Thu.Nov 16, 2023

article thumbnail

How scammers' use of AI is affecting fintech investment

American Banker

Fraudsters are likely to increase their use of generative artificial intelligence to attack banks and other payment companies. Investors are using their own influence to fight back.

Fintech 90
article thumbnail

Shift4 CEO entertains acquisition interest

Payments Dive

CEO Jared Isaacman said the payment processing company is fielding acquisition interest from “several parties.

Payments 468
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Eleventh Circuit rules consumers can recover statutory damages for willful FCRA violations without proving actual damages

CFPB Monitor

Joining every other circuit to address the same issue, the U.S. Court of Appeals for the Eleventh Circuit recently ruled that a consumer does not have to prove actual damages to recover statutory damages for willful violations of the Fair Credit Reporting Act. In Omar Santos, et al. v. Experian Information Solutions, Inc.

Report 142
article thumbnail

PayPal’s new CEO builds team

Payments Dive

Alex Chriss, PayPal's chief executive officer, is lining up outsiders as managers as he seeks to drive profitable growth at the digital payments behemoth.

article thumbnail

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.

article thumbnail

2023 ATM & Self-Service Software Trends

ATM Marketplace

The ATM and self-service industry is here to stay, but it’s no longer business as usual. We are at the cusp of a self-service revolution where market players are required to be more efficient, innovative and customer-centric than ever before. Download this report to learn more about ATM and self-service trends in 2023.

ATM 125

More Trending

article thumbnail

How Will We Fund That Low Rate, Low Covenant Loan?

Jeff For Banks

Emily McCormick 's ( Bank Director Magazine ) most recent Common Threads newsletter post on LinkedIn got me thinking? How did that 5.5%-6% loan, described by Jeff Rose, CEO of Ambank Holdings, get to committee or even make it past the lender? Banking is one of those businesses that requires bankers to be less stupid than their competitors. And when competitors start funding 6% loans with 5% money, they start pulling those in their competitive eco-system with them.

article thumbnail

Forter executive offers 2024 payments predictions

Payments Dive

The new instant payment rail FedNow is set for a “roller coaster” next year, according to Forter Head of Financial Partnerships Jeff Hallenbeck.

Payments 243
article thumbnail

Deutsche Bank looks to gen AI for coding, CX

BankInovation

Deutsche Bank is exploring generative AI within its operations as it looks to third-party startups to develop the technology. “Artificial intelligence is one of the most important technology trends for the financial industry, with significant potential to make business processes more efficient,” a Deutsche Bank spokesperson told Bank Automation News.

Trends 109
article thumbnail

Profits in a time of inflation: what do company accounts say in the UK and euro area?

BankUnderground

Gabija Zemaityte and Danny Walker Inflation has been high in many countries since 2021. Some have said that companies have increased their profits over that period: so-called ‘greedflation’. We use published company accounts for thousands of large listed companies to look for signs of increased profits in the data. Consistent with previous analysis of aggregate incomes , price indices and business surveys , we find no evidence of a rise in overall profits in the UK – prices have gone up alongsid

Company 102
article thumbnail

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

article thumbnail

Seventh Circuit stays order requiring Samsung to pay millions in arbitration fees

CFPB Monitor

We previously blogged about an Illinois federal district court order requiring Samsung to pay about $4 million in arbitration fees in connection with 35,000 individual arbitration demands filed as part of a “mass arbitration.” By way of update, Samsung is pursuing an appeal to the Seventh Circuit, which recently granted Samsung’s motion for a stay of the district court’s order pending appeal. .

Samsung 88
article thumbnail

How credit unions are adapting to climate change

American Banker

Whether it's bracing for a hurricane or helping members reduce their environmental impact, many credit unions are making the planet's health a focal point of community engagement.

article thumbnail

This week’s podcast episode: Prohibited by law and totally ineffective—just two of the many reasons why the CFPB should deny the petition for rulemaking on post-dispute consumer arbitration agreements

CFPB Monitor

Our special guest is David Sherwyn, Professor of Law at Cornell University’s School of Hotel Administration. In September 2023, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses that would permit consumers to choose between arbitration and litigation only after a dispute has arisen. .

Groups 78
article thumbnail

Bank, credit union advocates seek regulatory clarity in wake of AI order

American Banker

Experts across the financial services space hold that the White House's new mandates won't bring wholly new rules to the industry, but will hopefully explain what the path forward for governing agencies will look like.

article thumbnail

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

article thumbnail

Open banking: Catalyst for innovation, competition

BankInovation

Open banking regulation is in the works — finally. The Consumer Financial Protection Bureau (CFPB) announced in October 2022 a plan to propose a rule in 2023 requiring financial institutions to share consumer data upon request by the consumer. One year later, on Oct. 19, 2023, the bureau unveiled its Personal Financial Data Rights proposal.

article thumbnail

Banker of the Year: PNC's Bill Demchak

American Banker

2023 proved to be a rocky year for large regional banks. But under CEO Bill Demchak's guidance, the Pittsburgh-based company has navigated the turmoil better than many of its peers.

article thumbnail

Onyx and Apollo explore tokenization in investments across blockchains

The Paypers

Axelar, Oasis Pro, and Provenance Blockchain have joined forces with Onyx by J.P. Morgan and Apollo in Monetary Authority of Singapore’s (MAS) Project Guardian.

article thumbnail

Regional bank CEOs in no rush to shift to fast payments

American Banker

The chief executives of U.S. Bancorp, PNC and Comerica say that fraud, regulatory uncertainty, technological challenges and other concerns are making them approach the adoption of real-time payments with caution.

article thumbnail

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.

article thumbnail

Britain lands at the top of global identity theft

The Paypers

Adyen , global financial technology company, has published a survey with a global ranking of countries most at risk of identity theft.

Survey 53
article thumbnail

The CFPB must turn off its fire hose of new regulations

American Banker

The agency's insistence on churning out new requirements — even as courts question its constitutionality — is harming the very consumers it purports to help.

article thumbnail

Enfuce partners with Funding Circle

The Paypers

Finland-based card issuing and processing company Enfuce has partnered with UK-based lending platform Funding Circle to launch its new credit card for small businesses.

Lending 41
article thumbnail

West Virginia governor sues Virginia lender for $1 billion

American Banker

Gov. Jim Justice alleges that Carter Bancorp engineered a technical default on a multi-million lending relationship and has blocked his company's efforts to refinance with other lenders. The lawsuit extends a dispute that started after the death of the bank's founder in 2017.

article thumbnail

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.

article thumbnail

Adyen launches Capital

The Paypers

Financial technology platform for businesses Adyen has launched Capital, a solution that allows platform customers to access funding for their SME users in Australia.

Capital 41
article thumbnail

Jack Ma-backed Ant's profit fell 65% due to 7 billion yuan fine

American Banker

Ant Group's quarterly profit fell by 65%, dented by a one-time fine that signaled the end of China's yearslong crackdown on the tech industry.

Groups 66
article thumbnail

MAS is working with the financial industry to support asset tokenization

The Paypers

The Monetary Authority of Singapore (MAS) has disclosed its collaboration with the financial industry to advance initiatives related to asset tokenization.

article thumbnail

What the next generation of wealth management clients want, with Bank of America's Katy Knox

American Banker

What do younger clients want from wealth managers? Katy Knox, president of Bank of America's Private Bank, sits down with American Banker Editor-in-Chief Chana Schoenberger to discuss the future of high-net-worth investing and what clients are looking for now.

America 56
article thumbnail

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.