Wed.Mar 29, 2023

article thumbnail

ICBA Live Showcases the Community Banking Difference

William Mills

ICBA LIVE could not have been timed better. Thousands of community bankers and fintechs converged in Honolulu over the weekend of March 12, when the stability of our nation’s financial markets was being challenged (yet again). ICBA and its bankers reacted quickly, providing much needed communication about how community banks are different, the stability of their financials, and that we are not facing a systematic problem.

article thumbnail

Apple rolls out initial BNPL service

Payments Dive

The tech giant delivered an initial version of its long-awaited buy now, pay later service for select U.S. users, with plans for a broader launch later this year.

Apple 360
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

PPP fraud: How financial institutions can mitigate ongoing risk

Abrigo

Detecting PPP fraud after the program's end date BSA and fraud professionals saw a spike in fraud during the first two rounds of PPP funding. Here's how to detect fraudulent loans still in the portfolio. Would you like others articles like this in your inbox? Takeaway 1 Prosecutors call PPP fraud the largest fraud in a generation. The impact we have seen so far is likely just the tip of the iceberg.

Fraud 195
article thumbnail

Analysts call on Block to share anti-fraud details

Payments Dive

Following a controversial short seller’s report, analysts advised digital payments company Block to share more information related to active user numbers and know-your-customer practices.

Fraud 243
article thumbnail

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

article thumbnail

CFPB cracks down on Portfolio Recovery Associates with $24 million judgment

CFPB Monitor

On March 23, 2023, the CFPB filed a complaint and proposed judgment against Portfolio Recovery Associates, LLC (“PRA”), one of the largest debt collectors in the United States. If entered by the court, the proposed judgment would require PRA to pay $12.18 million to allegedly harmed consumers and $12 million to the CFPB as a civil penalty.

More Trending

article thumbnail

CFPB credit card late fees proposal published in Federal Register

CFPB Monitor

Nearly two months after it was issued on February 1, the CFPB’s proposal to make significant changes to the Regulation Z rules for credit card late fees was published in today’s Federal Register. The changes include a substantial reduction in the safe harbor amounts and the elimination of the annual inflation adjustments. .

Cards 78
article thumbnail

UK chain Next expects to raise prices more slowly; UBS appoints new CEO to steer Credit Suisse takeover – business live

TheGuardian

Next says price rises in second half will be ‘materially lower’ than feared due to lower freight costs and factory gate prices In France, household confidence slipped slightly in March. According to the economics institute Insee (Institut national de la statistique et des études économiques), its monthly indicator dropped one point to 81 in March and remained well below its long-term average of 100 between 1987 and 2022.

article thumbnail

CFPB determines Truth In Lending Act does not preempt New York, California, Utah, and Virginia commercial financing disclosure laws

CFPB Monitor

The CFPB has issued a determination that the Truth in Lending Act (TILA) does not preempt the commercial financing laws of New York , California , Utah, and Virginia. The determination will be effective on the date it is published in the Federal Register. TILA authorizes the CFPB to determine whether a state law disclosure requirement is preempted upon the CFPB’s own motion or upon the request of a creditor or other interested party. .

Utah 78
article thumbnail

Market Trend Report: Banking-as-a-service (BaaS) for banking leaders

CB Insights

What is banking-as-a-service? Banking-as-a-service companies enable collaboration between banks and third parties. They help third parties build, launch, and scale banking products and services through banks’ application programming interfaces (APIs). These companies typically partner with legacy banks to provide their non-banking fintech clients with a full range of banking capabilities, which they embed into their clients’ existing platforms.

Trends 70
article thumbnail

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

article thumbnail

Transactions: Cross River Bank teams with Pay.com on payment platform

BankInovation

Cross River Bank is launching an encompassing payment platform called CrossPay alongside online payment company Pay.com to streamline several business payment functions. The $9.2 billion Ft. Lee, N.J.

article thumbnail

Market Trend Report: Crypto payments for SMB leaders

CB Insights

What are crypto payments? Crypto payments for small and medium-sized businesses (SMBs) provide the infrastructure that enables merchants to accept cryptocurrency payments and make payouts in crypto, either online or in person. download the state of blockchain 2022 report Get the latest data on blockchain funding trends, unicorns, exits, and more. First name Last name Email Company Name Job Title Phone number Want the full expert post?

Trends 66
article thumbnail

Wells Fargo, Bank Independent implement automation through nCino

BankInovation

LAS VEGAS – Banks are reducing manual processes and streamlining workflows through fintech nCino’s digital banking platform. Wells Fargo, for one, expanded the use of fintech nCino’s digital banking platform to its consumer and small business division in April 2022.

article thumbnail

UBS brings back former chief to oversee Credit Suisse takeover

TheGuardian

Sergio Ermotti, who stepped down in 2020, will rejoin Swiss bank as it prepares to absorb troubled rival The Swiss bank UBS has announced the surprise return of Sergio Ermotti to oversee the takeover of its rival Credit Suisse, amid global concerns over the stability of the banking industry. Ermotti served as chief executive from 2011 until 2020, overseeing UBS’s recovery from the global financial crisis.

Maine 49
article thumbnail

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.

article thumbnail

nCino continues to diversify following SVB failure

BankInovation

nCino continues to invest in technology and expand its customer base following the collapse of two of its clients earlier this month, Silicon Valley Bank and Signature Bank.

article thumbnail

The Future of Investing

CB Insights

What is in store for Investing in 2023? In this webinar, our analyst will dive deep into the numbers and share the trends they’re prioritizing.

Trends 50
article thumbnail

EU pushes for new AML and CFT rules

The Paypers

The European Parliament has announced that MEPs approved stricter rules for closing the gaps in combating money laundering, terrorist financing and evasion of sanctions in the EU.

41
article thumbnail

Kuwait’s central bank crafts sustainable development strategy

The Banker

Basel A. Al-Haroon, governor of the Central Bank of Kuwait, talks to John Everington about the impact of slowing economic growth on the local banking sector, CBDCs and other digital initiatives, and the country’s nascent green finance initiatives.

article thumbnail

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.

article thumbnail

Apple launches Apple Pay Later

The Paypers

Apple has announced the launch of Apple Pay Later looking to enable US-based users to split purchases into four payments over six weeks, with no interest or fees applied.

Apple 41
article thumbnail

UMB tech chief Uma Wilson weighs in on real-time payments

American Banker

article thumbnail

G+D offers biometric authentication for banks

The Paypers

Security tech group Giesecke+Devrient (G+D) has launched a solution that provides banks with biometrics-based customer authentication methods for banking and transaction approvals.

Groups 36
article thumbnail

From teller to CEO, everyone needs to know how to tell a bank's story

American Banker

How To 74
article thumbnail

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.

article thumbnail

Neobank Relio receives FINMA fintech license

The Paypers

Switzerland-based neobank Relio has received a fintech license from the Swiss Financial Market Supervisory Authority (FINMA) and must now wait for the approval of the supervisory authority to go live.

Fintech 36
article thumbnail

Latest global payments news

American Banker

article thumbnail

RBI approves CRIF Connect to act as an account aggregator

The Paypers

CRIF Connect, a subsidiary of credit bureau company CRIF , has received approval by the Reserve Bank of India (RBI) to operate as a Non-Banking Financial Company-Account Aggregator (NBFC-AA), according to Financial Express.

article thumbnail

What you'll see at this year's Payments Forum

American Banker

article thumbnail

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.