Bank Innovation

OCTOBER 28, 2019

Mastercard has unveiled a series of principles that underline its approach to data security and privacy. In a report about global data responsibility, the payments company outlined six guiding principles that companies can abide by when protecting their customers’ data. Mastercard’s principles include security and privacy, transparency and control, accountability, integrity, innovation, and social impact. […].

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South State Correspondent

OCTOBER 28, 2019

GAINING STRATEGIC VISION Strategic planning means a lot of things to a lot of different people. One problem that exists in banking is that the act of strategic planning is undefined and so management teams feel that if they can just get to an offsite, sit around a table, work on some budget plans and have an investment banker speak, then they have done their strategic planning.

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Chris Skinner

OCTOBER 28, 2019

Last week I blogged about Chime’s issues with their third party partner Galileo going down, blocking payments and cards for their five million users for a short time. I made the comment: I would still claim that using cloud native third party partners in a technology ecosystem is far better … The post Legacy systems … isn’t ‘legacy’ what you leave behind AFTER you’re dead?

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South State Correspondent

OCTOBER 28, 2019

BETTER LOAN CLOSINGS There is a correlation between the speed of commercial loan closing and bank profitability, and there are many reasons why banks that close loans faster can generate more profits. While banks should be focusing on closing loans faster, there are other techniques that banks can deploy to enhance customer experience while keeping loan closing speeds unchanged.

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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

Lending

Bank Innovation

OCTOBER 28, 2019

U.K.-based money transfer startup TransferWise is going beyond cheeky ads to spread its message of foreign exchange fee transparency. It’s taking its position to regulators around the world in an effort to change how the industry operates. The eight-year-old company, which is reportedly valued at $3.8 billion, has taken on incumbent money transfer providers through […].

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Bank Innovation

OCTOBER 28, 2019

LAS VEGAS — Bank of Oklahoma has adopted Blend’s digital lending platform, the fintech announced at the 2019 Auto Finance Summit. Blend’s platform is designed to simplify user experience for the consumer to drive increases in completed online applications and funding rates. “Blend’s technology uses verified data to eliminate steps and the passing around of documents,” said Olivia […].

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PYMNTS

OCTOBER 28, 2019

With jewelry as one of the fastest-growing businesses in the luxury sector, Tiffany & Co. has received an offer from LVMH Moët Hennessy Louis Vuitton. The French firm sent the company’s officials a letter that reportedly outlined an all-cash, $120-per-share takeover bid that would value the firm at nearly $14.5 billion, The Wall Street Journal reported.

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BankBazaar

OCTOBER 28, 2019

A credit report is an important document. It is referred by financial institutions to judge your borrowing habits. Let’s talk facts, myths and a case study. Your Credit Score determines your eligibility to avail any loan. A bad score can become the reason for your loan-application rejection or you might have to pay a high interest rate. Thus, many financial decisions rest on this one report which lenders have easy access to.

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Case Study Study Cards Report 100

PYMNTS

OCTOBER 28, 2019

Cross-border payments firm Western Union has rolled out full application programming interface (API) access to domestic and global payment applications, the company said in a press release on Monday (Oct. 28). This new set of APIs offers users a way to “integrate their financial institutions, accounting and enterprise resource planning ( ERP ) systems and their account on GlobalPay,” according to the release.

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Payments Resources Security Regulation 129

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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

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Payments Source

OCTOBER 28, 2019

Flywire is working with Bank of America Merrill Lynch to streamline cross-border payments for the bank’s higher education and corporate clients, whose foreign transaction traffic is rising along with global commerce.

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America Payments 76

PYMNTS

OCTOBER 28, 2019

Digital cross-border payments provider InstaReM has announced that it is rebranding to become part of Nium , the first global payments platform that allows businesses to send, spend and receive money from around the world. Backed by investors including Vertex Ventures, Fullerton Financial Holdings, Rocket Internet and MDI Ventures, InstaReM is currently regulated in the U.S., the European Union, Singapore, Canada, Hong Kong, India, Australia and Malaysia, processing billions of dollars a year fo

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Payments Source

OCTOBER 28, 2019

Ripple isn't a part of Facebook's Libra. It's more likely to be a rival, and it must be careful to make sure that lawmakers see the distinction.

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blockchain cryptocurrency Compliance 82

PYMNTS

OCTOBER 28, 2019

The drive to become a “borderless business” has its challenges. Many of them are technical in nature, as firms — especially FinTech firms and traditional financial institutions (FIs) that want to bring digital payments to new markets — must navigate new relationships with multiple payment processors on a market-by-market basis to gain that acceptance.

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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.

Lending

Payments Source

OCTOBER 28, 2019

Halloween is often overlooked as a minor holiday that involves no gift-giving. The reality is that Halloween marks the beginning of a long consumer spending spree that goes through major holidays including Thanksgiving, Christmas, Hanukkah, Diwali and others.

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PYMNTS

OCTOBER 28, 2019

Mastercard is expanding its offering to small business cardholders in collaboration with Microsoft. In an announcement on Monday (Oct. 28), Mastercard said its small business cardholders will now gain access to a range of Mastercard enterprise solutions. For users of Mastercard Business and Mastercard Business World Elite products, Mastercard will connect U.S. small business clients to Microsoft 365 and Microsoft Advertising. “We’re committed to delivering a solid foundation of benef

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ABA Community Banking

OCTOBER 28, 2019

As part of ABA’s ongoing work to strengthen the relationship between banks and their core providers so banks can deliver the innovative products and services customers want and need, the association today released a set of Principles for Strong Bank-Core Provider Relationships. The post ABA Issues Principles for Strong Relationships Between Banks, Core Providers appeared first on ABA Banking Journal.

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PYMNTS

OCTOBER 28, 2019

Sorry, Halloween — you offer so much fun and so much decadence. But these days, at least when it comes to payments and commerce, you are becoming just a stepping stone to the holiday shopping season. And as that all-important season approaches — have you seen your first Christmas-themed commercial yet? Merchants of all types are racing to gain an edge so they can increase sales and perhaps breathe easier for a little bit come January.

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Millennials Branding Payments Retail 108

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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.

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Payments Source

OCTOBER 28, 2019

Nobody will be keen to go toe-to-toe with the Fed, which is the financial systems’ paramount regulator and central bank with virtually unlimited resources, says Intrepid Ventures' Eric Grover.

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Resources Payments Regulation System 63

PYMNTS

OCTOBER 28, 2019

As a new decade approaches, retail is driving hard toward its future thanks to connected vehicles. And big players in commerce and payments are racing for position. Not only are all the major automotive manufacturers deeply involved, but so are such players as Amazon and Google. In fact, in a recent PYMNTS interview , Dan Gittleman, CEO at automotive software supplier Xevo , and Brian Woods, the company’s CMO, spoke with Karen Webster about what’s to come as this ecosystem develops.

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CFPB Monitor

OCTOBER 28, 2019

As expected, the U.S. Supreme Court’s grant of Seila Law’s cert petition is impacting other cases in which the CFPB’s constitutionality has also been challenged. . In CFPB v. CashCall , CashCall appealed to the Ninth Circuit from the district court’s decision ordering CashCall to pay a $10 million statutory fine based on its finding that it was the “true lender” of loans issued to borrowers in 16 states.

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PYMNTS

OCTOBER 28, 2019

Bakkt , a cryptocurrency trading platform, is working on consumer apps for digital assets and is going to launch its first one in partnership with Starbucks. Last year, Starbucks revealed that it is among the companies that will work with Bakkt “to create an integrated platform that enables consumers and institutions to buy, sell, store and spend digital assets on a seamless global network.”.

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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.

Compliance

CFPB Monitor

OCTOBER 28, 2019

Final regulations adopted by the New York Department of Financial Services (NYDFS) to implement the state’s new student loan servicing law became effective on October 16, 2019 upon the publication by the NYDFS of a Notice of Adoption in the State Register. The new law , known as Article 14-A, was enacted on April 1, 2019. In addition to imposing new licensing requirements, even servicers that are exempt from licensing or deemed licensed must provide notice of their loan servicing to the NYDFS

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PYMNTS

OCTOBER 28, 2019

The 2018 South Dakota v. Wayfair case that allowed states and individual cities to launch tax policies aimed at remote sellers and marketplaces is still reverberating in 2019 and will likely affect online retail in 2020. In Q3 2019, 14 states started collected online sales tax and 11 more followed in October. The dispute continues over exactly what kinds of companies and activities qualify for new eCommerce sales taxes, and it’s having repercussions for online retail giants.

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CFPB Monitor

OCTOBER 28, 2019

Ballard Spahr partner Stefanie Jackman, who leads the firm’s Debt Collection Team, has been appointed to the new Legal Advisory Board (LAB) that the Consumer Relation Consortium (CRC) is launching in 2020. The LAB is an exclusive group of not more than ten outside counsel with expertise in the accounts receivable industry who have each pledged their time and resources to support the CRC’s mission.

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PYMNTS

OCTOBER 28, 2019

As Spotify Technology SA brought on more premium service subscribers than expected, the company came out ahead of Q3 revenue expectations and posted a surprise profit. It had reportedly “outstripped” Apple Music in the race to dominate music streaming around the world, with its number of premium subscribers had grown by 26 million the past year to reach 113 million at September’s close, Reuters reported.

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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.

Lending