Fri.Jul 15, 2022

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Debt Collection Modernization: The Moment for Bold Action

Perficient

For those of us closely looking over bank results for any signs of an economic recession, there is more evidence that we’ll be there soon if we’re not already here. Wells Fargo announced on July 15 th that revenue and profits missed estimates. Of interest was CEO Charlie Scharf expects “credit losses to increase from these incredibly low levels,” and the bank had sharply increased its provision for credit losses in the quarter from a year earlier.

Strategy 275
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Stripe's valuation slashed as fintech rout continues

Payments Dive

The company told employees Friday that its internal share price had fallen 27% to $29 from $40, The Wall Street Journal reported, citing unnamed sources.

Fintech 284
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Self-service banking to feature front and center at Bank Customer Experience Summit

ATM Marketplace

Self-service banking will be a major topic at the upcoming Bank Customer Experience Summit, being held in Chicago from Aug. 31 to Sept 1. In fact, an entire panel, entitled "Self-service Strategies for Success," will address the technology in detail.

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SeatGeek taps Affirm for event BNPL

Payments Dive

As inflation threatens consumers’ discretionary spending, event ticketing companies like SeatGeek could view the buy now-pay later option as an attractive way to bolster sales.

Company 243
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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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Celsius Network: crypto firm reveals $1.2bn deficit in bankruptcy filing

TheGuardian

Company says it was faced with ‘run on the bank’ amid ‘cryptopocalypse’ as investors raced to withdraw assets The cryptocurrency platform Celsius Network was left with a $1.2bn (£1bn) deficit after suffering from a digital version of an old-fashioned “run on the bank”, according to its bankruptcy filing in the US. Blaming a combination of its own poor decisions, a global “cryptopocalypse” and unfavourable media coverage, the company filed for Chapter 11 – a US process that allows companies to tr

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Apple’s Tap to Pay feature on iPhone launched | Stripe slashes valuation by 28% |Crypto lender Celsius Network reveals $1.2B hole in bankruptcy filing

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: Apple’s Tap to Pay feature on iPhone launched Stripe slashes valuation by 28% Crypto lender Celsius Network reveals $1.2B hole in bankruptcy filing.

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Fintech execs convicted in US after $160 million sent to Nigeria

BankInovation

The operators of a Texan payments firm with ties to the UK pleaded guilty in the US to money laundering failures after their business facilitated the shipping of $160 million to Nigeria over about three years. Anslem Oshionebo, 45, and Opeyemi Odeyale, 43, received 27-month prison sentences for failing to maintain effective anti-money laundering controls […].

US 52
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Financial Inclusion Using Analytics

FICO

Home. Blog. FICO. Financial Inclusion Using Analytics. How FICO Scoring can help companies make decisions that benefit society. Saxon Shirley. Mon, 02/21/2022 - 07:59. by Sally Taylor. Vice President, Scores. expand_less Back To Top. Fri, 07/15/2022 - 08:15. Replacing human bias with data-driven science. FICO’s impact on social good was one of the main reasons why I came to work for FICO.

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Movers and Shakers: Solifi announces first president

BankInovation

Finance software provider Solifi announced this week the appointment of Mithu Bhargava as its first president. Bhargava brings more than 20 years of operational leadership in the secured finance industry. She previously served as executive vice president at payment solutions provider NCR, where she focused on the adoption and acceleration of next-generation cloud-based platforms.

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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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Multiple digital asset exchanges join Plaid network

The Paypers

Plaid has announced that Binance.US , Gemini , Robinhood , and SoFi , among other exchanges and investment platforms supporting digital assets, are now supported on its network.

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Earnings roundup: PNC, Wells Fargo continue digital enhancements

BankInovation

PNC prioritized expense management in the second quarter in the wake of market uncertainty due to higher interest rates, supply chain disruptions and increasing inflation. “Our focus is on executing the things we can control and not getting distracted by what is beyond our control,” PNC Chief Executive Bill Demchak said during today’s earnings call, […].

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Sendsprint launches in the UK to provide money transfers to the African Diaspora through Flutterwave

The Paypers

Nigeria-based payments company Sendsprint Technology Solutions has teamed with Flutterwave to launch in the UK with a cross-border payments service targeting the African Diaspora.

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The TL;DR Live: The State of Fintech Q2’22

CB Insights

The post The TL;DR Live: The State of Fintech Q2’22 appeared first on CB Insights Research.

Fintech 67
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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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ComplyCube Startup Programme boosted with GBP 40.000

The Paypers

Global KYC platform ComplyCube has announced that qualifying startups can now apply for credit allowances on ComplyCube's products and services worth up to GBP 40.000.

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More Wells Fargo mortgage layoffs are likely, executives say

American Banker

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Walmart expands online Spanish search capability

The Paypers

US-based retailer Walmart has announced it is making digital product discovery easier for clients speaking Spanish.

Online 48
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Can modernized payments get the subway back on track?

American Banker

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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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CBN aska FIs to accept Open Banking

The Paypers

The Central Bank of Nigeria (CBN) has demanded banks and other financial institutions in Nigeria to embrace opportunities represented by Open Banking to drive financial inclusion in the country, according to The Will.

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PNC Financial CEO ‘confused’ about market’s recession worries, impact on banks

American Banker

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Mastercard Engage programme upgrades to include Open Banking services

The Paypers

Mastercard has announced an expansion of its Engage partner network to offer access to technology partners that can build and deploy Open Banking solutions for payments and lending services.

Lending 37
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Latest banking news

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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Worldline and Casio partner to simplify card acceptance in Japan

The Paypers

Global fintech for payment services Worldline has entered a strategic partnership with Casio Computer to facilitate card payments and cashless shopping in Japan.

Cards 34
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Citi gets a lift from treasury, trade solutions

American Banker

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EQ Bank, Flinks partner for Open Banking

The Paypers

EQ Bank , powered by Canada-based challenger bank Equitable Bank , has partnered with Open Banking service provider Flinks to enable EQ Bank customers the ability to share their financial data securely with third-party fintech applications of their choosing.

Fintech 31
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Citi profits fall, but beat estimates as volatility spurs trading

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.