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

article thumbnail

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
article thumbnail

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 114
Insiders

Sign Up for our Newsletter

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

article thumbnail

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.

article thumbnail

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.

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

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

article thumbnail

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.

article thumbnail

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.

article thumbnail

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
article thumbnail

‘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 57
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

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.

article thumbnail

Next-gen Financial Document Processing: A Must for Modern Banking

BankInovation

Document processing is a routine task in the finance industry, but does it have to be manual? In an era where the banking sector is grappling with a growing volume of documents, the need for efficient, accurate, and swift document processing systems has never been more critical.

article thumbnail

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
article thumbnail

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.

59
article thumbnail

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.

article thumbnail

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.

article thumbnail

Visa adds new AI tools to help fight digital fraud on payments

BankInovation

Visa Inc. is adding three new AI-powered fraud-prevention tools to its suite of products for business clients as the credit-card giant uses the technology to improve security.

Tools 61
article thumbnail

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
article thumbnail

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.

Taxes 52
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

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.

article thumbnail

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 61
article thumbnail

Walmart can end Capital One end card tie early, judge says

Payments Dive

It won’t be easy for Walmart to find a new partner to replace Capital One, though, said Brian Riley, co-head of payments at Javelin Strategy & Research.

Capital 195
article thumbnail

Co-operative Bank to axe 400 jobs in bid to cut costs

TheGuardian

Lender says move is unrelated to takeover talks with Coventry Building Society The Co-operative Bank has unveiled plans to cut 400 jobs as part of the lender’s largest cost-cutting and restructuring programme since it was bailed out by hedge funds in 2017. The job cuts aim to reduce the size of its 3,000-strong workforce by about 12% Redundancies will affect staff across the business, including at its 50 branches.

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

Visa, Mastercard agree to lower credit card interchange fees

American Banker

The potential deal between the major card networks and merchants would see swipe fees reduced and capped for at least three years, pending approval by the U.S. District Court for the Eastern District of New York.

Cards 62
article thumbnail

KeyBank focuses on gen AI COE

BankInovation

KeyBank is establishing a generative AI center of excellence to navigate the new technology before it is regulated. “One of the things we’re hyper-focused on now is really establishing a COE,” Dominic Cugini, chief transformation officer at KeyBank, said March 19 at Bank Automation Summit U.S. 2024 in Nashville, Tenn.

article thumbnail

NY Assembly bill counters governor on BNPL

Payments Dive

A New York assemblymember has introduced a buy now, pay later bill, countering one introduced in the governor’s budget bill.

New York 221
article thumbnail

BlackRock tokenizes money market fund on Ethereum | Apple in talks to let Google’s Gemini power iPhone AI features | US sues Apple over iPhone monopoly

Bussman Advisory

This week’s must-know stories in the FinTech, AI and Digital Asset space: BlackRock tokenizes money market fund on Ethereum Apple in talks to let Google’s Gemini power iPhone AI features US sues Apple over iPhone monopoly in landmark antitrust case Plus, 12 more exclusive stories to help you stay ahead of the curve! The latest edition of the FinTech Ecosystem Newsletter is here : Join our Community Join our community of 52,000+ subscribers and stay informed on the latest trends a

Apple 52
article thumbnail

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.