Wed.Apr 26, 2023

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New CBI boss says she is ‘profoundly sorry’ to women let down by business group – live

TheGuardian

As Rain Newton-Smith takes over as CBI director general, the boss of drugmaker GSK calls claims around CBI ‘absolutely shocking’ and ‘repulsive’ Revenues at GSK , Britain’s second-biggest drugmaker, slid in the first quarter because of a 98% drop in sales of its Covid-19 treatment Xevudy. The US regulator withdrew its authorisation for the drug in late January , saying it doesn’t work on the new dominant strains of the virus.

Groups 66
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Fiserv lines up bank clients for FedNow

Payments Dive

The mega processor has a handful of bank customers in the Federal Reserve’s real-time payments pilot, and a pack signed up for services after the system’s July launch. It’s part of the company’s growth strategy.

Strategy 405
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Purchased financial assets in banking under CECL

Abrigo

M&A implications of FASB decisions Some recent, tentative FASB decisions on the accounting treatment of purchased financial assets will impact acquisitive institutions when finalized. You might also like this whitepaper, "Valuation and purchase accounting in a dynamic environment." DOWNLOAD Takeaway 1 The FASB is moving ahead with a plan to eliminate the PCD and non-PCD distinctions for acquired assets.

Examples 195
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Swift executive calls for payments standardization

Payments Dive

“As a standardized format, ISO 20022 creates a common language for international payments the world over,” writes an executive in support of industry collaboration.

Payments 221
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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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Google invests in AI, cloud in Q1

BankInovation

Google focused on three areas of AI in the first quarter: developing large language models, empowering developers with Google tools and enabling organizations to benefit from AI advancements.

Google 96

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Banks can fightback against ATM Jackpotting

ATM Marketplace

Recently, a new ATM jackpotting malware variant, dubbed FiXS, has been identified as a new threat infecting ATMs to steal large amounts of cash. What exactly is the modus operandi of this new malware and how can banks defend against it?

ATM 94
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Visa’s CEO dismisses competition

Payments Dive

Ryan McInerney isn’t worried about FedNow, debit rivals or AI challenging the giant card network company.

Cards 221
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Fourth Circuit holds GAP coverage financed with vehicle purchase is exempt from MLA

CFPB Monitor

In a highly anticipated decision regarding the treatment of Guaranteed Asset Protection (“GAP”) under the Military Lending Act (“MLA”), a federal appellate court has ruled that a hybrid loan that finances GAP coverage along with a motor vehicle purchase is exempt from the MLA’s restrictions. The 2-1 decision on April 12, 2023 by the U.S.

Lending 78
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Nuvei integrates with Sabre for payments in travel and hospitality

The Paypers

Canada-based fintech Nuvei has integrated with Sabre Corporation to strengthen its payments capabilities and expedite its travel and hospitality partners’ growth.

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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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CFPB/FTC/DOJ/EEOC issue joint statement on enforcement efforts directed at discrimination and bias in automated systems; CFPB announces plan to issue whitepaper on chatbox market

CFPB Monitor

The CFPB, FTC, Justice Department, and Equal Employment Opportunity Commission have issued a joint statement about enforcement efforts “to protect the public from bias in automated systems and artificial intelligence.” The CFPB also issued a separate press release and prepared remarks by Director Chopra about the statement. In the press release, the CFPB indicated that it “will release a white paper this spring discussing the current chatbot market and the technology’s limitations, its integra

System 78
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Klaviyo partners with Square to personalise shopping experiences

The Paypers

US-based customer data platform Klaviyo has integrated with Square Online, Square ’s ecommerce platform, to deliver more personalised customer experiences.

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Microsoft deploys OpenAI in Azure cloud platform

BankInovation

Microsoft’s cloud commercial business drove earnings during its fiscal third quarter with the news that OpenAI’s technology is being deployed across Microsoft’s Azure products. WHY IT MATTERS: The $380 billion company posted a 22% year-over-year increase in cloud revenues to $28.

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Insurtech Baobab receives funding from IBB for SME cyber protection

The Paypers

Germany-based insurtech company Baobab has received funding from the Investitionsbank Berlin, which is co-financed by EU funds (ERDF).

Company 73
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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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FDIC: ‘Authorize positive, settle negative’ overdraft fees present risks of unfairness 

ABA Community Banking

APSN overdraft fees present risks of unfairness because the consumer cannot reasonably avoid receiving the fees due to the “complicated nature of overdraft processing systems,” FDIC said. The post FDIC: ‘Authorize positive, settle negative’ overdraft fees present risks of unfairness appeared first on ABA Banking Journal.

FDIC 52
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Survey: Do Customers Think Banks Are Fair to Scam Victims?

FICO

Home Blog FICO Survey: Do Customers Think Banks Are Fair to Scam Victims? Banks face challenges when it comes to balancing the ease and convenience of real-time payments with prevention for authorized push payment fraud and scams FICO Admin Tue, 07/02/2019 - 05:23 by Debbie Cobb Senior Director, Product Management expand_less Back To Top Wed, 04/26/2023 - 11:00 Scams have been on the rise worldwide, particularly those that target real-time payments (RTP) users.

Survey 52
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Transactions: Santander offers early paydays via DailyPay

BankInovation

Santander Bank tapped earned wage access fintech DailyPay to offer its commercial banking clients an on-demand payment method.

Fintech 52
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Solana Labs launches a ChatGPT plugin

The Paypers

Solana Labs has launched a ChatGPT plugin that allows users to check wallet balances, transfer Solana-native tokens, and acquire NFTs.

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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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The Fed's blatant attempt to de-bank crypto companies is illegal

American Banker

Company 90
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Coinbase sues the Securities and Exchange Commission

The Paypers

Cryptocurrency exchange Coinbase has filed a lawsuit against the Securities and Exchange Commission over a lack of response to a petition from 2022.

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Would using location data in AI-based credit models improve fairness?

American Banker

Data 74
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Younited joins forces with Tink

The Paypers

Younited , an instant credit provider, has joined forces with Tink , a Europe-based Open Banking platform, for accurate affordability assessments.

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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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After last month's turmoil, many banks saw little deposit movement

American Banker

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ESBG responds to EPI's new payment solution

The Paypers

The European Savings and Retail Banking Group (ESBG) has welcomed the announcement by the European Payments Initiative (EPI) of its new instant payment solution and acquisitions of additional shareholders.

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Asset recovery in cases of fraud: is it possible?

The Banker

Even in cases of fraud, it is still possible to get redress, argues Mark Cooper.

Fraud 45
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Holland & Barrett implements Trustly's Open Banking payment method to UK online store

The Paypers

Holland & Barrett, a health and wellness retailer in the UK, has integrated Trustly 's Open Banking-based payment method into its online store, according to Fintech Finance News.

Online 36
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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.