Wed.Mar 22, 2023

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Brex, flush with new deposits, bets big on travel recovery

American Banker

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7 Possible Causes of SVB Failure and Predicting the Impact on Regulatory Reporting

Perficient

Recent headlines have highlighted the failure of SVB Financial Group, the parent company of Silicon Valley Bank (“SVB”). To help both current and future clients, using publicly available financial records of SVB, including the last two annual reports and every 10-Ks and 10-Q filed this decade, a team of Perficient team members from around the world have gone beyond the headlines to analyze what the root cause of the run on the bank was, and what our clients and us can both learn from the mistake

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Convenience chain to install bitcoin ATMs

Payments Dive

Pittsburgh-based GetGo joins a growing list of convenience store operators adding bitcoin ATMs, as retailers seek new ways to bring customers inside their stores.

ATM 221
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Banks need a unified vision for true cloud success

Accenture

In the current edition of the Banking Cloud Altimeter, we dig into the results of our 2022 Banking Cloud Rotation Index survey, which follows the progress of nearly 100 banks on their journey to cloud. Though the progress they have made over the past year is impressive, there still seems to be a shortage of… The post Banks need a unified vision for true cloud success appeared first on Accenture Banking Blog.

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The Executive Guide to Generative AI

Generative AI is taking the world by storm, but the questions that all CEOs, data leaders, and AI leaders are being asked are: What are we going to do about it, and what is our plan? The business and creative possibilities are practically limitless with generative AI. From productivity gains to finding new routes to revenue generation, generative AI is going to radically transform how we work.

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Panera tests Amazon One palm payments at 2 cafes

Payments Dive

Panera plans to expand the palm payments technology to as many as 20 cafes in the second stage of the test, depending on the outcome of the initial test.

Payments 221

More Trending

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Bank failures could cause SMB credit crunch

Payments Dive

The future small business lending landscape and opportunities for fintechs are shifting in the wake of Silicon Valley Bank’s collapse, according to one fintech CEO.

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Trust: Once Again the Most Precious Currency in Banking

Gonzobanker

“Bank confidence is a fragile reed, and a troubled bank is damaged by any rumors, true or not.” –Irvine Sprague, Former FDIC Director So Gonzo Bankers … how many of us have been hesitant lately to check our iPhone each morning to see what trouble may have hit the fan in the financial world during a few restless hours of slumber? Whatever their level of faith or religious denomination, banking leaders have been praying like crazy for one critical outcome in these volatile days of banking crisis:

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Britain’s biggest banks under pressure to pass on higher interest rates to savers

TheGuardian

Unite says their analysis shows banks have made £7bn in extra profit from the rise in borrowing costs Britain’s biggest banks are under pressure to pass on higher interest rates to savers after figures showing they have made an extra £7bn by refusing to do so, and as they stand to benefit from a tax cut announced by Jeremy Hunt. On the day the Bank of England is expected to announce a further rise in interest rates , the Unite trade union said banks had already made billions of pounds in extra p

Taxes 75
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4K accounts opened with Brex since SVB collapse

BankInovation

Customers have opened 4,000 accounts with finance and technology company Brex since the collapse of Silicon Valley Bank on March 10 as fintechs look to banking providers that understand startups and innovation. The San Francisco-based Brex serves as a provider for Doordash, Airbnb, YCombinator and digital payment and reward fintech Localight, according to its website.

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8 Sins of a Manual Reconciliation

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Business operations are getting increasingly complex, shareholders are demanding more, and your auditors are breathing down your neck like never before. In this high-pressure environment, it’s important to remember that reconciliation activity is your last line of defense against financial fraud and errors. Insisting on a manual process to handle month-end reconciliations is a risky endeavor that places an undue burden on your accounting team.

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Switzerland’s national pride dealt heavy blow by the merger of its banking titans

TheGuardian

‘A monster is born’, say local press, as Credit Suisse takeover by UBS creates bank twice the size of the Swiss economy Outside Zurich central station, monsters snap at the feet of modern Switzerland’s founding father. The towering statue of the 19th-century industrialist Alfred Escher used to symbolise Switzerland’s calm and stability amid geopolitical storms: his back to the railway whose expansion he masterminded, his face turned to Paradeplatz square and the bank he created to finance his ve

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Market Trend Report: Alternative investment for investors & traders

CB Insights

What is an alternative investment? The alternative investment market encompasses any investment opportunity outside of traditional stocks and bonds, such as private equity, hedge funds, real estate, and digital assets. Business-to-business (B2B) companies in this market provide financial advisors and portfolio managers with access to alternative investment opportunities as well as related educational material that they can integrate into their client portfolios.

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Now the tide of money into the tech sector is ebbing, we can see who has no bathers on | Maurizio Fiaschetti

TheGuardian

Following an increase in interest rates, new startups, old tech companies and SVB are facing hard times Tech companies and their bank of choice are in crisis: there have been widespread layoffs , and Silicon Valley Bank (SVB) recently collapsed. So what went wrong? Let’s start with tech companies. There are at least two types: “new tech” and “old tech”.

Capital 60
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Adobe Firefly AI: See ethical AI in action

Dataconomy

Meet Adobe Firefly AI, “the world’s first ethical text-to-image generation tool,” according to Adobe. Adobe claims that it does not train its system on the work of artists throughout the internet, just on content that is licensed or out of copyright. So is this the only difference that separates it from other AI image generators?

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The Forrester Wave™: AI/ML Platforms: Vendor Strategy, Market Presence, and Capabilities Overview

As enterprises evolve their AI from pilot programs to an integral part of their tech strategy, the scope of AI expands from core data science teams to business, software development, enterprise architecture, and IT ops teams. Enterprises need a platform that can make broader AI teams more productive, implementing more complex use cases and harnessing the fast pace of new AI technologies.

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Market Trend Report: Retirement investment for investors & traders

CB Insights

What is retirement investment? The retirement investment market includes companies that aim to improve advisors’ retirement offerings by providing payroll integrations and other retirement-focused portfolio-building solutions within the same platform. Most of the solutions focus on end-to-end retirement planning and cater to financial advisors and employers that want to integrate streamlined retirement offerings with their human resources systems.

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Transactions: NatWest, OneID introduce digital customer verification

BankInovation

NatWest Group is teaming up with digital identity system OneID to provide an embedded verification system for U.K. clients.

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Banks on the run? Inside the 24 March Guardian Weekly

TheGuardian

The ghosts of 2008 return. Plus: 20 years after the Iraq invasion Get the Guardian Weekly magazine delivered to your home address You’d be forgiven for having allowed the collapse of the tech industry lender Silicon Valley Bank, earlier this month, to pass you by. Even the news that SVB’s UK operation had been salvaged in a deal brokered by the British government might not have registered too much.

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A step-by-step guide to using PayID for safe and quick transactions

Qudos Bank

Looking for a way to make or receive safer bank transfers/payments? You may be interested in setting up and using PayID. We’ve implemented Osko payments, which give our customers the ability to make faster and more secure payments to/from participating financial institutions. It’s worth noting that Osko is only available for payments within Australia.

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Chit Chat: Elevating the Month-End Close Process Through Automation – Lancaster Leaf

Speaker: Raul Perez, VP and CFO of Lancaster Leaf

Lancaster Leaf Tobacco Co Inc. is a subsidiary of Universal Corporation, the leading global leaf tobacco supplier. Lancaster Leaf supplies virtually all the major cigar manufacturers in the U.S. with filler, binder, and wrapper, and exports filler, binder, and wrapper to international cigar manufacturers. This all could mean a complicated month-end close - before automation.

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Adobe Firefly AI: See ethical AI in action

Dataconomy

Meet Adobe Firefly AI, “the world’s first ethical text-to-image generation tool,” according to Adobe. Adobe claims that it does not train its system on the work of artists throughout the internet, just on content that is licensed or out of copyright. So is this the only difference that separates it from other AI image generators? In the first generation of Firefly, emphasis is placed on image and text effects design.

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Make Targeting Easier With Venue Replay

Image Works Direct

Location-based targeting has become increasingly popular with marketers in the last few years. Whether you’re finding people while they’re online or sending them information offline, services like GeoFraming™ let you completely rethink your marketing strategy. With Venue Replay, you can go a step further, finding regular visitors to locations and connecting them with your brand.

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Adobe Firefly AI: See ethical AI in action

Dataconomy

Meet Adobe Firefly AI, “the world’s first ethical text-to-image generation tool,” according to Adobe. Adobe claims that it does not train its system on the work of artists throughout the internet, just on content that is licensed or out of copyright. So is this the only difference that separates it from other AI image generators? In the first generation of Firefly, emphasis is placed on image and text effects design.

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SVB: US regulators have generated “a moral hazard”

The Banker

While the collapse of SVB might have been predictable, what was surprising was the US regulators’ response and the precedent it sets, write Itay Goldstein and Yao Zeng.

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10 Keys to AI Success in 2023

An organization’s path to AI success can be full of obstacles, from a proper assessment of its own AI maturity, to a better alignment between business and technical teams, many factors can influence the outcomes. All of this is tightly intertwined with a myriad of complicated technical decisions that can make or break any long-term AI strategy. While AI progress is hard, companies don’t have to get stuck in an endless loop of inertia on their path to value-driven AI.

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A holistic perspective on transformational leadership in corporate settings

Dataconomy

What is a transformational leader? Is it a hard-working one who relentlessly pushes their team to success? Or is it a ruthless one who demands excellence at all costs? In reality, transformational leadership is about something much more powerful: inspiring and motivating others to achieve their full potential.

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Is the UBS/Credit Suisse deal enough to protect Europe from US bank contagion?

The Banker

The sale of Credit Suisse to UBS may have preserved market stability for now, but economists warn we are not out of the woods yet, writes Anita Hawser.

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Latest global payments news

American Banker

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A holistic perspective on transformational leadership in corporate settings

Dataconomy

What is a transformational leader? Is it a hard-working one who relentlessly pushes their team to success? Or is it a ruthless one who demands excellence at all costs? In reality, transformational leadership is about something much more powerful: inspiring and motivating others to achieve their full potential. It’s about creating a positive and empowering work environment that fosters innovation, creativity, and continuous improvement.

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A Modern Approach to C&I Lending: 8 Facts Lenders Need to Know

What to expect? The commercial and industrial (C&I) lending sector has been undergoing a transformation in recent years thanks to technological advancements and changes in customer expectations. The traditional way of lending, where commercial lenders relied on manual attorney processes and legacy software solutions, is slowly becoming obsolete.