Wed.May 31, 2023

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It’s now or never: Time for central banks to embrace change

Accenture

While central banks are under scrutiny these days thanks to rising interest rates and economic uncertainty, they’ve always played a fundamental role in the modern financial services system. For a closer look at the challenges and opportunities they face amid today’s breakneck pace of digital change, I’m turning my blog over to my colleagues Rohit… The post It’s now or never: Time for central banks to embrace change appeared first on Accenture Banking Blog.

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Payments cost-cutting could fuel M&A: investor

Payments Dive

Payments companies cutting staff and revamping cost structures could make them a more attractive target for acquirers, a QED Investors partner said.

Payments 307
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The Open-Source Philosophy

Perficient

Open-Source vs. Proprietary Software – What’s the Difference? To thoroughly grasp what open source is, one should understand what it is not. Open source is not restricted by licensing agreements, and the user behind open-source software is not forbidden to change, edit, study, or redistribute manipulated versions of it. Open-source software grants its users a degree of accessibility that is not possible through its proprietary counterpart.

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ACI appoints new CEO

Payments Dive

ACI has appointed its interim CEO and one-time board chairman, Thomas Warsop, as its next CEO, after pushing out its former CEO late last year.

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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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Plaintiffs challenging Section 1071 final rule seek preliminary injunction; Ballard Spahr to hold June 15 webinar

CFPB Monitor

The plaintiffs in the lawsuit filed in a Texas federal district court challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act have filed a motion seeking a preliminary injunction. (The final rule was published in today’s Federal Register.) Originally filed last month naming the Texas Bankers Association and Rio Bank, McAllen, Texas as plaintiffs, the complaint was amended this month to add the American Bankers Association as a plaintiff. .

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SCOTUS’s latest Clean Water Act decision raises more questions about Chevron’s future

CFPB Monitor

In its decision last week in Sackett v. Environmental Protection Agency , the U.S. Supreme Court issued a unanimous ruling that severely limits the federal government’s jurisdiction over wetlands and tributaries. Specifically, the Court rejected the Environmental Protection Agency’s (EPA) regulatory definition of what constitutes “Waters of the United States” subject to federal jurisdiction under the Clean Water Act (CWA). .

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UK and US poised to fall into recession as interest rates dampen growth

TheGuardian

Moody’s report shows weak growth across G20 as central banks move to reduce persistent high inflation Stubbornly high inflation and higher borrowing costs are poised to drive the economies of the UK, Germany and US into recession, the leading rating agency Moody’s has warned. In a downbeat forecast for growth across advanced G20 economies, it said a ramping up of interest rates by central banks on both sides of the Atlantic was expected to weigh on economic growth this year.

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Amid revenue pressures, Truist plans to accelerate streamlining efforts

American Banker

CEO Bill Rogers says the North Carolina bank is contemplating additional business segment changes to improve its efficiency. Investors have been pushing the company to cut costs at a faster clip.

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Albanese government urged to push international banks to stop funding fossil fuel development

TheGuardian

Exclusive : Report claims Australia’s shareholdings in development banks has made it responsible for investing $828m in fossil fuel projects over five years Follow our Australia news live blog for the latest updates Get our morning and afternoon news emails , free app or daily news podcast Australia’s shareholdings in three international banks – including the World Bank – has seen it responsible for investing $828m in fossil fuel projects between 2016 and 2021, according to a research report.

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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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In Ukraine, credit unions may finally get deposit insurance

American Banker

Banks across the country have had deposit guarantees since 1998. By extending this to credit unions, Ukraine can provide economic stability while also improving its chances of joining the European Union.

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Which payments startups have the highest valuation per employee?

CB Insights

Leading into 2022, numerous fintech unicorns operating in areas like payment acceptance and BNPL saw their funding, employee headcount, and valuations skyrocket. Among these , BNPL provider Klarna and payments processor Stripe reached valuations of $45.6B and $95B, respectively, in 2021. The market downturn, however, has led to workforce reductions at both companies: Klarna conducted several rounds of layoffs, while Stripe reduced its staff by 14%, citing over-hiring.

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Fintech Brex’s revenue surges after regional bank turmoil

BankInovation

Brex, a credit-card startup, has seen a surge in usage of its products following this year’s regional banking turmoil. The company has surpassed $100 million in annual recurring revenue for both its business accounts unit and Empower, its spend management business, according to a statement reviewed by Bloomberg News.

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Occupier Trends for Small Office Buildings Upend Expectations

Realwired Appraisal Management Blog

Conventional thinking has it that the office market crisis has no bounds and that remote and hybrid work have disrupted tenants’ use of large and small buildings alike.

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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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Transactions: Fifth Third acquires fintech Rize Money

BankInovation

Fifth Third Bank acquired embedded payments fintech Rize Money last week as the bank looks to enhance its financial product offerings. Terms of the deal were not disclosed. Arlington, Va.-based Rize Money is a platform that allows clients to build, launch and scale financial products through one API connection, according to a Fifth Third release.

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Worldline partners with HEC Paris and the HEC Foundation

The Paypers

France-based Worldline has entered a new collaboration with HEC Paris and the HEC Foundation to explore the future of payments.

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National Bank of Canada ups tech spend 10% YoY in Q2

BankInovation

National Bank of Canada was selective in expense management in the second quarter, specifically in areas of headcount, technology investment and discretionary spending. In Q2, the bank’s tech spend increased 10% year over year to $122 million, according to the bank’s earnings supplement.

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Centbee partners nChain to improve Blockchain payment technology

The Paypers

South Africa-based Centbee has partnered with blockchain technology company nChain to improve blockchain payment offerings.

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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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Startup Equipment Financing Bad Credit

Commercial Lending USA

Need startup equipment financing but have bad credit? We offer solutions for entrepreneurs to get the funding they need to bring their business to life.

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Bank CFOs shrug off credit concerns

American Banker

Nearly two out of three finance chiefs surveyed by Piper Sandler said they were most worried about deposit costs in the aftermath of recent bank closures. Only 7% cited credit quality as their top reason for unease.

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Key Players in the EU Payments Landscape – 2023 Edition

The Paypers

The Payments Association EU (PA EU) has launched the 2023 edition of the 'Key Players in the EU Payments Landscape' report, written in collaboration with Deloitte and The Paypers.

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Why banks need to start planning to use quantum computing

American Banker

Potential uses for banks include risk analysis, investment portfolio construction and financial crime monitoring.

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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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Monoova executes a cross-border settlement using the Australian CBDC

The Paypers

Australia-based Monoova has successfully completed the first real-world cross-border settlement using the Australian dollar CBDC.

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Fed's Jefferson: Basel III endgame will bring 'more robust' capital requirements

American Banker

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AWS integrates Ripjar's solutions within Amazon Security Lake

The Paypers

UK-based data intelligence company Ripjar has expanded its relationship with Amazon Web Services (AWS), integrating its Labyrinth for Threat Investigations with Amazon Security Lake.

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Marketing to an Up-and-Coming Generation

Image Works Direct

While the exact age range of Gen Z differs depending on who you ask, the fact remains that the oldest “Zoomers” are now in their mid-twenties, making them a vital, burgeoning target audience. Many Zoomers are in college, recently graduated, or teenagers just starting to learn about the financial world.

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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.