Sat.Mar 23, 2024 - Fri.Mar 29, 2024

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Visa, Mastercard reach landmark credit card settlement

Payments Dive

The two biggest U.S. card networks agreed to cap interchange fees for five years, among other terms, to settle merchant litigation that has lasted nearly two decades.

Cards 448
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Non-bank ATMs have hidden opportunities amid challenges

ATM Marketplace

IADs have taken big hits in recent years, but consumers still want their services. This industry has a lot of untapped potential, if they take certain strategic steps for success.

ATM 116
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Banks Should Make 2024 a True ‘Year of Digital’

Gonzobanker

Banks and credit unions won’t find a perfect digital vendor. What they can find is the right partner to fulfill their strategic needs. 2024 will prove to be a remarkably busy year in the digital space, when many financial institutions will make near-life-or-death choices about the future of their digital platforms and how they will support them.

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Markup matters: monetary policy works through aspirations

BankUnderground

Tim Willems and Rick van der Ploeg Since the post-Covid rise in inflation has been accompanied by strong wage growth, interactions between wage and price-setters, each wishing to attain a certain markup, have regained prominence. In our recently published Staff Working Paper , we ask how monetary policy should be conducted amid, what has been referred to as, a ‘battle of the markups’.

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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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X lands money licenses in Illinois, New Mexico

Payments Dive

The social media platform is now nearly halfway to securing the state licenses needed to fulfill owner Elon Musk’s vision of a nationwide payments app.

More Trending

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The Power of Machine Learning in Transaction Monitoring

BankInovation

In the banking industry, transaction monitoring stands as a critical pillar of defense against fraud, money laundering, and other illicit activities. While traditional methods have served their purpose, the landscape is evolving, demanding a more sophisticated approach. This is where machine learning emerges as a key driver, offering remarkable capabilities in transaction monitoring.

Fraud 66
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How can banks operationalize customer insights?

ATM Marketplace

CX expert Shelly Chandler of EvolveCX Consulting shares how banks can transition data into actionable insights in today's episode of CX Innovators.

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DOJ calls Apple card fees ‘significant expense’ for banks

Payments Dive

The tech giant’s fees for credit card transactions “cut into funding for features and benefits that banks might otherwise offer smartphone users,” the Department of Justice said in suing the company earlier this month.

Cards 221
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20 U.S. banks with the largest CRE loan volume

American Banker

The top five banks had a combined commercial real estate loan volume of more than $500 billion at the end of the fourth quarter of 2023.

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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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Ally Financial names Rhodes as CEO

BankInovation

Ally Financial named a new chief executive today, ending a three-month search. Michael Rhodes will take the reins of the bank April 29 and become a member of the board, according to an Ally release. Prior to joining Ally, Rhodes served as CEO of Discover Financial Services, which Capital One announced plans to acquire last month.

Capital 63
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ANEXT Bank secures USD 148 million from Ant Group

The Paypers

Singapore-based digital bank ANEXT Bank has secured USD 148 million in added capital from Ant Group , its parent company, as per regulatory filings tracking.

Groups 75
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CFPB targets ‘bait-and-switch’ card reward programs

Payments Dive

Major credit card providers offset attractive rewards programs with fees and interest, costing consumers carrying balances, CFPB Director Rohit Chopra said.

Cards 221
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Municipal Credit Union brings wealth management to members

American Banker

The $4.2 billion-asset MCU in New York is working with Ameriprise Financial Institutions Group to connect members with the firm's network of digital advisors and offer investment planning options alongside its suite of traditional products.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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European Transactions: Nationwide to acquire Virgin Money for $3.7B

BankInovation

Swindon, U.K.-based Nationwide Group has offered to acquire U.K.-based financial institution Virgin Money for 2.9 billion pounds ($3.7 billion) in cash, according to a March 21 Nationwide release. The acquisition, which must be approved by the Financial Conduct Authority, would help Nationwide grow its customer base, deposits and operations organically, the release stated.

Groups 66
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‘I’m not a quitter’: bank trader vows to continue fight after losing Libor appeal

TheGuardian

Tom Hayes, first banker to be convicted in 2012 rate-rigging scandal, had his case rejected by UK court of appeal Business live – latest updates Tom Hayes, the first banker to be convicted over the Libor interest rate scandal, has said he is “not a quitter” and vowed to continue his near-10-year battle to clear his name after losing an appeal. Hayes and another former banker, Carlo Palombo, had their convictions considered by the court of appeal in London in a three-day hearing.

Fraud 58
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Private plaintiffs follow DOJ’s Apple antitrust case

Payments Dive

The follow-on class actions are substantively similar to the federal government’s case, making them dependent on the agency’s lead in breaking the company’s smartphone stranglehold.

Apple 195
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Capital One seeks community plan on Discover deal, even as some activists balk

American Banker

The credit card giant says that it is "proactively meeting" with advocacy organizations to gather feedback that would help with the creation of a community benefits plan. The National Community Reinvestment Coalition, which has negotiated 21 such deals since 2016, opposes Capital One's proposed acquisition of Discover.

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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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MSUFCU: Failure is a key part of innovation

BankInovation

Financial institutions should expect to fail when exploring new technologies, Ami Iceman Hauter, chief research and digital experience officer at Michigan State University Federal Credit Union, said at the recent Bank Automation Summit U.S. 2024 in Nashville, Tenn.

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Foam Fades, Knowledge Stays: Rethinking Appraiser Education

Realwired Appraisal Management Blog

The valuation profession’s education is like the car wash guy at the tunnel entrance. It’s a rinse-and-repeat mindset. Car wash guy waives his hand to align your tires and points to the sign that says: car in neutral, wipers off, hands off the steering wheel and foot off the petals.

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How Visa handled ‘BidenCash’ card fraud incident

Payments Dive

The card network giant identified 556,000 card accounts that were put at risk as a result of the cybercrime ring BidenCash’s release of data online in December.

Cards 221
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Canada's real-time payments network progresses, but no launch in sight

American Banker

Despite further delays, the country has taken two key steps to opening up access to its Real-Time Rail, including allowing payment companies to participate without a bank partner, but it has yet to commit to a date for the project to go live.

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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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Junior, senior coders split on the use of gen AI

BankInovation

PNC Financial Services’ junior and senior coders are split on how much they can rely on generative AI for code generation and writing. Junior coders use gen AI for code writing more than senior coders, Scott Kinross, senior vice president and software engineering director at PNC Financial Services, said at Bank Automation Summit U.S.

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Tax Filing Reminder

TrustBank

We are well into March which means tax filing time is upon us. Now would be a good time to securely send your tax information to your tax preparer (if you haven’t already). It is also an especially high time to be alert and vigilant to scams and fraud regarding your personal information. Fraudsters are looking to take advantage of mailings and emails from financial institutions regarding tax info.

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Capital One pledges to give Discover’s network a boost

Payments Dive

Dominated by Visa and Mastercard, card network markets “sorely need an injection of competitive rivalry,” Capital One argued in its application to regulators to purchase Discover.

Capital 195
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Racist emails becoming focal point in redlining settlements

American Banker

The Justice Department and the CFPB are increasingly relying on emails among employees that contain discriminatory comments to strengthen their hand in cases against lenders.

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Addressing Top Enterprise Challenges in Generative AI with DataRobot

The buzz around generative AI shows no sign of abating in the foreseeable future. Enterprise interest in the technology is high, and the market is expected to gain momentum as organizations move from prototypes to actual project deployments. Ultimately, the market will demand an extensive ecosystem, and tools will need to streamline data and model utilization and management across multiple environments.