Wed.Feb 07, 2024

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Card debt climbs to record $1.13 trillion

Payments Dive

Consumers’ credit card debt rose nearly 5% in the fourth quarter, compared to the third quarter, adding to delinquencies as well.

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Discovering Financial Growth: Making Smart Investments with Union Bank

Ublocal

Welcome to Union Bank’s exciting journey into the world of investments! We’re delighted to bring our Northern Vermont and New Hampshire communities a simple, yet powerful way to grow your money. Through our UB2Go digital banking platform , we’re introducing an easy-to-use digital investment app. You can start investing with as little as $10, joining the ranks of savvy investors right from your phone or computer.

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Fiserv CEO details special bank charter pursuit

Payments Dive

The processing and acquiring company, which seeks a “very specific” special bank charter, doesn’t intend to compete with its financial institution partners, Fiserv CEO Frank Bisignano said Tuesday.

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Trade groups file lawsuit in Texas federal court challenging final OCC/FDIC/Federal Reserve Community Reinvestment Act rules

CFPB Monitor

Several national and Texas banking and business trade groups have filed a lawsuit in the U.S. District Court for the Northern District of Texas challenging the final regulations (Final Rules) implementing the Community Reinvestment Act of 1977 (CRA) that were jointly adopted in October 2023 by the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Federal Reserve Board (Agencies). .

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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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Mortgage affordability for borrowers who re-fixed in 2023

BankUnderground

Daniel Norris, Elio Cucullo and Vasilis Jacovides When borrowers enter a fixed-rate mortgage, lenders test whether they could continue to afford their mortgage if interest rates were to increase by the time it comes to re-fix. This ‘stressing’ is designed to create additional resilience for borrowers and the financial system. Over the last two years, mortgage rates have increased by over four percentage points, raising the cost of repayments for those re-fixing.

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Virgin Money downsizes, ACI builds payment rails in Nepal

American Banker

Virgin Money has cut about 150 jobs and 39 branches thus far in 2024, the Central Bank of Nepal has hired ACI Worldwide to build a payment switch to enable interoperable card payments for merchants, and more.

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Citizens’ payments leader to speak at Bank Automation Summit U.S. 2024

BankInovation

Maria Mason, enterprise product manager at Citizens Bank, will speak at Bank Automation Summit U.S. 2024 about strategies for automating real-time payments (RTP). Bank Automation Summit U.S. 2024 takes place March 18-19 at the Omni Nashville in Nashville, Tenn., and brings together industry experts to discuss innovation in real-time payments, AI, RPA and more.

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DocuSign lays off 6% of staff; third wave in last two years

American Banker

The San Francisco-based electronic signature company's chief executive Allan Thygesen announced Tuesday that roughly 400 employees across the company were being let go as part of restructuring for the 2025 fiscal year.

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New York Community Bancorp shares plummet amid unease over regional banking

TheGuardian

Alessandro DiNello, new executive chairman of regional US lender, acknowledges ‘serious situation’ as stock at lowest level in decades Shares in New York Community Bancorp (NYCB) continued to fall on Wednesday, heightening unease about the US’s regional banking sector. The bank’s stock has fallen by more than 60% to its lowest level in decades in recent days despite a scramble by the mid-sized lender to reassure investors of its financial strength.

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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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The Climb: Women leaders on their careers in banking and finance.

American Banker

Anne Clarke Wolff, a longtime Most Powerful Women in Banking honoree, on why she left big banking to start her own investment bank advisory firm.

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Jack Henry updates tech strategy

BankInovation

Jack Henry updated its tech modernization strategy during its fiscal second quarter, the technology provider announced during its earnings call today.

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20 banks and thrifts with the largest commercial and industrial loan portfolios

American Banker

The top five banks and thrifts have more than $1 trillion in combined commercial and industrial loans as of September 30, 2023.

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Transactions: BNY expands use of Microsoft for data management

BankInovation

BNY Mellon has expanded its use of Microsoft for cloud services and AI models, according to a Feb. 5 release from the bank.

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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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Banking-as-a-service banks: 'There is a reckoning'

American Banker

Financial institutions' fintech partnerships are facing higher levels of scrutiny. More consistent and direct monitoring of their partners can put them in a better position.

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Jack Henry prioritizes cloud native strategy

BankInovation

Jack Henry updated its tech modernization strategy during its fiscal second quarter, the technology provider announced during its earnings call today.

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What's weighing down bank stocks — and likely to keep doing so

American Banker

Just weeks ago, prospects seemed strong for bank stocks to regain ground after a volatile 2023. But renewed credit concerns stemming from issues at New York Community Bancorp, and the increasing odds that interest rates will remain high for months, have dampened that outlook.

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Ebury launches a new cross-border payment solution for Brazil

The Paypers

UK-based financial services provider Ebury has launched a new solution for direct transactions between the Brazilian real and the Chinese yuan.

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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Virtual assistants are the future, but some banks are falling behind

American Banker

As virtual assistants become central to banking, financial institutions of all sizes must embrace and leverage this transformation to redefine the customer experience.

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Payroc acquires SterlingCard to enhance presence in Canada

The Paypers

US-based payment processing platform Payroc has acquired SterlingCard Payment Solutions to provide augmented card-present solutions in the Canadian market.

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New York Community moves to calm investors' nerves. Will it be enough?

American Banker

The regional bank announced a leadership shakeup on Wednesday, capping a tumultuous week in which shareholders became spooked about its exposure to the commercial real estate sector.

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UnionPay International partners with Spring Airlines

The Paypers

Payment network UnionPay International has partnered with Spring Airlines to allow the latter’s website to accept UnionPay cards for tourists and business travellers.

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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.

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PayPal says its innovations' impact will take time

American Banker

CEO Alex Chriss told analysts the company's AI-heavy product rollouts won't improve financial results in the near-term.

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Aro partners with Equifax

The Paypers

UK-based embedded finance partner for brands, Aro has announced its collaboration with Equifax in order to deliver a new data-driven marketplace.

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For banks, now is a good time to sue your regulator over CRA

American Banker

Banks historically have been averse to challenging their regulators in court, but a suit over the recently finalized Community Reinvestment Act implementation rules is a signal that the times have changed.

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Commerzbank AG partners with Surecomp

The Paypers

Germany-based Commerzbank AG has announced its partnership with Surecomp to deploy its DOKA-NG tool for back-office trade finance processing across several entities.

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Top 10 Benefits of Automating Closing Documents

In the fiercely competitive landscape of commercial lending, where FinTech's digital transformation initiatives take center stage, the complexities of loan documentation are constantly evolving. Today, automating closing documents stands as a crucial component in FinTech's top priorities, addressing challenges from compliance demands to managing fluctuating volumes during uncertain economic times.