Fri.Jun 09, 2023

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PayPal revamps SMB approach

Payments Dive

The digital payments pioneer told investors that it’s counting on a revised small and mid-sized business strategy to drive higher profit margins.

Strategy 294
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How can banks lead the pack in open finance growth?

Accenture

With Open Banking evolving into Open Finance around the world, it has been difficult to gather the necessary data to track its progress and see the patterns evolving in different regions. Thanks to Open Banking Excellence, that data has been gathered and analyzed in a new report, The Open Finance Index. The report sets a benchmark… The post How can banks lead the pack in open finance growth?

Regional 221
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Affirm CFO acknowledges ‘difficult environment’

Payments Dive

Bank failures and macroeconomic challenges have made capital markets challenging to navigate, Affirm CFO Michael Linford said.

Capital 285
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How 3 fintechs are using AI to fight fraud

BankInovation

The blistering pace of AI development is creating market opportunities for financial institutions while making them vulnerable to an increasingly sophisticated threat: fraud.

Fraud 98
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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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Block’s Ahuja chases bitcoin users for Cash App

Payments Dive

The digital payments company believes bitcoin “has the potential to transform the global transmission of money,” Block CFO Amrita Ahuja said Thursday.

Bitcoin 222

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Why banks should embrace remote work, especially for payment testing

ATM Marketplace

Financial organizations can benefit dramatically from offering flexible work options to their employees.

Payments 110
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Why Apple Pay Later is the tortoise in the buy now/pay later race

American Banker

The slow rollout of Apple's buy now/pay later service contrasts starkly with the aggressive moves of leading BNPL fintechs. Analysts say Apple's restraint could pay off in time.

Apple 92
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Nationwide’s £100 payouts labelled ‘unfair’ by some customers

TheGuardian

Longstanding members angry at being excluded from £340m cash giveaway, which starts next week A £340m cash giveaway kicks off next week when one-off payments of £100 apiece will start appearing in the bank accounts of 3.4 million Nationwide building society customers. However, the unprecedented payout has created a “haves” and “have nots” split within the society’s membership, with some longstanding customers and people holding multiple Nationwide products angry at being excluded.

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What in the World is FedNow?

TrustBank

Over the last five years, we’ve fielded quite a few questions about cryptocurrencies, blockchain and central bank digital currencies (CBDC). The latter appears to be popping up more frequently and tied to concerns about the rise of big brother and the potential of lost privacy. Along these lines, there have been a number of recent inquiries about FedNow and whether it is a CBDC or some new nefarious technology.

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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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Northwest Bank gains sticky deposits through Deluxe

BankInovation

Northwest Bank has improved its customer acquisition and retention through personalized, automated marketing and digital offerings since implementing data-driven marketing agency Deluxe in 2021.

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New York credit union signs first contract with organized employees

American Banker

Genesee Co-op Federal Credit Union in Rochester implemented the labor agreement after more than 14 months of bargaining.

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Expand.network launches API adapter to connect blockchains

The Paypers

Singapore-based Expand.network , an API service offering both read and write connectivity to major public blockchains and DeFi protocols has announced its official launch for public use.

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SECU's smaller sibling delays spinoff, citing need for branches

American Banker

Local Government Federal Credit Union is postponing its separation from State Employees Credit Union, which has shared its technology and footprint for decades, to establish its own physical presence.

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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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Qorbis partners Mbanq to create personalised fintech solutions

The Paypers

End-to-end embedded finance and fintech personalisation company Qorbis has partnered with BaaS provider Mbanq to create tailored financial control solutions for the US market.

Fintech 36
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PacWest begins sale of $5.7 billion loan portfolio to Kennedy Wilson

American Banker

PacWest Bancorp has completed the first part of the sale of a $5.7 billion loan portfolio to the real estate investment company Kennedy Wilson Holdings as the U.S. regional bank takes steps to shore up liquidity.

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Stackline launches Universal Stores

The Paypers

US-based retail technology provider Stackline has launched Universal Stores, a modular system that aims to increase conversions for retailers.

Retail 41
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The payments technology banks are adopting

American Banker

Smaller banks face challenges in providing their business customers with modernized tools to streamline payments, but the newest breed of embedded banking tools are making it easier for banks to help businesses increase revenue and cut costs.

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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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iDenfy provides ID verification and AML screening services for P100

The Paypers

Lithuania-based fraud management service provider iDenfy has partnered with Poland-based cryptocurrency and financial service platform P100.

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Vista Bank plots Florida expansion

American Banker

The Dallas-based institution has hired Dan Sheehan, a veteran banker and the former CEO of Professional Bank, to head the effort that will include opening a branch in Palm Beach County later this year.

Florida 36
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American Express and Plaid announce data sharing agreement

The Paypers

American Express has partnered with data network Plaid for an API-based integration set to offer new digital banking options for customers and better account security.

Data 36
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Banking news roundup

American Banker

Five Star Bancorp expands into San Francisco, American Express to integrate with data aggregators Plaid and Yodlee, Bank of America reworks leadership in its investment banking unit and more in this week's banking news roundup.

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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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Clear Junction launches digital collaborative platform

The Paypers

UK-based payment solutions provider Clear Junction has launched ‘CJClique’, a new platform designed specifically for clients in the digital asset space.

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Bank of America faces lawsuit alleging it charged servicing junk fees

American Banker

A West Virginia homeowner is suing the banking giant for charges incurred when paying by phone, claiming breach of contract and violation of consumer protection laws.

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Phos partners with Tyl by NatWest to deliver Android SoftPoS in the UK

The Paypers

SoftPoS orchestrator Phos by Ingenico has partnered with NatWest to launch their Tap to Pay solution for its payment service Tyl by NatWest on Android devices.

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Binance.US set to be cut off from banking system after SEC lawsuit

American Banker

Binance.US told users its payment and banking partners had signaled an intent to pause support for the exchange's dollar channels as early as June 13.

System 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.