Thu.Jan 05, 2023

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Card industry’s fraud-fighting efforts pay off: Nilson Report

Payments Dive

Industry efforts to fight card fraud are making an impact, with transactional losses per $100 trending downward, according to the Nilson Report.

Fraud 293
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Ideal Credit Union launches analytics solution through Alkami

BankInovation

Ideal Credit Union launched data analytics solution Segmint on its Alkami digital banking platform in December to offer a customizable experience for its members. Segmint, which was acquired by Alkami in April 2022, uses account transaction data to enable an FI to “get the right offer to the right people at the right time,” Alisha […].

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Coinbase to pay $100M in settlement

Payments Dive

The system that flags suspicious activity saw a backlog of more than 100,000 alerts in late 2021, New York's Department of Financial Services found.

New York 221
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CFPB annual report on consumer complaints about “Big 3” consumer reporting agencies flags concerns with use of automated processes

CFPB Monitor

The CFPB has issued its “ Annual report of credit and consumer reporting complaints ” that reports on consumer complaints submitted to the CFPB regarding the three largest nationwide consumer reporting agencies (NCRAs)—Equifax, Experian, and TransUnion. The annual report is.

Report 78
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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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Clearing House, Swift appoint top executives

Payments Dive

The companies tapped new leaders as they seek to build international cross-border payment systems amid rising global competition.

System 195

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Optimize Your Outsourcing Efforts: Vendor Management Best Practices

SWBC's LenderHub

For many financial institutions, outsourcing critical and time-consuming collections efforts is key to saving money and reducing the strain that comes with hiring talented collections teams, especially in a historically tight labor market. Taking advantage of outsourced collection services can be a cost-effective option if your institution is striving to manage rising delinquencies and trim expenses associated with the collections process.

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CFPB adds six new items to Fall 2022 rulemaking agenda, including overdraft fees, fees for insufficient funds, and credit card penalty fees

CFPB Monitor

The CFPB has published its Fall 2022 rulemaking agenda as part of the Fall 2022 Unified Agenda of Federal Regulatory and Deregulatory Actions. The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates having the regulatory matters identified [in the agenda].

Cards 78
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Names of UK Covid business loan borrowers to stay secret, tribunal rules

TheGuardian

Ruling said enough scrutiny exists to detect fraud while naming recipients in £47bn scheme puts them at risk The British government has been given the go ahead to keep concealing the names of companies which received in total more than £47bn in state-backed Covid loans, after a tribunal ruled in its favour. The tribunal case had been brought by campaign group Spotlight on Corruption, amid concerns fraudsters and organised criminals had exploited government-guaranteed loans intended for strugglin

Fraud 83
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This week’s podcast episode: Is the U.S. payments system failing business and consumers? A discussion with special guest Dan Awrey, Professor of Law, Cornell Law School

CFPB Monitor

After discussing the core features of the U.S. payments systems, we look at how those features have impacted the experience of U.S.

System 78
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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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Silvergate forced to cover $8bn worth of crypto-related withdrawals

TheGuardian

The US bank was forced to sell $5.2bn worth of assets for cash and booked a loss of $718m on those sales Customers of the US bank Silvergate, one of the few mainstream financial organisations that focuses on providing services to the cryptocurrency sector, have pulled more than $8bn (£6.7bn) of their crypto-related deposits from the lender. More than two-thirds of customers’ deposits were withdrawn in the final three months of 2022, as the collapse of the FTX exchange reverberated around the cry

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NBF launches online fraud prevention solution

The Paypers

UAE-based National Bank of Fujairah (NBF) has launched an online fraud prevention solution to improve its operations’ cybersecurity and protect customers against fraud.

Fraud 74
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By the numbers: Bank clients demand frictionless mobile offerings

BankInovation

Bank clients are increasingly switching financial institutions when they become frustrated or disappointed by their mobile banking experiences. In fact, one in three users younger than 40 said they have switched banks for a better mobile experience, according to the “Bank to the Future” report published Dec. 15 by Stockholm-based mobile software company Sinch, […].

Mobile 52
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Research: European SMEs trust BaaS will overtake traditional banking

The Paypers

Vodeno and Aion Bank have commissioned an independent survey with over 1,000 businesses from the UK, Belgium, and the Netherlands to showcase the potential of Banking-as-a-Service (BaaS).

Survey 68
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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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Cash Flow Data Can Improve Credit Access with an UltraFICO® Score

FICO

Home. Blog. FICO. Cash Flow Data Can Improve Credit Access with an UltraFICO® Score. Among U.S. consumers who don’t have enough credit history to generate a traditional FICO ® Score, over 15 million could receive an UltraFICO ® Score. FICO Admin. Thu, 08/22/2019 - 12:37. by Joanne Gaskin. expand_less Back To Top. Thu, 01/05/2023 - 16:00. For the millions of American consumers whose traditional credit files don’t fully reflect their financial history and readiness for credit, cash flow data provi

Data 52
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Ecommerce crypto payments volume on the rise, CoinGate says

The Paypers

Cryptocurrency payment processor CoinGate has issued a report detailing the behaviour of crypto-interested shoppers and merchants.

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Ex-Celsius CEO is sued by New York for duping crypto investors

American Banker

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ACI Worldwide helps India1 Payments expand its ATM network across India

The Paypers

ACI Worldwide has completed in installation upgrade with ATM operator India1 Payments to increase delivery of payments and financial services to India’s financially excluded.

ATM 36
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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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JPMorgan must face suit by Ray-Ban maker unit over cyber theft

American Banker

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Coinbase fined over inadequate background checks

The Paypers

New York financial regulators have found that the popular cryptocurrency exchange Coinbase violated anti-money laundering laws by failing to conduct adequate background checks.

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Five trends to watch in fourth-quarter bank earnings

American Banker

Trends 81
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Abu Dhabi Islamic Bank rolls out ADIB PAY for token payment enabled wearables

The Paypers

Abu Dhabi Islamic Bank (ADIB) has launched tokenized, contactless payment methods through the options clasp and ring ‘ADIB PAY’, in partnership with Visa and Tappy Technologies.

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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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20 credit unions with the largest portfolios of home equity loans

American Banker

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Constant, Jack Henry partner for zero processing loan servicing solutions

The Paypers

Self-service loan management software fintech Constant has launched its zero-processing loan servicing solutions, which are now accessible via Jack Henry ’s digital banking platform, according to IBS Intelligence.

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Minnesota credit union hires CEO who worked at community bank

American Banker

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Walmart billed USD 1 bln in tax for PhonePe shift to India

The Paypers

Walmart , together with other PhonePe shareholders, have been billed an approximate of USD 1 billion in tax following the digital payments’ company shift to India.

Taxes 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.