Fri.Mar 10, 2023

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Sap Fioneer launches Fioneer Financial Control solution

The Paypers

Financial services software provider Sap Fioneer has launched the Fioneer Financial Control solution to minimise accounting costs.

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Affirm courts Amazon for more business

Payments Dive

Even as it angles for an increase, the buy now, pay later provider’s CFO acknowledged Thursday that its juggernaut e-commerce partner has other BNPL options.

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What's the deal with cashless ATMs for cannabis?

ATM Marketplace

Cashless ATMs have been in the news cycle regularly, particularly in the cannabis space. These are more or less point-of-sale devices that mimic ATMs, but the devices can also land merchants in trouble as they violate ATM network rules.

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February retail, restaurant sales rise: Mastercard

Payments Dive

U.S. retail sales climbed about 7% in February over last year, alongside increases in restaurant and travel spending, Mastercard said in a report.

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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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CFPB Seeks Input on Regulatory Flexibility Act Assessment of Mortgage Loan Originator Rules

CFPB Monitor

The CFPB recently announced that it is conducting a review of the Regulation Z mortgage loan originator rules under the Regulatory Flexibility Act (RFA) and is seeking comments on the economic impact of the rules on small entities. The CFPB advises that “[t]hese comments may assist the Bureau in determining whether the Loan Originator Rules should be continued without change or amended or rescinded to minimize any significant economic impact of the rules upon a substantial number of such small

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CFPB announces Memorandum of Understanding with NLRB for sharing information to further joint efforts to protect workers

CFPB Monitor

The CFPB announced earlier this week that it has entered into a Memorandum of Understanding (MOU) with the National Labor Relations Board (NLRB) that is intended to “help to identify and end financial practices that harm workers and to enhance the enforcement of federal consumer financial protection and labor laws and regulations.” .

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European markets spooked by US bank shares sell-off

TheGuardian

FTSE 100 down almost 2% as troubles at tech-focused lender Silicon Valley Bank cause ripples An overnight sell-off of US banking stocks, sparked by troubles at the tech-focused lender Silicon Valley Bank (SVB), has seeped into European markets and sent the FTSE 100 down almost 2% on Friday. Investors were spooked by news that California-based SVB, which primarily lends to tech startups, had launched an emergency share sale to shore up cash after revealing it had lost $1.8bn (£1.5bn) when it sold

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CFPB Supervisory Highlights Special Edition looks at “junk fees” charged in connection with deposits, auto servicing, mortgage servicing, payday and small-dollar lending, and student loan servicing  

CFPB Monitor

Continuing its ( and the White House’s ) “junk fees” rhetoric, the CFPB has released a new issue of Supervisory Highlights that carries the title “ Junk Fees Special Edition.” The report discusses the Bureau’s examinations involving fees in the areas of deposits, auto servicing, mortgage servicing, payday and small-dollar lending, and student loan servicing that were completed between July 1, 2022 and February 1, 2023.

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Market Trend Report: Cloud-based core banking for banking leaders

CB Insights

What is cloud-based core banking? Cloud-based core banking markets include cloud-native and cloud-based software-as-a-service (SaaS) platforms that integrate with or replace banks’ existing core systems. These solutions can lower costs across the retail banking value chain, reduce silos in front- and back-end operations, help launch new products, and drive consumer experiences.

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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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Square and Tradable Bits provide venues with sales analytics integration

The Paypers

US-based payments platform Square has partnered with tech company Tradable Bits Media to provide venues and festivals with sales analytics integration.

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Market Trend Report: Chatbots and virtual assistants for banking leaders

CB Insights

What are chatbots & virtual assistants? Chatbots and virtual assistants use conversational artificial intelligence (AI) designed to digitize and automate bank-customer interactions. These solutions allow customers to find quick answers to their questions and provide banks with a significant customer data collection channel. Want the full expert post?

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Cybersecurity Spring Cleaning Checklist 2023

Ublocal

Spring is a great time to review your digital footprint and ensure that your cybersecurity practices are still working well. With tax season in full flow, stay safe and spring clean your physical and digital data, strengthen your passwords and keep cybercriminals at bay. Review Your Passwords Without strong passwords on your accounts, any other security measures you take will be less effective.

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Market Trend Report: Customer analytics & insights for banking leaders

CB Insights

What is customer analytics & insights? Customer analytics & insights companies aggregate and analyze data on customers’ financials and behaviors to build unique profiles for individuals. Solutions include artificial intelligence (AI)-based customer intelligence platforms, data aggregation, analysis platforms, and data-driven microservice solutions that combine insights with personal finance tools.

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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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Silicon Valley Bank is shut down by regulators | Meta exploring a new social network that could compete with Twitter | WealthTech Radar 2023

Bussman Advisory

FinTech Ecosystem Insights by Bussmann Advisory is our weekly newsletter with over 49’000 subscribers across different social media channels, summarizing relevant news and reports related to ecosystems around disruptive technologies, highlighting key updates from the industry as well as our portfolio companies: Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis Meta exploring a new social network that could compete with Twitter WealthTech R

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Silicon Valley Bank swiftly collapses after tech startups flee

BankInovation

Silicon Valley Bank became the biggest US lender to fail in more than a decade after a tumultuous week that saw an unsuccessful attempt to raise capital and a cash exodus from the tech startups that had fueled the lender’s rise.

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Securities bank Steubing partners with Finexity for digital securities

The Paypers

Germany-based securities trading bank Steubing and the fintech Finexity have entered into a cooperation to issue digital securities for the bank's professional customers.

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As SVB tanks, banks look to deposit diversification, data, tech

BankInovation

Silicon Valley Bank was taken over by regulators today following a week of abnormality that included a sale of securities on Wednesday, capital raising efforts on Thursday and a stock plummet of nearly 70% this morning.

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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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Libor’s final days

The Banker

The journey to new market reference rates is reaching its destination. While many significant milestones have been hit, there are still some lingering issues to overcome, such as “tough” legacy contracts, as Patrick Mulholland reports.

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SVB races to prevent bank run as funds advise pulling cash

BankInovation

Unease is spreading across the financial world as concerns about the stability of Silicon Valley Bank prompt prominent venture capitalists including Peter Thiel’s Founders Fund to advise startups to withdraw their money. The turmoil followed a surprise announcement from Santa Clara, California-based SVB that it was issuing $2.

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Russian sanctions: a cat and mouse game

The Banker

A year in, how are the sanctions imposed by the West on Russian entities, goods, assets and individuals taking shape? Have we reached the point of sanctions overreach? Anita Hawser investigates.

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Goldman Sachs Transaction Banking launches 3 innovations

BankInovation

Goldman Sachs Transaction Banking is focused on eliminating friction in the global payments space, including user experience, onboarding and accessibility.

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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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Monite introduces invoicing and accounting solution

The Paypers

Monite , an API embedded finance workflows startup, has introduced a solution for invoicing and accounting platforms to earn two to five times per user by helping their clients get paid 40% faster.

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Shares in other banks with tech exposure plunge after SVB's failure

American Banker

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Sure launches ecommerce insurance solution

The Paypers

Insurance technology provider Sure has launched Retrace , a solution for online merchants to provide customers with embedded one-click insurance and protection at the point of sale.

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PCM Credit Union in Wisconsin names new chief executive

American Banker

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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.