Thu.May 04, 2023

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Shift4 snags Focus POS for $45M

Payments Dive

The acquisition gives Shift4 ownership of a business with ties to 10,000 restaurant merchants.

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North Dakota passes mortgage lender and servicer laws

CFPB Monitor

On April 12, North Dakota Governor Doug Burgum signed into law House Bill 1068 , which creates a new statutory licensing scheme in North Dakota covering residential mortgage loan servicing activities. This follows on the heels of the enactment last month of North Dakota Senate Bill 2090 , which overhauled North Dakota’s licensing requirements related to residential mortgage lending. .

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PacWest says in talks with potential partners after share plunge

BankInovation

PacWest Bancorp said core deposits have increased since March and confirmed it’s in talks with several potential investors, seeking to calm markets after a 60% stock rout that made it the new focal point of concern over the health of US regional lenders.

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FDIC consent order with Cross River Bank indicates heightened scrutiny of bank-fintech partnerships

CFPB Monitor

The FDIC recently announced that it has entered into a Consent Order with Cross River Bank (CRB or Bank) to resolve FDIC charges that the Bank engaged in unsafe or unsound practices related to its fair lending compliance. (The Consent Order was issued in March 2023 but not made public until the end of last month.) .

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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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Unleashing Your Inner Wednesday Addams: A Guide To Choosing The Right Credit Card

BankBazaar

Choosing the right Credit Card can be overwhelming with the sheer number of options currently available. But don’t worry, we’ve got you covered. In this blog post, we’ll walk you through the steps to choose the right Credit Card for you, with a little inspiration from Wednesday Addams. So, let’s get started! Credit Cards can be a useful financial tool when used in a responsible way.

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Shares in California lender PacWest plummet amid fears of new US banking crisis

TheGuardian

Banks seek to calm markets as investors fear repeat of First Republic and SVB failures The California lender PacWest has sought to calm markets and said it is in talks with several potential investors as its shares plummeted by as much as 60%, reigniting fears about a US banking crisis. PacWest shares plunged in after-hours trading after Bloomberg News reported that the bank was considering strategic options including a sale or a fundraising round.

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CFPB issues proposed rule on PACE financing

CFPB Monitor

The Economic Growth, Regulatory Relief, and Consumer Protection Act (Act) directs the CFPB to prescribe Truth in Lending Act (TILA) ability-to-repay (ATR) rules for Property Assessed Clean Energy (PACE) financing. The CFPB recently issued a proposed rule that would require PACE creditors and PACE companies to consider a consumer’s ability to repay when issuing a new PACE loan, amend Regulation Z to address how it applies to PACE transactions, and adjust disclosure requirements to better fit PAC

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Facebook and WhatsApp owner urged by UK bank to act on fraud as scams soar

TheGuardian

TSB says 80% of cases in its main fraud categories come from scams on Meta platforms including Instagram Meta has been urged to take action to protect customers from fraud, after TSB said scams via the social media company’s platforms Facebook, WhatsApp and Instagram have soared. The UK bank said there had been a huge jump in the number of scams originating from Meta-owned sites and apps, releasing research that shows they now account for 80% of cases within TSB’s three largest fraud categories:

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Flexport acquires Shopify Logistics

The Paypers

Supply chain technology company Flexport has bought the assets of Shopify Logistics, including Deliverr , to expand into last mile and ecommerce fulfilment.

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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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US banks are failing, and the authorities seem unlikely to intervene

TheGuardian

Regional lenders such as PacWest and Western Alliance are not seen as systemically important and more consolidation is ahead Trading halted in shares of two more US lenders as fears of banking crisis mount Shares in two more US regional banks have been suspended. Regulators moved in to halt trading in Los Angeles-based PacWest and Arizona’s Western Alliance on Thursday after they became the latest victims of an escalating crisis that began with Silicon Valley Bank in March.

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Mitigating risk post SVB, FRB collapse

BankInovation

Financial institutions are looking to risk mitigation and regulatory compliance technology following the industry turbulence brought on by the recent collapses of Silicon Valley Bank, Signature Bank and First Republic Bank.

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RIGHT TO REPAIR

ATM Marketplace

The Right to Repair means you're actually in the driver's seat when it comes to selecting & partnering with an independent service provider or even choosing to perform work in-house.

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Tech layoffs continue as Shopify shrinks team by 20%

BankInovation

Roughly 20% of e-commerce platform Shopify’s team has been dropped from the company with the sale of its logistics business to supply chain manager Flexport.

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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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'Inflation outlook too high, for too long': ECB raises interest rates – video

TheGuardian

The European Central Bank has increased its benchmark interest rate by a quarter of a percentage point in an effort to bring down persistent inflation. The ECB president, Christine Lagarde, said: 'The inflation outlook continues to be too high for too long.' She added: 'In light of the ongoing high inflation pressures, the governing council today decided to raise the three key ECB interest rates by 25 basis points.

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Listen: How banks can address disconnects between automation, CX

BankInovation

Bridging the gap between customer experience and digital transformation is critical for financial institutions (FIs) to ensure customers stay engaged.

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CryptoOrange partners with Paysafe to expand payment options

The Paypers

UK-based Paysafe has partnered with cryptocurrency exchange CryptoOrange to provide the latter’s customers with new ways to buy and sell crypto.

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First Horizon, TD Bank call off long delayed merger

American Banker

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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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Open Payment Network partners with Bankers' Bank

The Paypers

Open Payment Network (OPN) has partnered with Bankers’ Bank to enable the bank to deliver instant payment services to respondents via API connectivity to TCH-RTP and FedNow.

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Big Bang 2.0: should ring-fencing of banks be phased out?

The Banker

John Thanassoulis examines the pros and cons of ring-fencing banks and suggests a new method to more effectively protect people’s savings.

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Loughborough Building Society to use Finastra's Essence

The Paypers

Loughborough Building Society has selected Finastra ’s Essence, deployed on Microsoft Azure cloud to increase its operational efficiency and future-proof its offering.

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Inflation exposes weak spots, and opportunities, for payments

American Banker

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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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Uber partners with Stripe to improve payments

The Paypers

Financial infrastructure platform for businesses Stripe has announced an expanded global partnership with Uber looking to improve payments performance and reduce costs.

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Amid shareholder pressure, KeyCorp commits to a racial equity audit

American Banker

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Cardlay partners with LUNADIS

The Paypers

Denmark-based card and spend management fintech Cardlay has partnered with fleet card issuer LUNADIS to deliver end-to-end card, expense, and VAT reclaim capability.

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No, FHFA is not encouraging a race to the bottom

American Banker

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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.