Payments Dive
SEPTEMBER 22, 2022
With cart abandonment costing online retailers up to $136 billion annually, Coresight Research’s findings suggest they might want to focus on total purchase price more closely matching shopper expectations.
CFPB Monitor
SEPTEMBER 22, 2022
Expressing a range of concerns, several key industry groups submitted comments to the Federal Trade Commission (“FTC”) last week regarding its proposed rule that would impose new substantive and disclosure obligations on auto-dealers in the auto finance process. The public comment period for the notice of proposed rulemaking (“NPRM”) regarding the Motor Vehicle Dealers Trade Regulation Rule (the “Rule”) closed on September 15, 2022 after the FTC declined in August to extend it.
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Payments Dive
SEPTEMBER 22, 2022
In acknowledging the pursuit of further downsizing, a Klarna spokesperson cited changes being made by company executive Camilla Giesecke assuming COO duties.
CFPB Monitor
SEPTEMBER 22, 2022
In a blog post on Monday , the CFPB advised that it is concerned about the impact of rising car prices on consumer’s financial health, particularly consumers with sub-prime or near prime credit scores. The most recent Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York concluded that the total dollar value of outstanding auto loans rose to $1.5 trillion last quarter, an increase of $33 billion from Q1 to Q2 this year.
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Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.
Payments Dive
SEPTEMBER 22, 2022
“Businesses that have consigned QR technology to the tech graveyard would be wise to give it another look,” writes Mike Storiale, Synchrony’s VP of innovation development.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
SEPTEMBER 22, 2022
Visa is eyeing certain portions of the B2B market for near-term growth, the company’s chief financial officer said during a conference last week. It’s also building out its network for remittances.
Bobsguide
SEPTEMBER 22, 2022
NEW YORK, September 20, 2022 – TS Imagine , a global leader in trading, portfolio, and risk management solutions for capital markets, today announced three executive leadership hires to support the firm’s rapid growth. Spencer Lee joins as Chief Markets Officer , where he will develop and grow TS Imagine’s global fixed income offering. Spencer brings extensive market structure and fixed income trading experience to TS Imagine.
Payments Dive
SEPTEMBER 22, 2022
The payments firm is just as popular with younger shoppers as its buy now-pay later rivals, a PayPal executive said last week.
TheGuardian
SEPTEMBER 22, 2022
Figures compiled by House of Commons Library measure impact of freezing corporation tax and cutting banking surcharge Liz Truss’s government has been criticised for lining up tax cuts that will help big banks and insurers save more than £6bn over the next two years. The figures, compiled by the House of Commons Library, come as the chancellor, Kwasi Kwarteng, prepares to freeze corporation tax as part of the government’s mini-budget on Friday.
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BankInovation
SEPTEMBER 22, 2022
Corporate One Federal Credit Union is a leading wholesale financial services provider for more than 750 of America’s credit unions. Recognizing that credit unions found core banking systems costly and slow to customize, Corporate One sought a technology partner with which to launch digital services that members could consume and adapt at speed and scale. […].
TheGuardian
SEPTEMBER 22, 2022
Prime minister says Putin’s calls for mobilisation ‘are a sure sign his barbaric invasion is failing’ Here is some opposition party reaction to the energy support package for business announced by Jacob Rees-Mogg, the business secretary, this morning. Labour says the help has come too late. This is from Jonathan Reynolds, the shadow business secretary.
CFPB Monitor
SEPTEMBER 22, 2022
Last week, the CFPB issued its long-awaited report on buy-now-pay-later (BNPL) products. While the report identifies consumer risk and harms arising from BNPL products, it does not discuss any actions that the CFPB plans to take based on the report. Those follow-up actions were left for Director Chopra to preview in his prepared remarks on the report and for the CFPB to announce in its press release on the report.
SWBC's LenderHub
SEPTEMBER 22, 2022
As the U.S. continues to see consumer balance sheets deteriorate due to inflation and real wages decreasing, financial institutions must step up their collections efforts to stay on top of delinquencies in 2023.
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.
CFPB Monitor
SEPTEMBER 22, 2022
The White House has announced the names of two Republicans who President Biden is nominating to serve as members of the FDIC Board of Directors. The FDIC Board of Directors has five members, two of whom are the Comptroller of the Currency and the CFPB Director. Currently, there are only three members, all of whom are Democrats (consisting of Acting Chair Martin Gruenberg, Acting Comptroller Michael Hsu, and CFPB Director Rohit Chopra).
Bobsguide
SEPTEMBER 22, 2022
Finastra named a top global provider in IDC FinTech Rankings. IDC’s prestigious annual ranking highlights the leading companies in financial technology. London, UK – September 21, 2022 – Finastra is proud to be ranked one of the top providers in the 2022 IDC FinTech Rankings. Vendors on the elite list are recognized based on 2021 calendar year revenues attributed to financial services and fintech industries, and have demonstrated their commitment to their customers and the industry.
CFPB Monitor
SEPTEMBER 22, 2022
We discuss each of the three categories of risk identified in the guidance (consumer compliance, third-party, and litigation), plaintiffs’ legal theories in class actions challenging NSF fees, the role of arbitration clauses and contract language in defending class actions, the FDIC’s suggested risk mitigation practices, issues to consider in navigating FDIC expectations for remediation of self-identified NSF fee issues and plaintiffs’ demands in class action settlements, the position of other f
TheGuardian
SEPTEMBER 22, 2022
Central banks are putting rates up as currencies slide against dollar but Japan and Turkey buck trend Japan has intervened to prop up the yen for the first time since 1998, after it hit a 24-year low as its central bank resisted the trend for higher interest rates. Tokyo was forced to take action in the foreign exchange market to shore up its weakening currency, after the Bank of Japan (BoJ) maintained its ultra-loose monetary policy on Thursday.
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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
Bobsguide
SEPTEMBER 22, 2022
Hamburg Commercial Bank (HCOB) has successfully completed the transformation of its SEPA (Single Euro Payments Area) payments business to a cloud-based, next-generation platform run by leading global Fintech provider Broadridge Financial Solutions, Inc. (NYSE:BR). The transition was made to Broadridge’s Payments as a Service and BPO operation that uses PPI AG’s advanced payments technology.
The Paypers
SEPTEMBER 22, 2022
A group of 13 fintechs including the likes of Token, TrueLayer, Plaid, Worldline or Yapily have launched the Open Finance Association (OFA) to further open up financial data and payments through API tech.
BankInovation
SEPTEMBER 22, 2022
Corporate One Federal Credit Union is a leading wholesale financial services provider for more than 750 of America’s credit unions. Recognizing that credit unions found core banking systems costly and slow to customize, Corporate One sought a technology partner with which to launch digital services that members could consume and adapt at speed and scale. […].
The Paypers
SEPTEMBER 22, 2022
India-based information technology company Wipro has partnered UK-based Finastra to support the digital transformation of corporate banks in India.
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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
BankInovation
SEPTEMBER 22, 2022
Open banking is predicted to grow nearly 680% by 2026 to 304 million users as regulations, technology and consumer awareness of their data improves. Along with growth in usership, open banking payments are expected to reach $116 billion by 2026, up from $4 billion in 2021, Ryan Christiansen, senior vice president of data at Mastercard’s […].
ABA Community Banking
SEPTEMBER 22, 2022
Christian Ruppe co-founded a fintech firm when he was in college — and later he brought his experience in-house in the community banking space. On the latest episode of the ABA Banking Journal Podcast — sponsored by Jack Henry — Ruppe talks about Colony Bank’s strategy to build middleware that will enable more rapid innovation. “Were [.].
BankInovation
SEPTEMBER 22, 2022
Finicity, a wholly owned subsidiary of Mastercard, is partnering with banks to allow customers to instantly verify their identities, employment status and assets for quicker loan underwriting. “On the lending side, it's just a very high-friction space and has been traditionally if you think about it,” Ryan Christiansen, senior vice president of data access at […].
The Paypers
SEPTEMBER 22, 2022
US-based financial services company Goldman Sachs has decided to expand its transaction banking service to the European Union.
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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.
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