Payments M&A in 2023 amounts to a whimper
Payments Dive
JANUARY 12, 2024
October’s uptick in activity didn’t continue through the remainder of the year, capping a quiet year for merger and acquisition activity in payments.
Payments Dive
JANUARY 12, 2024
October’s uptick in activity didn’t continue through the remainder of the year, capping a quiet year for merger and acquisition activity in payments.
CFPB Monitor
JANUARY 12, 2024
The Consumer Financial Protection Bureau highlighted its observations of the resumption of federal student loan payments by consumers after more than three years of a payment moratorium due to COVID-19 in a report released on January 5, 2024. The report, titled “ Issue Spotlight: Federal Student Loan Return to Repayment ,” highlights several issues it maintains are confronting consumers, including extended call hold times, processing delays in income-driven repayment applications, and inaccurate
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Payments Dive
JANUARY 12, 2024
The designation would allow the payment processor to own transactions from end-to-end, removing the need for a bank partner.
CFPB Monitor
JANUARY 12, 2024
On January 2, the Federal Trade Commission (FTC) filed a complaint against FloatMe Corp. (“FloatMe”), a fintech that offers short-term cash advances through its mobile app, alleging violations of the FTC Act, the Restore Online Shoppers’ Confidence Act (ROSCA), and the Equal Credit Opportunity Act (ECOA). The complaint is similar in its language and allegations to one filed by the FTC against Bridge It, Inc.
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.
Payments Dive
JANUARY 12, 2024
Circle, which issues the USDC stablecoin, has filed confidential paperwork with the Securities and Exchange Commission — one day after the SEC's approval of 11 spot bitcoin exchange-traded funds.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
JANUARY 12, 2024
State lawmakers and regulators are out-running their national peers in giving direction to the fast-evolving payments industry.
American Banker
JANUARY 12, 2024
The card network is creating a generative AI-powered chatbot to give small-business owners personalized assistance, emphasizing 'inclusive' resources and mentorship for minority entrepreneurs.
Payments Dive
JANUARY 12, 2024
Several tech companies have been hit with lawsuits under Illinois' Biometric Information Privacy Act in recent years.
American Banker
JANUARY 12, 2024
Douglas Timmerman, the company's president of dealer financial services, will step in when Jeffrey Brown departs at the end of January. Ally continues its hunt for a permanent CEO.
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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 Paypers
JANUARY 12, 2024
Mastercard has announced the development of an inclusive AI tool in order to provide personalised, real-time assistance to the small business community worldwide.
American Banker
JANUARY 12, 2024
Led by Congressmen French Hill and Stephen F. Lynch, the council will explore how artificial intelligence is influencing the development of new products and services, fraud prevention and other areas across the financial services and housing industries.
BankInovation
JANUARY 12, 2024
Implementation of AI could reduce turnover at Bank of America, Chief Executive Brian Moynihan said during today’s fourth-quarter earnings call. “We can always hire a little less if we see the efficiencies coming through and redeploy the people we have,” Moynihan said. Headcount stood at 212,985 at the end of Q4, down 1.
The Paypers
JANUARY 12, 2024
Rokt has announced the acquisition of AfterSell in order to expand SMB offerings and provide more relevant capabilities for Shopify customers.
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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
BankInovation
JANUARY 12, 2024
Citigroup’s restructuring efforts, investment in technology and reduction of overhead costs will result in a loss of 20,000 jobs, or 10% of its workforce, through 2026, the bank said today in its fourth-quarter earnings report.
ATM Marketplace
JANUARY 12, 2024
What are contactless ATMs, and how do they work?
BankInovation
JANUARY 12, 2024
Longtime Ally Financial leader Doug Timmerman today was named the lender’s interim chief executive, succeeding Jeffrey Brown. Brown, who announced his plans to step down in October, will depart Ally on Jan. 31 and Timmerman will take over on Feb. 1, according to a company release.
American Banker
JANUARY 12, 2024
Personal spending chugged along in the fourth quarter, thanks to the resilient job market. But loan charge-offs rose, and higher interest rates suppressed loan demand, executives say.
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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.
BankInovation
JANUARY 12, 2024
JPMorgan Chase increased technology spend during the fourth quarter of 2023 as all lines of business across the bank invested in new products, features, customer platforms and overall modernization. Total noninterest expense increased 29% year over year to $24.5 billion, according to JPMorgan’s Q4 2023 earnings supplement. Technology, communications and equipment expenses accounted for $2.
American Banker
JANUARY 12, 2024
A coalition of financial trade groups issued a joint comment letter asserting that the federal bank regulators' proposed capital rule lacked justification and evidence required by the Administrative Procedure Act, threatening legal action if regulators don't delay and significantly amend the rule.
BankInovation
JANUARY 12, 2024
BNY Mellon’s technology spend accounted for nearly 30% of noninterest expenses in 2023 as the bank embraced new technology during the year. The bank spent $3.8 billion on technology and $13.2 billion in noninterest expenses for the year, up 1% from 2022, according to its bank’s Q4 2023 earnings presentation today. The $30.
American Banker
JANUARY 12, 2024
Jane Fraser says this year will be "critical" for the megabank, which is engaged in a massive, multiyear restructuring that involves cutting 20,000 jobs by the end of 2026.
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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.
BankInovation
JANUARY 12, 2024
Wells Fargo clients are migrating to lower-cost channels, resulting in reduced call volume and teller transactions for the bank.
American Banker
JANUARY 12, 2024
The San Francisco-based bank warned for months that charge-offs were likely to start rising as some office-related loans went bad. It began to happen in the fourth quarter, which could be an omen for regional banks that have larger concentrations in the office sector.
The Paypers
JANUARY 12, 2024
US-based paytech provider Finix , with support from financial institution Pathward , has launched Payouts, enabling businesses to send money with Mastercard Send and Visa Direct.
American Banker
JANUARY 12, 2024
After a record-breaking year of reeling in business from failed banks and scared customers defecting from rivals, the largest U.S. bank expects it will keep getting larger.
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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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