Wed.Jun 05, 2024

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Early Warning launches campaign to warn seniors

Payments Dive

The parent to payments service Zelle aims to inform seniors about scams as it faces congressional scrutiny over its fraud reimbursement practices.

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Here is the Future of Bank ROE and What to Do About It

South State Correspondent

The average return on equity (ROE) for the banking industry declined to 11.10% in Q1/24 (a 23 percent decline in the last year). For banks under $10B in assets, ROE declined to 10.53% in Q1/24 (an 11% decline in the last year). The typical published analysis considers the industry in aggregate which conflates the challenges and opportunities at community banks (those under $10B in assets).

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Pot payments players crave federal reforms

Payments Dive

The Safer Banking Act and federal rescheduling of marijuana could simplify transactions for payments companies doing business in the arena.

Payments 393
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ING implements gen AI for know your customer processes

BankInovation

AMSTERDAM — ING is using generative AI in its know-your-customer processes to boost productivity for its data analysts and improve the client experience. The generative AI efforts for KYC have both an operational and client benefit, Marnix van Stiphout, chief operating officer and chief technology officer ad interim at 976 billion euros ($1.

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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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CommunityAmerica Credit Union adopts new robo advisory tool

American Banker

The Kansas financial institution is using Copper Financial's Guided Investing product that matches members to predesigned portfolios that suit their risk profile.

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Overly formulaic AML compliance is bad for immigrants, and for banks

American Banker

For a country that relies on the energy and drive of immigrants to the extent that the U.S. does, it's surprisingly hard for them to get bank accounts. It's time to reassess what we mean by money-laundering risks.

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Eurozone business activity grows as expected ECB interest rate cut looms

TheGuardian

A 25 percentage point cut to main lending rate is forecast amid growth in Germany, Italy and Spain Business activity grew across the eurozone at the fastest rate in a year in May while inflation cooled, according to data that will be welcomed by the European Central Bank (ECB) in advance of expected interest rate cuts tomorrow. The latest HCOB purchasing managers’ index (PMI) data, compiled by S&P Global, showed private sector output expanded in most economies covered by the euro currency af

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U.S. Bancorp splits new president's former duties between two executives

American Banker

A month after Gunjan Kedia was named the company's president, the Minneapolis firm has promoted Stephen Philipson and Felicia La Forgia into new roles that will cover Kedia's former duties.

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House subcommittee budgets $276 million for CDFI Fund in draft appropriations nill

ABA Community Banking

A House subcommittee budgeted $276.6 million for the Community Development Financial Institutions Fund in its draft fiscal year 2025 appropriations bill, according to the CDFI Coalition. The post House subcommittee budgets $276 million for CDFI Fund in draft appropriations nill appeared first on ABA Banking Journal.

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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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eBay to block American Express cards, citing high swipe fees

American Banker

The e-commerce firm will no longer accept Amex credit cards globally beginning in August, citing the card network's higher-than-average cost of acceptance.

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Ripple partners Clear Junction for cross-border payments

The Paypers

Ripple has announced a new partnership with Clear Junction , a global provider of cross-border payment solutions for regulated institutions.

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Michigan-based credit union to acquire Florida bank

American Banker

ELGA Credit Union said it plans to acquire Marine Bank & Trust in an all-cash deal. The combination marks the 12th of the year involving a credit union buying a bank, keeping the industry on pace to establish a new record for such deals.

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TrueLayer partners with emerchantpay

The Paypers

UK-based TrueLayer has entered a strategic collaboration with emerchantpay to provide payments by bank transfer for merchants across the region and Europe.

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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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Hybrid work is here to stay. Here's how to make the most of it.

American Banker

Fifty-seven percent of financial services firms now operate on a hybrid basis, according to new research from American Banker. Some banks are finding ways to maximize the positive aspects and minimize the negative ones.

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Enfuce joins forces with allpay

The Paypers

Finland-based card issuing and processing company Enfuce has entered a collaboration with allpay to integrate cloud-based card payment solutions across the UK’s public sector.

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Mastercard expands palm checkout, 'King's cash' gets slow rollout

American Banker

Mastercard launches palm checkout in Uruguay, the U.K. commits to a gradual rollout of King Charles banknotes starting this week, and more.

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Equals Money expands to offer banking-as-a-service

The Paypers

Equals Money , a provider of payment solutions, announced the expansion of its product line to include Banking-as-a-Service (BaaS) at the Money2020 conference in Amsterdam.

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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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Put the Right Players in the Right Seats For Loan Growth [VIDEO]

The Emmerich Group

I believe quality loan growth is one of the top three drivers of sustainable profitability for banks. What if you could restructure your lending department and increase the productivity per lender by 30 to 40% or more within 12 months. Now if you’re the kind of leader who thinks your team kicks butt and takes names at securing quality loans at extreme premium pricing, and you’re sure it’s because of your teams execution of a particular and predictable success system, not driven by t

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iPiD closes oversubscribed USD 5.3 mln Pre-Series A round

The Paypers

International Payment Identity (iPiD) has secured USD 5.3 million in a Pre-Series A funding round to augment global payments with advances Verification of Payee solutions.

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CFPB finalizes standard-setting body rules for open banking

American Banker

The Consumer Financial Protection Bureau issued a final rule pursuant to its broader open banking proposal Wednesday that would require standard-setting bodies to include public interest consumer groups and others to receive bureau recognition.

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Sumsub enters the Mastercard Engage Partner Program

The Paypers

Global full-cycle verification platform Sumsub has announced that it entered the Mastercard Engage Partner Program to mitigate fraudulent activities.

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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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How Much Do Online Reviews Matter to Banking Decisions? A Whole Lot.

The Financial Brand

This article How Much Do Online Reviews Matter to Banking Decisions? A Whole Lot. appeared first on The Financial Brand. Almost 90% of banking consumers say they consult user-generated online reviews to make their banking decisions. This article How Much Do Online Reviews Matter to Banking Decisions? A Whole Lot. appeared first on The Financial Brand.

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Sift launches RiskWatch

The Paypers

US-based fraud detection provider Sift has announced the launch of RiskWatch, a patent-pending product that aims to simplify risk decisioning for digital businesses.

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CFPB’s Foray into BNPL Regulation Stirs Ire and Interest

The Financial Brand

This article CFPB’s Foray into BNPL Regulation Stirs Ire and Interest appeared first on The Financial Brand. The bureau's 'interpretive rule' used a regulatory fast pass to get on the books ahead of the election cycle. Will it work? This article CFPB’s Foray into BNPL Regulation Stirs Ire and Interest appeared first on The Financial Brand.

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Marqeta expands in Poland

The Paypers

Global modern card issuing platform Marqet a has announced the expansion of its European footprint with the opening of a new office in the region of Poland.

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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