Fed touts FedNow’s fraud tools
Payments Dive
JULY 14, 2023
Cleveland Fed President Loretta Mester in a speech this week spelled out tools the new instant payments system will have for thwarting fraud.
Payments Dive
JULY 14, 2023
Cleveland Fed President Loretta Mester in a speech this week spelled out tools the new instant payments system will have for thwarting fraud.
Abrigo
JULY 14, 2023
Practical advice for using data to develop and support institution goals Answering three questions ahead of strategic development discussions can ensure data drives your financial institution's efforts. Would you like other articles like this in your inbox? Takeaway 1 Exactly what information is needed to evaluate the viability of identified short- and long-term goals?
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Payments Dive
JULY 14, 2023
The tech giant, now valued at $3 trillion, is continuing to expand its financial offerings after debuting a buy now, pay later feature and a savings account earlier this year.
BankInovation
JULY 14, 2023
Overall expenses for JPMorgan Chase increased in the second quarter as the bank focused on hiring, tech investment and its integration road map for First Republic Bank. The $3.7 trillion bank acquired First Republic Bank on May 1 after regulators stepped in to facilitate the sale of the spiraling bank.
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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
JULY 14, 2023
Trust and transparency of fees were other key factors for consumers and businesses choosing a cross-border payment provider, a Swift survey revealed.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
JULY 14, 2023
The new program allows customers to earn cash back in their digital wallets from the chain store on eligible purchases.
TheGuardian
JULY 14, 2023
Government-backed NS&I increases its rates, as building societies and banks launch better deals Amid the mortgage misery, there was more good news this week on savings rates, with a growing number of accounts now paying 6%-plus interest. Meanwhile, the government-backed NS&I – a favourite of many in these uncertain times – has upped the rates on some of its popular fixed-rate accounts.
American Banker
JULY 14, 2023
The average credit union member had saved $286 less in March compared to a year earlier. That was the largest per-member drop in credit union history, fueled by rising costs of living and more aggressive competition.
BankInovation
JULY 14, 2023
Wells Fargo focused on tech spend in the second quarter as headcount continued to shrink amid a push to reduce expenses. The $1.9 trillion bank’s tech spend rose 19% year over year to $947 million, and headcount dropped 4% YoY to 233,834, according to the bank’s earnings supplement.
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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
JULY 14, 2023
The New York megabank benefited duing the second quarter from strong revenue growth in its giant credit card business, which helped overcome headwinds in wealth management and investment banking. But executives indicated that the script could soon flip.
BankInovation
JULY 14, 2023
Citibank is ramping up its automation efforts and modernizing its platforms to maintain competitiveness and drive down costs. The $1.7 trillion bank increased its technology and communications spend 12% year-over-year in the second quarter to $2.3 billion, according to Citi’s earnings supplement.
American Banker
JULY 14, 2023
The bank's allowance for losses on commercial real estate loans jumped to $3.6 billion in the second quarter — up 64% from a year earlier. The negative forecast could portend trouble for smaller banks that have bigger exposure to the office sector.
Bussman Advisory
JULY 14, 2023
Join our community of 50,000+ subscribers and stay informed on the latest trends and news in the FinTech & AI world with the weekly newsletter provided by Bussmann Advisory. Gain insights into disruptive technologies, industry updates, and success stories from our portfolio companies. This week’s must-know stories: Ripple notches landmark win in SEC case over XRP cryptocurrency Meta to release open-source commercial AI model to compete with OpenAI and Google Revolut caces $20m loss as
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
JULY 14, 2023
If regulators push forward with plans to strengthen capital requirements for banks with more than $100 billion of assets, the nation's largest bank says, the cost of credit would rise and more consumers could seek out nontraditional lenders.
TheGuardian
JULY 14, 2023
Wall Street bank’s profits rise 40% to $13.3bn as interest rates charged to borrowers increase One of the world’s largest banks, JP Morgan, is preparing for a potential surge in defaults by borrowers as households face pressure from high inflation and ever-climbing interest rates. The Wall Street bank put aside $1.7bn (£1.3bn) for credit losses between April and June, according to its latest financial report, marking a 54% jump from a year earlier, when provisions totalled $1.1bn.
American Banker
JULY 14, 2023
Executives now see Wells Fargo's NII rising roughly 14% for the full year, more than the 10% jump they had earlier projected.
The Paypers
JULY 14, 2023
‘Pull transfers’ have been put into operation in Argentina, enabling bank clients to send money directly from their bank accounts without entering the account of origin.
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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
American Banker
JULY 14, 2023
The private-equity firm plans to focus on innovation and acquisitions when it takes a controlling stake of the payments processor.
The Paypers
JULY 14, 2023
Financial technology platform Adyen has completed testing and certification for the FedNow Service, the Federal Reserve’s instant payment infrastructure launching in July 2023.
American Banker
JULY 14, 2023
Experts and industry leaders said banks are pumping investment into technology that can connect information silos.
The Paypers
JULY 14, 2023
Financial service tech provider eCU Technology has partnered with payroll connectivity provider Atomic to bring automated direct deposit switching to credit unions.
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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
American Banker
JULY 14, 2023
The correlation between capital and economic activity is tenuous. Still, some economists say now is a fraught time for midtier banks to try to raise equity.
The Paypers
JULY 14, 2023
US-based Shield and LeapXpert have revealed that financial institutions struggle to monitor employee communications on messaging apps despite substantial fines.
American Banker
JULY 14, 2023
The SEC chairman's power grab is driving the crypto industry out of the U.S. Eventually, the courts will find that he has exceeded his authority.
The Paypers
JULY 14, 2023
Asset management and credit technology provider Linedata has partnered with Qualtik , a US-based provider of stress testing tools for commercial loans.
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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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