Fri.Aug 11, 2023

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Regulators' first step to avert bank failures is to close the information gap

American Banker

Through the power of digital technology and artificial intelligence, regulators around the world could revolutionize the way banks' call reports are filed, providing them with real-time information.

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Discover finds tech upskilling model in Chicago hub

Payments Dive

The card issuer looks at the Chatham call center and technology hub as a model for site selections, hiring procedures, customer service experience and community development.

Chicago 370
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FinMont taps Chargebacks911 to counter post-transactional fraud

The Paypers

Payment orchestration platform FinMont has chosen Chargebacks911 to offer its travel merchants a comprehensive chargeback management plan with enhanced data analysis and profits.

Fraud 69
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Why the ‘click-to-cancel’ amendment makes sense

Payments Dive

“This proposal reflects the growing consumer demand for an easier subscription cancellation process,” writes a payments industry CEO. “However, this isn’t only in the interests of consumers.

Industry 367
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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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U.S. Bancorp's CEO, other top officials sued over unauthorized accounts

American Banker

Chief Executive Andy Cecere is among the defendants in a shareholder lawsuit that alleges that top officials at the Minneapolis bank profited from the concealment of employee misconduct. A U.S. Bancorp spokesperson denied the allegations.

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How credit unions and banks are responding to wildfires in Hawaii

American Banker

In the wake of destruction across Maui, financial institutions based inside and outside of Hawaii are establishing support programs, raising relief funds and facilitating donations of food and clothing.

Hawaii 69
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Union Credit brings an online marketplace to credit unions

BankInovation

Credit unions are looking to digital lending marketplace Union Credit to grow their membership, gain national exposure and break into younger demographics. Nationally, the average credit union member is 54 years old while the average consumer in the United States is 37, Barry Kirby, chief revenue officer and co-founder of Santa Rosa, Calif.

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High credit costs prompt businesses to seek BNPL loans

American Banker

The product, which is both popular and controversial in consumer financial services, is attracting interest from merchants that don't want to pay high interest for a traditional loan.

Lending 69
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European Fintech Funding: Payments fintech SumUp nabs $100M

BankInovation

Payments technology fintech SumUp announced Wednesday it has raised $100 million from Victory Park Capital. SumUp provides businesses with point-of-sale payments equipment and inventory management software to manage their operations.

Fintech 52
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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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Visa and Conferma Pay to expand Visa Commercial Pay

The Paypers

Visa has announced an extension of its collaboration with Conferma Pay , a virtual payments provider, to expand Visa Commercial Pay.

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Fintechs experiment with generative AI, but development is slow going

American Banker

The firms are increasingly seeking to integrate generative artificial intelligence into their products, and banks are potentially interested customers. But such efforts are costly, the risks are high and "they want to make sure that they get it right," experts say.

Fintech 36
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Calaxy social marketplace launches app built on Hedera

The Paypers

Social marketplace Calaxy has launched its application built on the Hedera network, a blockchain alternative powering the next generation of Web3, to further creator monetisation.

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Directors of failed Chicago bank plead guilty to conspiracy

American Banker

The three former Washington Federal Bank for Savings board members were accused of giving the OCC false information in an attempt to hide embezzlement. They could face up to five years in prison for attempting to deceive the OCC.

Chicago 36
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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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Sila launches Instant Settlement for ACH debit access

The Paypers

Fintech company Sila has announced the launch of its Instant Settlement offering to better ACH debit accessibility, enabling users’ immediate access to ACH debits on the Sila platform.

Fintech 36
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Why executives need to rethink how they manage their employees

American Banker

In his new book, "The Song of Significance," Seth Godin, a business management author, dives into how executives can rethink being profit driven and help create meaning in the work for employees.

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Leap Event Technology launches merchant services solution via Stripe

The Paypers

US-based Leap Event Technology has launched their integrated merchant services solution, powered by Stripe , included in their unified suite of event technology and service offerings.

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UBS ends $10 billion state backstop that helped seal merger

American Banker

UBS Group AG decided to end an agreement with the Swiss government to cover losses it could incur from the rescue of Credit Suisse, a sign that the mammoth integration is on track and the stricken lender's assets might be less troublesome than initially feared.

Groups 36
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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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Unicard acquires Ecebs from Visa

The Paypers

Card management solutions provider Unicard has acquired smart ticketing specialist Ecebs from Visa to offer a more comprehensive range of solutions in the UK and abroad.

Cards 36
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Wells Fargo illegally restricted union activism, U.S. officials allege

American Banker

A regional director of the National Labor Relations Board has determined that the bank illegally imposed a rule prohibiting employees from distributing pro-union literature unless management first approved it, according to agency spokesperson.

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Rightfoot launches zero-login financial data for financial institutions

The Paypers

Financial data optimisation company Rightfoot has unveiled its zero-login consumer-permissioned data product Connect Magic and a USD 15 million Series A funding round.

Data 36
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The wild east of Mandarin banking: How banks aimed at Chinese speakers tackle language barriers

American Banker

Right now it's every bank for themselves when it comes to translating financial disclosures into languages other than Spanish. The process comes with a number of challenges, such as ensuring all customers can understand the information despite nuances in the different Chinese dialects.

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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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EY US partners with SymphonyAI

The Paypers

EY US has partnered with AI SaaS company SymphonyAI to help digitally transform organisations with generative AI-enabled retail and financial services platforms.

US 36
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Bank upheaval drives increase in mortgage payoff fraud

American Banker

Incidents have increased by five times on a quarter-to-quarter basis, starting with the shift in deposit relationships after Silicon Valley Bank failed, CertifID said.

Fraud 36
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Moove raises USD 76 in a new funding round

The Paypers

Nigeria-based Moove has raised USD 76 million in a new funding round that will support its mission to transform financial services for mobility gig workers.

Mobile 36
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Comerica Bank's chief risk officer to retire by year-end 2024

American Banker

Jay K. Oberg, a 32-year veteran of the Comerica Bank and a top deputy to CEO Curtis C. Farmer, plans to retire in December 2024.

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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.