Payments Dive
DECEMBER 28, 2020
2020 was a difficult year in many aspects, but it also challenged the payments industry to find new solutions to work through the limitations of the pandemic. Seth Brennan, CEO of North Lane Technologies, a payments industry veteran, shares his thoughts on the year ahead
PYMNTS
DECEMBER 28, 2020
Digital currencies could render the SWIFT global payments network unnecessary, RT.com reported, citing the Central Bank of Russia (CBR). Olga Skorobogatova, first deputy governor of the CBR, said 30 countries are working on their own national digital currencies, some of which could launch in five to seven years. According to the Bank for International Settlements (BIS), as of July, some 36 central banks published studies on the concept of a central bank digital currency (CBDC) also known as a di
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Perficient
DECEMBER 28, 2020
Today, with several mobile apps out there, the app ratings and reviews conjointly play a very important role for an end user in downloading the mobile apps. Hence, it’s primarily vital that the mobile app automation testing ought to be done throughout the mobile app development phase to confirm the app is absolutely tested with effective mobile automation testing tools.
PYMNTS
DECEMBER 28, 2020
As the distribution of the COVID-19 vaccine continues to roll out to medical workers and high-risk populations, the Financial Crimes Enforcement Network (FinCEN) is asking financial institutions to be extra vigilant when it comes to cybersecurity. . “Already, fraudsters have offered, for a fee, to provide potential victims with the vaccine sooner than permitted under the applicable vaccine distribution plan,” FinCEN said in a statement on Monday (Dec. 28).
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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
Payments Source
DECEMBER 28, 2020
The year 2020 was disruptive and chaotic. And while it derailed or delayed some companies' plans for growth, it also created opportunities for new combinations — or, at the very least, didn't slow them down.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Source
DECEMBER 28, 2020
JPMorgan Chase is buying Stamford, Conn.-based cxLoyalty, a major credit card loyalty platform, in a bid to enrich its own card loyalty programs when travel resumes following the global pandemic.
PYMNTS
DECEMBER 28, 2020
Nacha is issuing a warning to accounts payable professionals with regards to the rising threat of fraud. In a recent announcement, Nacha said that a survey it conducted in collaboration with Blueflame Consulting and Research revealed the accounts payable department's growing exposure to fraud risks, the result of challenges in maintaining and verifying data, vendor on-boarding, and other manual tasks.
Payments Source
DECEMBER 28, 2020
The permanent shift to digital also requires changes in how firms communicate with consumers, says Medallia's Diane O'Hara.
PYMNTS
DECEMBER 28, 2020
With an eye on the future of travel, J.P. Morgan Chase has agreed to acquire the rewards division of cxLoyalty Group Holdings , the companies announced in two press releases Monday (Dec. 28). The price of the transaction was not disclosed, but the deal is expected to be complete this week, CNBC reported. Todd Siegel , CEO of cxLoyalty Group Holdings, said in a statement that the transaction is “compelling” and will benefit all of the company’s stakeholders.
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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
BankInovation
DECEMBER 28, 2020
The big automation trends for 2021 are not surprising; robotic processing automation (RPA), artificial intelligence (AI), machine learning and natural language processing all top the list. What’s interesting, though, is how these technologies will combine in 2021 to create new opportunities — and challenges — on the path to automation and digitalization.
PYMNTS
DECEMBER 28, 2020
European FinTech company Unifiedpost Group has unveiled the acquisitions of BanqUP, AKTI and 21 Grams. The firm says that it continues to build out its “one-stop-shop platform” and grows its activities from 15 to 20 European nations with the transactions, according to a Wednesday (Dec. 23) announcement. “Fully aligned with the thoughtful M&A-approach of Unifiedpost Group, I am convinced that with these acquisitions we set the right steps to further create a pan-European platform for document
ATM Marketplace
DECEMBER 28, 2020
The effect COVID-19 has had on payments is something being studied across the industry. Bethany Ewin, principal, customer marketing, mobile payments lead, Deloitte Digital and Peter Pearce, senior manager of financial services strategy for Deloitte Consulting share their thoughts and data on how the pandemic changed the payments landscape.
PYMNTS
DECEMBER 28, 2020
Tesla is said to be supplementing its in-car music services beyond Spotify , adding Jay Z’s Tidal , Apple Music , Amazon Music and Amazon’s Audible to its native interface, Electrek reported Monday (Dec. 28). Most cars provide music and other streaming services by using Bluetooth to pair with the driver’s smartphone. The electric car maker, however, has instead built apps directly into the car’s center display, the report stated.
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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.
CFPB Monitor
DECEMBER 28, 2020
On December 18, 2020, the CFPB announced a consent order with Seterus, Inc. (Seterus), and its successor-in-interest, Kyanite Services, Inc. (Kyanite), based on findings of mortgage servicing violations. The consent order alleges the following violations by Seterus while it was in operation: Unfair acts or practices for failing to accurately review, process, track, and communicate to borrowers information regarding their loss mitigation applications; Deceptive acts or practices by sending loss m
PYMNTS
DECEMBER 28, 2020
The pandemic hit Bangladeshi clothing suppliers and the country's overall economy hard when British fashion retailers had to shut down, a report from The Times said. The garment sector is the largest part of the country's economy, representing over 95 percent of it, the report stated. The total canceled globally came out to $3.7 billion, according to the Bangladesh Garment Manufacturers and Exporters Association.
CFPB Monitor
DECEMBER 28, 2020
The Federal Trade Commission recently announced that it settled an action it filed against AppFolio, Inc. (“AppFolio”), regarding alleged unfair or deceptive acts or practices, in violation of Section 5 of the FTC Act, 15 U.S.C. § 45, and violations of multiple provisions of the Fair Credit Reporting Act (“FCRA”), 15 U.S.C. §§ 1681– 1681x, in connection with AppFolio’s sale of tenant background screening reports (Screening Reports) to landlords and property management companies.
PYMNTS
DECEMBER 28, 2020
Looking back, when we take stock of what happened and sift through the chaos and heartbreak of the year that was, we’ll see the seismic shifts that took place in 2020. I’d written back in January that “the 2020s promise to bring about a convergence of the technology and innovations that have defined the last 10 years — to bring about new disruptions as the web shifts into higher gear, mobile becomes ever more popular and vital, homes and automobiles become hotbeds of commerce.
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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.
CFPB Monitor
DECEMBER 28, 2020
The FDIC has issued a final rule setting forth the conditions it will impose and the commitments it will require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB). Along with the FDIC’s final rule regarding brokered deposits , the adoption of the final rule represents a significant development for fintech companies and other commerci
PYMNTS
DECEMBER 28, 2020
Discount supermarket retailer Save A Lot unveiled the sale of 51 retail locations run by the company in the Tampa, Florida market to existing Save A Lot Retail Partner licensee Fresh Encounter. The latter company will keep running the retail locations with the Save A Lot name, according to a Monday (Dec. 28) press release. “The Fresh Encounter family of companies has a culture that prioritizes being positive, appreciative and resilient and we are eager to onboard the new Florida associates,” Fre
CFPB Monitor
DECEMBER 28, 2020
On December 21, 2020, the CFPB issued an advisory opinion that addresses regulatory uncertainty related to certain aspects of special purpose credit programs (“SPCPs”) designed and implemented by for-profit organizations. The advisory opinion was issued as an interpretive rule that will be published in the Federal Register and therefore is exempt from the notice and comment rulemaking requirements of the Administrative Procedure Act.
PYMNTS
DECEMBER 28, 2020
It could be argued that for the retail industry to pull off a 3 percent uptick for holiday sales this year was an astonishing feat. After all, consumers were pushed onto digital platforms early in the season and then pushed again as the pandemic surged even as they risked post-holiday package arrival. Add to that a lack of government stimulus and a 6.7 percent unemployment rate.
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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.
American Banker
DECEMBER 28, 2020
Gilles Gade, one our community bankers to watch in 2021, led an effort that made Cross River Bank one of the biggest Paycheck Protection Program participants. He is ready for his team to pick up where it left off when the new stimulus package kicks in.
PYMNTS
DECEMBER 28, 2020
Travel and cost management company Navisteps has notched $1 million in a pre-seed round, with investment originating from angel investors, Phocuswire reported. “While expense and travel management solutions are not new, they traditionally target large enterprises. We hope to bring the benefits of expense and travel management solutions to small and medium-sized enterprises (SMEs) through a subscription-based pricing model,” Navisteps Co-founder Ken Tan said, as per the report.
Payments Source
DECEMBER 28, 2020
Covid-19 vaccine recipients in Los Angeles County, a major virus hot spot, will be offered a digital record that will help ensure they get a second shot and could, eventually, be used to gain access to concert venues or airline flights.
PYMNTS
DECEMBER 28, 2020
Bitcoin has had a good year despite numerous global challenges, becoming more popular than ever. But in doing so, it will now face more scrutiny from regulators, Bloomberg reported. Guy Hirsch , managing director for the U.S. at online trading platform eToro , said in the report there are "storm clouds" on the horizon for the form of currency. According to some proponents of bitcoin, the pandemic environment provided a perfect springboard from which a surge in cryptocurrency use could arise, Blo
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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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