PYMNTS
JANUARY 31, 2021
Baby and beauty products company The Honest Company , which was founded by actress Jessica Alba , is quietly preparing to conduct an initial public offering (IPO), Bloomberg reported, citing unnamed sources. The company could be valued at as much as $2 billion, and an IPO could come as soon as Friday (Feb. 5), Bloomberg reported. As of Sunday (Jan. 31), no filing had been made with the U.S.
Independent Banker
JANUARY 31, 2021
“From your focus on people to the good that you do, you make a lasting impact, and that’s what makes you uniquely who you are.”. When I consider what I love about community banking, I get a clear visual: overlapping concentric circles with one common center. Each circle represents an element of your impact on communities, including people, culture, economic growth, personal and professional development, and more.
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PYMNTS
JANUARY 31, 2021
Ripple has responded to a lawsuit against it, saying that the Securities and Exchange Commission (SEC)'s opinion that its XRP cryptocurrency is a security is false, a filing says. The SEC contests that Ripple’s digital coin counts as a security and, as such, the SEC is allowed to regulate it. According to the SEC, Ripple had misled investors by selling over $1 billion without registering with the agency.
Payments Source
JANUARY 31, 2021
Ireland is one of the few European countries without a domestic real-time bank transfer scheme, and the fintechs are rushing to fill that gap.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
PYMNTS
JANUARY 31, 2021
Robinhood , the stock trading app purporting to let anyone join in the market, answered questions in a blog post on why it had shut down certain securities like GameStop. The company said in the post it had to do with clearinghouse requirements. According to the post, the company has to meet those requirements by 10 a.m. every trading day in order to support the customer trades between the trade date and when the trades settle.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JANUARY 31, 2021
A Leesburg, Virginia, man pleaded guilty to a federal bank fraud charge that he stole $2.5 million by obtaining Paycheck Protection Program (PPP) loans by saying he needed the money for what turned out to be fake payroll for fake employees at two real companies, the U.S. Department of Justice announced in a press release. Didier K. Kindambu, 49, “carried out the scheme in connection with two businesses that he owns by creating fraudulent payroll documentation for each business, and then submitti
TheGuardian
JANUARY 31, 2021
Lenders would increase mortgage costs in response, says Building Societies Association chair Coronavirus – latest updates See all our coronavirus coverage Cutting the UK’s official interest rate below zero would fail to boost Britain’s Covid-stricken economy because lenders would increase mortgage costs in response, the Bank of England has been told.
PYMNTS
JANUARY 31, 2021
Business payments firm FLEETCOR Technologies has acquired accounts payable (AP) platform provider Roger , Fleetcor announced in a press release. Terms of the transaction were not disclosed. The release stated, in part: “The acquisition provides FLEETCOR with a proven, modern automation platform for B2B online bill payment. The platform helps [small- to medium-sized businesses (SMBs)] gather and scan invoices and receipts, eliminate manual data entry using machine learning technology, approve and
Payments Source
JANUARY 31, 2021
Traditional methods have been around a long time and don't meet the current needs of a fintech-heavy market, says Akoya's Stuart Rubinstein.
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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
PYMNTS
JANUARY 31, 2021
Getir , a Turkish grocery delivery service whose motor scooter-riding drivers aim to reach customers within 10 minutes of the placing of orders, announced on Twitter that it has set up shop in London. A tweet from the company’s official account, accompanied by a photograph of a driver in a yellow and purple suit standing next to a yellow and purple scooter with a delivery box on the back, states: “London, we’ve arrived!
FluentBanking
JANUARY 31, 2021
The loan moratorium facility to cushion the Covid-19 fallout ended on 1 January this year, resuming the classification of loans. The central bank's Banking Regulation and Policy Department (BRPD) issued a circular during this regard Sunday. Due to the pandemic, borrowers didn't need to repay loan installments from January to December 2020, and loan classification was paused.
PYMNTS
JANUARY 31, 2021
TD Bank is unifying its teams for commercial, corporate and specialty banking to forge TD Commercial Bank, a new entity, according to a press release. This will help in offering new levels of growth, a better client and colleague experience, and more streamlined procedures, the release stated. The corporate and specialty banking teams include divisions for Asset Based Lending, Equipment Finance, Institutional Healthcare and Higher Education, Commercial Real Estate and Global Trade Finance.
The Financial Brand
JANUARY 31, 2021
GameStop provides lessons for the banking industry on digital transformation and potential impact of a distrusting community. The post What GameStop Can Teach Banking About Digital Disruption appeared first on The Financial Brand.
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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
PYMNTS
JANUARY 31, 2021
City National Bank has enlisted New York City FinTech Extend to enable the bank’s clients to offer virtual corporate cards to employees, vendors and other business partners, the companies announced in a press release. A key selling point for virtual cards is that users can easily control how they’re used, including canceling them with minimal effort if doing so is necessary, according to the release.
The Financial Brand
JANUARY 31, 2021
Personas aren't good enough for financial marketing anymore. People want you to know them, not someone like them or just their generation. The post Lessons from the Long Road to Personalization in Banking appeared first on The Financial Brand.
PYMNTS
JANUARY 31, 2021
Wall Street is readying itself for yet another week of chaos on the markets involving the pumping-up of stocks like GameStop and AMC , Reuters writes, with it now likely to spread to other stocks. The chaos resulted in a severe drubbing for some of the larger Wall Street hedge funds, including Melvin Capital , which took a hit of 53 percent after retail investors drove up stocks that it had bet against.
The Financial Brand
JANUARY 31, 2021
The impact of this key search rule may be pushing mentions of your bank or credit union website off the first search page (and into oblivion). The post Is Google’s ‘Site Diversity’ Policy Hammering Your Bank’s Website? appeared first on The Financial Brand.
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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.
PYMNTS
JANUARY 31, 2021
OnPay Solutions , which works in accounts payable (AP) automation, has struck a partnership with business innovation intelligence platform CapX to offer new supplier payment automation for clients, according to a press release. CapX allows clients to better adopt technology through a curated suite of products, holistic optimization strategies, and workforce solutions that can help with savings, efficiency and revenue streams, the release stated.
The Financial Brand
JANUARY 31, 2021
A short, focused tagline followed by an aspirational and authentic purpose paves the way for a great story – and only then come products. The post Want Your Financial Institution Brand Story to Pop? Start by Saying Less appeared first on The Financial Brand.
PYMNTS
JANUARY 31, 2021
India is looking into a new bill that could ban private cryptocurrencies in favor of a national digital coin, a report says. The bill, titled the “Cryptocurrency and Regulation of Official Digital Currency Bill,” could create a framework in which the official digital currency is rolled out and issued by the Reserve Bank of India. In that case, the report says private cryptocurrencies would be banned in India, though exceptions would be allowed “to promote the underlying technology of cryptocurre
BankBazaar
JANUARY 31, 2021
Missed out on the budget? Catch up on all the highlights and what they mean for you here. The Union Budget 2021-22 came at a time when India is ailing from a COVID-battered economy, and its healthcare infrastructure has been stretched to the limit. During her speech, Finance Minister Nirmala Sitharaman said that the Budget proposals for this financial year rest on six pillars — health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India,
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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.
PYMNTS
JANUARY 31, 2021
Trade Republic , a German startup, is debuting its new app in France this week, a report from Tech Crunch says, expanding on the company's previous work in Austria and Germany. With Trade Republic, users are able to buy and sell shares or exchange-traded funds from a mobile fund with low and transparent fees. The company charges €1 per order in fees.
American Banker
JANUARY 31, 2021
For now, banks say they have no plans to curtail lending to oil and gas firms, but recent moves by the new administration — including a halt in drilling on federal land and an effort to stop the Keystone XL Pipeline — could cause them to re-evaluate their long-term commitment to the fossil fuel industry.
PYMNTS
JANUARY 31, 2021
FinTLV , a Tel Aviv-based fund that specializes in FinTech and InsurTech companies in their “growth stage” phases, announced in a press release that it has closed a new $120 million fund, FinTLV II. The parent fund already invested $200 million in the space, according to the release. “The insurance industry is a huge industry undergoing a fundamental disruption,” FinTLV Founding Partner Gil Arazi said in the release.
PYMNTS
JANUARY 31, 2021
Ten Republican senators are calling on President Joe Biden to consider a smaller, less costly $600 billion COVID-19 relief bill, according to CNBC. The Biden administration has currently proposed a $1.9 trillion bill, which will consist of $1,400 payments for Americans, $400 extra per week in unemployment benefits, more state and local aid and help with vaccine rollouts, among other things.
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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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