Mon.Jun 20, 2022

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CFPB issues request for information on relationship banking and customer service

CFPB Monitor

The CFPB has issued a request for information (RFI) that seeks comments from the public “on what customer service obstacles consumers face in the banking market, and specifically what information would be helpful for consumers to obtain from depository institutions pursuant to section 1034(c) of the Consumer Financial Protection Act.“ Section 1034(c) requires depository institutions subject to CFPB supervision (i.e. those with more than $10 billion in assets) to provide timely responses to cons

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UK mortgage lenders told they can scrap affordability rule for buyers

TheGuardian

Bank of England feels other measures will play stronger role in guarding against household debt Lenders will no longer have to check whether homeowners could afford mortgage payments at higher interest rates after the Bank of England ditched a rule originally designed to avoid another 2007-style credit crunch. The rule, introduced in 2014, was intended to make sure borrowers did not take on more debt than they could afford, and potentially “amplify” an economic downturn and put financial stabili

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Employer prevails in latest FAA preemption ruling from U.S. Supreme Court

CFPB Monitor

The U.S. Supreme Court has once again confirmed that the Federal Arbitration Act (FAA) preempts incompatible state laws that preclude contracting parties from controlling which claims are subject to arbitration. Ruling in favor of the employer in Viking River Cruises, Inc. v. Moriana , the Court held that the California courts erred in refusing to compel arbitration of an employee’s individual claim under the State’s Private Attorneys General Act (PAGA).

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Russia develops blockchain payments system to replace SWIFT

The Paypers

Russia’s Rostec Group , a government organization, has developed a blockchain platform to launch a digital system for international payments capable of replacing the global SWIFT system.

System 71
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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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CFPB outlines BNPL expectations

CFPB Monitor

The CFPB’s new blog post titled “Buy Now, Pay Later and Credit Reporting” appears intended to send a message about the CFPB’s expectations to industry. . For companies offering buy-now-pay-later (BNPL) products, the CFPB’s message is that “when BNPL payments are furnished [to CRAs] it is important that lenders furnish both positive and negative data.

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Swedish fintech Juni secures $206 million in debt and equity funding

Bank Activities

By Zoran Temelkov June 2022. The Swedish fintech Juni has successfully closed another funding round raising $206 million in debt and equity. The $100 million Series B round was led by Mubadala Capital and supported by existing investors, EQT Capital, Partners DST Global, Cherry Ventures, and Felix Capital. The company also received an additional $106 million in venture debt financing from TriplePoint Capital, which will be used to support the expansion of eCommerce businesses.

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PingPong starts collaborating with JCB

The Paypers

Fintech PingPong has entered a direct partnership with JCB , whereby Hong Kong-based merchants will be able receive online payments from JCB cardholders.

Fintech 57
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7 tips for innovators

American Banker

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Crypto Leaks' platform reports illegalities in the crypto world

The Paypers

US-based cryptocurrency specialist Crypto Leaks has launched a new platform that exposes scams and corruption in the cryptocurrency space.

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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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Lenders challenged by Turkish central bank’s new rules

The Banker

In the choppy waters of the Turkish economy, where soaring inflation and exchange rate volatility are a growing menace, the country’s banks are facing a new complication: a wave of regulation. James King reports.

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Bajaj Finance, Worldline India partner for POS payments

The Paypers

Bajaj Finance has partnered with Worldline to develop point-of-sales (POS) payments acquiring solutions for its merchant network, according to mint.

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Why P2P payments remain prone to social engineering fraud

American Banker

Fraud 87
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Appletree Digital Commerce to offer USD 5 bln to African SMEs

The Paypers

Ecommerce company Appletree Digital Commerce has launched its One Million African Traders Online (TOMATO) solution to address the lack of opportunities for SMEs available in Africa.

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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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Delaying CFPB’s data sharing rule will only create more problems down the road

American Banker

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New BNPL regulation in the UK to protect million

The Paypers

The Government of the United Kingdom has announced in June 2022 a new plan to grow the country’s economy to tackle the cost of living, including new regulation to protect millions from the potentially negative aspects of local BNPL service providers.

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CrossFirst makes a timely deal, anticipating fresh demand for SBA loans

American Banker

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tell.money partners Toqio for PSD2 compliance

The Paypers

tell.money , a fintech solution that delivers Open Banking services, has partnered with Toqio , a fintech SaaS platform that allows organizations to build and launch fintech propositions.

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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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Human Capital: Keep Financial Makes it Easy for SMBs to Offer Vesting Cash Bonuses

Fintech Labs Insights

Part of Silicon Valley’s secret sauce are stock options which help attract/retain employees while keeping salary costs in check. While that works great for VC-fueled growth stories, it doesn’t work so well (or at all) for most normal small and medium businesses. For most employees, cash is king and is the deciding factor on where they work. Year-end cash bonuses are a great way to incentivize employees and retain them (at least through year-end).

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The Association of Banks in Singapore selects MonetaGo to deliver the Trade Finance Registry

The Paypers

The Association of Banks in Singapore (ABS) has selected MonetaGo to deliver the Trade Finance Registry (TFR), an interoperable industry utility that bridges information silos between banks to combat duplicate financing fraud.

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How Might Buy Now, Pay Later Loans Impact FICO® Scores?

FICO

Home. Blog. FICO. How Might Buy Now, Pay Later Loans Impact FICO® Scores? Key findings from FICO research on consumer credit files with recently opened Buy Now, Pay Later loans. NicholetteLarsen@fico.com. Tue, 03/23/2021 - 22:16. by Suna Hafizogullari. expand_less Back To Top. Mon, 06/20/2022 - 15:00. In our last blog post , we discussed key considerations in the impact to the FICO® Score of Buy Now, Pay Later (BNPL) accounts being included in the consumer credit file based on our research on da

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RappiPay cleared to offer digital banking services

The Paypers

Rappi , the SoftBank -backed Colombian delivery app, has received clearance to offer digital banking services following approval from the Andean country's financial regulator, according to Reuters.

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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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Bank/nonbank partnerships could face CFPB scrutiny

CFPB Monitor

Delivering the keynote address last week at the Consumer Federation of America’s 2022 Consumer Assembly, CFPB Deputy Director Zixta Martinez indicated that the CFPB “is taking a close look” at “’rent-a-bank’ schemes.”. Deputy Director Martinez commented that “[s]ome lenders attempt to use [relationships with banks] to evade state interest rate caps and licensing laws by making claims that the bank, rather than the non-bank, is the lender.

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UK's app Cleo raises USD 80 mln

The Paypers

UK-based financial app Cleo has raised an additional USD 80 million following backing by tech investor Sofina.

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HSBC Egypt launches Green Personal Finance

The Paypers

HSBC Egypt has launched Green Personal Finance for its retail customers in Egypt, aiming to support clients on their journeys to a net zero carbon future.

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API startup Formance secures USD 3.1 mln pre-seed

The Paypers

France-based payment flows API startup Formance has raised USD 3.1 million to scale up its product offering and onboard new marketplaces and fintechs.

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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.