Fri.Feb 23, 2024

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CFPB may take legal action against Block

Payments Dive

The bureau has informed the digital payment company it’s weighing legal action related to a Cash App probe.

Payments 459
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The gold revolution comes to ATMs

ATM Marketplace

Gold has long remained a stable asset and today that asset is coming to ATMs.

ATM 163
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Capital One-Discover deal carries $1.38B termination fee

Payments Dive

The fee would apply if Discover chooses another buyer or if either board has a change of heart, but not if regulators block the deal.

Capital 261
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Envestnet data and analytics revenue falls 7% YoY

BankInovation

Envestnet data and analytics revenue fell during its fiscal fourth quarter amid rumblings in December of a Yodlee sale. The wealthtech giant’s data and analytics revenue fell 7% year over year to $38.6 million during the quarter, according to its earnings presentation.

Analytics 113
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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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Google Pay app to be retired in US this year

Payments Dive

“To simplify the app experience, the U.S. version of the standalone Google Pay app will no longer be available,” the tech giant said in a Thursday blog post.

Google 308

More Trending

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Cash-strapped consumers turn to BNPL: Fed survey

Payments Dive

Consumers facing financial hardships turned to buy now, pay later services more last year than stable consumers, according to survey results from the Philadelphia Federal Reserve Bank.

Survey 171
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FinCEN proposes BSA reporting requirements for residential real estate

CFPB Monitor

On February 16, the Financial Crimes Enforcement Center (“FinCEN”) published a Notice of Proposed Rulemaking (“NPRM”) regarding residential real estate. The final version of the NPRM published in the Federal Register is 47 pages long. We have created a separate document which more clearly sets forth the proposed regulations themselves, at 31 C.F.R.

Report 78
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PayPal finance exec jumps to Flywire CFO seat

Payments Dive

Cosmin Pitigoi’s appointment comes six months after Flywire announced its long-time finance chief would be exiting.

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Standard Chartered chief’s pay jumps 22% as lender reports profit bump

TheGuardian

Bill Winters’ pay rises to £7.8m as bank says annual pre-tax profits rose by 19% in 2023 to £4bn • Business live – latest updates Standard Chartered has handed its chief executive his largest pay package in nearly a decade as the lender reported a jump in profits, despite bracing for up to £1bn in potential losses due to China’s property downturn. The profit bump helped push the longstanding chief executive Bill Winters’ pay up 22% to £7.8m – from £6.4m in 2022.

Report 88
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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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Jack Dorsey's plan to reshape Square

American Banker

After his aggressive cost-cutting raised profits above analysts' expectations, Block's CEO aims to retool several features of Square and Cash App to enable them to operate like a "social bank.

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Assisted Living Loans: Tailored Financing for Senior Care

Commercial Lending USA

The cost of assisted living can vary greatly depending on various factors, including location, type of care required, facilities supplied, and the individual facility.

Lending 82
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South African mobile operators combat fraud with GSMA initiative

The Paypers

Telecommunications operators Cell C , MTN , and Telkom have welcomed the launch of two universal APIs available in South Arica that combat fraud and digital identity theft.

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Cap One could dodge law requiring added processing capacity

BankInovation

Capital One could be excluded from the proposed Credit Card Competition Act of 2023 if its acquisition of Discover Financial Services goes through and the bank creates an in-house processor. Read more on the Capital One, Discover deal The proposed act, introduced in June 2023 by U.S. Sen.

Capital 67
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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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Lloyds to face AML controls investigation

The Paypers

The Financial Conduct Authority (FCA) of the UK has initiated an investigation into Lloyds Banking Group ’s Anti-Money Laundering (AML) controls.

Groups 83
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It's time to revamp the call report's archaic handling of CRE loans

American Banker

The quarterly filings ought to include far more detailed breakdowns of banks' commercial real estate loan portfolios, including the crucial distinction between owner-occupied properties and rentals.

Report 69
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Ripple partners with Commercial International Bank (CIB)

The Paypers

Egypt-based Commercial International Bank has partnered with Ripple to implement blockchain technology aiming to enhance the efficiency of cross-border payments.

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Deepening downturn in U.S. agriculture economy red flag for banks

American Banker

The USDA forecasted farm profits will plunge 26% this year, potentially creating credit quality challenges for lenders.

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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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Google Pay to launch SoundPod in India

The Paypers

Google has announced its plans to launch the SoundPod, its portable speaker developed to validate and announce successful payments instantly, to SMEs across India.

Google 53
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Tenn. bank is latest to be penalized over banking as a service

American Banker

An FDIC enforcement action against Lineage Bank is part of a wave of cases involving banks that have partnered with fintechs in recent years.

FDIC 48
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Zum Rails secures USD 7.78 mln Series A funding round

The Paypers

Canada-based payments gateway Zum Rails has raised USD 7.78 million to expand its all-in-one payments gateway, including new Banking-as-a-Service offerings.

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The DOJ doubles down on AI, HTLF's CEO announces retirement

American Banker

The Department of Justice appoints Jonathan Mayer as its first chief AI officer, HTLF's CEO Bruce Lee plans to retire, Wilmington Trust's Doris Meister will step down in May, and more in the weekly banking news roundup.

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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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Prove Identity partners with TargetData

The Paypers

Prove Identity has announced its partnership with TargetData in order to continue its expansion in Brazil and provide customers with its suite of solutions.

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Green Dot partners with Dayforce

The Paypers

US-based digital bank and fintech Green Dot Corporation has announced its collaboration with Dayforce , serving as the banking provider for the Dayforce Wallet.

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Griffin launches Foundations, an embedded banking programme

The Paypers

UK-based API-first bank Griffin has launched Foundations, a programme for UK companies to integrate financial products with BaaS solutions.

Company 45
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Rawcaster partners with iDenfy

The Paypers

iDenfy has announced collaborating with Rawcaster , a social media platform designed for influencers and their fans, aiming to increase influencer security.

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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.