Wed.Aug 03, 2022

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How old habits are the 4-letter word in your growth progress

Accenture

Muscle memory is the enemy of innovation. When it comes to transformations, process optimization is often under-valued by auto and equipment finance organizations as they implement a modern core or move their data and applications to the cloud. Adam Little and I think that’s a mistake. You must let go of old habits and challenge…. The post How old habits are the 4-letter word in your growth progress appeared first on Accenture Banking Blog.

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B2B drives Q2 payments growth: Nacha

Payments Dive

Healthcare and peer-to-peer payments also rose during the quarter over last year, the clearing house that runs the national automated system said.

Payments 397
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Fed Pushes Back on Thoughts of a Dovish Pivot

South State Correspondent

Fed Pushes Back on Thoughts of a Dovish Pivot. Yesterday, a pair of Fed officials firmly pushed back on the notion that Fed Chair Powell’s comments after last week’s 75bps rate hike represented something of a pivot to a more dovish Fed in upcoming meetings. San Francisco Fed President Mary Daly and Chicago Fed President Charles Evans both reiterated that the Fed was still a long way from achieving the tightening in financial conditions deemed necessary to wrestle inflation back to its 2% target.

St. Louis 195
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PayPal takes new direction with Elliott

Payments Dive

The payments pioneer is fine-tuning its strategy with Elliott Investment Management, which now has a $2 billion investment in the company.

Strategy 243
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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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DOJ and CFPB send notification letter to auto finance companies regarding SCRA protections

CFPB Monitor

On July 29, 2022, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) issued a notification letter (the “joint letter”) to “remind” auto lenders and leasing companies of the protections provided to servicemembers and their dependents under the Servicemembers Civil Relief Act (SCRA). The joint letter provides a very basic overview and reminder of the vehicle repossession protections, early vehicle lease termination rights, and interest rate cap available to eligib

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House Committee Passes the Overdraft Protection Act

CFPB Monitor

On July 28, the U.S. House Committee on Financial Services passed H.R. 4277, the Overdraft Protection Act. Introduced by Congresswoman Carolyn B. Maloney (D-NY), the bill would prohibit financial institutions from engaging in unfair or deceptive acts or practices in connection with overdraft coverage. Specifically, the bill would require financial institutions that offer overdraft coverage for accounts to disclose: (i) the specific amount of overdraft coverage fees; (ii) that the consumer’s tra

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The Heart of It: People-Inspired Innovation | Fintalk

Jack Henry

By now, I hope you’ve heard the news! This week, we announced that Jack Henry™ will now be going to market as one brand – one company – as we focus on strengthening the connections between people and their financial institutions. Simply put, we are putting people at the heart of everything we do.

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FTC settles Section 5/ROSCA claims alleged against payment processor providing services to small businesses

CFPB Monitor

On July 29, the Federal Trade Commission (“FTC”) announced a settlement with First American Payment Systems LP, a Texas-based nationwide payment processor, and two of its sales agent affiliates, Think Point Financial LLC and Eliot Management Group LLC (collectively, “First American”), in an action alleging hidden terms, “surprise” exit fees, and charges made to merchants without their consent.

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Magic Eden expands NFT marketplace to Ethereum

The Paypers

Magic Eden , the NFT marketplace, has announced it will add support for Ethereum starting August 2022. The platform previously announced it would explore multi-chain expansion in the coming months.

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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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FDIC Updates Enforcement Manual for Cease-and-Desist Actions

CFPB Monitor

On July 25, 2022, the FDIC issued Financial Institution Letter (FIL)-34-2022 announcing updates to Chapters 1 and 4 of its Formal and Informal Enforcement Actions Manual (Manual). The Manual includes updates to the minimum standards for the FDIC’s termination of cease-and-desist and consent orders. The updates do not change any rights or obligations of the parties to an enforcement action.

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Klaviyo partners with Shopify

The Paypers

Customer platform Klaviyo has announced a product partnership with provider of essential Internet infrastructure for ecommerce, Shopify , as the latter will also make a strategic investment in Klaviyo.

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Fraud Ideas from FICO World 2022 – and Excitement for 2023!

FICO

Home. Blog. FICO. Fraud Ideas from FICO World 2022 – and Excitement for 2023! FICO World 2022 was an excellent event with a stellar fraud protection and compliance track - here's some of what we learned. FICO. Tue, 07/02/2019 - 02:45. by TJ Horan. expand_less Back To Top. Wed, 08/03/2022 - 12:40. It’s summer, and for most of San Diego, this year that means visiting “Top Gun” film locations or heading to one of our city’s amazing beaches.

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Japan abandons CBDC project

The Paypers

The Bank of Japan (BoJ) has announced it will be abandoning its planned host of central bank digital currency (CBDC) services due to a reported lack of public interest.

Report 69
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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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Transactions: Banks and credit unions choose Fiserv’s Mobiliti

BankInovation

The following banks and credit unions in June selected Mobiliti from Fiserv’s mobile banking platform, according to a report provided to Bank Automation News by banking data and analytics platform FI Navigator: $18.9 million Blue Water Federal Credit Union, based in Port Huron, Mich.; $36.3 million Sherwin Williams Employees Credit Union, based in South Holland, […].

Mobile 52
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Visa rolls out Eco Benefits in Asia Pacific

The Paypers

Visa has launched eco-friendly payment solutions that will help cardholders across the region understand the environmental impact of payments.

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Arvest Bank taps Google Cloud for CX

BankInovation

Arvest Bank is kickstarting a full-scale digital transformation with a new five-year strategic partnership with Google Cloud. The tech giant is looking to speed operations for the $26 billion community bank. “[T]he faster that we can help [Arvest] get out of the traditional architecture and into a modern cloud platform, the faster you can get […].

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AI Governance: A Critical Component of Corporate ESG Initiatives

FICO

Home. Blog. FICO. AI Governance: A Critical Component of Corporate ESG Initiatives. Helping organizations navigate the often-challenging implementation of Responsible AI as part of ESG efforts. Saxon Shirley. Thu, 05/12/2022 - 10:29. by Scott Zoldi. expand_less Back To Top. Wed, 08/03/2022 - 08:00. What You Don't Know About the G in ESG and Why it Matters.

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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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Commonwealth Bank and ANZ raise variable home loan interest rates by half a point to match RBA rise

TheGuardian

Increase puts the banks’ variable interest rates at highest in three years with Westpac and NAB yet to respond to official cash rate hike Follow our Australia news live blog for the latest updates Get our free news app , morning email briefing and daily news podcast The Commonwealth Bank and ANZ have matched this week’s move by the central bank and raised their variable home loan rates.

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How Banking CIOs Can Deliver Data-Driven Intelligence at Scale

FICO

Home. Blog. FICO. How Banking CIOs Can Deliver Data-Driven Intelligence at Scale. With a focus on data-driven digital transformation, how do IT teams deliver differentiated value and increase customer satisfaction directly from technology investments? FICO. Thu, 08/22/2019 - 12:37. by Richard Lagerweij. expand_less Back To Top. Wed, 08/03/2022 - 12:10.

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ECB paper explores solutions for cross border payment challenges

The Paypers

The European Central Bank (ECB) has published a paper exploring the current inefficiencies of cross border payments, suggesting possible soutions through crypto, blockchain, or interlinked national payment rails.

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FICO Resilience Index Enables Proactive Mortgage Servicing Strategies

FICO

Home. Blog. FICO. FICO Resilience Index Enables Proactive Mortgage Servicing Strategies. FICO ® Resilience Index (FRI) augments the FICO Score with an additional dimension of credit risk insight. by FICO. expand_less Back To Top. Wed, 08/03/2022 - 15:35. This guest post is written by Marcel Bryar at Mortgage Policy Advisors (MPA). As we start to examine the impact of the COVID-19 pandemic, the mortgage industry faces a new challenge: American consumers are experiencing significant economic stres

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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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American Express launches Global Pay, a B2B payments solution

The Paypers

American Express has launched American Express Global Pay – a new digital solution that enables US businesses to make domestic and international business-to-business (B2B) payments.

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SoFi's CEO says there is no 'better time' to be a bank

American Banker

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Paystand acquires Yaydoo to improve its B2B payments capabilities

The Paypers

Paystand , a US-based blockchain-enabled B2B payments company, has acquired Yaydoo , a Mexico-based accounts payable startup, to improve its business-to-business payment capabilities.

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Equifax says consumer credit scores changed in computer error

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.