Thu.Aug 19, 2021

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Strategies to accelerate cloud adoption

Accenture

Banking on the skills to support cloud To stay competitive and effectively drive digital transformation agendas, banks must dramatically accelerate their move to the cloud. At the same time, they must grapple with key issues such as the critical need for next-generation skills and talent management at scale, innovating delivery models and mastering new ways….

Strategy 338
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File Integrity Monitoring: What It Is and Why You Need It in Your Cybersecurity Arsenal

Jack Henry

What is File Integrity Monitoring (FIM)? FIM is a technology that monitors and detects changes in files that may indicate a cyberattack. Unfortunately, for many banks and credit unions, FIM mostly means noise: too many changes, not enough context around these changes, and very little insight into whether a change actually poses a risk. FIM is a critical security control, but it must provide sufficient insight and actionable intelligence.

Security 148
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Jack Henry CEO David Foss shares technology wins for fiscal year

BankInovation

An automated database migration for core platform Episys and a toolkit with APIs for third-party solutions for digital banking suite Banno were among the technology deliverables touted by Jack Henry CEO David Foss during Wednesday’s earnings call. At the top of Foss’ list was an automated data migration delivered by Symitar, a division of Jack […].

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Lloyds plans big move into UK rental market with 50,000 homes

TheGuardian

Banking group joins other high street names seeking a fresh income at a time of record low interest rates It is already the UK’s largest mortgage lender, and now Lloyds Banking Group aims to become one of its biggest private landlords, with a target of buying 50,000 homes in the next 10 years. Lloyds is the latest big name on the high street to move into the property market: last month it emerged that the retailer John Lewis was considering plans to build 10,000 rental homes over the next decade

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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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BofA gets record patents as lender focuses on machine learning

BankInovation

Inventors at Bank of America Corp. kept originating ideas, leading to a record-setting first half of the year, even while continuing to work from home. The U.S. Patent and Trademark Office granted the lender 227 patents in the first six months of 2021, up 23% from a year earlier, Bank of America said in a […].

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Robinhood technology and development costs surge 248% YOY

BankInovation

Trading app Robinhood’s technology and development spend is up 248% year over year to $156 million or 28% of total net revenues, the company reported during Wednesday’s earnings call. The Menlo Park, Calif.-based Robinhood also reported record total net revenues of $565 million in Q2, up 131% year over year. A chunk of that was […].

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CA DFPI issues draft rules to implement CCFPL provisions on complaint handling, UDAAP definition for commercial transactions

CFPB Monitor

The California Department of Financial Protection and Innovation (DFPI) has issued an invitation for comments from interested parties on draft rules to implement certain provisions of the California Consumer Financial Protection Law (CCFPL) which became effective on January 1, 2021. The CCFPL provisions that the draft rules would implement deal with (1) procedures for a covered person or service provider to respond to consumer complaints and inquiries , and (2) the definition of unfair, decepti

CA 78
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Facebook digital wallet Novi is ready for market launch

The Paypers

Facebook has announced it will launch the Novi digital wallet tied to the Diem blockchain-based payment system, having received the necessary regulatory clearances.

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This CrossCut Ventures-Backed Startup Raised $548M To Enhance Its Worker Payment Platform

CB Insights

Branch , a worker payment software provider, has raised $48M in a Series B funding round — with participation from Drive Capital, CrossCut Ventures, and Bonfire Ventures, among others — and $500M in a line of credit from Neuberger Berman. HOW’S THE COMPANY PERFORMING? Minneapolis-based Branch offers accelerated payments, digital wallets, and a zero-fee bank account that grants workers instant access to wages and personal finance tools.

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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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‘Taper tantrum’ by stock markets points to gaps in the easy recovery story | Nils Pratley

TheGuardian

Cheap money, the Delta variant and China’s sluggish performance add up to tough times ahead Financial markets these days react to any whiff of tighter monetary policy in the US, so a little drama on Thursday was par for the course after the US Federal Reserve’s minutes suggested the winding-down of the huge pandemic stimulus programme could start soon.

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This Octopus Venture-Backed Sub-Saharan African Financial Data API Company Raised $15M To Scale Its Platform Capabilities

CB Insights

Pngme , a fintech startup, has raised $15M in a Series A. The round drew participation from Octopus Ventures, Lateral Capital, Unshackled Ventures, Raptor Group, and Two Small Fish Ventures among others. HOW’S THE COMPANY PERFORMING? California-based Pngme helps fintech and financial organizations implement data infrastructure and machine learning models to collect, analyze, and use financial data.

Data 62
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Japan's Liquid hit by USD 94 mln hack

The Paypers

Japanese cryptocurrency exchange Liquid has announced it was hit by hackers in a theft estimated to top USD 94 million, in the latest targeting of a crypto platform.

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Northern Star Credit Union (VA) Long-Term CDs Have Competitive Rates

BankDeals

Northern Star Credit Union (VA) offers very competitive rates on its 48- and 60-month Share Certificates. $1k minimum opening deposit, with no stated balance cap.

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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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Just Eat Takeaway.com, Adyen team to issue cards for corporate expense programmes

The Paypers

Netherlands-based payments platform Adyen has announced that online food delivery marketplace Just Eat Takeaway.com will implement its card issuing solution.

Cards 45
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Michigan credit union to prohibit most masks in branches

American Banker

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TikTok and Shopify launch self-serve advertising platform for Kiwi SMBs

The Paypers

Social platform TikTok and ecommerce platform Shopify have announced launching an update to its TikTok For Business in New Zealand in the shape of TikTok For Business Ads Manager.

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Addition Financial (FL) Offers $300 Checking Account Bonus

BankDeals

Addition Financial (22 Florida counties) is currently offering a $300 bonus to new members who open a new Choice Checking account.

Florida 40
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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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Credit Karma integrates Intuit QuickBooks

The Paypers

Credit Karma , a consumer technology, has announced its integration of Credit Karma Money and Intuit QuickBooks Online Payroll.

Online 54
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New York enacts law to curb overdraft fees

American Banker

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Thailand, Indonesia debut cross-border QR payment linkage

The Paypers

The central banks of Thailand and Indonesia have launched a cross-border QR payment linkage between the two countries.

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TD names retail and finance exec Mary Winston to U.S. board

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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Instalment payments provider Splitit launches Splitit InStore

The Paypers

US-based Buy Now, Pay Later operator Splitit has announced the launch of its new Splitit InStore product to offer online and in-store instalment payment options.

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Okla. man lied about pot business to open bank account, U.S. attorney says

American Banker

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Commonwealth Bank launches Buy Now, Pay Later product StepPay

The Paypers

Commonwealth Bank has announced the launch of StepPay , a Buy Now, Pay Later product with no interest-fees and that can be used anywhere Mastercard is accepted.

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Gas stations aren't pumped about Mastercard's magstripe phaseout

American Banker

Retail 78
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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.