Fri.May 14, 2021

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CFPB Issues Report on Consumer Use of Alternative Financial Services

CFPB Monitor

As part of its Making Ends Meet survey, the CFPB issued a report last week on how consumers use payday, auto title, and pawn loans (“alternative financial services” or “AFS”) and the other sources of credit available to them. Consumers surveyed include only those with a traditional credit record and the sampling focused on consumers with lower credit scores, recent credit delinquencies, or living in rural areas.

Report 78
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Weekly Wrap: Banks are targets for randsomware hackers

BankInovation

In this week’s episode of “The Buzz,” Bank Automation News explores the threat of randsomware attacks on financial institutions. Banks are facing the growing cybersecurity threat that shut down the Colonial Pipeline last week and the BAN team discusses how banks can avoid falling victim to similar attacks by ransomware hackers. In other news, emergent […].

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How Texas wants to use ATMs to stop human trafficking

ATM Marketplace

A Texas house bill aims to fight human trafficking by requiring operators to register white-label ATMs.

Texas 112
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Funding wrap: Fintech investors eye gains in open banking, RPA tools

BankInovation

Open banking fintechs and robotic process automation (RPA) firms continue to draw investor interest. This week’s funding rounds saw venture capital pouring into banking-as-a-service platforms and startups that aim to bring API-based data sharing to corporate treasury departments. Here are the highlights: FinLync Corporate treasury-focused fintech FinLync raised $16 million in its second funding round […].

Fintech 75
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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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ABA, Trade Groups Urge Support for CDFI Funding Increase

ABA Community Banking

The American Bankers Association and five other trade groups today urged House and Senate appropriations leaders to support $1 billion in funding for the Community Development Financial Institutions Fund in fiscal year 2022, with $100 million allocated for the Bank Enterprise Award Program. The post ABA, Trade Groups Urge Support for CDFI Funding Increase appeared first on ABA Banking Journal.

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Tell us: have you been affected by UK high street banks shutting down?

TheGuardian

Bank branches are closing down at an alarming rate in the UK. We would like to know how people who are reliant on these branches have been affected Banks are being closed down at an alarming rate. More than a third of the UK’s bank branches have shut for good in less than five years, while hundreds of those that remain have reduced their opening hours.

US 55
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Green Dot to buy tax refund unit from Republic Bank for $165M

Payments Source

Taxes 114
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Corporate default risk on the rise in Japan

The Banker

As some sectors struggle, banks’ provisions for loan losses are equivalent to just 0.3% of assets.

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Stripe's buys Bouncer to bring authentication pros in house

Payments Source

Fraud 104
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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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Insight Partners-Backed Stampli Raises $50M To Scale Its Invoice Management Software

CB Insights

Stampli , an accounts payable automation platform, has raised $50M in a Series C, with participation from Insight Partners, SignalFire, and Next World Capital, among others. How’s the company performing? California-based Stampli is an accounts payable platform that streamlines the invoicing process. It integrates with ERP systems such as SAP, NetSuite, Sage Intacct, and QuickBooks.

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Atlanta Fed raises flags about fintech's impact on financial inclusion

Payments Source

Atlanta 106
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Argentina instructs crypto exchanges to file transactions data

The Paypers

Argentina’s tax authority has ordered crypto exchanges to file transaction data on their customers in monthly reports.

Data 54
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Why Diem chose to be regulated in the U.S.

Payments Source

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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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dltledgers offers blockchain trade finance to SMEs

The Paypers

Singapore-based fintech dltledgers has launched a platform for small and medium enterprises (SMEs) to access trade financing from alternative financiers.

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Varo 'on track' to be profitable by 2023 even as losses pile up

Payments Source

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TAB Bank selects Volante Technologies for RTP network payments

The Paypers

US-based TAB Bank , a full-service digital bank that services SMEs, has selected Volante Technologies , to help it provide real-time payments over the RTP network.

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Green Dot to buy tax refund unit from Republic Bank for $165M

Payments Source

Taxes 78
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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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Asian Islamic finance plugs into fintech future

The Banker

Asia’s Muslim population is held back by the lack of faith-based financial services. With more countries recognising the need for sharia-compliant banking, fintechs are moving into this space.

Fintech 36
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Payments' tech wave requires a more proactive customer experience

Payments Source

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Former Radius chief brings fintech mentality to New York de novo

American Banker

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Square adds developer tools to boost sales and marketing

Payments Source

Tools 74
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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.

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Banks try online games, role-playing to teach soft skills

American Banker

Online 87
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Buy now/pay can be a pricing tool for retailers

Payments Source

Tools 73
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Varo 'on track' to be profitable by 2023 even as losses pile up

American Banker

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Prologis and ASCM launch global logistics certification program

The Paypers

US-based investment trust company Prologis has announced a partnership with the Association for Supply Chain Management ( ASCM ) to develop a certification program for logistics workers.

US 37
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Top 10 Benefits of Automating Closing Documents

In the fiercely competitive landscape of commercial lending, where FinTech's digital transformation initiatives take center stage, the complexities of loan documentation are constantly evolving. Today, automating closing documents stands as a crucial component in FinTech's top priorities, addressing challenges from compliance demands to managing fluctuating volumes during uncertain economic times.