Wed.Nov 15, 2023

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Affirm adds account to bolster card

Payments Dive

The buy now, pay later provider’s account will offer savings-level interest, ATM access and direct deposit, Affirm executives said.

ATM 221
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Predatory Loan Prevention Bill Introduced in Florida to Codify “True Lender” Analysis

CFPB Monitor

Florida SB 146, a bill that would add a “Predatory loan prevention” section to the Florida Consumer Finance Act has been introduced in the Florida Senate, seeking to curb bank-model lending programs and codify a “true lender” analysis with language similar to legislation enacted in Minnesota and other states within the past three years.

Florida 78
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ADP, Convera partner on payroll, payments

Payments Dive

The two companies have collaborated to integrate Convera’s payments services into ADP’s payroll software.

Payments 221
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Lloyds says crypto scams are spiking, CBA using AI to fight abuse

American Banker

A Lloyds Bank study finds that the number of crytpo scams rose by 23% year-over-year in October. Separately, the Commonwealth Bank of Australia is using artificial intelligence to detect abusive language in transaction messaging.

Study 85
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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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It’s Never Too Early For More Efficient Customer Service

BankInovation

It’s that time of year again: The leaves are changing color, the days are getting shorter, the smell of pumpkin spice is in the air… and you just might happen to spot Christmas trees and reindeer lining store shelves.

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Fifth Third CIO to speak at Bank Automation Summit U.S. 2024

BankInovation

Jude Schramm, executive vice president and chief information officer at Fifth Third Bank, will speak on the panel “The AI revolution in banking: A road map for the future” at Bank Automation Summit U.S. 2024 on Monday, March 18, at 1:15 p.m. CT.

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Credit Union Executive of the Year: Maui County FCU's Gary Fukuroku

American Banker

As CEO, Gary Fukuroku has helped turn the Hawaiian-based institution into one of the largest in the state and has raised significant funds to help those affected by this year's wildfires.

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EverBank selects FIS’ Digital One banking platform

BankInovation

EverBank, formerly TIAA Bank, is converting its consumer digital banking operations to FIS’ Digital One to kick off 2024. TIAA completed the sale of its subsidiary TIAA Bank to private investors in August and the bank has now rebranded as EverBank, according to an EverBank release. As the $34.6 billion, Jacksonville, Fla.

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In latest shake-up, Truist expands its executive leadership team

American Banker

The regional bank announced a near-doubling of the size of its most-senior leadership team, plus expanded roles for two former SunTrust executives and the hiring of a wholesale banking chief from Wells Fargo. Truist is under pressure to improve both its efficiency and its financial performance.

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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: Deutsche Bank invests in AI-driven fintech

BankInovation

Deutsche Bank made a seed investment in AI-driven information and documentation processing company Kodex AI last month. The Berlin-based startup raised 1.6 million euros ($1.

Fintech 59
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Community Banker of the Year: OFG Bancorp's José Rafael Fernández

American Banker

OFG Bancorp's CEO José Rafael Fernández has weathered tough times during Puerto Rico's economic downturn. Now he is hopeful that his bank can seize on the better times ahead.

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The National Bank of Cambodia partners with Ant International

The Paypers

The National Bank of Cambodia has signed a MoU with Ant International to offer inbound and outbound cross-border mobile payments in the region.

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Bank stocks finally bounced back this week. Will the good times last?

American Banker

Share prices climbed sharply amid increased optimism about the outlook for interest rates. Regional banks that got hammered earlier this year were among the biggest winners.

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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.

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TerraPay partners with Maya

The Paypers

UK-based TerraPay has announced its partnership with Maya in order to provide secure and fast cross-border payment for Filipino clients around the world.

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Michigan State University credit union extends buying spree

American Banker

The $7.7 billion-asset federal credit union in East Lansing announced its third deal in as many months — the planned purchase of in-market peer Gabriels Community Credit Union. And it has two bank acquisitions pending.

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PayTabs partners with Tabby

The Paypers

Payment solutions provider PayTabs has announced its partnership with Tabby to enable the expansion of ecommerce across the Kingdom of Saudi Arabia and the UAE.

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New Census data hints at slower pace for small business formation

American Banker

A key gauge of activity that tracks startups most likely to create jobs declined in October, potentially signaling the start of a slowdown amid the fallout of high interest rates. It presents a red flag for community banks and credit unions that are major lenders to small businesses.

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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Feedzai partners with CoreCard

The Paypers

US-based Feedzai has partnered with CoreCard to safeguard the processing market against fraud by leveraging AI-powered defence systems.

Fraud 45
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After student loan payments restart, 1.4 million Americans risk defaulting on debt

American Banker

Analysts have been debating the impact on household finances and the economy as Americans resume student loan payments. There's already a squeeze from higher interest rates, which are expected to slow consumer spending and economic growth.

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We’re Stuffed With Gratitude for Our Clients

Image Works Direct

With full hearts and full bellies, we see the holidays as a time of gratitude and thankfulness. Whether you show this gratitude with cobblers and casseroles or kind words from the heart, it’s the little things that show you care. This Thanksgiving, we hope someone tells you how appreciated you are – and if no one else does, we will!

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Small-business bankers share their tech priorities

American Banker

Executives at Capital One, U.S. Bank, BMO and Atlantic Union Bank are striving for seamless onboarding and more efficient branch bankers, among other projects on their technology drawing boards.

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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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Apiture announces USD 10 Million insider fundraising round

The Paypers

Apiture has announced the closing of a USD 10 million fundraising round led by funds and accounts advised by T. Rowe Price Investment Management, along with other existing investors.

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Citizens Bank to end wholesale originations

American Banker

Relationships with brokers will be terminated on Dec. 6, but company officials stressed there would be no impact to its loan servicing or other mortgage channels.

Company 68
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Lynx gets EUR 17 mil to fight fraud and financial crime

The Paypers

AI anti-fraud detection software company, Lynx , has recently announced it secured a Series A funding round of EUR 17 million, with the participation of Forgepoint Capital.

Fraud 36
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CFPB fines Enova $15M for illegally withdrawing funds without consent

American Banker

The online payday lender violated a 2019 consent order by debiting consumers' bank accounts without the consumers' consent, the Consumer Financial Protection Bureau said.

Online 48
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Top 10 Benefits of Automating Closing Documents

In the fiercely competitive landscape of commercial lending, where FinTech's digital transformation initiatives take center stage, the complexities of loan documentation are constantly evolving. Today, automating closing documents stands as a crucial component in FinTech's top priorities, addressing challenges from compliance demands to managing fluctuating volumes during uncertain economic times.