Thu.Feb 10, 2022

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Beneficial Ownership & Due Diligence: Stepping Up Your Institution’s Information Collection Practices

Abrigo

AMLA will see changes in 2022 Now is an optimal time to evaluate the effectiveness of your beneficial ownership and due diligence program. . You might also like this webinar on the changes related to the AMLA. WATCH. Takeaway 1 In the aftermath of the Pandora Papers, AMLA heightened measures to discourage bad actors. Takeaway 2 Current beneficial ownership requirements emphasize the importance of knowing your customers.

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Fintech in a Flash: 11 Big Questions to Help You Develop a Modern Payments Strategy

Jack Henry

Considering the state of the payments industry and the importance of payments to a financial institution’s business model and revenue goals, every bank and credit union needs a modern payments strategy that supports today’s industry-wide threats and opportunities.

Strategy 179
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“Powering Hybrid Work” in Financial Services

Cisco

The question that I get asked most often by financial services CXO’s is “how do we move beyond just ‘supporting’ Hybrid Work to ‘powering’ Hybrid Work with the right technology stack so that we can address the challenges of attracting and engaging an evolving workforce and keep the organization moving forward in an agile and sustainable way.”. Throughout the pandemic, financial services firms have been prioritizing health and safety of their employees by implementing hybrid work while abiding by

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Mass digital and mobile banking fosters surge in account takeover fraud

BankInovation

The surge in digital and mobile banking adoption has led to an increase in fraudsters deploying more account takeover (ATO) attacks. Digital is a low-risk, high-reward environment for cyberattacks, Andy Renshaw, senior vice president at fraud and risk management company Feedzai, told Bank Automation News. Account takeovers increased threefold between 2019 and 2021, according to […].

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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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FICO Fact: How Alternative Data Enhances the Accuracy of Consumer Credit Profiles

FICO

When we talk about alternative data, we focus on how it can help bring millions more people into the mainstream credit ecosystem. An important benefit of finding new broad-based data sources and incorporating them into widely-used credit scoring models is the ability to provide greater visibility into the overall profile of an applicant population. FICO® Score XD 2 allows for exactly that.

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More Trending

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CFPB highlights changes in VA medical debt credit reporting practices as precedent for broader healthcare industry

CFPB Monitor

In a blog post , the CFPB reported that the Department of Veterans Affairs (VA) has announced a change to when it will report information on outstanding medical bills to consumer reporting companies. Under the new VA rule, the VA will only report medical debt that meets all of the following standards: The VA has exhausted all other debt collection efforts, The VA has determined the individual responsible is not catastrophically disabled or entitled to free medical care from the VA, and.

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P2P marketplace Tred to accept cryptocurrency as payment

BankInovation

Peer-to-peer online marketplace Tred is accepting cryptocurrency as payment for vehicles to combat fraudulent transactions and penetrate the younger consumer market. “Vehicles are a really good use case for crypto because we deal with so many different types of fraudulent payment types,” Grant Feek, Tred co-founder and chief executive, told Auto Finance News.

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This week’s podcast: The CFPB’s approach to regulating payday lending: a discussion with Todd J. Zywicki, Professor of Law at George Mason University Antonin Scalia Law School, and Thomas Miller, Professor of Finance at Mississippi State University

CFPB Monitor

Profs. Zywicki and Miller have co-authored a soon-to-be published study, “The Effects on Consumers from Two State-Level Regulations of the Payday Loan Market,” in which they analyzed 15.6 million storefront payday loans made to 1.8 million unique borrowers in 2013 to determine whether the number of loans a consumer takes in a year is a meaningful assessment of consumer welfare.

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The biggest trend shaping AI in lending this year

BankInovation

Artificial intelligence is transforming lending, helping borrowers make better decisions and empowering lenders to deliver satisfying customer experiences. The most important trend shaping AI in lending this year, however, centers on accelerating fairer and more inclusive practices across lending. Traditional lending practices reflect human bias, making it harder for applicants from diverse backgrounds and life […].

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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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Dear Banker: A Message from COVID to You

The Emmerich Group

Dear Banker: A Message from COVID to You I go by many names: Co-Ron A. Virus, Coronavirus, COVID, COVID-19, ‘Vid, “The Big One.” Some of my names are downright hurtful. The 2020 Plague. The Dirty ‘Rona. Those are actually some of the milder ones. And yes, for some, I was devastating in every way. I. Continue Reading. The post Dear Banker: A Message from COVID to You appeared first on Roxanne Emmerich.

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The NFT ecosystem is a complete disaster? | BlackRock to offer crypto trading | EU, U.S. regulators tell banks to prepare for Russian cyberattack

Bussman Advisory

FinTech Ecosystem Insights by Bussmann Advisory is our weekly newsletter with over 40’000 subscribers across different social media channels, summarizing relevant news and reports related to ecosystems around disruptive technologies, highlighting key updates from the industry as well as our portfolio companies: The NFT ecosystem is a complete disaster?

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FICO Honored in Forbes’ Best Mid-Sized Employers List for Second Year

FICO

I am thrilled to share the news that FICO was ranked Number Two on the Forbes 2022 list of America’s Best Mid-Sized Employers and Number One in the IT, Internet, Software & Services Industry list. Ranking top out of 500 companies for the second consecutive year , this recognition was calculated by an anonymized survey based entirely on our employee satisfaction.

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GoCardless hits $2.1B valuation. GoCardless competitors include Chargebee, Slimpay, and Stripe, among others.

CB Insights

GoCardless , an account-to-account payments platform, has raised $312M in a Series G. The round drew participation from BlackRock and Permira. HOW’S THE COMPANY PERFORMING? UK-based GoCardless enables businesses to directly collect recurring and one-time payments from customers. It has established partnerships with 150 billing and subscription software companies, including Salesforce, Xero, Sage, Zuora, and QuickBooks.

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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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El Salvador to launch first Bitcoin bond

The Paypers

El Salvador has announced plans to issue its first Bitcoin bond in March 2022, as finance minister Alejandro Zelaya said on 8 February.

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ABA, Trade Groups Urge Continued Bipartisan Support for CDFI Funding

ABA Community Banking

The American Bankers Association and four other trade groups today urged House and Senate appropriations leaders to continue bipartisan support of at least $360 million in funding for the Community Development Financial Institutions Fund in fiscal year 2022, with $42 million allocated for the Bank Enterprise Award Program. The post ABA, Trade Groups Urge Continued Bipartisan Support for CDFI Funding appeared first on ABA Banking Journal.

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Danske Bank partners SunTec Business Solutions for SaaS solution

The Paypers

SunTec Business Solutions , a pricing and billing company, has been chosen by Danske Bank for their enterprise-wide Fee Management Program.

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Cyprus’s banks keep calm and carry on

The Banker

The country’s banking sector has shown strength and resilience by offloading problem assets during the pandemic and maintaining improved compliance and regulatory standards. Burhan Khadbai reports.

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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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Spreedly augments local payment methods with Stripe

The Paypers

US-based payment orchestration platform Spreedly has announced it is able to offer more local payment methods as part of its partnership with Stripe.

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CFPB chief ratchets up 'junk fee' rhetoric

American Banker

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Fabit and the Stiftung Rechnen cooperate for financial education

The Paypers

Germany-based money habit digital coach Fabit has announced partnering with Stiftung Rechnen , a company which launched a digital financial education initiative in 2020.

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Cyprus looks to life beyond Covid

The Banker

Cyprus’s finance minister talks to The Banker about how the country’s economy has coped during the pandemic and the recovery ahead. Burhan Khadbai reports.

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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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Minnesota might soon get its first new credit union in nearly a decade

American Banker

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Nametag launches 'Sign in with ID'

The Paypers

US-based authentication solutions company Nametag has rolled out ‘Sign in with ID’ authentication method to access online accounts.

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Cyprus on track for strong economic recovery

The Banker

The country has recouped the lost growth from the peak of the pandemic and is set for a sustained period of growth. Burhan Khadbai reports.

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U.S. consumers stand to save billions from banks' overdraft reforms

American Banker

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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.