Thu.Aug 11, 2022

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Toast gets growth spurt in restaurant payments

Payments Dive

The restaurant software management company placed its digital tools at another 6,000 locations in the second quarter, for the biggest quarterly jump in that figure.

Software 415
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Citi’s Matt Carbonara to speak at Bank Automation Summit Fall

BankInovation

Matt Carbonara, managing director at Citi Ventures, will join the roster of speakers at Bank Automation Summit Fall 2022 to discuss what is next in banking technology. The panel, “RPA & Beyond: Investors on what’s next in banking technology,” will focus on the current state of investments and where they will go in 2023, valuation […].

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Green Dot battles Uber, loses contracts

Payments Dive

Green Dot disclosed in its recent quarterly report that it’s in a dispute with ride-share company Uber over their agreements. It also noted its failure to renew contracts with several other customers.

Report 317
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TD Bank onboards NetSuite ERP software

BankInovation

TD Bank has integrated NetSuite’s cloud-based enterprise resource planning (ERP) platform in an effort to create a comprehensive digital banking experience for its commercial clients. “Businesses are looking to have a one-stop shop and a lot of the work we’re doing is embedding ERP tools,” Chris Giamo, head of commercial banking at $1.4 trillion TD […].

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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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Flywire posts net loss despite customer wins

Payments Dive

The payments software company posted a second-quarter loss despite client wins being higher than usual and revenue jumping more than 50 percent.

Software 221

More Trending

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Q3 2022 Economic Outlook for Financial Institutions

SWBC's LenderHub

With a recession on the horizon, the landscape for financial institutions will become more difficult for the rest of 2022 and into 2023. Rising delinquencies, tighter margins driven by an inverted yield curve, and softening loan demand due to higher rates will pose a series of challenges.

Lending 78
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CFPB enters into consent order with fintech company to resolve alleged UDAAP practices arising from use of algorithm

CFPB Monitor

The CFPB announced that it has entered into a consent order with Hello Digit, LLC (“Digit”) to settle the CFPB’s claims that Digit engaged in deceptive acts and practices in connection with an automated savings tool it offered to consumers. The settlement requires Digit to pay a $2.7 million civil money penalty and at least $68,145 in consumer redress.

Company 78
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Ping An insists splitting HSBC would increase bank’s value

TheGuardian

The Chinese shareholder has accused HSBC executives of exaggerating the downfalls of separating off the Asian business HSBC’s top shareholder, Ping An, has escalated a dispute with the bank, accusing executives of exaggerating the downfalls of splitting off the Asian business, and insisted the move could instead boost the bank’s value by up to $35bn (£28.6bn), according to a source close to the investor.

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FHFA Announces Mortgage Servicer Requirements for Maintaining Fair Lending Data

CFPB Monitor

The FHFA announced that Fannie Mae and Freddie Mac will require mortgage servicers to maintain certain fair lending data elements, including the borrower’s age, race, ethnicity, gender, and preferred language. The fair lending data must be stored in a searchable format, and must transfer with servicing throughout the loan term. On the topic, Freddie Mac issued Bulletin 2022-17 , and Fannie Mae issued Servicing Guide Announcement SVC-2022-06.

Lending 78
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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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Olaf Scholz faces fresh scrutiny over alleged role in waiving of bank’s tax bill

TheGuardian

Chancellor denies influencing decision to waive tax bill for Warburg, Germany’s largest private bank, while mayor of Hamburg Olaf Scholz faces fresh scrutiny over allegations that he was responsible for waiving a multimillion-euro tax bill for a private bank involved in a tax fraud scheme, as the German chancellor struggles to shake off links to alleged local government sleaze from his stint as mayor of Hamburg.

Taxes 71
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This week’s podcast episode: A close look at the Federal Trade Commission’s proposed rule for motor vehicle dealers, with special guests Sanya Shahrasbi and Daniel Dwyer, Staff Attorneys, FTC Bureau of Consumer Protection, Division of Financial Practices

CFPB Monitor

The FTC’s proposal would impose a number of new substantive and disclosure requirements on motor vehicle dealers in connection with the car buying or leasing process. The topics we cover include: the FTC’s statutory authority for the proposal and the proposal’s coverage (including buy-here-pay-here dealers); the specific new requirements the proposal would impose; how the proposal interacts with existing federal and state laws; the proposal’s impact on auto finance companies; potential remedies

Company 78
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Currencycloud supplements regtech services with Clausematch

The Paypers

UK-based cross-border payments platform Currencycloud has teamed with regtech Clausematch to implement its policy management solution.

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CFPB addresses application of CFPA to digital marketing providers in new interpretive rule

CFPB Monitor

The CFPB has issued an interpretive rule that addresses when digital marketing providers are “service providers” subject to the Consumer Financial Protection Act, including the CFPA’s prohibition on unfair, deceptive, or abusive acts or practices. . The CFPB describes digital marketing providers as businesses that use data obtained from an array of sources to offer targeted advertising services.

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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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Trustly partners Conotoxia to boost money transfer services in North America

The Paypers

Sweden-based fintech for Open Banking payments, Trustly , has partnered with Conotoxia , a multi-currency company from Poland, to provide users with a fast, secure, and safe way to transfer funds internationally through their bank accounts.

America 73
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The FinTech startups Apple should buy next | Asset Managers bet big on crypto | SoftBank steps up asset sales from sinking portfolio

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 FinTech startups Apple should buy next Asset Managers bet big on crypto despite market rout SoftBank steps up asset sales from sinking portfolio after $50B losses.

Apple 52
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Ant Group's e-wallet Dana raises USD 250 mln from Lazada

The Paypers

Digital wallet DANA has raised USD 250 million from local conglomerate Sinar Mas and Alibaba.com-owned Lazada Group to expand in Indonesia.

Groups 74
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Backbase launches on Microsoft Azure marketplace

BankInovation

Digital banking platform Backbase is now available on the Microsoft Azure Marketplace as part of an expanded partnership with the tech giant. The Amsterdam-based Backbase is a fintech company providing a white-label platform for banks and credit unions that digitizes retail and business banking. The partnership will allow companies to quickly and safely deploy the […].

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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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Thunes expands to MENA region

The Paypers

Thunes , a Singapore-based cross-border payments company, has accelerated the expansion of its services in the Middle East and North Africa (MENA) region.

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How Banking CIOs Can Leverage IT Agility to Enable the Business

FICO

Home. Blog. FICO. How Banking CIOs Can Leverage IT Agility to Enable the Business. Instead of supporting a piecemeal set of disconnected enterprise applications, IT can lead the way in advocating for platform-based solutions that will scale across use cases. FICO. Tue, 07/02/2019 - 02:45. by Richard Lagerweij. expand_less Back To Top. Thu, 08/11/2022 - 10:05.

Tools 52
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Wise, Plaid announce Open Finance agreement

The Paypers

Wise and Plaid , an Open Banking network, have announced an Open Finance agreement to help customers move money across different financial institutions.

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For teens struggling to understand money, banks try to teach financial education

American Banker

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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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Payment solutions provider Finix raises USD 30 mln

The Paypers

US-based provider of payment processing solutions Finix has raised USD 30 million in new venture capital, bringing its total known raised to USD 133 million, with new investors taking part to the round.

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What banks can learn from phishing attacks on Cloudflare, Twilio

American Banker

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Pomelo Pay partners TripleA, expanding into crypto

The Paypers

UK-based fintech platform Pomelo Pay has partnered with Singapore-based cryptocurrency payments services provider TripleA to help companies offer cryptocurrency payments and pay-outs.

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Regime change is underway at Republic First

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.