Fri.Jul 16, 2021

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FinCEN Releases AML/CTF Priorities: Implications for Community Financial Institutions

Abrigo

FinCEN Releases 8 AML/CFT Priorities These priorities were published June 30, 2021, highlighting several areas of heightened risk for the U.S. financial system. Would you like others articles like this in your inbox? Takeaway 1 FinCEN published its first list of priorities for AML/CFT policy, as required by the Anti-Money Laundering Act of 2020 (AMLA).

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3 reasons you should attend Bank Customer Experience Summit

ATM Marketplace

Between COVID-19 closing down bank branches, and changing customer expectations, it can be a challenge for financial institutions, independent ATM providers and other companies to strategize their path forward. The Bank Customer Experience Summit, held on Sept. 13-15 in Chicago, will provide crucial guidance.

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What do two million accounts tell us about the impact of Covid-19 on small businesses?

BankUnderground

J ames Hurley, Sudipto Karmakar, Elena Markoska, Eryk Walczak and Danny Walker. Compass on old map. This post is the second of a series of posts about the Covid-19 pandemic and its impact on business activity. Covid-19 led to a sharp reduction in economic activity in the UK. As the shock was playing out, small and medium-sized businesses (SMEs) were expected to be more exposed than larger businesses.

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Revolut raises $800M in series E funding round, reaches $33 bil valuation

BankInovation

U.K.-based neobanks, otherwise known as “challenger banks,” continued to court investors with significant funding rounds this week. London-based company Revolut may now be the most valuable fintech in the U.K. and one of the most valuable fintech startups in Europe. Bank Automation News looks at this week’s highlights. Revolut Neobank Revolut on Thursday announced a […].

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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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Tirzah Warren Promoted to Assistant Vice President/Teller Administrator

MerhantsBanks

Tirzah Warren has been promoted to Assistant Vice President/Teller Administrator at Merchants Bank, according to Sue Hovell, Director of Retail Banking Performance. “Over her 20-year career, Tirzah has consistently demonstrated her commitment to serving our customers and her leadership ensures they are taken care of professionally and compassionately by our teller team,” said Hovell.

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Square Acquired This Messaging Platform To Boost Workplace Messaging

CB Insights

Square , a financial and marketing services provider, has acquired Crew , a messaging application for workplaces, for an undisclosed amount. WHO ARE THE PARTIES TO THE DEAL? Crew: California-based Crew enables businesses to interact with huge groups of employees through broadcast messages or to targeted groups, such as employees at certain locations or supervisors.

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Fifth Third Bank shifts from legacy core to the FIS managed-as-a-service core

BankInovation

Fifth Third Bank is migrating from a custom-core legacy system to FIS Modern Banking Platform, a managed-as-a-service core banking solution, the companies announced earlier this week. The migration will allow the $203.8 billion bank to reduce its development time and deploy new products to weeks, rather than months, Ed Loyd, Fifth Third director of public […].

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Apple, Goldman plan ‘buy now, pay later’ service | Facebook Pay comes to e-commerce sites | Consumer spending on apps hit record $64.9B in 2021

Bussman Advisory

FinTech Ecosystem Insights by Bussmann Advisory is our weekly newsletter with over 40’000 subscribers across different social media channels, summarizing relevant news and reports related to ecosystems around disruptive technologies, highlighting key updates from the industry as well as our portfolio companies: Apple, Goldman plan ‘buy now, pay later’ service Facebook Pay comes to third-party e-commerce sites Consumer spending on apps hit record $64.9B in first half of 2021.

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Financial services to spend USD 450 mln on quantum computing by 2026

The Paypers

Revenues from quantum computers and related services sold to the banks and financial institutions will total USD 450 million by 2026, according to IQT Research.

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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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Communication Federal Credit Union Offers Competitive CD Rates

BankDeals

Communication Federal Credit Union (easy membership in KS and OK) offers competitive rates on all its Share Certificates and Step-Up Share Certificates.

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BofA shows surge of digital usage in Q2 2021

The Paypers

Bank of America has revealed that a pair of digital usage metrics surged year-over-year (YoY) during Q2 2021.

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How fast-growing neobank Novo met its customer service challenge

American Banker

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Discover and SIBS sign agreement to increase payments acceptance in Portugal

The Paypers

Portugal-based SIBS MB and Discover signed a strategic agreement that increases the global acceptance footprint for both organisations.

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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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U.S. Bank racial equity bond aims to support affordable housing

American Banker

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TechX closes acquisition of Mobilum

The Paypers

Canada-based fintech TechX Technologies has announced completing the acquisition of fiat infrastructure provider Mobilum.

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Harsher rules, more enforcement: What to expect from Chopra's CFPB

American Banker

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Nuvei, Judopay to enable mobile payments for KFC España customers

The Paypers

Nuvei and Judopay , a UK-based mobile-centric technology provider, have announced that they will enable mobile payments for customers in KFC restaurants throughout Spain.

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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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Apple, new to buy now/pay later field, has its work cut out

American Banker

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Mastercard, Form3 launch next-gen real-time payments gateway

The Paypers

Mastercard has partnered with Form3 to launch a real-time payments gateway service PayPort+, according to the official press release.

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Chicago’s newest bank sets sights on women-owned businesses

American Banker

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Magazine Luiza to acquire ecommerce company Kabum

The Paypers

Brazil-based retailer Magazine Luiza has announced that they will raise funds through a follow-on share offering and buy technology and ecommerce company Kabum Comercio Eletronico in a USD 528 million deal.

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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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FHFA ending fee meant to cover Fannie, Freddie’s COVID-related losses

American Banker

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Buddybank joins Zurich Connect for insurance solutions

The Paypers

UniCredit smartphone-only bank buddybank has joined online insurance Zurich Connect to expand its in-app products and offer its customers car and motorcycle policies that can be subscribed by smartphone in total autonomy.

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First Horizon's costs from Iberiabank integration higher than expected

American Banker

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IN-D Identity Verification now available in the Microsoft Azure marketplace

The Paypers

Singapore-based intelligent document and image processing solution IN-D.ai has announced the availability of Identity Verification, a suite of products in the Microsoft Azure Marketplace.

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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.