Tue.May 17, 2022

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Highlights from John Glen’s Keynote Speech at the Innovate Finance Global Summit on Crypto

Perficient

John Glen, Economic Secretary to the Treasury of the United Kingdom, delivered the keynote speech at the Innovate Finance Global Summit held in London last month. Glen began his speech by stressing the enormous contributions financial services institutions, particularly “fintech unicorns,” have made to the UK; the UK is the leading European fintech hub and the second leading fintech country in the world (falling only behind the U.S.).

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Affluent consumers may drive $257B in spending

Payments Dive

The wealthiest U.S. consumers are eager to open their wallets again, especially for travel, though there is one possible caveat, predicts Visa's chief economist.

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It’s Dreadful Being a Buyer of Bank Technology

Gonzobanker

As technology buyers, banking executives need to up their game on tech purchases and technology performance management. “And you may find yourself living in a shotgun shack And you may find yourself in another part of the world And you may find yourself behind the wheel of a large automobile…” -David Byrne. For regional and community banks there has never been a more frustrating time to be a buyer versus a builder of financial technology.

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BNPL giant Affirm counts on debit card for growth

Payments Dive

The San Francisco-based company said the product is being “rolled out to tens of thousands of consumers" through a beta program.

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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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Nominations open for Bank Customer Experience Awards

ATM Marketplace

Do you know of an exciting and innovative solution for banks that you would like to share with the world? Then you need to submit a nomination for the Bank Customer Experience Awards.

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Bank Automation Summit 2022 Fall agenda

BankInovation

The Bank Automation Summit Fall 2022 agenda is set, with sessions on developing for the cloud, embedded finance and robotic process automation (RPA) governance. The September event also features a greater focus on networking and peer interactions, including a roundtable discussion on automation, innovation and budgeting strategies. Bank Automation Summit Fall 2022 will take place […].

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Klarna debuts virtual shopping tool

Payments Dive

The platform is adding more services as the buy now-pay later industry faces more regulatory scrutiny.

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Real-time anti-fraud, AML solutions to bolster Jack Henry’s payment products

BankInovation

Core and digital banking solutions provider Jack Henry is adding real-time fraud and anti-money laundering (AML) solutions to its software stack to keep up with continuing growth — and a range of fraud — in digital payments. The company has taken on the new fraud and AML solutions because of the speed they can achieve, […].

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Mastercard launches ‘smile to pay’ system amid privacy concerns

TheGuardian

The company’s stab at the biometrics checkout market has raised debate about data storage and tracking Mastercard is rolling out a controversial programme that will allow shoppers to pay at the till with a mere smile or wave of the hand, as it tries to secure a slice of the $18bn (£14.4bn) biometrics market. While face recognition technology has long raised eyebrows among civil rights groups , the payments giant said it was pushing ahead with a biometric checkout programme it claimed would speed

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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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Citi deploys its tech officers to minority-owned banks in DEI effort

BankInovation

Citi is furthering its “technology for good” focus, deploying two tech leaders to serve as chief technology officers at minority-owned community banks and turning to open banking in its diversity, equity and inclusion (DEI) efforts. The initiative, announced today but enacted earlier this month, saw Abhijit Bhattacharya, Citi director of engineering and partnerships, join $187 […].

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When climate risk comes home

ABA Community Banking

Community banks in oil and gas towns grapple with the future of climate risk supervision. The post When climate risk comes home appeared first on ABA Banking Journal.

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CFPB fines bank $10 million for conduct related to bank account garnishments and account agreements

CFPB Monitor

The CFPB recently ordered a bank to cancel garnishment fees, review its system for processing garnishment orders, cease using contracts which limit consumer rights, and pay a $10 million penalty to the CFPB’s Civil Penalty Fund. . The garnishment process is a method for creditors to recover amounts a judgment debtor owes from a third party that holds the judgment debtor’s assets, such as deposit account held by a bank.

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Talk Finances With The Kids!

BankBazaar

Communication is key because it opens locks! Locks are those tiny (or sometimes large) things only meant to keep gates, vaults, and baggage secure. It is not meant to keep valuable info tucked away when it comes to talking money management with your kids! So, start the ‘finance talk’ early – it will do your kids and you a world of good! . Times have changed.

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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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More than words: Bank of England publications and market prices

BankUnderground

Timothy Munday. How easy is it to understand this sentence you are currently reading? How easy it is to understand this sentence that has dependency arcs that are longer that make it more difficult to read? How about if my writing is magniloquent? Or what if I use normal words? Writing style matters for how easy it is to read text. This post asks if writing style can influence how long markets take to digest Bank of England monetary policy information.

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Community banks have a good ESG story to tell

ABA Community Banking

While certain aspects of ESG are complex and sometimes controversial, many banks are finding that they can embrace investors’ interest in ESG factors. The post Community banks have a good ESG story to tell appeared first on ABA Banking Journal.

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Analyzing Coinbase’s growth strategy: How the crypto exchange is investing in the future of digital assets

CB Insights

Coinbase went public in April 2021. Since then, the US-based crypto giant has acquired several companies, invested in over a hundred startups via Coinbase Ventures , and formed dozens of strategic partnerships. Coinbase has seen its share price fall sharply amid a broader crypto selloff — prompting it to take money-saving measures like slowing hiring — but its investment activity over the last year points to 2 long-term goals that the company will likely still be going after: global

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Prepare for investors’ questions on diversity

ABA Community Banking

The focus on racial and ethnic diversity as opposed to gender diversity is accelerating across the board. The post Prepare for investors’ questions on diversity appeared first on ABA Banking Journal.

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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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Human resource information system (HRIS) Rippling hits $11.25B valuation. Rippling competitors are Deel, Gusto, Namely, Panther, Paylocity, Justworks, and Hibob.

CB Insights

Rippling , a human resource information system (HRIS) provider, has raised $250M in a Series D. The round drew participation from Bedrock Capital, Kleiner Perkins Caufield & Byers, Sequoia Capital, and Y Combinator. the state of venture report. Download our free report to get the TL;DR on what you need to know about venture funding and trends in Q1 2022.

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UK Consumers Won't Tolerate Financial Crime At Their Bank

FICO

UK consumer fraud attitudes. Our latest commissioned research suggests that UK banks could face a potentially catastrophic customer defection event in the wake of a money laundering scandal. 56 percent of UK respondents said they would switch banks if theirs was reported to be involved in such a scandal. The younger age groups would be most eager to swap their financial service provider after a money laundering scandal: 64 percent of 18 to 24 year-olds would switch, as would 68 percent of 25 to

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Companies offering BNPL in Ireland must be authorised by the central bank

The Paypers

The Central Bank of Ireland has widened its consumer protection rules to cover Buy Now, Pay Later (BNPL) companies.

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Do I need to upgrade my Fare Collection system to support CBDC?

Tomorrow's Transactions

This week, a press release from China announced they had expanded acceptance of the digital Yuan onto public transport in 12 cities. China has led the way in the development of a Central Bank Digital Currency (CBDC), launching a trial in 2020 which has been expanding steadily. But what does this mean? What is a… Continue reading Do I need to upgrade my Fare Collection system to support CBDC?

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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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Afreximbank, APPO to create multi-billion-dollar energy bank

The Paypers

Pan-African multilateral trade finance institution, the African Export-Import Bank (Afreximbank) , has signed a Memorandum of Understanding (MoU) with the African Petroleum Producers Organization (APPO).

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6 fintech partnerships for banks to watch

American Banker

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Axway partners with Cloudentity for Open Banking in North America

The Paypers

API management provider Axway and modern application identity and authorisation provider Cloudentity have partnered to provide the first production release to support FDX 5.0 APIs, according to Crowdfund Insider.

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Fed's balance sheet runoff raises uncertainty for capital rules

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.