Bank Innovation
OCTOBER 25, 2019
American Express is using credit reporting startup Nova Credit‘s technology to underwrite newcomers to the U.S., the companies announced Friday. With no financial history in the U.S., newcomers face difficulties accessing credit. American Express claims to be the first U.S. payments company to offer immigrants the opportunity to acquire U.S. credit scores, based an analysis […].
Payments Dive
OCTOBER 25, 2019
While fintechs have introduced new innovations to a staid industry, traditional FIs possess great assets that could allow them to surpass the success of fintechs.
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Bank Innovation
OCTOBER 25, 2019
Jane Fraser ascended to the No. 2 job at Citigroup, putting her in position to succeed chief executive officer Michael Corbat and become the first woman to lead a major U.S. bank. The behemoth lender on Thursday named Fraser as president and handed her responsibility for consumer banking, one of its thorniest turnaround efforts in […].
Payments Dive
OCTOBER 25, 2019
ATMIA CEO Mike Lee sits down at ATMIA Europe in Rome for a conversation about the war on cash and the future of mobile banking, bitcoin and ATMs.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Bank Innovation
OCTOBER 25, 2019
Welcome to the latest episode of our weekly wrap video series, for the week ending Friday, October 25, 2019. In this episode, Suman Bhattacharyya, deputy editor, and Angely Mercado, associate editor, discuss the following news developments: Canadian venture firm Luge Capital’s approach to fintech investments; How banks are navigating Zelle’s UX as transaction volume grows; and […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Source
OCTOBER 25, 2019
Newcomers to the U.S. tend to have a hard time getting credit cards because they lack credit history here. Amex has deployed technology from a fintech, Nova Credit, that could change this.
PYMNTS
OCTOBER 25, 2019
Cross-border payments firm Western Union is advancing real-time money transfers to customers in India, the company said in a press release on Friday (Oct. 25). Western Union was the first money transfer company to use Unified Payments Interface (UPI), a solution developed by the National Payments Corporation of India under Reserve Bank of India (RBI) guidelines.
BankBazaar
OCTOBER 25, 2019
If you have a premium Credit Card, chances are that your Credit Card issuer will offer you ‘complimentary Travel Insurance’. Let’s take a look if it’s enough for you. A lot can go wrong on your international trip. Your luggage destined for Singapore can land in London; the airline could cancel your flight due to inclement weather; all your money, luggage and ID proofs could be stolen; your hired car could meet with an accident etc.
PYMNTS
OCTOBER 25, 2019
From swimming pools to parking spots to storage spaces , there are no goods or services that can’t be adapted to the sharing economy. One of the latest retail-related trends is “crowdshipping,” i.e. crowdsourced delivery. That’s exactly the business model of Roadie , Rappi, Shipit and other startups founded on the principle of using people rather than large corporations to aid in the critical last mile of delivery.
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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
CFPB Monitor
OCTOBER 25, 2019
In May 2019, a New York federal district court denied the OCC’s motion to dismiss a lawsuit filed by the New York Department of Financial Services (NYDFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies. In doing so, the court found that the term “business of banking” as used in the National Bank Act (NBA) “unambiguously requires receiving deposits as an aspect of the business.
PYMNTS
OCTOBER 25, 2019
New complexities and frictions are emerging every day as the mobile order-ahead industry continues to grow. One of the hotter flashpoints of the scene pits in-house ordering apps up against third-party ordering platforms. Which side QSRs pick in this battle typically comes down to size. Many large chains that can hold their own have sworn off third-party ordering entirely, while smaller chains tend to embrace as many third-party apps as they can for greater exposure.
Payments Source
OCTOBER 25, 2019
The credit card issuer, which recorded an 11% decline in net income last quarter, took one-time charges in connection with a U.K. sales scandal, the start of a new partnership with Walmart and a recent data breach.
PYMNTS
OCTOBER 25, 2019
Brick-and-mortar retailers are testing intelligent shopping carts that are billed as a way to improve the in-store experience. Canadian food retailer Sobeys , for instance, is bringing the technology to grocery stores with the rollout of the Sobeys Smart Cart, which will offer shoppers a “highly engaging, fun and fast way to shop,” per an announcement.
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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
Payments Source
OCTOBER 25, 2019
Western Union has gone live with a service enabling real-time cross-border remittances to India harnessing Unified Payments Interface (UPI), the central bank’s payment rails.
PYMNTS
OCTOBER 25, 2019
New Zealand is a country that can be easy to overlook when it comes to FinTech. But the story of how payments are evolving there can offer lessons for the rest of the globe, along with glimpses of how the relevant technology might play out in the 2020s. And that’s why PYMNTS recently caught up with Steve Wiggins, the chief executive of payment governance organization Payments NZ , and Serge van Dam , a venture capitalist focused on FinTech in that country, to get a better idea of what’s going o
Payments Source
OCTOBER 25, 2019
Harking back to the controversial practices of Bitcoin’s initial users, Tether is gaining traction among merchants that may have trouble getting credit-card processing services, or are charged high card processing fees: adult and online gambling sites, and vaping and cannabis shops.
PYMNTS
OCTOBER 25, 2019
Mastercard is strengthening its existing collaboration with commercial card startup Brex to fuel growth in the U.S., the companies announced on Thursday (Oct. 24). According to a press release , Brex has named Mastercard as its preferred network in an expansion of their existing partnership, which already sees Brex able to issue World Elite Mastercard for Business commercial cards.
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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.
Banking Exchange
OCTOBER 25, 2019
The product aims to combine speed of execution with enhanced information and communication Payments Feature3 Fintech Mobile Online Tech Management Technology Financial Trends Feature.
PYMNTS
OCTOBER 25, 2019
The city council of Johannesburg, the largest city in South Africa , was hit with a ransomware attack on Friday (Oct. 25) that affected its website, call centers and digital platforms. Reuters is reporting that the computers of government workers were affected, and the perpetrators asked for bitcoin payments to reinstate email links and internet access.
SWBC's LenderHub
OCTOBER 25, 2019
The housing market is quite fickle. It’s impacted by economic factors that are often difficult to understand, and typically leaves consumers and lenders alike on the hunt for information in an attempt to make sense of how it will impact their financial decisions.
PYMNTS
OCTOBER 25, 2019
The Commodity Futures Trading Commission ( CFTC ), Federal Deposit Insurance Corporation ( FDIC ), Office of the Comptroller of the Currency ( OCC ), and the Securities and Exchange Commission ( SEC ) have announced that they are joining the Global Financial Innovation Network ( GFIN ). The network includes 46 additional financial authorities, central banks, and international organizations from around the globe.
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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.
CFPB Monitor
OCTOBER 25, 2019
Recently, the Consumer Data Industry Association (CDIA) and the Metro 2 Taskforce approved a new Special Comment Code in FAQ 69. According to CDIA’s press release , the new code, “DE = Debt Extinguished Under State Law,” applies—as the code suggests—to debts that have become extinguished under applicable law. Under most state laws, the running of a statute of limitation period precludes only the use of certain legal mechanisms (for example, filing a lawsuit, arbitration, or garnishment action)
PYMNTS
OCTOBER 25, 2019
Can data be harvested … with decency? The California Consumer Privacy Act looms, taking effect at the beginning of 2020. Across the pond, the General Data Protection Regulation ( GDPR ) took effect in May of 2018. The laws protecting consumer privacy are changing the ways businesses collect consumers’ data, as they scramble to avoid the impacts and fines tied to breaches or non-authorized activities.
CFPB Monitor
OCTOBER 25, 2019
The CFPB recently published a blog post to advise consumers that LIBOR is expected be eliminated sometime after 2021 and that the change will effect some adjustable-rate loans and lines of credit. In 2017, the United Kingdom’s Financial Conduct Authority (the regulator that oversees the LIBOR panel) announced that it would discontinue the index. As we reported , earlier this year the Federal Reserve Bank of New York began publishing a new index named the Secured Overnight Financing Rate (SOFR).
PYMNTS
OCTOBER 25, 2019
Citigroup veteran Jane Fraser was named to lead the company’s consumer banking division following an upheaval in the ranks that puts her next in line to become the chief executive officer (CEO), The Financial Times reported on Thursday (Oct. 24). She will also take on the role of president, a position that has been open since Jamie Forese stepped down in April.
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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.
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