Tue.Apr 19, 2022

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The ultimate guide to banking in the metaverse

Accenture

When Neal Stephenson coined the term “metaverse” in his 1992 science-fiction novel, Snow Crash, he could hardly have foreseen that the phrase would be everywhere by late 2021. With bigtech giants like Tencent, Meta and Microsoft all making big bets on the metaverse, there is little doubt that the internet is on the verge of…. The post The ultimate guide to banking in the metaverse appeared first on Accenture Banking Blog.

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Robinhood's acquisition of crypto firm puts UK, Europe in its sights

Payments Dive

The purchase of Ziglu, which is in the good graces of the Financial Conduct Authority, marks the second attempt by the stock-trading app to broach the U.K. market. Terms of the deal were not disclosed Tuesday.

Marketing 370
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One powerful team solving cloud payments for banks

Accenture

In payments, so much is changing so fast that sometimes it’s hard for banks to know where to start. Moving payments functions to the cloud is one area that a lot of our banking clients are trying to figure out right now as part of their strategy for growth in payments. At the Money 20/20…. The post One powerful team solving cloud payments for banks appeared first on Accenture Banking Blog.

Payments 393
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Stem raises $20M to streamline music industry payments

Payments Dive

Startup Stem Disintermedia, which aims to bring its financial payout tools to a broader sector of the music industry, lured investments from merchant payments player Block and the major fintech venture firm QED Investors to fuel its growth.

Industry 351
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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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Bank Pekao SA Selects Murex to Optimize Total Cost of Ownership

Bobsguide

WARSAW, April 12, 2022 — Bank Pekao , Poland’s second largest bank and one of the largest financial institutions in Central and Eastern Europe, has selected Murex’s solution and plans to implement its MX.3 platform to optimize costs of the bank’s ongoing, comprehensive technological transformation. Murex , the global leader in trading, risk management and processing solutions for capital markets, has accompanied Pekao on the transition to the unified integrating platform, slated to be delivered

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Winner’s Podcast: Markets Technology Awards 2022

Bobsguide

Following CompatibL’s recent win at Risk.net’s Markets Technology Awards 2022, Alexander Sokol spoke about the advantages of the new machine learning models for portfolio validation and risk management. As historical data from before the Covid-19 pandemic does not correctly represent the current levels of risk, CompatibL’s market generator models can serve as a smart solution to this pressing problem.

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Revolut, Cross River link up to offer US consumer loans

Payments Dive

Customers who use the personal loan offering, which will be available in the coming months, won't be subject to late fees, origination fees or prepayment penalties, neobank Revolut said.

US 221
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Smart safes improve security, cash availability

ATM Marketplace

Handling cash can be a major challenge for banks and businesses alike. For businesses, they have to count it, keep it safe and at times take a trip to a bank branch to get it processed and debited to their accounts. One business called Cash Connect is attempting to make handling cash safer and easier with its smart safe solution.

Security 125
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CFPB report highlights reliance on community banks in rural areas

ABA Community Banking

In a data snapshot, the CFPB highlighted some of the unique challenges facing rural Americans, including an increased reliance on physical bank branches, given the limited access to high-speed internet and online banking options in many of these communities. The post CFPB report highlights reliance on community banks in rural areas appeared first on ABA Banking Journal.

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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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Technology spend up 5% at State Street

BankInovation

State Street Bank spent $423 million on technology and communications in the first quarter, up 5% year over year but down 3% from the Q4 2021 as the Boston-based bank continues to focus on tech infrastructure. “Information systems and communication expenses were up 5% due to continued investment in our technology infrastructure resiliency,” Chief Financial […].

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DOJ files lawsuit alleging SCRA violations for unlawfully auctioning servicemembers’ vehicles

CFPB Monitor

On April 15, 2022, the U.S. Department of Justice filed a lawsuit against Steve’s Towing, Inc., located in Virginia Beach, Virginia, pursuant to the Servicemembers Civil Relief Act (“SCRA”), 50 U.S.C. §§ 3901-4043, for alleged violations of the SCRA’s prohibition against enforcing a storage lien on a servicemember’s vehicle during, or within ninety days after, a period of military service without a court order.

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Fifth Third’s tech spend reaches $101M in Q1, up 9% YoY

BankInovation

Fifth Third Bank’s tech spend in Q1 hit $101 million, a 9% year-over-year increase, and the bank offered insights into its technology and investment outlook during its earnings call today. Analysts raised questions about the $211 billion bank’s technology strategy on the call, but Tim Spence, president and incoming chief executive at the Cincinnati-based bank, […].

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CFPB blog post and report focus on student loan servicing

CFPB Monitor

Student loan servicing was the focus of recent CFPB attention in the form of a blog post, “ Busting myths about bankruptcy and private student loans ,” and a report (labeled a “special issue brief”) titled “ Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends.” Both items raise areas of compliance risk for student loan servicers.

Report 78
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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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Truist reports 7M heritage clients converted to its new ecosystem

BankInovation

Truist reported a busy quarter, noting it completed its largest core bank conversion event in February and brought 7 million clients into the Truist ecosystem. "The integration was successful overall, especially when you consider the scale and complexity involved,” said Truist Chief Executive Officer Bill Rogers during today’s earnings call. “This was the largest bank […].

Report 97
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State of Fintech Q1’22 Report

CB Insights

Global fintech funding clocked in at $28.8B in Q1’22, down 18% quarter-over-quarter (QoQ) — the largest percentage drop in quarterly funding since 2018. In our State of Fintech 2021 Report, we dive into global investment trends to spotlight takeaways including: How fintech saw record deal activity despite the funding decline. The slowdown in $100M+ mega-rounds.

Fintech 92
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Mortgage Wire Fraud in the Internet Age | FinTalk

Jack Henry

We received the call on the morning of our closing date. “Your buyer wired his funds to a fraudulent account. Everything is on hold.”.

Fraud 78
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Working with Influencers to Enhance Your Fintech PR Program

William Mills

As the way consumers interact with brands continues to evolve, there has been a notable shift from traditional advertising to more influencer collaborations. As you scroll Facebook, Instagram or, most recently, TikTok , there is a consistent slew of influencers sharing their experiences with beauty, health and lifestyle brands to their followers.

Fintech 75
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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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Apple Finally Enables Payment Card Acceptance on iPhone

Tomorrow's Transactions

Contactless Card Acceptance Solutions to enable Android phones to be used to accept EMV contactless card payments without requiring additional hardware have been around for a while. We’ve been advising and helping our clients architect, secure, build and certify SoftPOS solutions for the last 5 years. However, this has not been possible on iOS devices,… Continue reading Apple Finally Enables Payment Card Acceptance on iPhone.

Apple 57
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Moot secures GBP 14 mln to unify retail channels

The Paypers

UK-based ecommerce platform Moot has raised USD 18 million in a round led by Espresso Capital, for its online sales unification service.

Retail 56
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The TL;DR Live: The State of Fintech

CB Insights

The post The TL;DR Live: The State of Fintech appeared first on CB Insights Research.

Fintech 62
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National Bankers Association partners on program to help close the racial wealth gap

ABA Community Banking

The National Bankers Community Alliance, the nonprofit arm of the National Bankers Association, launched a financial wellness program to help minority communities close the racial wealth gap. The post National Bankers Association partners on program to help close the racial wealth gap appeared first on ABA Banking Journal.

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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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Sodexo Romania partners with food delivery app for payments

The Paypers

Employee benefits provider company Sodexo, through its regional branch Sodexo Romania , has partnered with local food delivery app Tazz to allow customers to pay using their meal cards.

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Truist, TD Bank join group that pushes back on patent aggression

American Banker

Groups 91
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B3 starts service platform operation for Open Insurance

The Paypers

Brazil-based stock exchange B3 has started to provide services to help insurers comply with Open Insurance regulatory standards.

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Fifth Third sets clear limit on CRE loans

American Banker

Lending 81
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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.