Mon.May 20, 2024

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‘Free money’ and 10% interest: carrots banks are dangling to get you to switch

TheGuardian

Better deals are on offer in the battle to tempt new current account customers. But, be warned, there are a few strings attached The battle to attract current account customers is hotting up, with two banks offering £175 “free money”, and a third tempting people with a 10% interest rate. The payments from Santander and First Direct, and the inflation-busting interest rate offered by Virgin Money, are the latest carrots being dangled in front of potential customers in an attempt to persuade them

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Sorry Cash App, Gen Z still wants bank branches

Payments Dive

Young consumers are open to using the peer-to-peer payments app as their primary bank, but many say they won’t switch because they value having a physical branch.

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Reduce Credit Spreads to Increase Return

South State Correspondent

In last week’s article ( here ), we discussed why category and geographic diversification may be unfeasible for many community banks. We concluded that after a community bank sets limits on loan categories, the added benefit of geographic or loan category diversification is nullified. We discussed three main reasons why community bank diversification by geography and loan category does not enhance community banks’ resilience or performance.

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Fed plays crucial role in payments standard-setting

Payments Dive

Federal Reserve Governor Christopher Waller last week underscored the central bank’s role for setting standards in the rapidly evolving payments arena.

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Case Study: First Mid Bank Fast-Tracks New Market Entry in Commercial Lending

Discover First Mid Bank's Expansion Success with Our Case Study! Discover how First Mid Bank & Trust fast-tracked market expansion through advanced automation and compliance solutions. This case study reveals their journey from facing challenges in Texas' complex legal landscape to achieving rapid market entry with GoDocs' innovative commercial closing platform.

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Chase for Business approaches innovation in phases

BankInovation

JPMorgan Chase considers customer needs, competition and time to market when approaching product launches for small-business clients. “We really try to keep the small-business owner at the center of all of that innovation process at Chase for Business,” Jameson Troutman, head of product for small business at JPMorgan Chase, told Bank Automation News.

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Memorial Day Post: Honor Those Fallen During Our Afghanistan Withdrawal

Jeff For Banks

On August 26, 2021, ISIS-K detonated a deadly bomb outside of the Abbey Gate of Kabul's international airport. The blast killed 13 U.S. service members and 170 Afghans. It occurred amidst the chaos of the U.S. withdrawal from Afghanistan. The pullout was indeed chaotic and marked by a series of rapid events that unfolded unpredictably. Here's a sequence of events: Initial Plans The withdrawal was part of a broader plan initiated by the Trump Administration and continued by the Biden Administrati

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UK cannot afford to give ‘cold shoulder’ to China, says City minister

TheGuardian

Bim Afolami’s comments distance British government from protectionist moves by US The UK cannot afford to give the “cold shoulder” to China, the City minister said on Monday, in comments that will distance the British government from the Biden administration’s protectionist crackdown. Addressing financial services bosses at the City Week conference in London’s Guildhall, Bim Afolami said it was “crucial” to engage with strategic competitors such as Beijing, and that the UK risked losing control

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Alternative credit metrics are poised to revolutionize underwriting

American Banker

Gaps in traditional means of assessing creditworthiness are being filled by new kinds of information, such as cash flow data. The result will be good for both banks and borrowers.

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Santander, Iberpay introduce global instant transfers

The Paypers

Spain-based Santander , in collaboration with Iberpay , has announced that it processed one of the first instant transfers based on the EPC’s OCT Inst scheme.

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Exploring the Liability Shift: A Comprehensive Guide to Fraud Loss Responsibility and Mitigation

Shifting liability for digital fraud losses represents a significant challenge for financial institutions and payment service providers. In response to the global surge in digital fraud, regulators are introducing policies that transfer the cost of fraud from defrauded customers to financial institutions. ThreatMark’s newly released white paper, "The Liability Shift: Understanding Fraud Losses Responsibility and Mitigation," provides an in-depth analysis of this shift, its implications, and stra

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JPMorgan borrows from First Republic playbook to add affluent clients

American Banker

One year after it bought First Republic Bank, the largest U.S. bank by assets is launching J.P. Morgan Private Client, a new tier in its affluent-consumer services that brings together JPMorgan's brand with First Republic's concierge model.

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SEC tightens data breach response regulation

BankInovation

The Securities Exchange Commission is setting stricter guidelines on how financial institutions deal with data breaches as cyberattacks climb. The SEC proposed amendments to its “Privacy of Consumer Financial Information and Safeguarding Customer Information” regulation, implemented in 2000, according to a May 15 fact sheet from the commission.

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SouthState goes big in Texas, striking $2 billion deal for Independent

American Banker

The Florida-based bank, which has been building out its footprint across the South, would enter major markets such as Dallas and Houston with its planned all-stock acquisition of Independent Bank Group.

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JPMorgan says every new hire will get training for AI

BankInovation

JPMorgan Chase & Co. is immersing every new banking employee in artificial-intelligence training, preparing them for a technology Chief Executive Officer Jamie Dimon has likened to the impact of the printing press and steam engine.

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Live Demo: How to Achieve Reconciliation Zen

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

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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Bank failures, new CFPB rules and other issues facing investors

American Banker

Investors are facing recent pressure after Republic First's collapse, allegations of criminal activity by an executive at Old National and a pending CFPB rule affecting credit card fees.

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Astound Digital and Shopify partner to augment retail commerce

The Paypers

US-based digital consultancy company Astound Digital has partnered with Shopify to improve customer experiences, reduce costs, and increase conversion rates for retail.

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Cyberattack against Santander shines a spotlight on supply chain breaches

American Banker

Criminals breached a third-party database storing Santander customer and employee information, a type of intrusion that banks are increasingly facing.

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Swiss Re to exit iptiQ business

The Paypers

Reinsurance and insurance provider Swiss Re has announced its plans to withdraw from the loss-making digital white-label business iptiQ following a strategic review.

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New York Lien Law Essentials: 5 Key Facts for Commercial Lenders

Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.

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Fed's Barr renews focus on liquidity, long-term debt amidst slate of pending reforms

American Banker

Federal Reserve Vice Chair Michael Barr Monday spoke at length about efforts to enhance banks' liquidity and long-term debt positions after last year's bank failures while saying little about the capital hikes in the embattled interagency Basel III endgame proposal.

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InComm Payments launches Roblox gift cards in Hong Kong

The Paypers

US-based paytech company InComm Payments has announced it is offering gift cards for Roblox , an online game platform, at online and physical retailers in Hong Kong.

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Why bankers should be more worried about stablecoin legislation

American Banker

Banking experts said that none of the currently circulating stablecoin proposals adequately address concerns about the overlap between banking and commerce and how a stablecoin issuer would go through insolvency.

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Venture capital funding in crypto reaches USD 2.4 billion

The Paypers

Crypto startup funding has risen to USD 2.4 billion in Q1 2024, driven by expectations of lower interest rates and the first US bitcoin spot ETF, PitchBook data shows.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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Top Democrat calls for Gruenberg to be replaced at FDIC

American Banker

Senate Banking Committee chair Sherrod Brown, D-Mass., asks the White House to nominate a replacement for Federal Deposit Insurance Corp. Chairman Martin Gruenberg after an independent review found instances of severe workplace misbehavior at the agency.

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Erste Bank Hungary introduces Flight Delay Insurance service

The Paypers

Austrian financial service provider Erste Bank Hungary has announced the launch of Flight Delay Insurance, a service available for customers in the George app.

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FHA greenlights higher fee for assumptions

American Banker

The Federal Housing Administration also instituted a new language preference requirement that servicers must observe in transfers.

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Visa partners with SKUx to enhance digital payment solutions

The Paypers

Visa has entered into a partnership with SKUx , a digital payment solutions provider, aiming to enhance digital payment experiences for select merchants and consumer packaged goods (CPG) companies.

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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