Fri.Nov 03, 2023

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9 new AI moves in the payments industry

American Banker

Companies such as Visa and Mastercard, as well as banks and retailers, are stepping up their investments in artificial intelligence to reach small businesses and spot new uses.

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Block to shrink workforce

Payments Dive

The company plans to cut about 8% of its workforce over the next year as Jack Dorsey steps up his efforts to improve efficiency and revive profits.

Company 534
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CECL best practices: Ongoing management of the allowance model

Abrigo

Top 5 CECL best practices and their benefits Now that CECL is implemented, follow these recommendations for ongoing management to provide confidence and be more efficient. You might also like this webinar, "Conquering CECL model validation: Prepare for success." WATCH Takeaway 1 How can you ensure ongoing compliance and efficient management of the allowance for credit losses?

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PayPal discloses SEC, CFPB probes

Payments Dive

The digital payments company said it’s cooperating with a Securities and Exchange Commission probe of its stablecoin, and a Consumer Financial Protection Bureau inquiry related to bank transfers.

Security 435
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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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Podcast: Building trust by bringing the bank into the workplace

ABA Community Banking

"When we're able to take banking the them, at a place where they already have trust with their employer, that's a bridge," says Jennifer Huffman of Atlantic Union Bank's workplace banking product. "From there we're able to grow that relationship." The post Podcast: Building trust by bringing the bank into the workplace appeared first on ABA Banking Journal.

Resources 105

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Understanding Loan Against Credit Card

BankBazaar

A loan against a C redit C ard can provide quick access to funds when you need them the most. Let’s explore what this entails in more detail. In today’s fast-paced world, financial needs can arise unexpectedly. Whether it’s a medical emergency, a home renovation project, or a once-in-a-lifetime vacation, having access to quick and convenient financing can be a lifesaver.

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ATMs take cash deposit to the next level

ATM Marketplace

NCR partnered with Clip Money to make cash deposits at ATMs easier for businesses. Here's how.

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Big Tech companies' latest forays into financial services

American Banker

Amazon, Apple, Meta, Alphabet and X have all been ramping up their ability to offer payments services, loans and other traditional bank products.

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92% of Bank of America’s private bank clients use digital options

BankInovation

Bank of America’s private bank leads in digital adoption, with 92% of its clients using digital capabilities. The private bank has the “highest level of digital across the entire company,” Jeff Busconi, head of private bank services at the $3.1 trillion Bank of America, said Thursday at the BancAnalysts Association of Boston Conference.

Boston 69
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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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Guest Post: Financial Markets & Economic Update 4Q23 by Dorothy Jaworski

Jeff For Banks

Financial Markets & Economic Update - Fourth Quarter 2023 Summer Update On this warm October day, I am staring at my Bloomberg screen, still heartbroken over the Phillies Phailure. Now, all of our hopes ride with the Eagles. Interest rates are all elevated, with the 2-year Treasury yield at 5.01% and the 10-year at 4.85%, which is up by over 100 basis points since June 30, 2023.

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Digitalization allows U.S. Bank to expand reach

BankInovation

U.S. Bank’s investment in digitalization has enabled it to reach beyond its branch network as it plans to expand to seven new markets. The $668 billion bank is expanding to Arizona, Florida, Georgia, North Carolina, New York, Texas and Tennessee, according to its presentation at the BancAnalyst Association of Boston Conference on Thursday.

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SBA's newly licensed nonbank lenders will focus on growth

American Banker

This week the Small Business Administration followed through with a controversial policy change by granting access to its flagship 7(a) program to three additional nonbank lenders. These new participants vowed to ramp up their small-business lending efforts.

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LG Electronics partners with Stripe

The Paypers

LG Electronics has announced its partnership with Stripe in order to provide Singapore customers with improved payment methods and overall checkout experience.

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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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Mint's shutdown is an opportunity for banks

American Banker

The 16-year-old site struggled to monetize, but experts said personal financial management products should focus on engagement.

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TransFi partners with Volt

The Paypers

TransFi and Volt , a global real-time payment solution provider, have partnered aiming to expand the financial services landscape by enabling faster onramps and fund transfers.

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New CRA rule will 'stand the test of time': Fed's Barr

American Banker

Federal Reserve Vice Chair for Supervision Michael Barr says that while there has been some opposition to the recent overhaul of Community Reinvestment Act regulations, he expects that banks, supervisors and communities will adapt and thrive once it's fully implemented.

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CQUR Bank partners with Finastra

The Paypers

CQUR Bank has announced its partnership with Finastra in order to optimise its digital transaction banking capabilities, for corporate clients around the world.

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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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Amazon's BNPL partnership expands; NAFCU-CUNA merger gets yes vote

American Banker

Amazon's buy now/pay later partnership with Affirm expands; NAFCU-CUNA merger gets affirmative vote from members; expense-reporting firm Navan rolls out European bank partnerships; and more in the weekly banking news roundup.

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BitGo obtains a crypto custody licence in Germany

The Paypers

US-based crypto custodian BitGo has obtained a cryptocurrency custody licence in Germany from the Federal Financial Supervisory Authority (BaFin).

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Capital One seeks to offload more NYC commercial-property loans

American Banker

Banks have been working to sell portfolios of commercial-property debt as they seek to manage their exposure to the sector. Soaring borrowing costs have weighed on valuations, with commercial real estate prices slumping 16% in September from a peak in March 2022, according to real estate analytics firm Green Street.

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Littlepay offers open payments solution for Peru's public transit

The Paypers

Littlepay has announced that riders using Peru’s AEMUS network of busses can make contactless payments with a bank card or digital wallet.

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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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Jack's back: How Square's founder plans to right the ship

American Banker

Taking the reins again as chief executive of Block following the recent departure of CEO Alyssa Henry, Jack Dorsey has launched internal changes to jump-start growth, eliminate silos and promote the use of artificial intelligence.

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Funding Societies raises USD 7.5 mln from Norfund

The Paypers

Singapore-based fintech SME lender Funding Societies has raised USD 7.5 million in debt from Norfund to bring financial inclusion to SMEs in Southeast Asia.

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Credit unions should take advantage of NCUA's 'second chance' reforms

American Banker

A new rule allowing people with long-ago criminal convictions to find employment at credit unions is good for both the industry and for society at large.

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Payments Canada partners with Nexi

The Paypers

Payments Canada has selected and partnered with Nexi to further enhance the resilience of Lynx, Canada’s payment system.

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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.