Fri.Apr 01, 2022

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Sen. Cruz seeks to restrict Fed role for CBDC

Payments Dive

Sen. Ted Cruz's legislation, which follows a companion House bill introduced earlier this year, would prevent the Federal Reserve from issuing a central bank digital currency directly to consumers.

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Countdown to CECL: A Timeline for Credit Unions

Abrigo

This post was substantially updated from the one originally published February 28, 2020. Preparing for 2023 Credit unions have a 2023 deadline for CECL implementation, leaving limited time to refine their processes. This timeline will help plan the transition. Get CECL compliant. Learn how with the CECL Streamlined webinar series. REGISTER. Takeaway 1 "Analysis paralysis" and the pandemic put CECL implementation on the backburner for many credit unions.

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Checkout startup Fast seeks buyer: report

Payments Dive

In January, CEO Domm Holland said his company was fielding "incredible demand" from investors and planning big growth this year. Now, the San Francisco-based one-click checkout startup has reportedly hired Morgan Stanley to consider a sale and may lay off hundreds of employees, according to the publication The Information.

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March Jobs Report is Solid and Probably Cements a 50bps Rate Hike in May

South State Correspondent

March Jobs Report Solid Enough to Cement a 50bps Rate Hike in May. Total nonfarm payrolls rose by 431k vs. 490k expected, but February was revised higher from 678k to 750k with a total of 95k additional jobs added to the prior two months. Job gains were, once again, widespread led by gains in leisure and hospitality, professional and business services, retail trade, and manufacturing.

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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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Bank of America tackles financial health head on

ATM Marketplace

Financial health is a challenge for many people and banks have had to make adjustments in light of curtailing overdraft fees and offering other services. Bank of America is tackling this issue head on.

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Prometeia named as a leader among Digital WM Platforms by leading independent research firm

Bobsguide

Prometeia has been named as a leader in Digital Wealth Management Platforms by independent research firm Forrester in The Forrester WaveTM: Digital Wealth Management Platforms, Q1 2022 report. The report identifies and evaluates the 12 most significant Digital Wealth Management Platform providers. According to the Forrester report, “(…) firms are looking to leading digital wealth management platforms (DWMPs) that offer extensive capabilities across the entire investor lifecycle.”.

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Fintech Funding: Cross River raises $620M for embedded technology growth

BankInovation

Cross River Bank raised $620 million in a series D round, it announced Wednesday. The funding will go toward developing the bank’s core technology strategy — which centers on embedded finance and cryptocurrency solutions — as well as human capital investments, expansion efforts and strategic partnerships, according to a release. “Cross River enables every company […].

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European expense management solution Yokoy hits $500M valuation with new financing from Sequoia Capital. Yokoy competitors include Spendesk, Pleo, Payhawk, Moss, and Soldo.

CB Insights

Yokoy, a spend management platform, has raised $80M in a Series B. The round drew participation from Sequoia Capital, Balderton Capital, and Left Lane Capital, among others. <span data-sheets-value='{"1":2,"2":"<div class="cbi-cta-shortcode-wrapper"><div class="cbi-cta-shortcode-content"></div><div class="cbi-cta-shortcode-forms" ><div class="cta has-desktop"><div class="cta-desktop cente

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Movers and Shakers: State Street Digital builds out global leadership team

BankInovation

State Street built out its dedicated digital division in March, adding three executives to its leadership team. Katie Richards, based in Zurich, joined as global head of operations. She will be responsible for driving the execution of State Street Digital’s strategy and developing sustainable and scalable operational solutions. She previously served as chief executive officer […].

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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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Azimo, a money transfer service, acquired by Papaya Global, a global payroll provider, for $150M to $200M. Azimo competitors include ZEPZ, TransferGo, CurrencyFair, Taptap Send, CurrencyCloud, and Monisnap.

CB Insights

Papaya Global , a global payroll provider, has acquired Azimo , a money transfer platform, for $150M to $200M. <span data-sheets-value='{"1":2,"2":"<div class="cbi-cta-shortcode-wrapper"><div class="cbi-cta-shortcode-content"></div><div class="cbi-cta-shortcode-forms" ><div class="cta has-desktop"><div class="cta-desktop center-copy "><h4>FREE DOWNLOAD: STATE OF FINTECH 20

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Thompson says FHFA is preparing GSEs for end of conservatorship

American Banker

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Tech Market Map Report: Payments Acceptance Methods

CB Insights

CB Insights identified 100+ payments acceptance companies addressing 9 technology priorities, from mobile point-of-sale to crypto payments, that financial institutions, retailers, and other businesses face. The purpose of the analysis is to provide technology buyers with an overview of the technology landscape and its market participants. GET the list of 2021 fintech 250 companies.

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Uruguay-based Datanomik raises USD 6 mln

The Paypers

Fintech Datanomik has raised a USD 6 million seed round to advance its mission to bring financial data access to businesses across Latin America and emerging markets, according to latamfintech.co.

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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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What I expect from President Biden’s Fed nominees

American Banker

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MetaMask now supporting crypto transactions with Apple Pay

The Paypers

Crypto wallet MetaMask has now added support for cryptocurrency purchases on iOS with Apple Pay.

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Challenger bank Current plans to pursue decentralized finance

American Banker

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Credrails partners with Access Bank for the future of finance in Africa

The Paypers

Africa-based Access Bank has partnered with financial infrastructure startup Credrails to deliver the future of finance on the continent, according to RegTech Africa.

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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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OCC's Hsu zeroes in on large regional banks as source of systemic risk

American Banker

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OpenSea launches credit card payments for NFTs

The Paypers

NFT marketplace OpenSea has rolled out direct card payments on its platform through MoonPay for acquiring an NFT for those who don’t own crypto.

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American Express journeys into the metaverse

American Banker

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DIMOCO merges payment entities under DIMOCO Payments

The Paypers

Austria-based fintech DIMOCO has announced the merger of DIMOCO Payment Services and DIMOCO Carrier Billing under DIMOCO Payments.

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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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Banking news roundup

American Banker

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Accel Limited acquires 26% stake in Secure lnteli technologies

The Paypers

India-based Accel has announced that the company has acquired 26% stake in Secure lnteli technologies (formerly Biz Carta Technologies ).

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Diamond Credit Union in Pennsylvania names new CEO

American Banker

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Snoop enters employee benefits market

The Paypers

Financial management app Snoop has entered the employee benefits market with its money management tool to attract B2B clients, according to AltFi.

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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.