X plans payments launch for this year
Payments Dive
JANUARY 10, 2024
“I would be surprised if it takes longer than the middle of [2024] to roll out payments,” X owner Elon Musk said during a conversation last month with Ark Invest CEO Cathie Wood.
Wed.Jan 10, 2024
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Loan Hedging for Community Banks in 2024
South State Correspondent
JANUARY 10, 2024
Community banks’ use of swaps (banks’ primary tool to hedge interest rate risk on loans) has increased substantially over the last ten years. The market expects the current inverted yield curve to remain through much of 2024 (based on long-term interest rates and the expected rate cuts in 2024). Meanwhile, community banks face net interest margin (NIM) and fee income pressure.
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California’s DFPI fines Credova $50K
Payments Dive
JANUARY 10, 2024
The buy now, pay later provider catering to gun sellers didn’t inform consumers of potential convenience fees, the state agency said.
Bank Value: Here is a Better Way to Calculate and Manage
South State Correspondent
JANUARY 10, 2024
Ask a banker about the value of their bank, and they will either talk about some derivation of book value or earnings multiple. While these bankers are not wrong, they are not exactly right. While both valuation methods provide everyone with a nice, tidy sum of value, the data could be more actionable. You might find out that your low cost of funds or higher-than-average net interest margin likely drives the bulk of your bank’s value, but then what do you do?
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.
Visa debuts Web3 loyalty program
Payments Dive
JANUARY 10, 2024
As the card network behemoth ventures into the Web3 experience, some firms are scaling back there.
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Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
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Remitly taps ads to woo new clients
Payments Dive
JANUARY 10, 2024
The cross-border payments company has boosted marketing to build up its remittance clientele.
The world is as you are
Realwired Appraisal Management Blog
JANUARY 10, 2024
The world isn’t as it is. The world is as you are. Our valuation industry needs a new roadmap, a new path. More connections, more optimism, more enthusiasm to improve. It’s on you. It’s on me. Let’s get to work.
Bank of England may cut interest rate sooner after surprise inflation forecast
TheGuardian
JANUARY 10, 2024
Forecasters at three leading institutions suggest inflation rate will halve to 2% by April The Bank of England may be forced to bring forward the date of its first interest rate cut after three leading forecasters issued a surprise update suggesting the inflation rate will halve to 2% by April. The Oxford Economics consultancy and analysts at Investec and Deutsche Bank have reassessed their outlook for inflation in 2024 and concluded that the consumer prices index (CPI), which dropped to 3.9% in
OCC to Host Public Hearing on Appraisal Bias
CFPB Monitor
JANUARY 10, 2024
The Federal Financial Institutions Examination Council’s Appraisal Subcommittee (ASC) will host a public hearing on appraisal bias on February 13, 2024. This will be the fourth public hearing on appraisal bias, and like the previous hearings, will be hosted by a panel of representatives from each of the FFIEC federal regulatory agencies.
Digital Transformation: Accelerating ROI and Growth in Commercial Lending
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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
The Navy Federal discrimination case should be a lesson for banks
American Banker
JANUARY 10, 2024
The country's largest credit union is learning the hard way that failure to assure inclusivity in lending practices is a recipe for both financial and reputational damage.
CBA launches overdraftfacts.com to provide insights to policymakers
CFPB Monitor
JANUARY 10, 2024
On January 8, 2023, the Consumer Bankers Association (CBA) announced the launch of a new microsite, overdraftfacts.com , to demonstrate the value overdraft services provide to consumers, highlight bank-driven overdraft and non-sufficient funds (NSF) innovations and reforms that have significantly reduced consumer costs, and serve as a resource for policymakers.
Ant looks to buy Dutch firm; Adyen seeks merchants in Iceland
American Banker
JANUARY 10, 2024
In addition to Ant's possible deal to buy MultiSafepay and Adyen's work with Straumur, Visa has partnered with TECH5 on government ID and Mastercard is expanding its virtual-card network through Rawbank.
Grasshopper Bank looks to AI for CX, back-office automation
BankInovation
JANUARY 10, 2024
Grasshopper Bank is looking to AI for internal and external uses as the technology is expected to streamline manual employee tasks and improve the overall client experience. The New York-based digital bank is taking a cautious approach to AI, Grasshopper Chief Executive Mike Butler told Bank Automation News.
The State of Automation in Financial Services 2024 Report
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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
From California to Canada: RBC looks to move jobs north
American Banker
JANUARY 10, 2024
Royal Bank of Canada hopes to save money by moving positions from high-cost California to Vancouver. The Toronto-based company is looking to cut costs as it seeks to bolster the earnings of its Los Angeles-based City National Bank subsidiary.
Citi TTS exec to be fireside speaker at Bank Automation Summit U.S. 2024
BankInovation
JANUARY 10, 2024
Naveed Anwar, managing director and global head of digital and data platforms at Citi Treasury and Trade Solutions, will be featured in a fireside chat at Bank Automation Summit U.S. 2024 on Monday, March 18, at 2:15 p.m. CT, to discuss how AI is transforming the industry.
X announces peer-to-peer payments
The Paypers
JANUARY 10, 2024
The social media platform X has announced plans to launch peer-to-peer payment business, aiming to allow more user utility and new opportunities for commerce.
Transactions: Mitra Chem looks to Arc’s financing marketplace for debt financing
BankInovation
JANUARY 10, 2024
Digital bank Arc launched a venture debt financing platform to fill a gap in the market that surfaced during the 2023 banking crisis. When Silicon Valley Bank collapsed in March, the venture debt marketplace was left underserved, which “unlocked this market opportunity for [Arc],” Chief Executive Don Muir told Bank Automation News.
Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance
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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.
The year's first credit union purchase of a bank is a big one
American Banker
JANUARY 10, 2024
Hudson Valley Credit Union, which has $6.9 billion of assets, is buying Catskill Hudson Bancorp, which has $593 million of assets — more than any bank acquired by a credit union last year.
Intuit TurboTax included in Credit Karma and QuickBooks
The Paypers
JANUARY 10, 2024
US-based Intuit has announced the integration of its TurboTax service into Credit Karma and QuickBooks , for improved tax preparation and filling across its ecosystem.
IRS move narrowing access to tax data sparks lender outrage
American Banker
JANUARY 10, 2024
The agency plans to restrict access to a system that provides borrower tax returns to mortgage lenders beginning June 30. Left out of the loop, small-business lenders say getting credit to borrowers will become more difficult as a result.
Socure achieves StateRAMP authorisation
The Paypers
JANUARY 10, 2024
Digital identity verification and fraud solutions provider Socure has announced it achieved StateRAMP authorisation, enabling state and local governments to verify digital identities accurately and securely.
2024 Lending Outlook: Innovations and Evolutions in the Financial Sector
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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.
Can banks benefit from the DoJ's pressure on Apple Pay?
American Banker
JANUARY 10, 2024
A potential antitrust lawsuit may open iPhones to outside payment apps. But any bank that seeks to profit from the Department of Justice's moves will face a host of other challenges.
ADIB launches its B2B marketplace
The Paypers
JANUARY 10, 2024
The Abu Dhabi Islamic Bank has announced the launch of its ADIB Business Souq, a B2B marketplace developed to optimise the development of SMEs in the UAE.
Hacker hijacked phone number to post fake SEC tweet
American Banker
JANUARY 10, 2024
SEC Chairman Gary Gensler clarified Tuesday that a post on X from the official SEC account that the commission had approved bitcoin ETFs was the result of a hack. X said the SEC did not have multifactor authentication enabled on its account.
Visa partners with CIBC and Simplii Financial
The Paypers
JANUARY 10, 2024
Visa has partnered with Canada-based CIBC and Simplii Financial to add more digital wallets and enable the banks’ clients to send funds across borders more conveniently.
Top 10 Benefits of Automating Loan Modifications for Commercial Lenders
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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.
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