South State Correspondent

JULY 12, 2023

Next week, FedNow goes live, ushering in the next era of faster payments. Some 57 financial institutions will start with FedNow, including about 42 banks (plus a handful of core systems providers and fintechs). FedNow joins The Clearing House, which has offered real-time payments (RTP ® ) for the last five years. Banks are about to win back payment flow from non-banks, and in this article, we break down how this will happen and what it means for your bank.

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Accenture

JULY 12, 2023

Well over a decade ago, I was fortunate enough to land a banking leadership role in commercial and corporate banking operations. I immediately noticed two things that have stuck with me ever since. First, the people in operations are some of the best and most well-intentioned, albeit often overlooked, employees in the firm. When we… The post Commercial banks can benefit by transforming ops talent appeared first on Accenture Banking Blog.

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Payments Dive

JULY 12, 2023

The restaurant payments software company’s rivals needled Toast over the addition of a fee to be paid by consumers.

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Perficient

JULY 12, 2023

Introduction It’s not you. It’s the guidance. Perficient provides risk management to more than 500 financial services organizations, many of whom have multiple bank regulators. Often an organization will have a state-charted non-member bank, which has the FDIC as its primary federal regulator. The same organization will typically have a national bank charter, and the OCC is the primary federal banking regulator for that part of the organization.

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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.

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Payments Dive

JULY 12, 2023

That’s the fourth state in which the social media company has received a license, inching it closer to creating the payments tool and super-app envisioned by owner Elon Musk.

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Payments Dive

JULY 12, 2023

The corporate card issuer is entering South America by way of a new partnership with Fitbank, as part of broader international expansion ambitions.

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CFPB Monitor

JULY 12, 2023

The CFPB and the OCC announced that they have each entered into a consent order with Bank of America, N.A. for alleged violations arising from the Bank’s representment fee practices (“Fee Consent Orders”). The CFPB also announced that it has entered into a second consent order with the Bank for alleged violations arising from certain of the Bank’s credit card-related practices. .

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TheGuardian

JULY 12, 2023

Bank of England chief says there ‘will be consequences’ of higher interest rates, as all UK banks pass stress tests Treasury watchdog prepares to warn that rising UK interest rates threaten Sunak’s fiscal plans Asked by the Guardian’s banking correspondent Kalyeena Makortoff about the impact of higher mortgage payments – set to rise by £500 a month by the end of 2026, Bailey said: It is going to have an impact, clearly.

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American Banker

JULY 12, 2023

For now, worries about more bank failures have faded. But in the wake of the recent industry turmoil, higher funding costs are expected to weigh on banks' second-quarter results.

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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.

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The Paypers

JULY 12, 2023

India-based Kunji Finance has partnered with decentralised exchange GMX to improve the former’s position as a decentralised asset management platform.

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Management 66

American Banker

JULY 12, 2023

Deborah Donnelly, senior program manager of talent and performance at BECU in Washington state, has prioritized training the next generation of professionals in each position she's held.

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The Paypers

JULY 12, 2023

The EU Commission has adopted a new strategy on Web 4.0 and virtual worlds to ensure an open and inclusive digital environment for EU citizens.

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Strategy 69

American Banker

JULY 12, 2023

The company said long-time chief executive Chuck Sulerzyski would retire in 2024 and be succeeded by Tyler Wilcox, Peoples' executive vice president of community banking.

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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.

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TheGuardian

JULY 12, 2023

Banks ‘could weather £125bn hit in economic downturn’ despite rising interest rates Business live – latest updates The UK’s largest banks are strong enough to weather a £125bn financial hit during a severe economic downturn, despite facing mounting stress from rising interest rates, the Bank of England said. The central bank’s annual stress test of the country’s biggest lenders – which include NatWest, Barclays, HSBC, Lloyds, Standard Chartered, the UK arm of Santander, Nationwide building socie

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American Banker

JULY 12, 2023

This week in global news, Lisbon takes contactless payments to the subway; U.K. politicians say AML actions rules are politically motivated; and more.

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BankInovation

JULY 12, 2023

TD Securities is looking to Dell Technologies to enhance its data storage and processing capabilities, the investment banking arm of TD Bank announced Monday.

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The Paypers

JULY 12, 2023

Southwest Airlines has tapped US-based payment technology solutions company MOST to power its inflight retail experience.

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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

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TheGuardian

JULY 12, 2023

Bank of England has warned about potential risks to financial stability for ages. One of theses days, they may matter Full story: lenders pass tests but BoE warns of mortgage pain Terrific news: the banks aren’t about to collapse. The UK’s big lenders would continue to be “resilient”, says the Bank of England , even if the dark clouds over the economy turn into a prolonged thunderstorm.

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BankInovation

JULY 12, 2023

Financial crime continues to tick up as more payment processes move online — and fraudsters take advantage of the digital shift.

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American Banker

JULY 12, 2023

The Charlotte bank plans to use quantum computing to stiffen cybersecurity, to run more advanced AI applications and to create new commercial use cases alongside IBM engineers.

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Charlotte Technology 53

The Paypers

JULY 12, 2023

Managed networks and IT service provider Evolve has announced its partnership with BT to offer users card transaction routing via the latter’s Cardway solution.

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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

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American Banker

JULY 12, 2023

Before a hearing in which Sen. Elizabeth Warren, D-Mass., said she would reintroduce legislation making it harder for large banks to merge, the Senate Banking Committee sent three Federal Reserve nominees to the full Senate.

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The Paypers

JULY 12, 2023

Modern card issuing platform Marqeta has expanded into Brazil following a partnership with Latin American BaaS platform Fitbank and network certification with Visa.

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Cards 36

American Banker

JULY 12, 2023

A scorecard from the sustainable finance advocate Ceres found that federal agencies overseeing the financial system have adopted measures to account for climate-related financial risks but have not yet issued enforceable regulations.

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The Paypers

JULY 12, 2023

Payment solutions provider GHL Systems Berhad has partnered with fintech enabler Arab Financial Services (AFS) to process its merchant transactions in Thailand.

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System Fintech Payments 36

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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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