Fri.Jan 13, 2023

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Affirm users jolted by multiple charges

Payments Dive

The buy now, pay later provider said it encountered a “technical issue” and that transactions would be corrected at banks within three to seven days.

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CFPB proposes registry for supervised nonbanks using form contracts containing arbitration provisions, waivers, or other limits

CFPB Monitor

The CFPB has issued a proposed rule to establish a system for the registration of nonbanks subject to CFPB supervision that use “certain terms or conditions that seek to waive consumer rights or other legal protections or limit the ability.

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PayPal, Visa team on faster cross-border payments

Payments Dive

PayPal’s Xoom service has linked with Visa Direct to offer real-time debit card deposits in 25 countries where U.S. residents can send money.

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NFTs hit the mainstream

ATM Marketplace

Cryptocurrency has taken a big hit of late with the bankruptcy of the FTX crypto exchange, but one crypto entrepreneur that has brought crypto to the vending space believes the technology has a promising future: particularly the oft maligned NFT.

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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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Oracle jumps into payments for retailers

Payments Dive

The tech titan will now process payments for retailers, as opposed to sending that part of a transaction to third parties.

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More Trending

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New Jersey Attorney General settles lawsuit against merchant cash advance providers

CFPB Monitor

The New Jersey Attorney General recently announced a settlement in its lawsuit against Yellowstone Capital LLC, its parent company, and various subsidiaries and affiliates alleging that the defendants violated the New Jersey Consumer Fraud Act (CFA) and the New Jersey.

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Africa-based Flutterwave to reportedly buy Railsr

The Paypers

African payments fintech Flutterwave and existing Railsr shareholders have reportedly planned to acquire the UK-based Banking-as-a-Service company, according to Sky News.

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JP Morgan investment bankers suffer 30% bonus cut as takeover deals slump

TheGuardian

Wall Street’s largest lender reports 22% fall in full-year profits including 58% drop in fees from dealmaking JP Morgan has slashed bonuses for investment bankers by 30% after a slump in takeover deals as corporate clients braced for a widely predicted recession. Wall Street’s largest lender reported a 22% drop in full-year profits to $38bn (£31bn) on Friday, having suffered the ripple effects of the economic slowdown linked to the war in Ukraine.

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Happy Sankranti!

BankBazaar

Visit BankBazaar. The post Happy Sankranti! appeared first on BankBazaar - The Definitive Word on Personal Finance.

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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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Data residency laws frustrate Asian banks’ cross-border activity

The Banker

As Asia looks towards greater levels of connectivity, banks are struggling to work out how to operate within ever more stringent data protection laws. Kimberley Long reports.

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PFM app PIum launches new feature `Naughty Rule`

The Paypers

UK-based PFM app PIum has announced the launch of `Naughty Rule`, a feature that will help customers store money with every purchase they make on a `guilty pleasure`.

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Bank of America continues talent, tech investments

BankInovation

Bank of America continued to invest in technology and people during its fourth quarter amid global economic uncertainty. WHY IT MATTERS: The $3 trillion bank’s Q4 non-interest expenses rose 8% year over year to $5.1 billion, “primarily driven by investments in technology and employees, including hiring, higher costs from return to work, and client engagement,” […].

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Goldman Sachs FinTech unit lost $3B |Microsoft plans to invest $10B in creator of buzzy AI tool ChatGPT | FinTechs that went out of business in 2022

Bussman Advisory

FinTech Ecosystem Insights by Bussmann Advisory is our weekly newsletter with over 48’000 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: Goldman Sachs FinTech unit lost $3 billion in nearly three years.

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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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JPMorgan Chase tech spend falls 8% in Q4

BankInovation

JPMorgan Chase reported increased revenue and mobile usership in the fourth quarter of 2022 despite a year-over-year decrease in tech spend. WHY IT MATTERS: The $3.3 trillion bank’s tech spend in Q4 fell 8% YoY to $2.2 billion while total tech spend for 2022 declined 6% YoY to $9.3 billion, according to the bank’s earnings […].

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Citcon offers Klarna's flexible payment solutions internationally

The Paypers

Mobile wallet payments company Citcon has announced an integration which adds Klarna as a featured mobile wallet through the former’s omni-channel payment platform.

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JPMorgan, BofA show gains in headcount as Wells Fargo’s drops

BankInovation

Despite the layoffs across the finance industry, there were no signs of a staffing pullback in JPMorgan Chase & Co’s or Bank of America Corp.’s fourth-quarter results. JPMorgan’s headcount rose 2% to 293,723 from 288,474 last quarter, the company said in its earnings release Friday. This is up 8% from 271,025 a year earlier. Overall […].

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EMVCo updates EMV SRC specifications

The Paypers

Global technical body EMVCo has announced the launch of EMV Secure Remote Commerce (SRC) Specifications to offer more flexible online checkout options.

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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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Wells Fargo continues digital transformation

BankInovation

Wells Fargo is keeping to its multiyear digital transformation path and planning further investments in its online platforms in 2023. WHY IT MATTERS: Since 2020, the $1.8 trillion Wells Fargo has decreased its headcount by more than 10%, or 30,000 people, and there are more gross expenses within the company that can be reduced, Chief […].

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Edinburgh reforms: a dent in the UK’s gold-plated armour?

The Banker

In the race for ‘turbocharged’ economic growth, is the UK putting its reputation for gold-plated financial services reforms, which kept too-big-to-fail behaviours in check, on the line? Anita Hawser reports.

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Xoom partners Visa for cross-border remittance solution

The Paypers

International money transfer service Xoom , owned by PayPal , has partnered Visa to launch a cross-border remittance solution enabling customers in the US to send money in 25 countries.

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JPMorgan Chase's net interest income forecast misses estimates

American Banker

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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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SheerID and commercetools join forces to deliver first headless audience verification service

The Paypers

Global fintech focusing on identity marketing, SheerID , has partnered with commercertools , a provider of composable commerce to deliver the first headless audience verification service for merchants.

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Higher bank capital requirements put the economy in danger

American Banker

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Robinhood reveals that it will discontinue support for Bitcoin SV

The Paypers

US-based retail trading app Robinhood has issued a warning that it plans to halt support for Bitcoin SV and plans to remove it from the platform.

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Citi forecasts higher expenses for next two years after jump in 2022

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.