Wed.Jun 30, 2021

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Movers and Shakers: Truist gets new investment banking head, Jack Henry hires new sales lead

BankInovation

First Internet Bancorp, Truist Securities and City National Bank were among the financial institutions that announced fresh hires and shuffled executives this month: City National Bank taps Montanez for private banking City National Bank, a subsidiary of Toronto-based Royal Bank of Canada, has hired Abel Montanez to lead the bank’s private banking businesses.

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Fed Official Casts Doubt on Digital Dollar

Banking Exchange

Randal Quarles “skeptical” of the proposed benefits of a Federal Reserve-backed digital currency Risk Management Technology Payments Feature3 Feature Bitcoin Cryptocurrency Blockchain.

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Germany Thwarts Cyberattack, Denies Impact on Banking System

BankInovation

German authorities thwarted a cyberattack on a data service provider used by federal agencies and pushed back on a report that a broad assault targeted critical infrastructure and banks. The attempt was quickly dealt with and impact on service was “very marginal,” Interior Ministry spokesman Steve Alter told reporters on Wednesday, adding that it was […].

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Banks Raise Dividends After Fed Stress Tests

Banking Exchange

Federal Reserve stress test results find all 23 banks clear minimum risk levels, prompting buybacks and dividend increases Feature The Economy Management Compliance Feature3.

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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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The Fed’s Quarles points to downsides of digital currency  

BankInovation

U.S. Federal Reserve Vice Chair for Supervision Randal K. Quarles made disparaging remarks about a potential U.S. central bank digital currency (CBDC) on Monday, pointing to the risk involved with its rollout during a speech at the 113th annual Utah Bankers Association Convention in Sun Valley, Idaho. A CBDC could have a significant impact on […].

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DeFi market size stays below USD 48 bln

The Paypers

The DeFi market size stood at below USD 48 bln at the end of June 2021, a large 45% plunge compared to May 2021 figures, according to data presented by BlockArabia.com.

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Financial literacy platform Kikoff slam dunks with $42M in funding, Steph Curry backing

BankInovation

A personal finance platform backed by basketball star Steph Curry this week announced it has raised $30 million in fresh funding. The San Francisco-based Kikoff was founded in 2019 with the goal of helping consumers both establish credit history and continue to build credit.?The company offers a $500 revolving line of credit to customers, many […].

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10 simple, cost-effective steps small business owners can take to fight fraud

FirstInternet

We are always on the lookout for information that can benefit our customers and partners. Here is a list of 10 simple, cost-effective steps small business owners can take to prevent fraud, or mitigate its effects in their operations if it does occur. These tips are both timely and provide practical suggestions to help combat the increasing wave of fraud hitting small businesses: Hire carefully: According to PwC’s Global Economic Crime and Fraud Survey, internal staff accounts for 37 percent of

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E-commerce Merchants to Get Paid After Confirming Product Delivery

FluentBanking

The Bangladesh Bank gave payment instructions through a circular on Wednesday introducing a provision of penalty for digital commerce merchants for providing wrong information about product delivery. The circular will come into effect immediately. According to the circular, payment gateways -- banks, mobile financial service providers, payment service providers and payment system operators -- will release customer money after being confirmed of the product delivery.

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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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Slovakia's Largest Commercial Bank Invests In Lending Decision Optimization

FICO

Lending Improved With Data-Driven Decisions. Slovenská sporite??a , the largest commercial bank in Slovakia, has chosen FICO® Decision Optimizer to increase profitability and improve portfolio management for its cash loan portfolio. Using FICO’s advanced AI-powered optimization , the bank will develop data-driven lending strategies to systematically improve results.

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50+ Companies Pushing Buy Now, Pay Later Across The World

CB Insights

Buy now, pay later (BNPL) companies — which offer online and in-store financing options at the point of sale — are emerging across the globe and gaining momentum with investors. So far in 2021, BNPL players have already set an annual funding record with over $2.1B in equity funding across 20 deals. The BNPL market is growing beyond typical e-commerce categories like apparel & beauty into sectors including healthcare, travel, entertainment, and home improvement.

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Southern Bank's Rewards Checking Account Available in AR, IL, and MO

BankDeals

Southern Bank's new competitive rewards checking account, Southern Advantage, is available to residents of Arkansas, Illinois, and Missouri.

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This Invus Group-Backed Company Raises $200M To Help Consumers Access Credit

CB Insights

ClearScore, a credit-scoring fintech company, has raised $200M with participation from Invus Group. HOW’S THE COMPANY PERFORMING? London-based ClearScore is a fintech marketplace that helps consumers find credit cards and loans tailored to their credit scores. It reportedly caters to 14M customers (11M in the UK alone), with operations spanning 3 continents – Australia, Europe, and Africa.

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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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QR code payment app tomato pay to offer low-cost digital payment option for SMEs

The Paypers

A new QR-code payment and invoicing app, tomato pay, has launched to offer an easy and affordable way for small businesses and sole traders to receive digital payments from their customers.

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This Tiger Global-Backed Company Raised $50M To Help Real Estate Agents Build Their Own Brands

CB Insights

Side , a real estate technology company, has raised $50M in a Series D continuation round with participation from Tiger Global Management, ICONIQ Capital, and D1 Capital Partners. How’s the company performing? California-based Side is a a real estate technology firm that helps agents, teams, and independent brokerages build their own brands. It garnered between $30M-$50M in revenue in 2020 and expects to double its revenue this year.

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Scams accounted for 59% of blocked user-generated malicious content within Sift's network in Q1 2021, report finds

The Paypers

Sift has released its Q2 2021 Digital Trust & Safety Index report , which revealed that scams accounted for 59% of blocked user-generated malicious content within Sift’s network during the first quarter 2021.

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This Tencent Holdings-Backed Company Raised $121M To Launch A Digital Bank In The Philippines

CB Insights

PayMaya , a Philippines-based payments and financial services platform, has raised $121M with participation from Tencent Holdings, KKR, International Finance Corporation, among others. HOW’S THE COMPANY PERFORMING? Philippines-based PayMaya, which is owned by Voyager Innovations, offers a slew of fintech services, such as a digital wallet, bill payments, and bank transfers.

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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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Ghana International Bank, Backbase to accelerate digital innovation

The Paypers

UK-based pan-African bank Ghana International Bank (GHIB) has partnered with technology provider Backbase.

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Banks set to move in on credit unions' cannabis turf

American Banker

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Australian banks sign partnership with Adatree to enter the Consumer Data Right Regime

The Paypers

A consortium of 20 Australian banks and credit unions have agreed to enter the Consumer Data Right Regime after signing a partnership with Open Banking intermediary Adatree.

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What will it take for open banking to take hold in the U.S.?

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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Banq launches new app store

The Paypers

Banq , a Belgium-based startup, has announces the launch of their newest app store, openbankingusecases.com , as part of the Open Banking Tracker.

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Why in-store branches merit a second look

American Banker

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Logiq, Mentalku partner to offer mobile payment services to driver license applicants across Indonesia

The Paypers

Logiq has partnered with Mentalku, a government-licensed provider of psychological testing required for driver license applications in Indonesia, to offer a mobile payment option for its testing services.

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Capital One says two workdays each week will be fully virtual

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.