Mon.Feb 26, 2024

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Self-checkout promises ultimate convenience. Is it doing its job?

Payments Dive

The process can make for faster, easier experiences, but it needs regular attention and helpful associates to thrive, consultants said.

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BNY appoints Gerdeman as global head of data and analytics

BankInovation

BNY Mellon has appointed Julie Gerdeman as its global head of data and analytics. Gerdeman will be responsible for managing software and data for nearly $47 trillion of assets managed by BNY, according to a Feb. 20 release.

Analytics 114
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Congress members lob dueling gun code bills

Payments Dive

Democratic and Republican Congress members took opposing stances this month in introducing legislation on the use of a new gun merchant category code.

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First Bank CIO Thomas joins Bank Automation Summit U.S. 2024 speaker faculty

BankInovation

Terrence Thomas, executive vice president and chief information officer at First Bank, will speak at Bank Automation Summit U.S. 2024 on Monday, March 18, at 4 p.m. CT.

Software 114
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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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FIS promises expanding profit margins

Payments Dive

Fidelity National Information Services promised bigger profit margins this year from its newly reconfigured business focused on banking and capital markets.

National 222

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EWS launches wallet in South Carolina, Arizona ahead of wider rollout

Payments Dive

Launching the Paze wallet will require preloading about 150 million cards, meaning the launch will occur as “more of a ramp up over a few months,” EWS Managing Director James Anderson said.

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Third Circuit Rules Pennsylvania Consumer Discount Company Act Does Not Regulate Collection of Charged-Off Debts

CFPB Monitor

On February 7, 2024, the U.S. Court of Appeals for the Third Circuit affirmed the district court’s Order granting a motion for judgment on the pleadings and holding that a charged-off loan made by a lender licensed under the Consumer Discount Company Act (“CDCA”) that is subsequently sold to a third-party debt collector is no longer subject to the CDCA and collecting on the debt without holding a CDCA license is not in and of itself a violation of the Fair Debt Collection Practices Act (“FDCPA”)

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Automating AR: What it means to offer a seamless B2B order-to-cash experience

Payments Dive

Today’s B2B customers demand a seamless order-to-cash experience, and brands must embrace automation to adapt.

Branding 222
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4 Critical Questions About Tech Modernization

Jack Henry

In the race to adapt and thrive in today's disruptive financial services landscape, the speed and direction of your technology modernization strategy and efforts can make all the difference.

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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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Military Lending Act violations alleged against title lender in Georgia class action

CFPB Monitor

A proposed class action lawsuit filed in the U.S. District Court for the Northern District of Georgia on February 21, 2024 against TitleMax of Georgia, Inc. and TMX Finance LLC (together, “TitleMax”) accuses the Georgia-based title and pawn lender of various violations of the Military Lending Act (“MLA”), including charging servicemembers and their dependents interest in excess of the MLA’s 36% rate cap.

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Kinecta Federal Credit Union brings wealthtech to members

American Banker

The $6.8 billion-asset institution partnered with FusionIQ to launch digitally advised and self-directed investment platforms as part of a push to attract and retain younger generations of consumers.

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Carrots and Sticks – FTC Presses Parties Under Investigation to Accept Tolling Agreements

CFPB Monitor

On February 20, 2024, Director Samuel Levine of the Federal Trade Commission’s Bureau of Consumer Protection (Bureau) issued a statement promoting the use and acceptance of tolling agreements. Tolling agreements pause the running of statutes of limitations, permitting enforcement agencies such as the Federal Trade Commission (FTC) to file an enforcement action against a party after the deadline otherwise established by the applicable statute.

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FATF drops UAE off financial crime watchlist

The Paypers

The Financial Action Task Force (FATF) has announced that it has dropped the UAE from its grey list regarding concerns about financial crime and money laundering.

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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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Important National Bank Act (NBA) preemption case to be argued tomorrow, February 27, before US Supreme Court

CFPB Monitor

The oral argument in Cantero v. Bank of America, N.A. will be heard on Tuesday, February 27 before the US Supreme Court. The Court recently granted the unopposed motion of the Solicitor General to participate in the oral argument. The Solicitor General will be taking 10 minutes of the oral argument time allocated to the Petitioners.

US 78
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FIS certified to send, receive payments on FedNow

BankInovation

Technology provider FIS is now certified to send and receive payments on the FedNow payments rail as demand for the rail grows. FIS has 215 clients in contract or in the pipeline for the Federal Reserve’s payments rail, Chief Executive Stephanie Ferris said during the company’s fourth-quarter earnings call today.

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FOIA Request Seeks Names of Organizations That Have Received Payments from CFPB’s Civil Penalty Fund

CFPB Monitor

Federal News Wire – a non-partisan news group focusing on the activities of federal agencies – has issued a Freedom of Information Act (“FOIA”) request to the Consumer Financial Protection Bureau, seeking a list of all organizations who have received payments from the Bureau’s “Civil Penalty Fund” (“CPF”) since the Bureau’s formation in 2011.

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Warren rallies progressives to urge DOJ to block Capital One-Discover deal

American Banker

The lawmakers, led by Sen. Elizabeth Warren, D-Mass., said the deal would further anti-consumer bank consolidation, but also criticized the OCC's proposed changes to the merger process, asking that they be strengthened.

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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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Podcast: Jack Henry’s incoming CEO talks 4 tenets of leadership

BankInovation

Jack Henry Chief Operating Officer Greg Adelson will take over as chief executive for the tech provider in July. On this episode of “The Buzz” podcast, he discusses how his four-tenet leadership strategy will be reflected in his new role as he takes on Jack Henry’s ongoing cloud modernization. The tenets: 1. Transparency.

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Citi snags JPMorgan's investment banking chief to lead key business line

American Banker

The hiring of Viswas Raghavan as Citi's head of banking is the latest move by the global bank to attract talent from rivals. His departure set off more leadership tweaks at JPMorgan Chase.

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Intuit launches QuickBooks Solopreneur for starting entrepreneurs

The Paypers

Intuit , the fintech platform behind Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, has unveiled QuickBooks Solopreneur, a tailored product designed for solo entrepreneurs.

Fintech 68
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What payment companies are doing with AI copilots

American Banker

Tipalti, Stax and Stripe are among those using new artificial intelligence tools as digital helpers for staff. The specifics vary based on each company's mission and level of comfort with the technology.

Company 67
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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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OANDA launches crypto trading platform in the UK

The Paypers

Trading platform OANDA has opened an FCA-registered crypto trading platform ‘OANDA Crypto’ in the UK, following the acquisition of a majority stake in Coinpass.

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Federal Reserve denies The Narrow Bank's master account application

American Banker

The Narrow Bank — a passthrough bank that first applied for a Federal Reserve master account in 2017 — is appealing an "ill-founded" December decision by the Federal Reserve to deny its application for a master account.

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Axway to acquire most Sopra Banking Software activities

The Paypers

Axway has announced that it entered an exclusive discussion to acquire most of Sopra Banking Software activities, to develop a new enterprise software house.

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NIST updates cybersecurity framework, emphasizing governance

American Banker

Version 2.0 of the Cybersecurity Framework, often cited by financial regulators, provides a structured approach to enhancing an institution's cybersecurity.

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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.