Thu.Mar 09, 2023

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Corporate insolvencies reaching record highs: a look under the hood

BankUnderground

Jelle Barkema How concerned should policymakers be as UK business insolvencies have soared to 60-year highs ? This phenomenon has been extensively covered in the media; with media outlets attributing the record-breaking numbers to a ‘perfect storm’ of energy prices, supply-chain disruptions and the cost of living squeeze. Insolvencies are a popular measure of economic distress because they have implications for both the financial system and the real economy.

Trends 104
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Visa, Discover halt gun code plans

Payments Dive

Discover and Visa said Thursday they’re holding off on earlier plans to implement a new gun merchant category code on their card networks.

Cards 435
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HUD Finalizes Rule Providing for 40-Year FHA Loan Modifications

CFPB Monitor

The U.S. Department of Housing and Urban Development (HUD) recently issued a final rule extending the maximum term of an FHA loan modification from 30 to 40 years. The rule is effective May 8, 2023. HUD also issued Mortgagee Letter 2023-06 incorporating a 40-year standalone loan modification into FHA’s COVID-19 loss mitigation policies for situations in which partial claim funds are not available. .

Policies 148
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FedNow may draw in low-income users

Payments Dive

The real-time payments system due later this year could have particular appeal to unbanked and underbanked Americans, Fed researchers say.

System 386
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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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ICE, Black Knight Selling Empower to Constellation Software: So What?

Gonzobanker

Mortgage lenders may be losing control of their LOS options This week, Intercontinental Exchange (ICE) and Black Knight announced an agreement to sell Black Knight’s Empower loan origination system (LOS) business to Constellation Software, Inc. This all but confirms speculation from lenders that Empower wasn’t a major factor in the Black Knight transaction , and lenders on Empower risked a migration to Encompass, ICE’s mortgage software platform, if the deal had gone through as-is.

Software 148

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This week’s podcast episode: A close look at the Consumer Financial Protection Bureau’s credit card late fees proposal, with special guest Todd J. Zywicki, Professor of Law, George Mason University Antonin Scalia Law School

CFPB Monitor

The CFPB has issued a proposal that would make significant changes to the current rules for credit card late fees, including substantially reducing the safe harbor late fee amounts that card issuers can charge and eliminating annual inflation adjustments. After reviewing the legislative and regulatory history of the current rules, we look at the CFPB’s flawed rationale for reducing the safe harbor to a flat $8 for all late payments, identify the serious flaws in its economic analysis of the lik

Cards 78
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Pagos aims to check merchants’ payments costs

Payments Dive

With a recent venture capital infusion for the merchant software tools provider, Pagos is planning to add jobs, including engineers.

Software 221
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Podcast: How a community bank boosted its consumer mortgage program

ABA Community Banking

How does a community bank whose bread and butter was mortgage lending make the business sustainable in a time when mortgages have increasingly moved to the nonbank sector? The post Podcast: How a community bank boosted its consumer mortgage program appeared first on ABA Banking Journal.

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FCA urges UK banks to consider cutting mortgage payments for those struggling

TheGuardian

City regulator estimates 356,000 borrowers may be at risk of missing monthly payments by summer 2024 The UK regulator has told banks to consider slashing mortgage payments for borrowers struggling with rising bills, as it revealed that 356,000 homeowners could be at risk of missing their monthly instalments by summer 2024. The guidance from the Financial Conduct Authority confirms how lenders can support customers who have missed payments or are worried they may fall behind, including by extendi

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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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Market Trend Report: Spend management for SMB leaders

CB Insights

What is spend management? Spend management companies provide platforms that automate expense approvals for small and medium-sized businesses (SMBs). Many of these companies also offer corporate debit and credit cards. Spend management technology offers a variety of benefits for SMBs, such as operational efficiency, more accurate financial data, and real-time visibility into company spending.

Trends 62
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Crypto bank Silvergate announces liquidation amid sector turmoil

TheGuardian

Wind-down and liquidation plan follows mass withdrawal of deposits after collapse of FTX exchange The cryptocurrency-focused US lender Silvergate is to wind down its operations after it was hit by customer withdrawals following the collapse of crypto exchange FTX. The California-based bank had warned last week it was “less than well capitalised” after depositors demanding their money back, adding that it was evaluating its ability to operate as a going concern.

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Visa and Mercedes-Benz partner for in-car payment system

The Paypers

Automobile manufacturer Mercedes-Benz has announced launching a native in-car payment system in cooperation with the payment service provider Visa.

System 68
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How to automate AI-powered decisions responsibly and with confidence

BankInovation

With all of the buzz surrounding artificial intelligence (AI) technologies such as ChatGPT, the question becomes “how do we best harness the power of these tools to drive business outcomes?” In today’s uncertain economic environment, belts are tightening across the board, and investment priorities are shifting away from far-fetched, moonshot projects to practical, near-term applications.

How To 52
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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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Market Trend Report: Payroll & benefits for SMB leaders

CB Insights

What is payroll & benefits ? Payroll & benefits companies provide small and medium-sized businesses (SMBs) with human resource (HR) tech, payroll, benefits, and employee management systems. Many companies help SMBs manage and automate employee benefits all in one place. Want the full expert post? Become a CB Insights customer. If you’re already a customer, log in here.

Trends 58
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UK fintech spending plummets in 2022

BankInovation

The U.K.’s fintech sector was hit hard last year, with investment plunging 56% in 2022 to $17.4 billion from $39 billion the previous year, according to KPMG’s latest Pulse of Fintech report.

Fintech 52
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Market Trend Report: Accounting, invoicing, & tax for SMB leaders

CB Insights

What is accounting, invoicing, & tax? Accounting, invoicing, and tax companies develop accounting automation, invoicing, and tax solutions. Others offer tools for bookkeeping, accounts payable or augmented reality automation, cash management, forecasting, tax compliance, procurement, and financial planning and analysis. Want the full expert post?

Taxes 55
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Discover uses virtual desktops to deploy, update bots

BankInovation

Discover Financial Services is housing, deploying and pushing out updates to its own robotic process automation bots via virtual desktop infrastructure to test processes in real time.

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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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Warning: These 9 Mistakes Will Destroy Your FIX AND FLIP LOANS

Commercial Lending USA

Fix-and-flip loans can be a great tool for investors, but a few things can go wrong and put your money at risk.

Tools 52
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Southern Bancorp’s innovation lab builds solutions with client input

BankInovation

Southern Bancorp’s innovation division is looking to gain a competitive edge against larger financial institutions by developing products specifically for the communities it serves. The $2.

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White hat hacker exposes Tender.fi exploit

The Paypers

DeFi lending platform Tender.fi has temporarily lost USD 1.59 million worth of assets due to a misconfiguration exploited by a white hat hacker.

Lending 45
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China moves towards TLAC launch

The Banker

China’s largest banks are preparing to increase their capital raising to meet their requirements, and are weighing up the benefits of onshore versus offshore investors in the face of rising interest rates. Kimberley Long reports.

Meeting 36
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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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Mashreq and i2c to enable digital payments innovation in the UAE

The Paypers

US-based payment service provider i2c has partnered with UAE-based lender Mashreq to offer digital payment solutions to the fintech industry in the UAE.

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Mastercard testing quantum computing for loyalty and rewards

American Banker

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Carrefour Italia partners Nexi

The Paypers

Carrefour Italia has partnered with fintech Nexi , part of the Nexi Group, to enable payments of postal payment slips and PagoPA notices at checkout via a Poste Italiane service.

Groups 36
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SVB shares fall sharply after $1.8B in surprise bond losses

American Banker

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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.