Wed.Mar 01, 2023

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3 trends to watch at Bank Automation Summit US 2023

BankInovation

CHARLOTTE – Bank Automation Summit U.S. 2023 kicks off Thursday with panelists from Fifth Third Bank, Truist Financial and Wells Fargo taking the stage to discuss data expandability issues through cloud technology at the Westin Charlotte in Charlotte, N.C.

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CFPB’s fate at stake in Supreme Court case

Payments Dive

The high court’s decision could set a precedent for future actions, challenging everything the CFPB has done, said Scott Pearson, a partner in Manatt's consumer financial services practice.

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Podcast: Building banker skills with cross-generational learning

ABA Community Banking

As a bank leader, Alicia Wade notes that we're at a unique moment that won't recur for many years: having four generations, from Baby Boomers to Gen Z, working alongside each other. The post Podcast: Building banker skills with cross-generational learning appeared first on ABA Banking Journal.

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Shift4 adds PayPal’s checkout tools

Payments Dive

Shift4 will promote the digital payments giant’s checkout capabilities to merchants and receive a share of revenue for any PayPal checkout.

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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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DFPI releases modified proposed California Consumer Financial Protection Law regulations addressing certain commercial transactions

CFPB Monitor

On February 24, 2023, the California Department of Financial Protection and Innovation (“DFPI”) released a Notice containing modifications to previously proposed regulations addressing the Consumer Financial Protection Law (“CFPL”). The CFPL, in addition to its consumer focused provisions, contains UDAAP and reporting rules regarding certain commercial financial products and services offered to “covered entities,” which is defined to include small businesses, nonprofits, and family farms whose

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FCC considering new requirements for blocking text messages and new limits on text message senders

CFPB Monitor

The Federal Communications Commission (FCC) has issued a Report and Order and Further Notice of Proposed Rulemaking that would impose new requirements for the blocking of text messages by mobile wireless providers and propose new limitations on senders of text messages. The document has been circulated for consideration by the FCC at its March 2023 open meeting and the FCC’s ultimate resolution of the issues is subject to change.

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UK fintech firm Revolut’s much-delayed accounts reveal first annual profit

TheGuardian

Company criticised for late filing made profit of £26.3m in year to December 2021 Revolut, the UK’s most valuable fintech company, which has faced a string of controversies, has turned its first annual profit, much-delayed accounts reveal. The company has been praised as a high-growth success story by leading UK politicians including the chancellor, Jeremy Hunt, but it has also been criticised for the late filing of accounts, as well as EU regulatory breaches and fines.

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CFPB and FTC issue request for information on background screening in connection with rental housing

CFPB Monitor

The Consumer Financial Protection Bureau and Federal Trade Commission issued a request for information (RFI) yesterday seeking comment on “background screening issues affecting individuals who seek rental housing in the United States, including how the use of criminal and eviction records and algorithms affect tenant screening decisions and may be driving discriminatory outcomes.” .

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Intrum partners with Fabit to strengthen financial literacy

The Paypers

Digital financial coach Fabit has announced partnering with Intrum in order to strengthen financial literacy amongst young people in Germany.

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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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Tech expenses up 22% YoY at RBC

BankInovation

Royal Bank of Canada’s (RBC) discretionary and tech-related expenses jumped 22% year over year to $190 million during the first quarter as the bank focused on improving its technology and infrastructure “in support of business growth and product innovation,” according to its earnings presentation Wednesday. WHY IT MATTERS: The $1.

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US updates AML laws to create new database

The Paypers

In an effort to fight money laundering, the United States Congress has passed the Corporate Transparency Act (CTA) as part of its anti-money laundering efforts.

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First Fidelity Bank, Episode Six launch BaaS solution

BankInovation

Oklahoma City-based First Fidelity Bank launched a banking as a service solution (BaaS) Tuesday in development with global payments and banking infrastructure fintech Episode Six. The solution supports embedded finance with low cost, quick to deploy architecture and real-time payment offerings, according to an Episode Six release.

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Bank of Canada explores CDBC use for offline payments

The Paypers

The Bank of Canada has released a research note that explores the use of CDBCs for offline payments in various scenarios.

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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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Banks should prioritize these 3 tech projects amid tightening budgets

BankInovation

As a potential recession looms and inflation persists, individuals and organizations across the U.S. and globally are feeling pressures from the current macroeconomic environment. Banks are not immune to these challenges.

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Visa and Mastercard halt crypto partnerships due to market conditions

The Paypers

Visa and Mastercard have decided to wind down their partnerships with crypto firms due to the current state of the crypto industry.

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Measure Twice, Cut Once: Quantifying the Value of Automation Programs

BankInovation

The old carpentry saying “measure twice, cut once” is a reminder to make doubly sure that you know exactly what size you need from your lumber before you take out your saw. It aims to keep you from making mistakes, from cutting pieces that don’t fit properly, and ultimately, from wasting time and money.

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Mobey Forum to explore digital wallet opportunities beyond payments

The Paypers

Finland-based Mobey Forum has launched a Digital Wallet Expert Group to help FIs explore emerging wallet use-cases and assess strategic options for commercial applications.

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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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Why I Hate Account-Based Ticketing

Tomorrow's Transactions

I hate Account-Based Ticketing. Well, not the technology. I just hate the name. With Account-Based Ticketing, or ABT, riders simply tap a contactless card or bar code or some other form factor at a terminal. That form factor provides a unique identifier to the account that is stored in the back office. The terminal then… Continue reading Why I Hate Account-Based Ticketing The post Why I Hate Account-Based Ticketing first appeared on Consult Hyperion.

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Resistant AI makes its services available on Google Cloud

The Paypers

Artificial intelligence and machine learning security company Resistant AI has decided to make its services available through Google Cloud Marketplace.

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Employee Spotlight: Becca Cooper

Image Works Direct

Meet Becca Cooper, our Senior Copywriter at image.works! She grew up in Burr Ridge, Illinois, and attended Denison University, earning her BA in Creative Writing and Psychology. She has skillfully applied her writing skills at image.works for the last five years.

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Elo and Felix announce mobile payments integration

The Paypers

Interactive solutions provider Elo and paytech Felix have announced the integration of the Felix.Terminal Tap to Pay cloud-based solution with the Elo’s M50 Mobile Computer.

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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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Citizens finds buy now/pay later opportunity in home technology

American Banker

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1Kosmos DevX simplifies verification and passwordless MFA processes

The Paypers

US-based authentication company 1Kosmos has announced that its 1Kosmos DevX platform will work with existing and new applications in a simplified process.

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Latest global payments news

American Banker

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JCB enables contactless payment acceptance at Red Lines in Bangkok

The Paypers

Japan-based global payment brand JCB has launched a contactless fare payment service starting at the SRT Red Lines transit system in Bangkok, Thailand.

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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.