Bank Innovation
DECEMBER 23, 2019
Bank of the West is currying favor among customers who care about environmental sustainability. The bank, which is a U.S. subsidiary of BNP Paribas, is launching a new checking account in early 2020 called 1% for the Planet that will show customers the carbon footprint of their purchases. The product launch is appealing to consumers […].
PYMNTS
DECEMBER 23, 2019
Policy advisers at a leading think tank said that China should introduce a regulatory framework for artificial intelligence in the finance sector, according to a report from Reuters on Sunday (Dec 22). The same framework should be in place to improve technology used by regulators in efforts to strengthen supervision throughout the industry, the think tank also says.
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Bobsguide
DECEMBER 23, 2019
According to The World Bank, 1.7 billion people globally don’t have access to the most basic financial services. Without access to savings and credit, economic mobility is next to impossible - leaving the unbanked trapped in a cycle of poverty. This is a huge issue not only for developing.
PYMNTS
DECEMBER 23, 2019
Visa is teaming up with TD Bank to introduce a new solution to ease money transfers between Canadian and U.S. accounts, Visa announced Monday (Dec. 23). . Powered by Visa Direct, the latest solution — TD Bank (US) to TD (Canada) Transfer — enables real-time transfers for Canadian users to move money from their U.S. TD Bank accounts quickly and easily. .
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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
CFPB Monitor
DECEMBER 23, 2019
The OCC has appealed to the Second Circuit from the district court’s final judgment entered in October 2019 in the lawsuit filed by the New York Department of Financial Services seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies. In the final judgment, the district court denied the OCC’s motion to dismiss and found that the term “business of banking” as used in the National Bank Act “unambiguously requires receiving deposits as an aspect of
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Source
DECEMBER 23, 2019
The Federal Trade Commission has filed a lawsuit against FleetCor Technologies and its CEO Ronald Clarke, alleging they used deceptive practices that defrauded its business customers of hundreds of millions of dollars in fees and false claims about fuel savings.
PYMNTS
DECEMBER 23, 2019
Payments company PayPal recently acquired Chinese payment platform GoPay, and it wants to continue to complete such deals, according to a report by The Wall Street Journal. The company wants to pursue acquisitions throughout 2020. “There’s a lot of opportunities to acquire companies inorganically,” Chief Financial Officer John Rainey said. The GoPay deal, which was the acquisition of a 70 percent stake in the company, was completed Dec. 19.
Payments Source
DECEMBER 23, 2019
The U.S. District Court in New York has issued final approval of an estimated $6.2 billion settlement in the merchants' class-action lawsuit over swipe fees, a 15-year-long case against Visa and Mastercard. But the struggle between merchants and the card brands doesn't end here.
PYMNTS
DECEMBER 23, 2019
A 22-year-old Turkish man from London was convicted of attempting to blackmail Apple out of $75,000 in cryptocurrency or a thousand $100 iTunes gift cards by falsely claiming he had access to iCloud and other Apple accounts, various outlets reported on Monday (Dec. 23). The National Cyber Crime Unit of the U.K.’s National Crime Agency (NCA) arrested Kerem Albayrak at his London home on March 28, 2017.
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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
Payments Source
DECEMBER 23, 2019
To compete and remain relevant in 2020 and beyond, organizations must rapidly develop, test and deploy innovative new products and services in increasingly larger amounts, says Paragon Application Systems' Steve Gilde.
PYMNTS
DECEMBER 23, 2019
Mastercard is purchasing artificial intelligence (AI) and analytics startup RiskRecon to accelerate the development of cybersecurity solutions, Mastercard announced on Tuesday (Dec. 23). Cyberattacks have become a critical issue for companies of all sizes and a threat to privacy and data security. Data breaches and ransomware attacks jeopardize customers’ records and trust.
Payments Source
DECEMBER 23, 2019
Targeting about 1.5 million Canadians who routinely visit the U.S. for extended periods — especially during the winter — TD Bank is collaborating with Visa to enable debit push payments for easier cross-border funds movement.
PYMNTS
DECEMBER 23, 2019
Indonesia has announced it’s going to reduce the threshold for taxing imported eCommerce consumer goods from $75 to $3, to help control the purchases of cheap foreign goods and help protect smaller Indonesian firms, according to a report by Reuters. Overseas shipments to the country continue to grow, with eCommerce purchases hitting a milestone of 50 million packages shipped to the country so far this year, compared to 19.6 million last year and 6.1 million a year prior to that.
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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.
Payments Source
DECEMBER 23, 2019
Mastercard is working to build its risk-monitoring arsenal by buying RiskRecon, which offers tools measuring threats introduced by third parties, including vendors.
PYMNTS
DECEMBER 23, 2019
To thrive in the eCommerce age as it contends with Amazon , Walmart is planning to make its supercenters the heart of a network of businesses operating together to drive profits and bring in customers, The Wall Street Journal reported. Walmart President and CEO Doug McMillon said during a strategy meeting that supercenters are the focus of the company’s plan.
Matt Wilcox Pro
DECEMBER 23, 2019
You’ll recall that online merchants pulled in $7.4 billion in sales on the day following Thanksgiving. Biggest online Black Friday to date. Thanks to Fiserv’s 2019 SpendTrend® Holiday Snapshot, we now know a bit more. For instance, “…spending via mobile wallets increased more than 80%, as consumers continue adopting new payment methods.” Also: “Black Friday brick-and-mortar sales were [.
PYMNTS
DECEMBER 23, 2019
Reputation is essential for all businesses, especially those focused on bringing in new patrons. Companies that accumulate positive reviews can more easily appeal to fresh consumers, after all. This principle holds for travel market businesses that rely on positive online feedback to attract customers. The process’s high stakes mean travel-adjacent businesses, such as hotels, restaurants and tour groups, need to feel confident that the reviews available are accurate.
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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.
Payments Source
DECEMBER 23, 2019
The first line of defense is to not pay the ransom. Then a layered approach to security and recovery plan can ward off the crooks, says Nominet's Stuart Reed.
PYMNTS
DECEMBER 23, 2019
Netflix started the decade with a subscription mail DVD service with 12 million subscribers paying $9 a month for the privilege. It ended the decade as the best performing stock of the whole period, with a more than 4,000 percent return, according to CNBC. If someone had invested $1 million in Netflix on Jan. 1 2010, it would be worth almost $43 million today.
ABA Community Banking
DECEMBER 23, 2019
There's a clear business case for offering Bank On-certified accounts as a way for financial institutions to both serve the unbanked and grow their banks. The post Data Sharing Pilot Strengthens Marketplace for Unbanked appeared first on ABA Banking Journal.
PYMNTS
DECEMBER 23, 2019
The Reserve Bank of India (RBI), in a move to protect the interests of consumers, has passed a regulation that says the allowable exposure of a lender to all of its borrowers should not go over Rs 50 lakh ($70,000) at any time on a peer-to-peer (P2P) platform, according to a report by Business Insider. “On a review, it has been decided that the aggregate exposure of a lender to all borrowers at any point of time, across all P2P platforms, shall be subject to a cap of [Rs 5,000,000] provided that
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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 23, 2019
BBVA USA said Monday that Susana Valencia will retain her job as Laredo City president while also overseeing commercial banking operations in its Texas border and Gulf Coast markets.
PYMNTS
DECEMBER 23, 2019
SoftBank’s negotiations with Japan’s three dominant lenders to procure $3 billion as part of a $9.5 billion WeWork bailout have been hindered by lending limits, Reuters reported on Monday (Dec. 23), citing sources. Mitsui Financial Group — Japan’s biggest lender and one of the world’s largest banks by assets — along with Mizuho , the country’s second-largest, and Sumitomo , have all hit a ceiling on the amount of money that can be loaned to one company, two sources told the newswire. .
FICO
DECEMBER 23, 2019
“It Could Happen to You” might be one of the cheesiest movies of the 1990s (71% on Rotten Tomatoes) but in making my fraud predictions for 2020, the title has an ominous ring to it. Unlike the movie’s lucky lottery-winning Nicolas Cage, “it could happen to you” means that you, a family member, or someone you know will be a victim of a scam or other major fraud this coming year.
PYMNTS
DECEMBER 23, 2019
A Mexican food chain in the U.K. called Chilango turned to an unlikely source to fund expansion recently: its customers. The chain promised returns of 8 percent a year and free food for life, according to a report by the Financial Times. The company expanded rapidly, but then it hit a snag and had to file for a company voluntary agreement, which means it had to restructure to be able to drive down its debts.
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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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