Wed.Oct 19, 2022

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Advanced checkout tech surges at c-stores

Payments Dive

From self-checkout machines to checkout-free stores, the options for processing payments are expanding at retail venues. Here’s how retailers find the best fit.

Retail 397
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UK banks brace for ‘windfall tax’ to help plug £40bn hole in public finances

TheGuardian

No commitment yet to cut banking surcharge after corporation tax U-turn, leaving sector face headline tax rate of 33% UK banks are steeling themselves for a windfall tax by stealth as the new chancellor, Jeremy Hunt, tries to plug a £40bn hole in the public finances. City lobbyists are concerned that banks will not be compensated for Hunt’s U-turn on corporation tax, which will now mean the levy rises from 19% to 25% next year.

Taxes 98
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CFPB sues Global Payments unit

Payments Dive

The Consumer Financial Protection Bureau sued Active Network, a unit of Global Payments, saying the company used “dark patterns” to unlawfully extract $300 million from consumers.

Payments 221
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CFPB/Fed/OCC increase exemption thresholds for appraisal requirement, Regs Z and M

CFPB Monitor

The CFPB, Fed, and OCC have announced that they are increasing three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2023 through December 31, 2023, these exemption thresholds are increased as follows: Smaller loans exempt from the appraisal requirement for “higher-priced mortgage loans” are increased from $28,500 to $31,000.

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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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Part I: Surprise … You Got Ransomware Anyway!

Jack Henry

So, you have a firewall monitoring service, email protection that scans every inbound email for malicious content, and decent endpoint protection software by a well-recognized name.

More Trending

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Sardine rolls out 'Insights' to manage risk for financial institutions

The Paypers

Sardine has launched Insights, a product that offers real-time view of an entity’s risk based on its history transacting with crypto, digital assets, and bank products.

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The Guardian view on big finance: addicted to government handouts | Editorial

TheGuardian

Instead of cutting public services, the Treasury should tax the windfall profits of the banking sector It was Margaret Thatcher in 1981 who applied a special additional tax on the profits of banks that had experienced windfall gains during a period of excessively high interest rates. The Treasury has had similar thoughts in the run-up to the budget on 31 October.

Taxes 59
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Integrated Finance chooses Currencycloud as preferred FX provider

The Paypers

UK-based cross-border payments platform Currencycloud has become the preferred foreign exchange (FX) partner for fintech infrastructure platform, Integrated Finance.

Fintech 69
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Citizens to redesign mobile app

BankInovation

Citizens Financial Group is building a new mobile app to meet booming customer demand. The $224 billion bank within the next 12 months will launch its app with self-service features in an effort to reduce call center volumes, according to its Q3 earnings presentation. Citizens reported for Q3: Noninterest expenses grew 21% year over year […].

Mobile 52
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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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FICO® Resilience Index - Benchmarking Portfolio Resilience

FICO

Home. Blog. FICO. FICO® Resilience Index - Benchmarking Portfolio Resilience. Highlighting results from FICO’s release of FICO ® Resilience Index benchmarking reports for 2022. FICO Admin. Thu, 12/19/2019 - 16:29. by David Binder. expand_less Back To Top. Wed, 10/19/2022 - 15:00. FICO recently released its second set of FICO® Resilience Index benchmarking reports, revealing interesting insights and trends about lending portfolio resilience over time.

Lending 52
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Goldman Sachs, Apple team up for savings accounts

BankInovation

Goldman Sachs and Apple have launched Apple Card, a savings accounts that allows clients to add funds through a linked bank account or directly from Apple Cash. “Just last week we introduced a new Goldman Sachs savings account for Apple Card that allows users to grow their rewards,” Goldman Sachs Chief Executive David Solomon said […].

Apple 52
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UK Card Risk Trends: Summer Data Indicates Challenges Rising

FICO

Home. Blog. FICO. UK Card Risk Trends: Summer Data Indicates Challenges Rising. Erratic UK cardholder behaviour over the summer months reinforces challenging conditions for lenders. Darcy Sullivan. Tue, 11/10/2020 - 12:17. by Liz Ruddick. expand_less Back To Top. Wed, 10/19/2022 - 13:20. FICO’s report of UK card risk trends for summer 2022 (June-August) paints a picture of inconsistent consumer behaviour and market patterns which will be challenging for lenders to manage as the cost-of-living cr

Trends 52
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Goldman Sachs tech spend climbs 16%

BankInovation

Goldman Sachs increased its technology and communication spend 16% year over year in the third quarter by investing in digital platforms. The $1.6 trillion bank spent $459 million on technology and communication in Q3, up 3% sequentially and 8% from Q1. Total operating expenses for the quarter dipped 6% YoY to $737 million as the […].

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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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iDenfy partners CoinBeam, offering client onboarding solution

The Paypers

Lithuania-based identity verification provider iDenfy has partnered with crypto platform CoinBeam , helping the digital banking platform with the identity verification process.

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121 tech companies helping capital markets firms improve efficiency and decision-making

CB Insights

Capital markets firms are facing new challenges, including growing recession concerns , interest rate hikes, and a global decline in venture investment. Amid this challenging economic environment, one opportunity for capital markets firms — ranging from large investment banks to small private trading firms — is to invest in new technologies that improve operating models.

Capital 51
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Bankers have written a playbook for fintech partnerships

American Banker

Fintech 97
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Circle K taps The ai Corporation to support its B2B payments capabilities

The Paypers

Canada-based fuel and convenience retailer Circle K has chosen The ai Corporation ’s (ai) payments platform aiEazyFuel to power its B2B mobile payments app, Circle K PRO.

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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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Employee Spotlight: Jane Malm

Image Works Direct

Meet Jane Malm, one of our Senior Graphic Designers at image.works! She grew up in Deforest, WI, and attended the University of Wisconsin – Eau Claire, earning her BFA in Graphic Design, which she has skillfully applied at image.works for the last eight years.

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Mastercard, Instapay partner to release prepaid corporate cards for SMEs

The Paypers

Malaysia-based payments company Instapay has announced a new strategic partnership with global card issuer Mastercard to launch Glyd Prepaid Corporate Card for SMEs.

Cards 36
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CEO's son taking over at Members Choice Credit Union in Kentucky

American Banker

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Vanguard welcomes Nuvei as payment partner

The Paypers

US-based truck dealer Vanguard Truck Centers has selected Nuvei as payment provider to help accelerate the growth of their multi-regional truck dealer group.

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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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Latest global banking news

American Banker

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TreviPay launches TreviPay Aviation Network solution for FBOs

The Paypers

US-based B2B payments company TreviPay has launched TreviPay Aviation Network to offer a payment card solution tailored to FBOs (fixed-base operators) needs.

US 36
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Inflation drives up NCUA's proposed budget

American Banker

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SD Worx partners with Modulr

The Paypers

SD Worx , a HR and payroll service provider, has partnered with Modulr , an embedded payments platform that facilitates faster payroll payments.

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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.