Fri.Apr 29, 2022

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Card companies called on congressional carpet

Payments Dive

Visa and Mastercard will be in the hot seat next week at a hearing of the Senate Judiciary Committee led by their long-time nemesis, Sen. Dick Durbin. A notice for the hearing teases that the discussion will zero in on "excessive swipe fees" and a lack of competition in the industry.

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Increasing Wage Gains Will Keep the 50bps Rate Hikes Coming

South State Correspondent

Increasing Wage Gains Will Keep the 50bps Rate Hikes Coming. Treasuries are trading heavy this morning as the Employment Cost Index (ECI) came in above expectations and that is sparking concerns of the dreaded wage-price spiral. That is essentially when fatter wallets encourage more spending which in theory contributes to further price increases. ECI is the broadest measure of compensation costs as it measures just about all aspects of it: wages, salaries, bonuses, other benefits and payroll tax

Taxes 195
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US payments firms notch venture round record

Payments Dive

First-quarter data from research firm CB Insights showed U.S. payments startups saw a 61% spike in funding rounds from the previous quarter, but a 23% drop in total funding.

US 273
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NXTsoft Launches New Version of API Marketplace, Empowering Financial Institutions

Bobsguide

Birmingham, Ala. April 28, 2022 – NXTsoft , a company focused on delivering Connectivity as a Service to the financial marketspace has announced the initial version of a multistage release of its FinTech API Connectivity as a Service Marketplace (marketplace.nxtsoft.com) that enables financial institutions to select from pre-built connectors from up 60+ Fintech companies and 99% of U.S.

Denver 148
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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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For Discover, inflation brings sales growth, salary pressure

Payments Dive

Riverwoods, Illinois-based Discover Financial Services on Thursday reported first-quarter card sales volume was 23% higher than the same period last year, but CFO John Greene said "it’s hard to envision year-over-year sales growth to continue in the upper 20s.

Illinois 221

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Mastercard shakes off Russia concerns, inflation woes

Payments Dive

Mastercard's first-quarter revenue jumped 24% to $5.2 billion on robust consumer spending as coronavirus restrictions faded and cross-border payments picked up.

Payments 221
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Deutsche Bank HQ in Frankfurt raided over suspected money laundering

TheGuardian

Officers from financial regulator, federal police and public prosecutor raid Germany’s largest lender German authorities have raided Deutsche Bank’s headquarters in Frankfurt over suspected money laundering at the country’s largest lender. Officers from the financial regulator BaFin, the federal police, and the Frankfurt public prosecutor’s office launched a raid on the bank’s glass-panelled offices – known locally as the “twin towers” – on Friday morning after securing a search warrant from the

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Fintech Funding: British fintechs make plays for document automation, digital banking

BankInovation

London-based documents automation fintech Uhura Solutions has raised $1.8 million in a seed funding round, the company announced Wednesday. Uhura Solutions offers a low-code solution for document and contract analysis, automating data analysis and classification, extraction, review and processing, according to a release. The fintech works with $1.7 trillion Barclays, $573 billion NatWest and Austria-based […].

Fintech 98
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NatWest reports 40% profit jump as bank refers customers to debt experts

TheGuardian

Strong first-quarter results come as group warns of ‘uncertain’ economy because of cost of living crisis NatWest has reported a 40% jump in first-quarter profits but warned about the UK’s “uncertain” economy amid the cost of living crisis, saying it had already referred more than 2,000 customers to debt experts at Citizens Advice. The banking group – formerly known as Royal Bank of Scotland – beat expectations after reporting a jump in pre-tax profits to £1.2bn compared with £885m a year earlier

Report 97
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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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Capital One continues to grow card business, auto book

BankInovation

Capital One's focus on digital tools and dealer relationships contributed to increased auto originations in the first quarter as the lender looks to keep pace with industry competition. Auto originations increased 20% sequentially and 33% year over year to $11.7 billion, driving overall growth in the bank's consumer banking business, according to the earnings supplement. […].

Capital 98
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HSBC faces pressure to split after push from one of its largest shareholders

TheGuardian

Chinese insurer Ping An discusses listing bank’s Asian operations separately in Hong Kong HSBC is facing pressure to break up after one of its largest shareholders told the UK-headquartered bank to consider spinning off its profitable Asian operations centred on Hong Kong. Chinese insurer Ping An has discussed listing the Asian operations separately in Hong Kong, Bloomberg first reported.

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Listen: Prelim CEO on low-code development and core integration

BankInovation

Heang Chan, co-founder and CEO of low-code solutions provider Prelim, knows firsthand how manual and cumbersome customer-facing processes can be. It’s one reason he left banking seven years ago to work in fintechs. “I spent a considerable amount of time as a banker and realized that there were a lot of, I would say, places […].

Fintech 98
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European revenue-based financing provider for digital companies raises $126M in debt. Outfund competitors include Pipe, Wayflyer, Lighter Capital, Vitt, ViceVersa, and Uncapped.

CB Insights

Outfund , a revenue-based financing provider, has raised $144.6M in a mix of equity and debt. The $18.9M Series A round drew participation from Force Over Mass Capital, PostFinance, 1818 Venture Capital, and Tribe Capital. The $125.7M in debt financing was provided by undisclosed investors. <span data-sheets-value='{"1":2,"2":"<div class="cbi-cta-shortcode-wrapper"><div class="cbi-cta-shortcode-content"></div><div class=

Capital 67
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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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EU approves rules to police Big Tech platforms | Robinhood reports shrinking revenue | Fidelity will offer bitcoin as an option in retirement plans

Bussman Advisory

FinTech Ecosystem Insights by Bussmann Advisory is our weekly newsletter with over 40’000 subscribers across different social media channels, summarizing relevant news and reports related to ecosystems around disruptive technologies, highlighting key updates from the industry as well as our portfolio companies: EU approves groundbreaking rules to police Big Tech platforms Robinhood reports shrinking revenue, fewer active users Fidelity will offer bitcoin as an option in 401(k)s retirement

Bitcoin 52
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Retail Payments Fraud: How Consumers and Banks Can Fight Back

FICO

There’s a lot going on in the retail payments space – defined as transactions between two consumers, between consumers and businesses, or between two businesses. With any change, fraud comes hand-in-hand. Some of the changes are related to new digital payments methods like P2P apps, tap-to-pay, and cryptocurrency, which are all growing options in retail environments.

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Berlin-based mobile tax filing app Taxfix reaches $1B valuation. Taxfix competitors are Taxdown, Taxfyle, and wundertax.

CB Insights

Taxfix , a mobile tax filing app, has raised $220M in a Series D. The round drew participation from Ontario Teachers’ Pension Plan, Valar Ventures, and Creandum, among others. <span data-sheets-value='{"1":2,"2":"<div class="cbi-cta-shortcode-wrapper"><div class="cbi-cta-shortcode-content"></div><div class="cbi-cta-shortcode-forms" ><div class="cta has-desktop"><div class="cta-deskt

Taxes 56
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Fintech Zai launches money transfers to and from the US

The Paypers

Australia-based fintech Zai has rolled out its CurrencyFair personal money transfer service in all 50 American states.

Fintech 64
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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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Bankers cry foul over CFPB crackdown on 'junk fees'

American Banker

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Gibraltar introduces new virtual asset legislation

The Paypers

HM Government of Gibraltar has published new regulations setting the standard for market integrity in the virtual asset space.

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Banks bid for viral fame with videos and influencers on Instagram

American Banker

Video 74
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Square launches loans service in Canada

The Paypers

Square has announced the launch of Square Loans in Canada to give small businesses access to funds and eliminate another major pain point associated with running a business.

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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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Latest banking news

American Banker

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Cellulant teams with NALA to enable remittances into Africa

The Paypers

Tanzania-based fintech NALA has partnered with payments company Cellulant to offer remittance payments from the US and UK into Africa.

Fintech 52
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Cullen/Frost plans overdraft relief, but won’t drop the fees entirely

American Banker

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Google Cloud joining OpenWealth Association as an API service provider

The Paypers

Switzerland-based industry initiative OpenWealth has announced that Google Cloud will be joining the organisation as an API service provider.

Google 41
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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.