pay, via Ordo , enabling consumers to directly pay for disbursements.
Fed to consider rules governing debit card swipe fees
American Banker
OCTOBER 18, 2023
The Federal Reserve, which currently faces a Supreme Court case related to the fees, will vote on a proposal next week that will likely open up a rulemaking process to lower debit card interchange fees.
Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age
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.
Verestro integrates Quicko Wallet into the Slack application
The Paypers
OCTOBER 18, 2023
Poland-based financial technology solutions provider Verestro has announced the integration of the Quicko Wallet money transfer service within the Slack application.
Credit union membership plateaus as competition heats up
American Banker
OCTOBER 18, 2023
Credit unions are seeing tepid growth at best, due in part to banks using online offerings to win over consumers.
Ally aims to save $80M in 2024
BankInovation
OCTOBER 18, 2023
Ally Bank will continue to invest in technology to gain a competitive advantage over its peers.
Senate votes to nullify CFPB's small-business data collection rule
American Banker
OCTOBER 18, 2023
The Consumer Financial Protection Bureau's Section 1071 data collection rule challenge will likely not advance past President Joe Biden's desk, and Republicans don't have the votes to overturn his veto.
Digital Transformation: Accelerating ROI and Growth in Commercial Lending
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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
Marqeta partners with Motive
The Paypers
OCTOBER 18, 2023
Global card issuing platform Marqeta has announced its partnership with Motive in order to launch the Motive Card and deliver clients up to 10 percent savings.
Texas launches new review of big banks over energy policies
American Banker
OCTOBER 18, 2023
Texas Attorney General Ken Paxton's office said it's reviewing whether 10 financial companies, including Bank of America and JPMorgan Chase, violate a state law that punishes firms for restricting their work with the oil-and-gas industry because of climate-change concerns.
Tonik taps Sun Life Grepa Financial to launch insurance
The Paypers
OCTOBER 18, 2023
Philippine-based digital bank Tonik has partnered with life insurance company Sun Life Grepa Financial to roll out insurance for the former’s customers.
As capital regulations loom, M&T continues pause on share buybacks
American Banker
OCTOBER 18, 2023
Worried about the economy and new Fed rules on capital, the bank wants to hang onto its money just in case, CFO Daryl Bible told investors as he outlined second-quarter earnings.
The State of Automation in Financial Services 2024 Report
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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
Trovata partners with J.P. Morgan
The Paypers
OCTOBER 18, 2023
US-based J.P. Morgan has announced its partnership with Trovata in order to develop a new suite of solutions for treasury management improvement.
Citizens builds liquidity amid concerns over credit, regulation and war
American Banker
OCTOBER 18, 2023
The Rhode Island-based bank is bolstering its cash position in the face of worries about office loans, stricter capital requirements for regional lenders and the possibility of economic shock from overseas conflicts.
Amazon Payment Services obtains Retail Payment Services licence
The Paypers
OCTOBER 18, 2023
Amazon Payment Services , a digital payments provider operating across the MENA region, has been granted a Retail Payment Services licence by the UAE Central Bank.
NCR is now two companies, Revolut adds security pros
American Banker
OCTOBER 18, 2023
NCR has completed the spinoff of its ATM business, Revolut doubles its number of fraud-fighters in two years, China builds a zone for digital yuan users, and more.
Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance
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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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