FedNow to launch by mid-2023, Fed official says
Payments Dive
AUGUST 19, 2022
The federal government’s new real-time payments system should be ready for use by the middle of next year, Fed Governor Michelle Bowman said in a speech this week.
Payments Dive
AUGUST 19, 2022
The federal government’s new real-time payments system should be ready for use by the middle of next year, Fed Governor Michelle Bowman said in a speech this week.
South State Correspondent
AUGUST 19, 2022
LEI Close to Signaling Coming Recession. The somewhat bullish take on the July FOMC minutes from Wednesday was reversed yesterday when a couple Fed officials reiterated the need for continued aggressive rate hiking. That has put pressure on Treasuries this morning with the 10yr note flirting with 3.0%. St. Louis Fed President James Bullard continued in his role as lead hawk on the Fed with a call for a 75bps hike next month and expressed the desire to get to 4% by year-end.
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Payments Dive
AUGUST 19, 2022
Point-of-sale, payroll, accounts payable and accounts receivable startups are leading the way in funding for payments startups, according to PitchBook.
CFPB Monitor
AUGUST 19, 2022
It is my pleasure to introduce to our blog readers the newest member of our growing Consumer Financial Services Group: Abigail Pressler. Abigail is one of the leading lawyers in the country who focus their practice on compliance with the laws that pertain to consumer debt collection. Abigail counsels creditors, third-party debt collectors and debt buyers with respect to the vast array of federal and state laws that cover consumer debt collection.
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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
ATM Marketplace
AUGUST 19, 2022
Banks and credit unions must provide the value customers and prospects are looking for, along with digital messaging that's right for the store.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
CFPB Monitor
AUGUST 19, 2022
In a blog post that appeared last week, the CFPB reported on research into various factors considered significant in explaining current credit card interest rates. The CFPB reported that over 175 million Americans have at least one credit card, half of which carry a balance that continues to accrue increasingly high interest rates. In an era that has seen the Federal Reserve Bank aggressively raise interest rates to combat inflation, Americans’ increasing reliance upon credit cards to cover ev
TheGuardian
AUGUST 19, 2022
Previously unseen emails put former Hamburg mayor Olaf Scholz back in spotlight over €300m fraud scheme The German chancellor, Olaf Scholz, on Friday again denied allegations that he held a protecting hand over a local bank found guilty of a multimillion euro tax fraud scheme while he was mayor of Hamburg, as the centre-left politician was questioned by a state parliamentary committee in the northern city for a second time.
CFPB Monitor
AUGUST 19, 2022
Some people just don’t like change. New developments are often opposed by small groups prioritizing their own self-interest over the interests of the community at large. In real estate, these groups are sometimes known as “NIMBYs,” short for their rallying cry: “Not in My Backyard!” Well, it looks like debt collectors may have some NIMBYs of their own.
The Paypers
AUGUST 19, 2022
Russia has jumped to become the third largest market for the yuan, according to Reuters , while Chinese digital lending apps are investigated by the Reserve Bank of India, moneylife.in reports.
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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
BankInovation
AUGUST 19, 2022
Fintech Arc announced Wednesday that it has secured $20 million in a series A funding round. The San Francisco-based startup’s platform gives software-as-a-service startups access to upfront capital and provides a cash management account to store and spend funds. The company was founded in 2021, and in June launched its Arc Treasury banking platform and […].
The Paypers
AUGUST 19, 2022
Robinhood has diminished its acquisition offer for UK-based crypto exchange Ziglu , slashing the price tag from USD 170 million to USD 72.5 million, 60% less than the original offer.
BankInovation
AUGUST 19, 2022
Fintech Pagaya was focused on internal growth and technology investments in the second quarter, resulted in an 83% year-over-year increase in total revenue. In Q2, the tech company, which leverages artificial intelligence (AI) infrastructure for the financial ecosystem, “invest[ed] in areas such as headcount, artificial intelligence development, public company readiness and bank partnerships,” Chief Financial […].
The Paypers
AUGUST 19, 2022
Mark Cuban, billionaire investor and Dallas Mavericks owner, has been named in a class action lawsuit directed at himself and Stephen Ehrlich, CEO of Voyager Digital , according to Futurism.
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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.
BankInovation
AUGUST 19, 2022
Federal Reserve Board guidelines on granting financial institutions access to its new payment system provide some clarity — but could discourage innovative fintechs from joining. The guidelines come as the fintech sector grows and more companies seek access to so-called “master accounts and payments services" offered by the Fed. The accounts allow financial institutions direct […].
The Paypers
AUGUST 19, 2022
The European Central Bank (ECB) has laid the foundation for the criteria it would be considering when harmonising the licensing requirements for crypto in Europe.
FICO
AUGUST 19, 2022
Home. Blog. FICO. Tackling the Fintech Threat: A Guide for Banks and Credit Unions. What financial institutions need to compete with fintech threat disrupters. FICO. Thu, 12/19/2019 - 16:29. by Darryl Knopp. expand_less Back To Top. Fri, 08/19/2022 - 15:30. As FinTech funding rises to new record levels – $131.5 billion globally in 2021 – banks and credit unions are losing their status as the primary financial services providers to American consumers.
The Paypers
AUGUST 19, 2022
France Conso Banque has intended collective action against Dutch banking group ING after the bank abruptly closed the accounts of many French clients.
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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.
Bussman Advisory
AUGUST 19, 2022
FinTech Ecosystem Insights by Bussmann Advisory is our weekly newsletter with over 40’000 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: Starling and Monzo beat high street banks for customer service Apple strengthens its commitment to its finance business Crypto derivatives volumes surge to $3.12 trillion in July.
FICO
AUGUST 19, 2022
Home. Blog. FICO. Is “Enterprise Intelligence” an Oxymoron? Breaking the 5 Blockers. Enterprise intelligence that powers digital customer experiences has never been more advanced — so why are 70% of digital transformations floundering? FICO. Tue, 07/02/2019 - 02:45. by Jim Neumann. expand_less Back To Top. Fri, 08/19/2022 - 10:30. Banks and insurance companies are learning the hard way that the best way to stem customer defections is through better digital customer experiences, the result of a m
The Paypers
AUGUST 19, 2022
Ireland-based ID-Pal has partnered with data quality and address management solutions company Melissa to launch KYC solution Melissa ID.
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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.
The Paypers
AUGUST 19, 2022
US-based bank Citi has rolled out a new travel booking platform in collaboration with Booking.com and Rocket Travel.
The Paypers
AUGUST 19, 2022
The Financial Conduct Authority has issued a warning directed at companies offering Buy Now, Pay Later products that all financial promotions of BNPL products must comply with the financial promotion rules in spite of occasional legal loopholes.
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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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