Fri.Feb 02, 2024

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Aldi debuts Grabango checkout tech at Chicago-area store

Payments Dive

The retailer is working with artificial intelligence startup Grabango to offer the service for the first time in the U.S. at a location in the Chicago suburb of Aurora, Illinois.

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Resolution Plan Submission Period Extended by Key Financial Agencies

Perficient

In discussions with financial services executives, Perficient consultants consistently explore the extension of the submission deadline for resolution plans among certain large financial institutions with assets exceeding $250 billion. Moving forward, these institutions will need to submit their resolution plans by March 31, 2025. Our Expertise Perficient launched its Risk and Regulatory CoE in October 2023 to proactively address compliance issues.

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Payments companies’ job cuts may not be done

Payments Dive

PayPal, Block and Brex all started cutting employees in January in pursuit of efficiency and profits.

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6 Banking customer experience strategies for 2024

ATM Marketplace

Customer experience is a critical part of every business, as it builds customer loyalty and improves the overall brand image and equity. When looking at the retail bank customer experience, there are multiple considerations to keep in mind in 2024.

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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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Why Discover went all-in on open source

Payments Dive

The card network’s tech leadership eased the product development process, removing barriers to innovation and opening pathways for engineers to advance.

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Emburse chases large customers

Payments Dive

The expense management company plans to pursue bigger clients that offer a better value proposition, said new CEO Marne Martin.

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Insurer Zurich claims it is victim of fraud involving Greensill and Sanjeev Gupta

TheGuardian

Company draws Greensill Capital founder and Gupta’s Liberty businesses into case at high court in London The Swiss insurer Zurich alleges it has been the victim of fraud in a counter-claim in London over the demise of the Greensill business empire, drawing the financier Lex Greensill and the metals magnate Sanjeev Gupta into a £320m court battle. Zurich Insurance Company was last year sued in the high court by the administrators of Greensill Bank, which entered German insolvency proceedings in 2

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BP adds new way to pay for fuel

Payments Dive

Customers can redeem uChoose Rewards points for up to 50 cents off at about 7,000 of the gas company’s fueling locations.

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Truist keeps downsizing with deal to sell asset-management business

American Banker

The North Carolina bank agreed to offload Sterling Capital Management to Guardian Capital Group in Toronto. It's the latest step in the effort to simplify Truist.

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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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Apple reports record revenue from payments, cloud services

BankInovation

Apple reported record payments and cloud revenue that contributed more than 19% of the tech giant’s overall revenue growth. Revenue from the services, which include iCloud and Apple Pay, was $23.1 billion in its fiscal first quarter, up 11.3% year over year, according to the company’s earnings statement released Feb. 1.

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Fingular expands in India under TrustPaisa

The Paypers

Singapore-based Fingular has announced its expansion in India under the brand name TrustPaisa , offering local customers its suite of digital financial services.

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Banks in Talks to Finance $13 Billion DocuSign Buyout Deal

BankInovation

Several Wall Street banks including JPMorgan Chase & Co. and Bank of America Corp. have held talks to provide as much as $8 billion in financing for a buyout of DocuSign Inc. that values the company at around $13 billion, according to people with knowledge of the matter. Jefferies Financial Group Inc.

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Fincen issues guidance on avoiding banking sanctioned Israeli extremists

American Banker

The Financial Crimes Enforcement Network issued an alert Thursday on avoiding business relationships with sanctioned Israeli settler groups in the West Bank, an effort that comes as the White House is pushing sanctions on foreign actors involved in destabilizing the region.

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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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AWS clients double down on cloud

BankInovation

Amazon Web Services’ clients are leaning into the cloud for innovation and adding more workload tasks to the cloud. Since the third quarter of 2023, AWS has added “more than $1.1 billion of revenue,” Amazon Chief Financial Officer Brian Olsavsky said during AWS’ fourth-quarter earnings call on Feb.

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LendingClub exits OCC agreement, sees path for faster growth

American Banker

The San Francisco company entered into a pact with its regulator when it acquired Radius Bank three years ago. "The operating agreement, by design, in some ways slows you down," said CEO Scott Sanborn.

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Faysal Bank, Total Parco sign agreement for digital payments

The Paypers

Pakistan-based Faysal Bank , a subsidiary of KSA Holdings , has signed an agreement with oil marketing company Total Parco to provide digital payments to the latter’s retail network.

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FHFA's Home Loan bank report is a policy unicorn. Don't let it escape.

American Banker

The FHFA's Home Loan bank report is that rare thing you never see in the nation's capital anymore — a balanced plan on a complex issue that could have lasting impact on a difficult problem.

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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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Flinks augments its Open Banking solution with new features

The Paypers

Canada-based fintech Flinks has enhanced its 'Outbound' Open Banking solution with two new features for easy launch by Canadian financial institutions.

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New CSBS chief warns Washington against sidelining state agencies

American Banker

Brandon Milhorn, the new CEO of the Conference of State Banking Supervisors, used the platform offered by his first major speech to sound an alarm against one-size-fits-all solutions emanating from Washington. "The pendulum has swung too far in the direction of federal regulatory uniformity," Milhorn argued.

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Deutsche Bank to cut 3,500 jobs

The Paypers

Germany-based financial institution Deutsche Bank has announced its decision to cut 3,500 jobs as part of its overall strategy to optimise efficiency and save costs.

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How PayPal's small investment in a fintech is a big bet on its stablecoin

American Banker

PayPal hopes to demonstrate its coin's utility by using it to take a stake in a company called Mesh.

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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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Canada TD Bank to receive USD 7.4 million penalty for faulty policies

The Paypers

Canada-based TD Bank has received a significant monetary penalty for faulty anti-money laundering controls after an examination by the financial crime institutions.

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Carolina community lenders to merge, Fiserv adds tech to Newark arena

American Banker

Dogwood State Bank and Community First Bancorp plan an all-stock deal to create a $2.2 billion bank, technology firm Fiserv announces a partnership with the National Hockey League's New Jersey Devils, former Texas secretary of state will join Cullen/Frost's board and more in our weekly banking news roundup.

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Wealth Dynamix Now Available on Temenos Exchange

The Paypers

UK-based customer lifecycle management company Wealth Dynamix has partnered with Temenos Exchange to become available on the latter’s platform.

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8 Themes That Will Power a Fintech Comeback in 2024

The Financial Brand

This article 8 Themes That Will Power a Fintech Comeback in 2024 appeared first on The Financial Brand. Fintech suffered a near-death experience in the last two years. But the forces that drove its creation remain, and the survivors are stronger than ever. This article 8 Themes That Will Power a Fintech Comeback in 2024 appeared first on The Financial Brand.

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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.