Payments Dive
FEBRUARY 14, 2020
Cash recycling and interactive teller machines are allowing banks and credit unions to create significant efficiencies at the branch level, with reduced staffing costs, increased productivity and reduced cash exposure, according to experts speaking at a panel on branch transformation at ATMIA's annual U.S. conference in Houston.
Bank Innovation
FEBRUARY 14, 2020
Welcome to the latest episode of our Weekly Wrap series, for the week ending Friday, Feb. 14, 2020. In this episode, editors discuss the following news developments: The implications of banking startup Varo’s FDIC approval; How U.K. card startup Curve opened a New York City office in advance of its U.S. launch; and Wells Fargo’s […].
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PYMNTS
FEBRUARY 14, 2020
Supply chain management has always presented a challenge for global corporates, with digitization and automation technology aiming to reduce friction and enhance visibility. A surge in supply chain technology available — from freight management portals to IoT sensors — also expands a value-add opportunity for corporate end users: All this digitization generates a flood of potentially valuable data that organizations can use to optimize their supply chains, as well as better meet the needs and ex
Bobsguide
FEBRUARY 14, 2020
Non-financial counterparties (NFC-) are looking to keep European Market Infrastructure Regulation (Emir) reporting in-house ahead of the delegated reporting deadline in June, according to consultants and a technology vendor. Emir Refit reduced the burden of dual-sided reporting for non-financial.
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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
PYMNTS
FEBRUARY 14, 2020
Mexico passed a law this week that taxes digital services from other countries, according to a report. A 16 percent value-added tax (VAT) will be tacked onto digital services starting on June 1 of this year. The law will apply to all services, even B2B transactions. The tax will cover all online applications, including video, audio streaming, images, education and others.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
FEBRUARY 14, 2020
Customer service is the lifeblood of financial services, just as much as credit cards, debit cards and checking accounts. But as banking becomes ever-more mobile, and account openings and activities are done through digital channels, the very definition of support – and how it should be provided – is changing. To that end, SilverCloud CEO and Founder Scott Cornell said that financial institutions (FIs) would do well to take cues from shifts in consumer expectations of the levels of service they
SWBC's LenderHub
FEBRUARY 14, 2020
Reuters News reported. In remarks prepared for a New York University financial conference, Jerome Powell, Federal Reserve governor, said this doomsday scenario must be avoided considering that there are currently “$150 trillion in outstanding U.S. dollar Libor contracts,” according to a Reuters story. To end Libor, a benchmark lending rate used for everything from mortgages to interest-rate swaps, would be a “protracted, expensive and uncertain process,” warned Powell.
PYMNTS
FEBRUARY 14, 2020
STC Pay, a digital wallet that is part of the Saudi Telecom Company, has teamed up with payments company Moven Enterprise to launch a new challenger bank in the country, according to reports. The founder of Moven, Brett King, said the new venture would be a “world-class” bank, and that it would set its sights on the Gulf Cooperation Council (GCC) region.
Payments Source
FEBRUARY 14, 2020
As well-funded rivals pounce, Dwolla founder and CEO Ben Milne is looking for new leadership and a new strategy.
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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
PYMNTS
FEBRUARY 14, 2020
Bear Down Logistics, a company that expanded quickly in the past few years delivering packages for Amazon , will no longer be working with the company and was forced to cut hundreds of jobs as a result, according to a report by Bloomberg. The company is ceasing operations in five states after it failed to meet Amazon’s standards. Because Amazon no longer works with United Parcel Service ( UPS ) or FedEx , there was an opportunity for smaller outfits to work with the delivery giant.
American Banker
FEBRUARY 14, 2020
Ericson State Bank, which had been in regulators’ sights for a decade, was closed by state and federal authorities Friday. Another bank acquired all of its deposits and a fraction of its assets.
PYMNTS
FEBRUARY 14, 2020
Every individual. Verified. Digitally. By the end of the decade. An ambitious goal, to be sure, and one that the U.N. wants to achieve, using methods that would promote financial inclusion and give visibility to billions of people who are, so far, invisible. In perhaps the most sweeping example, the member states of the United Nations have embraced, as part of “sustainable development goals,” a target to “provide legal identity for all, including birth registration,” by 2030.
BankUnderground
FEBRUARY 14, 2020
Fergus Cumming and Lisa Dettling. Children are expensive. Swings in families’ cash-flow can therefore move the dial on families’ decisions on whether and when to have a baby. For mortgaged families with an adjustable interest rate in 2008, the sharp fall in Bank Rate amounted to a windfall of around £1,000 per quarter in lower mortgage payments. In this post we show that people responded to this cash-flow boost by having more children.
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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.
PYMNTS
FEBRUARY 14, 2020
There’s not much argument against self-checkout systems as a means of improving the customer experience. But at least a temporary blowback to the technology has begun, some of which has landed the issue in court and some of which has led Walmart and other retailers to rethink how it is used. According to a report from The Wall Street Journal , Walmart has struggled with negative customer feedback about self-checkout, as well as the weight-based system that allowed for increased shrinkage.
Current
FEBRUARY 14, 2020
Who doesn't love free money? We know everyone does! It's why we're excited to announce our new referrals feature that makes it easier than ever to invite your friends to join Current AND earn you both IMMEDIATE cash in the process. You will earn $1 for every friend you refer to Current as soon as they sign up for an account AND we'll give your friend $1 to start their Current account as well!
PYMNTS
FEBRUARY 14, 2020
Google protested that a $2.6 billion EU fine was too high during the last day of a three-day court case regarding alleged antitrust behavior, according to a report by Reuters. . A judge, in response to Google, said the money was a small amount for a company that is so wealthy, and asked how it would possibly miss that money. “You are one of the richest companies in the world,” Irish Judge Colm Mac Eochaidh said.
Payments Source
FEBRUARY 14, 2020
Investors poured a fresh $400 million into Toast following a year in which the payment firm more than doubled revenue from its network of restaurant clients.
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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.
PYMNTS
FEBRUARY 14, 2020
An online scam targeted $4 million in retirement funds from at least four Puerto Rico agencies, according to reports on Thursday (Feb. 14). . Authorities have frozen at least $2.9 million, said an anonymous official. It is not know how much was actually taken. . Agencies affected include the Puerto Rico Industrial Development Co. and the Puerto Rico Tourism Co. , according to a statement released by the island government.
Payments Source
FEBRUARY 14, 2020
A joint venture of Belgian banks and the national postal service has hired Diebold Nixdorf to manage ATMs and update the fleet to accommodate modern cash usage.
PYMNTS
FEBRUARY 14, 2020
Restaurant management platform Toast unveiled a $400 million Series F funding round led by Bessemer Venture Partners, Greenoaks Capital, Tiger Global Management and TPG. Also participating were TCV, Durable Capital Partners LP, G Squared, Light Street Capital, Alta Park Capital, funds and accounts advised by T. Rowe Price Associates, among others, according to an announcement from the company.
Payments Source
FEBRUARY 14, 2020
To appease regulators, challenger banks looking to service crypto businesses can implement effective AML controls and systems, says Fenergo's Rachel Woolley.
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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.
PYMNTS
FEBRUARY 14, 2020
To help provide relief for COVID-19, the Coronavirus, Western Union and the Western Union Foundation have announced a $1 million worldwide matching challenge. The combined match will be up to $500,000, according to an announcement. Western Union CEO Hikmet Ersek said in the announcement, “ Western Union is a global company and we support our customers, employees and communities in times of need.
ATM Marketplace
FEBRUARY 14, 2020
Mike Rittler, general manager of retail card services and personal lending at TD Bank, shares his insight on trends, transformative innovation and how the 'traditional check out' experience is on its way out.
PYMNTS
FEBRUARY 14, 2020
There’s a saying in jurisprudence: Hard cases make bad law. Early this week, a judge denied a request from Uber and Postmates to halt the enforcement of a new California labor law — known as AB5 , which was voted into law last year — that would place new restrictions on gig economy workers. In particular, the law places limits on just who can be classified as a contractor, while also making it harder for platform companies to classify those workers as independent contractors.
Payments Source
FEBRUARY 14, 2020
Ether has more than doubled this year, but technical indicators are starting to flash worrying signals for the second-biggest cryptocurrency.
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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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