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KeyBank ups tech spend by $12M

BankInovation

KeyBank remained focused on expense management and improving its technology to stay competitive in the third quarter. The Cleveland-based bank’s noninterest expense increased to $1.1 year over year, driven by an increase of $12 million in tech spend, according to its quarterly earnings report. billion in the quarter, up by 0.4%

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Full-Service Branch Access Unaffected Despite Industry Consolidation

Banking Exchange

Report by the Federal Reserve of Cleveland studied whether bank consolidation had impacted customer access Retail Banking Financial Trends Duties Branch Technology/ATMs Customers Feature3 Feature Financial Research.

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Rocket Trims IPO By 39 Pct From $3.3B To $2B After Investors Reject Valuation

PYMNTS

Rocket Companies, the parent of mortgage lending giant Quicken Loans , reduced its terms to go public, Bloomberg reported. The Detroit-based company is expected to market a reduced number of shares at about $18 to $20 apiece, Bloomberg reported, citing sources. Last month, Gilbert sought an IPO for $3.3 which is owned by Gilbert.

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Fed Sees Possible Path To ‘Direct Issuance’ Of Digital Dollars

PYMNTS

Cleveland Federal Reserve President Loretta Mester said in a speech this week that a digital dollar could conceivably be a form of money transfer that would enable the Fed to disburse money to all individuals in America. Participants reported boosting their average cash held on their persons by 17 percent to $81 from a previous $69.

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Bahamas Launches Digital Sand Dollar; Adds To Rise Of Central Bank Digital Currencies

PYMNTS

As reported by Reuters , the Sand Dollar – a new digital currency issued and backed by the Bahamian central bank – is now in circulation, and bit by bit, has been making inroads into retail use cases. Notably, as reported by the newswire, the Sand Dollars in circulation total the equivalent of $130,000 U.S.

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Is ‘Embedded Regulation’ The Key To Stablecoins’ Success?

PYMNTS

“Today, authorities around the world are grappling with the rise of digital currencies and decentralized finance based on both emerging technologies — particularly various combinations of distributed ledger technology (DLT) and blockchain and advances in traditional centralized systems underpinning finance,” according to the report.

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Google Pay Now Supports Cards From 13 More US States

PYMNTS

Services like Google Pay must come to an agreement with a credit union or bank before they can support a consumer’s debit or credit card, 9to5Google reported. The report also noted that it seems U.S. The report also noted that it seems U.S. The technology would let people send money to each other by scanning their phone screens.

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