Wed.Jun 07, 2023

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Deposits, Deposits, Wherefore Art Thou? Juliet’s banker. 

Perficient

On May 31, the Federal Deposit Insurance Corporation (FDIC) reported to the public what many banks already knew and had been experiencing for the past year – that deposits are declining in the American banking sector. There has almost been $1.2 Trillion removed from the banking system over the past year. In addition, the recent banking stress, which resulted in several large bank failures, has amplified the outflow of deposits from the banking system, causing total deposits to decline for the fo

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Cross-border payments startup Keeta snags $17M

Payments Dive

Former Google CEO Eric Schmidt is among the investors in Keeta, which enters a competitive cross-border market.

Google 307
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Bank ERC Rebate – Getting Your Own

South State Correspondent

Yours might be the case of the emperor lacking clothes. While many banks are helping their clients with employee retention credits (ERC) (If you are not, see HERE ), many banks with 500 employees or less still need to collect their OWN ERC rebates. During the pandemic, most banks retained their employees and suffered higher costs, lower customer interactions, less branch traffic, and a revenue drop in many business lines.

Taxes 195
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BNPL regulation requires balancing act

Payments Dive

“As the CFPB prepares to release new regulatory guidance on BNPL providers, it is important that any new regulations do not stifle the industry's growth and limit its availability,” writes one checkout services CEO.

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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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The Newest Neobank is for the 62+ Crowd

Gonzobanker

The launch of Charlie points to an underserved niche in banking: older adults. Well, it happened. At last. In mid-May, a digital bank account for the 62+ crowd debuted in the United States. It’s called Charlie , and its appeal is emotional. “You’ve been the everything to everyone. Now it’s your turn” reads the tagline on its website. At first glance, the account resembles plenty of others – free ATM access at thousands of locations, no monthly fees and no minimum account balances.

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Daily Telegraph and Sunday Telegraph newspapers to be put up for sale

TheGuardian

Barclay family have lost control of crown jewel media assets in bitter row with newspaper group’s lender Business live – latest updates The Daily and Sunday Telegraph are to be put up for sale in an auction after the Barclay family lost control of their crown jewel media assets in a bitter row with the newspaper group’s lender. Lloyds Banking Group is understood to have appointed AlixPartners as the official receiver to seize the shares owned by the Barclay family in the holding company that ult

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How banks use tech to go beyond accessibility standards

American Banker

Ally Financial, TD Bank and Park View Federal Credit Union are experimenting with custom settings so users can tweak color contrast, font styles and more.

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CFPB highlights AI-driven chatbot risks for FIs

BankInovation

Financial institutions must consider the efficiencies and limitations of artificial intelligence when deploying chatbots as client adoption grows and regulators address pain points of the technology. According to the Consumer Financial Protection Bureau’s (CFPB) “Chatbots in Consumer Finance” report, released yesterday, adoption of bank chatbots is expected to hit 110.9 million users by 2026.

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Introducing a CBDC would be a catastrophe for the banking system

American Banker

Widespread adoption of a central bank digital currency would utterly transform the financial services sector by reducing access to loans and raising prices for consumers.

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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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Transactions: Capital One acquires Velocity Black 

BankInovation

Capital One acquired luxury concierge service Velocity Black in a deal announced June 1 as the credit card giant seeks to bolster the perks offered to its customers. Terms of the deal were not made public.

Capital 52
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Durbin revives credit card swipe-fee bill with added support

American Banker

Sen. Dick Durbin, D-Ill., has reintroduced a plan to reduce merchants' credit card acceptance costs, with more backing from bipartisan lawmakers.

Cards 74
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The Great Crashes by Linda Yueh review – preparing for the next crisis

TheGuardian

A survey of the last 100 years of financial disasters shows that they’re a fact of life – but there are lessons to be learned For those who pay close attention to the business pages, recent weeks have made for nervous reading. One after another, regional US banks with billions of dollars on their books have collapsed. European banking stalwart CreditSuisse was bought in a fire sale.

Survey 46
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Community bank stocks mount relief rally

American Banker

After shares dropped in the aftermath of recent failures, most banks demonstrated resilience and investors started to buy back into the sector.

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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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SurePay launches single European IBAN Name Check

The Paypers

Netherlands-based payment verification solutions provider SurePay has rolled out a single European IBAN Name Check solution, covering cross-border and domestic payments across the EU.

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TruStage CEO Trunzo to retire; former Allstate exec to succeed him

American Banker

Robert Trunzo, who has led TruState since 2014, will retire in October. The company, previously called CUNA Mutual Group, hired Terrance Williams to replace him.

Groups 69
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Finastra partners with S and P Global Market Intelligence

The Paypers

Global software applications provider Finastra has partnered with S and P Global Market Intelligence to offer improved services in corporate and syndicated lending.

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Latest global payments news

American Banker

This week in global news: JPMorgan Chase works on blockchain in India, U.K. reps want faster crypto regs and more.

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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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Swift explores blockchain interoperability challenges

The Paypers

Belgium-based Swift has announced its partnership with crypto startup Chainlink and multiple other institutions to explore blockchain interoperability challenges.

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Citizens to end car dealer financing program this summer

American Banker

The Providence, R.I.-based bank has been scaling down its indirect auto lending program since last year.

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Zilch rolls out its Ad-Subsidised-Payments-Network

The Paypers

UK-based payments technology company Zilch has announced the launch of its Ad-Subsidised-Payments-Network (ASPN) to third parties, through the use of open APIs.

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FDIC, Fed, OCC finalize guidance for banks' third-party partnerships

American Banker

The interagency report recommends practices for financial institutions to manage relationships with fintechs and other third parties.

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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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Flutterwave and Token.io offer Pay By Bank transfers to UK and EU users

The Paypers

Nigeria-based fintech Flutterwave has opened up African merchants to buyers from the EU and the UK through a partnership with A2A payment provider Token.io.

Fintech 36
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Citigroup CEO visits China as Wall Street seeks closer ties

American Banker

Citigroup Chief Executive Officer Jane Fraser visited Beijing this week, joining other Wall Street executives to travel to China despite growing geopolitical tensions with the United States.

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Sprinque secures EUR 20 million in funding

The Paypers

Netherlands-based payment service provider Sprinque has secured EUR 20 million that will be channelled into supporting European B2B ecommerce merchants.

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Coinbase crackdown widens as U.S. states push to halt staking product

American Banker

State officials from California to New Jersey along with the SEC are focusing on Coinbase's staking program, which offers customers a return for letting their tokens be used to facilitate blockchain transactions.

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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.