Fri.Jan 07, 2022

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Looking back at top news headlines of 2021

ATM Marketplace

ATM Marketplace regularly covers critical news in the ATM and banking industry and 2021 was no exception. The most read stories of 2021 covered topics ranging from branch closures to acquisitions to foreign exchange stores.

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Tom Pasch Named Market President for Merchants Bank in Red Wing

MerhantsBanks

Tom Pasch has been named Market President for Merchants Bank in Red Wing, according to Dan Massett, North Region President. “Tom is a great addition to our already amazing team in Red Wing,” said Massett. “His background, integrity, emphasis on relationship-based banking and leadership skills truly align with our culture and the strategic focus here […].

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Deals and Dollars: Jack Henry adds 2 bank partnerships to its portfolio

BankInovation

Jack Henry Lending, the automated lending arm of the core solutions provider, announced Wednesday the addition of the Bank of Charles Town to its community bank portfolio. The deal focuses on loan origination, analysis, review and management at the $700 million W.Va.-based bank. “We chose Jack Henry because their all-digital loan origination system (LOS), LoanVantage, […].

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CFPB takes aim at three largest nationwide consumer reporting agencies in new report

CFPB Monitor

The CFPB’s new annual report of credit and consumer reporting complaints , required by Section 611(e) of the FCRA, criticizes the three largest nationwide consumer reporting agencies (NCRAs) for allegedly failing to meet their FCRA obligations to it and for engaging in practices that have led to a significant increase in the volume of consumer complaints it received about the NCRAs.

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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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Listen: Weekly Wrap looks at core, cloud, regulatory predictions

BankInovation

In this Weekly Wrap episode of “The Buzz” podcast, the Bank Automation News editors unpack what could become a trend in regulatory fines in 2022 as well as predictions for core and cloud banking. The BAN team addresses one automation company’s prediction that repeat errors stemming from spreadsheets and other manual process could soon see […].

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US Bank to launch consumer Request for Payment in Q1

BankInovation

US Bankcorp announced Thursday that it will offer real-time payments for consumer bill pay in the first quarter. The $559 billion bank successfully completed a test that included real-time settlement of consumer bill payments using Request for Payment (RfP), US Bank spokesperson Todd Deutsch told Bank Automation News. “Following this successful test, we will be […].

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Jeff For Banks: Top Five Posts of 2021

Jeff For Banks

I don't expect followers of my blog to read every post. And my blog page shows the top five posts of all time. In fact, the content in my book, Squared Away: How Can Bankers Succeed as Economic First Responders , was driven by the top 20 most-read posts of all time. But what about recently? Here are the top five most-read posts of 2021. In case you want to read them. 1.

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CA appellate court rules bail bond premium financing agreements are consumer credit contracts subject to cosigner notice requirement

CFPB Monitor

A California appellate court has ruled that bail bond premium financing agreements are consumer credit contracts for which cosigners must be given a statutorily prescribed notice that warns of the potential consequences of acting as a cosigner. In BBBB Bonding Corporation v. Caldwell , Kiara Caldwell, to bail a friend out of jail, signed an “Unpaid Premium Agreement” (Premium Agreement) in which she became legally responsible for the bail bond premium of $5,000, representing 10% of her friend’s

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Preparing Your Payments Infrastructure for the Next Decade: A Guide for Financial Services Institutions

ATM Marketplace

What you’ll learn in this whitepaper: what’s changing in the European payments landscape; how failure to adapt became the biggest infrastructure risk facing payments businesses; how you can design a payments infrastructure that allows you to reduce risks and quickly bring new products and services to market.

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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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US Payment apps to report all transactions over USD 600 to the IRS

The Paypers

As part of the American Rescue Plan Act, the Internal Revenue Service ( IRS ) has announced that all transactions over USD 600 made through payment apps must be reported.

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Miro Hits $17.5B Valuation For Its Whiteboarding And Productivity Solution — Its Competitors In The Visual Collaboration Market Include FigJam, Whimsical, MURAL, And Lucid Software

CB Insights

Miro , a whiteboarding platform, has raised $400M in Series C round that drew participation from Accel, ICONIQ Growth, Atlassian, GIC, and Salesforce Ventures, among others. HOW’S THE COMPANY PERFORMING? California-based Miro develops workplace tools — such as apps, integrations, and templates — to promote collaboration among cross-functional teams.

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US Payment apps to report all transactions over USD 600 to the IRS

The Paypers

As part of the American Rescue Plan Act, the Internal Revenue Service ( IRS ) has announced that all transactions over USD 600 made through payment apps must be reported.

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Banks, fintechs tailor offerings for millennial entrepreneurs

American Banker

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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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Bank of Tanzania payment system to launch in February 2022

The Paypers

Bank of Tanzania (BoT) has expected its payment system to roll out in February 2022, following successful trials that involved banks and mobile operators.

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China's rollout of digital yuan puts pressure on Fed to keep pace

American Banker

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Kosovo bans cryptocurrency mining to save electricity

The Paypers

Kosovo's government has introduced a ban on cryptocurrency mining in an attempt to curb electricity consumption, according to Reuters.

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Small-business loan servicer pivots away from PPP

American Banker

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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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WeChat Pay announces its support for the digital yuan

The Paypers

China-based messaging app WeChat has said it backs the country’s sovereign digital currency.

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Does CFPB rebuke of credit bureaus portend tougher rules?

American Banker

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DailyPay launches its digital wallet

The Paypers

US-based fintech DailyPay has announced its digital wallet solution for everyday working Americans who face financial challenges because of the pandemic.

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PayPal explores launch of own stablecoin in crypto push

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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CLEAR acquires Whyline

The Paypers

US-based travel identity verification company CLEAR has announced it acquired virtual queuing company Whyline in an all-cash transaction.

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Bankers, stop dragging your feet on real-time payments

American Banker

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LexisNexis Risk Solutions report: fraud still on the rise

The Paypers

US-based LexisNexis has released its True Cost of Fraud Study: Financial Services & Lending 2021 report.

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WSFS to receive $15 million in M&A-related settlement

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.