Wed.Jul 28, 2021

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HSBC faces questions over disclosure of alleged money laundering to monitors

TheGuardian

Bank was under supervision by US Department of Justice-appointed team because of previous violations HSBC discovered a suspected money laundering network that received $4.2bn (£3bn) worth of payments, it has emerged, raising questions over whether it disclosed the information to US monitors who at the time were ensuring the bank cleaned up its act. Insiders who spoke to journalists as part of a joint investigation by the Guardian and the Bureau of Investigative Journalism, have suggested that HS

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Merchants Financial Group, Inc. Announces Earnings of $18.16 Million through Second Quarter of 2021

MerhantsBanks

Merchants Financial Group, Inc. (MFGI) announced net income of $18,157,527 through the first two quarters of 2021, according to MFGI President & CEO Gregory M. Evans. Performance was driven by the Bank’s active involvement in the origination of Small Business Administration (SBA) Paycheck Protection Program (PPP) loans for small businesses throughout the region and continued […].

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Apple Card ‘scaling’ with growth rate +20%

BankInovation

Apple's new credit card is part of a basket of products that drove 33% revenue growth last quarter, the company announced yesterday. Services revenue, which includes Apple Card, climbed to $17.5 billion last quarter, up from $13.2 billion during the same quarter in 2020. Tim Cook, Apple's CEO, made particular mention of Apple Card during […].

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White Paper: Cloud AdNet

ATM Marketplace

"eKassir Cloud AdNet" is an universal digital service that delivers a flexible way to manage advertising content or personal ads at ATMs and kiosks. This service allows bank employees to run target advertising campaigns, to collect statistical data of these campaigns and customize the User Interface promptly without IT specialist support.

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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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Listen: Armed Forces Bank’s automation underlies its service member-focused mission

BankInovation

Armed Forces Bank serves a young, highly decentralized, tech-savvy customer base, and must be available 24/7. Automation and digitalization underlie the $1.2 billion bank’s ability to deliver on that mission. For this podcast, Bank Automation News sat down with Chief Operating Officer Tom Kientz and the Director of Military Consumer Lending Jodi Vickery to better […].

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More Trending

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BNY-backed crypto platform Fireblocks seals unicorn status

BankInovation

Fireblocks has raised $310 million in a series D round that values the digital-asset platform at $2 billion, sealing its status as a unicorn. The latest funding round is co-led by Sequoia Capital, Stripes Group, Spark Capital and Coatue Management, as well as DRW Venture Capital and SCB 10X, the venture arm of Thailand’s Siam […].

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A Banking Nerd Book Tour

Jeff For Banks

As many of my readers know, I wrote a book, Squared Away-How Can Bankers Succeed as Economic First Responders. If you don't know, it's because I'm not particularly good at getting the word out to the book's target audience: bankers and the professionals that serve them. Pretty niche group, so you think my targeting would be spot-on. Not so for a spreadsheet wonk!

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This Insight Partners-Backed HRM Software Company Raised $103M To Expand Globally

CB Insights

Employment Hero , a human resources application, has raised $102.5M in Series E that drew participation from Insight Partners and Salesforce Ventures. HOW’S THE COMPANY PERFORMING? Australia-based Employment Hero is a platform for SMEs that automates human resources, payroll, and benefits functions. The company’s worth has risen by $800M in less than 6 months, attributed to a 133% year-over-year increase in recurring income.

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CMSPI releases SCA Economic Impact Assessment June 2021 analysis

The Paypers

CMSPI has released the SCA Economic Impact Assessment June 2021 analysis, featuring data that shows the potential sales at risk and overall readiness of the industry.

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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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This General Atlantic-Backed Company Raised $118M To Bolster Its Corporate Spending Solution

CB Insights

Spendesk , a spend management software provider, has raised $117.8M in a Series C that drew participation from General Atlantic, Index Ventures, and Eight Roads Ventures. HOW’S THE COMPANY PERFORMING? France-based Spendesk is a SaaS-backed card and spend management platform that caters to corporate finance teams. It currently provides its services to 3,000 businesses, including brands like Algolia, SoundCloud, Curve, and Doctolib.

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BISIH and Monetary Authority of Singapore to enhance real-time payments connectivity

The Paypers

The Bank for International Settlements Innovation Hub Singapore Centre and the Monetary Authority of Singapore (MAS) have published a proposed blueprint for enhancing global payments network connectivity.

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Battle lines over cryptocurrencies being drawn in Congress

American Banker

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Nubank, Remessa Online to offer remittances

The Paypers

Brazil-based Nubank and Remessa Online have partnered to offer an international remittance service, according to LABS.

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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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‘Tis the Season to Promote Balance Transfers

Image Works Direct

Ah, the holiday season! It’s a time to make memories and continue traditions with family and friends. However, there is one downside many can agree on – it’s expensive! Budgets are stretched (and often exceeded) to accommodate all the fun. While some plan accordingly for the festivities, many charge the expenses to their high-rate credit card with no solid plan for repaying the debt.

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Fireblocks raises USD 310 mln in Series D

The Paypers

US-based Fireblocks , a platform that helps the entry of traditional institutions into the digital asset space, has announced it has raised USD 310 million in Series D funding.

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Citizens Financial buying Investors Bancorp for $3.5 billion

American Banker

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Twitter and Amazon to integrate crypto payments

The Paypers

Twitter has confirmed it will integrate Bitcoin into its services, and Amazon has announced it will let customers pay in cryptocurrency.

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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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The point of sale isn't just changing — it could disappear

American Banker

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Xcellerate IT chosen by Telstra Health and G8 Education to automate accounts payable

The Paypers

Telstra Health and G8 Education have selected Xcellerate IT to implement accounts payable automation integrated with their ERP system, Microsoft Dynamics 365 Finance and Operations (F&O).

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States object to BlockFi's interest-bearing account

American Banker

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Ireland secures agreement to draft Central Bank (Individual Accountability Framework) Bill

The Paypers

Ireland’s Minister for Finance has received agreement from his Cabinet colleagues to approve the drafting of the Central Bank (Individual Accountability Framework) Bill.

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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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Two California bank deals highlight appeal of smaller cities

American Banker

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Venmo’s Real Threat to Banking: Making Payments Fun

The Financial Brand

Yes, Zelle's dollar volume is higher, but the quirky Venmo P2P app continues to grow. Financial institutions should understand why. The post Venmo’s Real Threat to Banking: Making Payments Fun appeared first on The Financial Brand - Banking Trends, Analysis & Insights.

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SBA gives banks a break on PPP loan forgiveness

American Banker

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MX partners with Dwolla to automate account verification

The Paypers

US-based fintech MX has partnered with payments platform Dwolla to automate account verification tool experienceMX.

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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.