Tue.Jun 13, 2023

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Get ready for FedNow

Payments Dive

“In the U.S., we never kill payment systems,” writes Modern Treasury cofounder Sam Aarons. “People still write paper checks. But the future of money, especially inside larger enterprises, is instant payments.

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10 Loan Pricing and Structuring Observations for 2023

South State Correspondent

On our loan hedging desk, we work with hundreds of banks ranging in size from just over $100mm in assets to some national banks with over $1T in assets. Combined with our relationship profitability model, Loan Command, we see the pricing of thousands of commercial loans per month as small as $30k and as large as multi-billion dollars. Our job at Loan Command and on the ARC hedge desk is to help bankers win business, offer borrowers competitive structures and pricing, and maximize bank profitabil

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Worldpay to target e-commerce growth

Payments Dive

The FIS unit that caters to merchants will focus on e-commerce growth after it’s spun off next year, CEO Stephanie Ferris said.

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Credit repair companies file for Chapter 11 bankruptcy relief in response to potential $3 billion CFPB judgment

CFPB Monitor

Recently, PGX Holdings, Inc. (PGX), one of the nation’s largest consumer credit repair companies, and twelve affiliates have entered into Chapter 11 bankruptcy under pressure from a potential $3 billion CFPB judgment for violations of federal consumer protection laws. In May 2019, the CFPB filed a complaint in Utah federal district court against a group of related credit repair companies for alleged violations of the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act (CFPA)

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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.

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Bank Customer Experience Summit will examine customer journey

ATM Marketplace

The Bank Customer Experience Summit, being held Sept. 12 to 13 in Charlotte, North Carolina will feature several panels surrounding customer experience in banking, including one on the customer journey.

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Does long-term unemployment affect inflation dynamics?

BankUnderground

Vania Esady, Bradley Speigner and Boromeus Wanengkirtyo The headline unemployment rate is one of the most widely used indicators of economic slack to measure the state of the business cycle. A large empirical literature on Phillips curve estimation has explored whether more general definitions of labour utilisation are more informative than this simple measure.

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SECU names its first female CEO

American Banker

State Employees Credit Union in Raleigh, North Carolina, named Leigh Brady as its new chief executive. Outgoing CEO Jim Hayes will run State Department Federal Credit Union in Alexandria, Virginia.

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Podcast: Perspectives from two bank risk and compliance leaders

ABA Community Banking

The latest episode of the ABA Banking Journal Podcast features the winners of ABA's Distinguished Service Awards for Risk and Compliance. The post Podcast: Perspectives from two bank risk and compliance leaders appeared first on ABA Banking Journal.

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Comerica plans to wind down its mortgage warehouse business

American Banker

CEO Curtis Farmer said the warehouse sector, where Comerica provides lines of credit to mortgage banking companies, has not been providing much help as the company seeks to bolster deposits.

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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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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Podcast: AI for risk mitigation

BankInovation

Banks can implement data risk models and AI solutions for risk mitigation as market volatility continues after Silicon Valley Bank’s collapse in March.

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BofA eyes seven new markets, including New Orleans and Milwaukee

American Banker

Bank of America is also planning to expand into Madison, Wisconsin; Boise, Idaho; and Birmingham, Alabama, a company executive said. The goal is to find growth opportunities that don't require operating a large number of branches, the executive indicated.

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Justt launches suite of ML capabilities

The Paypers

Justt , a chargeback mitigation innovator, has launched a suite of ML-powered capabilities designed to improve the way merchants navigate the landscape of chargeback management.

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How Maria Gotsch turned New York into a fintech hub

American Banker

Gotsch is one of American Banker's Most Influential Women in Fintech.

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The State of Automation in Financial Services 2024 Report

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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SEPAexpress partners with Volt

The Paypers

White-label account-to-account (A2A) payment company SEPAexpress , part of the Banking Circle Group ecosystem, has announced a partnership with real-time payments gateway Volt.

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Five Star Bancorp aims to capitalize on San Francisco market turmoil

American Banker

The Roseville, California institution is expanding into the Bay Area in hopes that it can land new clients and lenders in the wake of two large regional failures there this year.

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Stripe takes part in the MACH Alliance

The Paypers

MACH Alliance , a group of independent tech companies dedicated to advocating for open, best-of-breed technology ecosystems, has announced that Stripe has joined the alliance.

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At CFPB hearing, Sen. Vance blasts the Federal Reserve and JPMorgan Chase

American Banker

Sen. J.D. Vance, R-Ohio, lambasted the Federal Reserve for increasing the dominance of "too big to fail" banks and failing to rein in systemic risk. He asked whether the Office of the Comptroller of the Currency is a better regulator than the Fed.

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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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Western Union and DMW augment remittances for overseas Filipinos

The Paypers

US-based money transfer service Western Union and the Department of Migrant Workers (DMW) have signed a MoU to support the remittance needs of overseas Filipino workers.

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McHenry advances Fincen beneficial ownership rule complaints with bills

American Banker

House Financial Services Committee Chair Patrick McHenry, R-N.C., said that two new bills would make the Financial Crimes Enforcement Network more accountable to the public as it moves toward implementing its beneficial ownership reporting requirement rule.

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Conio expands its digital asset offering

The Paypers

US-based fintech Conio has expanded its offering of digital assets to include five new cryptocurrencies, namely Ethereum, Avalanche, Cardano, Litecoin, and Algorand.

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The cautionary tale of inflation in Great Britain

American Banker

Just as the United States is getting good news in its war against inflation, the picture is very different across the pond. Some of that is bad luck, but there are lessons on what not to do as well.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.

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Mastercard publishes on financial inclusion in LATAM

The Paypers

Mastercard has demonstrated the mainstream adoption of digital financial products across seven Latin American countries in a newly published report.

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How Wells Fargo is creating 'fans for life'

American Banker

Michelle Moore, head of consumer digital at Wells Fargo, uses three principles to try to create user interfaces customers will come back to.

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Chase joins the Current Account Switch Service

The Paypers

JPMorgan Chase ’s UK retail banking unit has joined the Current Account Switch Service (CASS) to improve the banking experience of consumers.

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Wavering on FedNow adoption? Take a lesson from Brazil's Pix

American Banker

Banks that haven't built a plan to implement the Federal Reserve's new real-time payments system still have time to make up lost ground.

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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

Get ready for the wave of $1.2 trillion in commercial debt maturing in the next 24 months with GoDocs' ModDocs® platform. Traditional loan modifications are slow, expensive, and prone to errors, which put lenders at risk. But with ModDocs®, you can enjoy an innovative solution that eliminates attorney fees, allows on-the-fly loan modifications, and ensures compliance.