Waiting for action on hidden cross-border fees
Payments Dive
APRIL 18, 2022
An executive with the cross-border payments company Wise Payments calls on the federal government to expose the hidden fees buried in international remittance transactions.
Mon.Apr 18, 2022
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5 ways payments can support the travel industry
Accenture
APRIL 18, 2022
Few industries have faced more disruption over the past two years than travel. Ever-changing pandemic travel restrictions, local and national restrictions on businesses, customer cancellations, refund demands and other challenges have left many travel businesses, large and small, struggling to simply survive. My first post in this series (Growth in digital payments: a cross-industry view)….
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Lawmakers seek to cancel card fee increases
Payments Dive
APRIL 18, 2022
Four members of Congress are suddenly pushing Visa and Mastercard to cancel the credit card "swipe" fee increases they planned to impose this month. The lawmakers cited inflation and a lack of competition in the card industry.
Fee Income In Lending Is Crucial For Banks
South State Correspondent
APRIL 18, 2022
Historically, community banks have relied on net interest margin (NIM) instead of fee income to drive return on equity (ROE). In contrast, larger banks have emphasized non-interest income rather than NIM to boost ROE and revenue. For example, 40% of JP Morgan’s commercial banking revenue is derived from fee income, and JP Morgan’s commercial banking division is composed of middle-market and commercial real estate (CRE) lending.
Digital Transformation: Accelerating ROI and Growth in Commercial Lending
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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
Market Commentary: Week of April 18, 2022
SWBC's LenderHub
APRIL 18, 2022
Last Week. Last week, the financial markets took hits from all directions. On the inflation front, March CPI and PPI came in at levels not seen since the late 1970s to early 1980s. On the war front, the conflict continued to rage as we move closer to direct engagement with Russia by announcing to deliver more and heavier weapons to Ukraine.
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3 Expectations to Set with Vehicle Protection Product Partners
SWBC's LenderHub
APRIL 18, 2022
When adding new products to their portfolios, financial institutions have no shortage of providers to consider. A well-thought-out introduction and delivery of new products to your account holders and employees is essential to a smooth rollout. This is especially the case with vehicle protection products like Guaranteed Asset Protection (GAP) , Major Mechanical Protection (MMP) , and SWBC’s newly introduced healthCAR program.
CFPB proposes rule for credit reports issued on human trafficking survivors
CFPB Monitor
APRIL 18, 2022
To implement recent amendments to the Fair Credit Reporting Act (FCRA), the Consumer Financial Protection Bureau (CFPB) has proposed a rule intended to assist survivors of trafficking. The rule would establish a way for survivors to submit documentation to consumer reporting agencies (CRAs) identifying any “adverse item of information” about the consumer resulting from human trafficking, and would prohibit CRAs from furnishing consumer reports containing such information.
Goldman Sachs’ tech and communication spend climbs 13% YoY
BankInovation
APRIL 18, 2022
Goldman Sachs spent $424 million on technology and communications during the first quarter, a 13% year-over-year increase and 1% decrease from the fourth quarter of 2021. Quarterly non-compensation expenses at the $1.6 trillion bank were $3.6 billion, up 7% YoY thanks to continued investments, “particularly in technology,” that will enhance its infrastructure and support for […].
CFPB Deputy Director Martinez invites discussion of payday payment plans and credit reporting of medical debts
CFPB Monitor
APRIL 18, 2022
Last week, CFPB Deputy Director Zixta Martinez provided the opening remarks at the CFPB’s Academic Research Council meeting. In her remarks, Martinez emphasized the CFPB’s role as a data-driven agency and welcomed further discussion of state payday extended payment plans and of the inclusion of medical debt in credit reports—two topics that have garnered renewed public interest due to the COVID-19 pandemic.
The State of Automation in Financial Services 2024 Report
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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
Bank of America bumps up tech initiatives budget to $3.6B
BankInovation
APRIL 18, 2022
Bank of America did not shy away from technology during its first-quarter earnings presentation today. Digital metrics were strong for the $3.24 trillion bank, reflecting successful technology investments and a bankwide drive toward digitization. The Charlotte, N.C.-based banking giant has spent heavily on technology over the past 12 years, and chief financial officer Alastair Borthwick […].
Kentucky enacts licensing requirement for servicers of private and federal student loans
CFPB Monitor
APRIL 18, 2022
Kentucky recently enacted HB 494 , titled the “Student Education Loan Servicing, Licensing, and Protection Act of 2022,” which will require student loan servicers to be licensed in Kentucky. The Act applies to servicers of private student loans and federal student loans. Servicers of private student loans must submit a licensing application to the Commissioner of the Kentucky Department of Financial Institutions that includes certain specified information, including the name of at least one man
Facial biometric identity authentication provider Unico hits $2.6B valuation. Unico competitors are Onfido, Veriff, Veritone, and AU10TIX.
CB Insights
APRIL 18, 2022
Unico , a facial biometric tech provider, has raised $100M in a Series D round that drew participation from GS Growth, General Atlantic, and SoftBank Group. the state of venture report. Download our free report to get the TL;DR on what you need to know about venture funding and trends in Q1 2022. First name. Last name. Email. Company name. Job Title.
SEC proposes new cybersecurity disclosure rules
The Paypers
APRIL 18, 2022
The US Securities and Exchange Commission (SEC) has issued proposed rules regarding cybersecurity risk management, strategy, governance, and incident disclosure, according to Perkins Coie.
Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance
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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.
MoonPay raises $87M for its crypto purchasing via credit card service. MoonPay competitors include Coinbase, Simplex, Transak, Banxa, Mercury.io, Wyre, and Ramp Instant.
CB Insights
APRIL 18, 2022
MoonPay , a crypto payments infrastructure provider, has raised $87M from angel investors, including Justin Bieber, Shawn Mendes, Mindy Kaling, Drake, and Kate Hudson. <span data-sheets-value='{"1":2,"2":"<div class="cbi-cta-shortcode-wrapper"><div class="cbi-cta-shortcode-content"></div><div class="cbi-cta-shortcode-forms" ><div class="cta has-desktop"><div class="cta-desktop center-copy
ABA and banking groups ask Treasury for flexibility in scheduling ECIP closing dates
ABA Community Banking
APRIL 18, 2022
The American Bankers Association and several trade groups sent a joint letter to Treasury Secretary Janet Yellen, once again urging the agency to revise its regulatory treatment of Emergency Capital Investment Program investments. The post ABA and banking groups ask Treasury for flexibility in scheduling ECIP closing dates appeared first on ABA Banking Journal.
Slope, an API developer enabling retailers to offer BNPL services, raises $24M from Union Square Ventures. Slope competitors include Jifiti, Hokodo, and Optty.
CB Insights
APRIL 18, 2022
Slope , a payment services provider, has raised $24M in a Series A. The round drew participation from Global Founders Capital, Monashees+, Tiger Global Management, and Union Square Ventures, among others. <span data-sheets-value='{"1":2,"2":"<div class="cbi-cta-shortcode-wrapper"><div class="cbi-cta-shortcode-content"></div><div class="cbi-cta-shortcode-forms" ><div class="cta has-desktop"><d
Union Bank of the Philippines enters metaverse via Ark of Dreams
The Paypers
APRIL 18, 2022
Union Bank of the Philippines (UnionBank) has partnered with Philippines-based blockchain startup Ark of Dreams to enter the metaverse, according to The Manila Times.
Register Now: Sneak Peek Into Close Automation SkyStem Web Demo
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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.
Dedoco partners with Funding Societies to augment KYC for MSMEs
The Paypers
APRIL 18, 2022
Singapore-based management platform Dedoco has partnered with fintech Funding Societies to offer Sign with SignPass, digitalising document workflows.
Circle raises an additional USD 400 mln
The Paypers
APRIL 18, 2022
Payments fintech Circle has raised an additional USD 400 million in a funding round led by BlackRock , Fidelity, and Fin Capital, among others.
Top 10 Benefits of Automating Loan Modifications for Commercial Lenders
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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.
Startup Union54 raises USD 12 mln in seed funding
The Paypers
APRIL 18, 2022
Zambia-based card issuing fintech startup, Union54, has announced it raised USD 12 million in a seed extension round led by Tiger Global, with the participation of Earl Grey Capital, and Vibe VC, among others.
Capital On Tap receives USD 200 mln in funding after US expansion
The Paypers
APRIL 18, 2022
Alternative lender Capital On Tap has secured a USD 200 million funding to further expand its lending in the US.
2024 Lending Outlook: Innovations and Evolutions in the Financial Sector
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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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