Wed.Apr 17, 2024

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Yes, AI is coming for your job. Here's why you shouldn't worry.

American Banker

Financial industry workers don't need to be concerned about losing their jobs to AI — they need to be concerned over which of the many opportunities they will want to seek out when the time comes.

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CFPB $8 late fee cap edges toward reality

Payments Dive

Despite an industry-backed lawsuit seeking to stop the Consumer Financial Protection Bureau’s new $8 late fee rule, bank card issuers are bracing for potential implementation.

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Making way for women leaders

ABA Community Banking

How organizations can support the advancement of women to the highest levels The post Making way for women leaders appeared first on ABA Banking Journal.

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Fed keeps up CBDC research

Payments Dive

Despite political opposition to a potential U.S. central bank digital currency, research staff at the central bank continue to study the possibility.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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.

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Citizens reports fast progress in building its private bank

American Banker

The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.

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Connecticut's special banking charter finds a new purpose

American Banker

Banking Circle US is the first company to use Connecticut's uninsured bank charter for wholesale and merchant activities. This kind of charter makes sense for payments firms, but questions persist about overall viability.

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Jamie Dimon has a new vision for money in an AI world

BankInovation

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon makes no secret that his firm is all-in on artificial intelligence. Now, the head of the world’s biggest bank is laying out his vision for the future of money in an AI world.

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Q&A: Frank Lucas says 'K Street doesn't pick the chairman' of HFSC

American Banker

Rep. Frank Lucas, R-Okla., told American Banker that he sees a concrete path to chair the House Financial Services Committee that relies on his long experience in committee leadership and long political career.

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U.S. Bank’s investment in payments tech drives growth

BankInovation

U.S. Bank’s investment in payments technology contributed to growth and higher payments revenue in the first quarter.

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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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Klarna turns a BNPL track record into a creditworthiness benchmark

American Banker

U.S. customers who have previously used Sweden-based Klarna's buy now/pay later financing — and paid off their loans in full — will be prequalified for interest-bearing loans through a new version of the Klarna Visa card rolling out later this year.

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TokenEx to merge with IXOPAY

The Paypers

Cloud tokenisation provider TokenEx has announced its strategy to merge with IXOPAY to enable merchants to optimise the overall use of multiple payment processors.

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CFPB makes structural changes after expanding authority over nonbanks

American Banker

The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.

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BIAN expands its network

The Paypers

Independent not-for-profit standards association BIAN has announced the development of its network, as well as its commitment to optimising its banking solutions.

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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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First Horizon bucks trend as deposit costs slow

American Banker

Rising deposit costs have plagued banks in general, and the Tennessee bank had to pay up to bolster liquidity after its failed merger with TD. But First Horizon retained customers in the first quarter while not paying them the special rates they got last year.

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Klarna launches its credit card in the US

The Paypers

AI-enabled global payments network Klarna has announced its plans to introduce its credit card in the US, thus working towards expanding its market presence.

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Alipay opens to more tourists, Revolut gets Mexican banking license

American Banker

Ant Group's Alipay is linking to Pakistan's NayaPay as part of a push to support tourism to China, Revolut has obtained a license from Mexico's National Banking and Securities Commission, and more.

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Celeris integrates with PXP Financial

The Paypers

Payment orchestration provider Celeris has integrated with PXP Financial to augment payment processing for businesses on a global scale.

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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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Pathward Bank to pay more than $700,000 for compliance failure

American Banker

The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.

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Ozone API partners with Thistle Initiatives

The Paypers

UK-based Ozone API has announced its partnership with Thistle Initiatives to allow FIs to implement PSD3 and achieve fast Open Banking compliance.

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Wall Street bank leaders hail IPO market's budding revival

American Banker

Companies going public in the first quarter globally raised $27.8 billion, a 10% jump from the same period in 2023, according to data compiled by Bloomberg.

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Snowdrop and PwC augment digital banking in the Middle East

The Paypers

Snowdrop Solutions has partnered with PwC Middle East to bring its Transaction Enrichment API to banks and payment providers in the Middle East.

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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.

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Freddie Mac would buy home equity loans under FHFA proposal

American Banker

The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.

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Nium becomes a Financial Service Provider in New Zealand

The Paypers

US-based payments provider Nium has announced its official registration as a Financial Services Provider in New Zealand.

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Master the Four Levels of USPs [VIDEO]

The Emmerich Group

What if you can use extreme differentiation to get 150 basis points or more on the loan side and improve your deposit pricing at the same time? If you’re the kind of leader who feels strongly that you can’t follow the herd and believes that net interest margin compression is inevitable, you’re going to love this. Or if you have some lenders who get premium pricing but are frustrated that others still fall back to rate matching, you’ll want to watch this.

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Onbe and ScrapRight revolutionize scrap yard payouts

The Paypers

Onbe , a corporate payouts platform, has announced a partnership with recycling management software company ScrapRight.

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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.