Mon.Mar 20, 2023

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UBS to acquire Credit Suisse for CHF 3 billion

The Paypers

Switzerland-based multinational investment bank UBS has agreed to buy lender Credit Suisse for CHF 3 billion following a series of urgent talks.

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Four strategies for consumer payments growth in 2023

Accenture

The COVID-19 pandemic increased the tempo of change in consumer behaviors and expectations. Payments, characteristically, is at the forefront of the change. In “Payments gets personal—strategies to say relevant,” our report on an Accenture survey of 16,000 payments customers across 13 different countries, we revealed how the return of meaningful interest rates is interacting with… The post Four strategies for consumer payments growth in 2023 appeared first on Accenture Banking Blog.

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Western Union CEO gives rivals respect

Payments Dive

The legacy money transfer company has lost the advantage of scale over younger fintechs like Remitly and Wise, but it’s discounting digital services to claw back customers.

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DOJ sues towing company over SCRA default judgment violations

CFPB Monitor

On March 3, 2023, the U.S. Department of Justice (DOJ) filed a complaint against a towing company located near a Marine base alleging violations of the Servicemembers Civil Relief Act’s (SCRA) prohibition against default judgments against SCRA-protected servicemembers. The case, filed in U.S. District Court for the Eastern District of North Carolina, alleges that the towing company failed to make a good faith effort to ascertain the military status of defendants before filing affidavits in cour

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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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Mastercard buys Baffin Bay Networks

Payments Dive

The card network company said it bought the cybersecurity business to better combat cyber-attacks in an increasingly threatening environment.

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More Trending

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Apto Payments, Sardine team on anti-fraud tools

Payments Dive

Apto Payments and Sardine are joining forces to offer commercial customers issuing cards better anti-fraud tools.

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CFPB issues request for information about data brokers and other businesses that collect and sell consumer data

CFPB Monitor

The CFPB has issued a request for information about business models that collect and sell consumer data, such as data brokers, data aggregators, and platforms. The RFI is intended to provide the CFPB with insight into the full scope of the data broker industry about which, according to the CFPB, “there is still relatively limited public understanding of their operations and other impacts.” .

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Bank shares slide after UBS agrees ‘emergency rescue’ of Credit Suisse – business live

TheGuardian

European supervisors have tried to settle markets and stop a rout in the market for convertible bank bonds on Monday, as investors digest Credit Suisse rescue deal UBS agrees to takeover of stricken Credit Suisse for $3.25bn Central banks around world move to boost flow of cash amid confidence concerns Shares in Credit Suisse have tumbled by over 60% at the start of trading.

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Microsoft could be testing Web3 wallet on Edge

The Paypers

Microsoft might be working on integrating a crypto and nonfungible token (NFT) friendly Web3 wallet into its Edge web browser, as software documenter Albacore finds.

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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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Global bank shares tumble after emergency rescue of Credit Suisse

TheGuardian

Finance stocks fall in Europe and Asia amid jitters over what UBS takeover deal means for bondholders Banking shares fell in London and across Europe on Monday after the emergency rescue of Credit Suisse by rival Swiss bank UBS failed to calm markets. In the UK, Natwest, Barclays and Standard Chartered were all down more than 7%, while HSBC and Lloyds also fell about 5% in early trading, before recovering some ground.

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PhonePe secures USD 200 mln from Walmart

The Paypers

India-based fintech platform PhonePe has secured USD 200 million in primary capital from retail corporation Walmart , at a pre-money valuation of USD 12 billion.

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First Republic’s shares drop more than 17% after downgraded credit rating

TheGuardian

The US bank may need to raise more funds despite a $30bn rescue last week Shares in First Republic Bank dropped more than 17% on Monday, after reports the San Francisco-based bank may need to raise more funds despite a $30bn (£24bn) rescue last week. The credit rating of the regional bank was downgraded deeper into junk status by S&P Global. The agency said that the bank, which caters to wealthy clients, likely faced “high liquidity stress with substantial outflows”.

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Infosys Finacle partners with ABN AMRO

The Paypers

India-based Infosys Finacle has partnered with ABN AMRO to implement the Infosys Finacle Liquidity Management Solution for the bank’s corporate clients.

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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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What are AT1 bank bonds – and why are Credit Suisse’s wiped out?

TheGuardian

Global banking system is under pressure amid row over who should lose out first when a bank struggles Nils Pratley: Swiss solve one problem at Credit Suisse, but create another for bondholders Comment: Bonds were seen as a safe haven – but they are central to this bank crisis The global banking system is under renewed pressure after the Swiss government-brokered takeover of Credit Suisse by its larger rival UBS , after the deal wiped out the investment of bondholders who owned about $17bn (£14bn

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Market Trend Report: Digital banking transformation for banking leaders

CB Insights

What is digital banking transformation? Digital banking transformation companies include omnichannel retail banking suites and multiproduct offerings that assist banks with digital transformations, from online opening and onboarding to customers’ mobile app experiences. Want the full expert post? Become a CB Insights customer. If you’re already a customer, log in here.

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Cyvatar launches ecommerce page for cybersecurity services

The Paypers

Cybersecurity-as-a-Service (CSaaS) company Cyvatar has launched an ecommerce page to enable customers to purchase cybersecurity services directly from the company.

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Swiss solve one problem at Credit Suisse, but create another for bondholders | Nils Pratley

TheGuardian

Decision over bonds rips up convention and could undermine confidence in banking system What are AT1 bank bonds – and why are Credit Suisse’s wiped out? Comment: Bonds were seen as a safe haven – but they are central to this bank crisis Here, first, is what the Swiss financial authorities got right. They recognised that outsiders’ confidence in Credit Suisse was shot.

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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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AusPayNet's High Value Clearing System migrates to ISO 20022

The Paypers

Australian Payments Network (AusPayNet) has successfully adopted the ISO 20022 message standard.

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Seven high-impact automation targets for financial institutions

BankInovation

It’s 2023, and technologies like machine learning, robotic process automation, natural language processing and artificial intelligence are fast becoming ubiquitous in both customer-facing and back-office digital infrastructure, bringing financial institutions a wealth of opportunities to leverage automation across the business.

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Bank of England plans to change the capital treatment for small business

The Paypers

The Bank of England ’s Prudential Regulation Authority has revealed its plans to change the capital treatment for small business lending.

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SVB crash opens door for treasury management innovation

BankInovation

The collapse of Silicon Valley Bank presents an innovation opportunity for fintechs in treasury management as more bank clients look to multibank strategies to ensure security in their capital. For example, as companies look to diversify their balance sheets for risk management purposes, they’ll need a snapshot of all of their accounts in one place.

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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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Market Trend Report: Open banking for banking leaders

CB Insights

What is open banking? Open banking companies use application programming interfaces (APIs) to give banks access to their customer data and allow them to share that data with fintech firms (with permission from the customer). This allows banks and third-party fintech firms to easily map and analyze vast customer data, which they use to improve digital experiences and products.

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UBS Erases Losses as Investors Weigh Credit Suisse Deal Impact

BankInovation

UBS Group AG erased losses while investors digested the drawbacks and potential upside of its Credit Suisse Group AG takeover, a deal that forces it to wind down assets and restructure while handing over valuable assets at a bargain price. The government-brokered, 3 billion Swiss franc ($3.

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Market Trend Report: Customer experience add-ons for banking leaders

CB Insights

What are customer experience add-ons? Companies offer consumer-facing add-on solutions to enhance the customer experience and build customer loyalty. Solutions include white-label personal finance platforms that offer customized insights on money management, loyalty and cashback programs, and other card-linked offers. Want the full expert post? Become a CB Insights customer.

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Conversational AI streamlines CX for FIs

BankInovation

Conversational AI can assist banks with customer needs while providing savings for the banks that use the technology. It allows financial institutions to better know and service customers via existing data, Erin Wynn, director of product management at technology company NCR Corp., told Bank Automation News.

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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.