CFPB slaps warning on P2P
Payments Dive
JUNE 2, 2023
The federal agency told consumers that money sitting in uninsured accounts, such as some offered by PayPal, Venmo and Cash App, could be at risk.
Fri.Jun 02, 2023
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How digital transformation can make banks stronger
ATM Marketplace
JUNE 2, 2023
Valley Bank recently made a major digital transformation. Brad Cooper, editor of ATM Marketplace, spoke with Daniel Brown, editor of Digital Signage Today, about what this means for the banking industry as a whole.
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Discover relaunches debit account
Payments Dive
JUNE 2, 2023
After shelving the debit account last year due to fraud issues, the card company has relaunched the service.
The Great ?2,000 Note Withdrawal: What You Need To Know
BankBazaar
JUNE 2, 2023
Since the RBI announced the withdrawal of ₹2,000 notes, questions and concerns flood social media platforms. In this article, we debunk common misconceptions, guide you through the process of exchanging ₹2,000 notes, and shed light on an alternative payment method that can ease the transition. Discover how Credit Cards can be a great alternative to cash.
Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
CFPB report and consumer advisory highlight consumer risk resulting from lack of deposit insurance coverage for funds stored on payment apps
CFPB Monitor
JUNE 2, 2023
The CFPB has issued an “ Issue Spotlight ” titled “Analysis of Deposit Insurance Coverage on Funds Stored Through Payment Apps.” The report was accompanied by a consumer advisory on payment apps. Issue Spotlight. To explain its focus on deposit insurance coverage of funds stored on payment apps (or P2P platforms), the CFPB points to the recent crypto asset platform collapses and bank failures and the growth of non-traditional financial services platforms. .
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Skeptical about crypto? All the more reason to keep it in the U.S.
American Banker
JUNE 2, 2023
Americans are going to invest in crypto no matter what politicians and regulators think. So, it would be better to keep crypto exchanges in the U.S., and under SEC supervision, than to drive them overseas.
Predicting the Next Banking Crisis Is a Fool’s Game. Not Learning From the Last One: Equally Foolish
Jeff For Banks
JUNE 2, 2023
//Jeff Marsico remarks to the 2023 New Jersey Bankers' Association Annual Convention: May 19, 2023// Four decades ago, the prolonged savings-and-loan crisis devastated the industry. Between 1980 and 1995, more than 2,900 banks and thrifts with collective assets of more than $2.2 trillion failed. More recently and by comparison, the mortgage meltdown and subsequent global financial crisis took down more than 500 banks between 2007 and 2014, with total assets of nearly $959 billion.
The next digital wallet war
American Banker
JUNE 2, 2023
More than half of U.S. consumers now use digital wallets, according to new data from J.D. Power. But PayPal and Apple Pay have a huge lead over rivals, and are already experienced combatants in the battle for consumers' spending.
Bank of America ups tech spend $400M YoY amid AI boom
BankInovation
JUNE 2, 2023
Bank of America expects to increase technology development spend by nearly 12% year over year as the race for generative AI innovations engulfs the financial industry. The bank is projected to hit $3.8 billion in tech spend in 2023, up from a February projection of $3.
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
Minnesota caps rates on payday loans — with a wrinkle
American Banker
JUNE 2, 2023
The state's law does not cap rates at the level preferred by consumer advocates, but it does limit the availability of payday loans that carry annual percentage rates between 36% and 50%.
Icing on the Cake: How the FICO Score and alternative data work best together
FICO
JUNE 2, 2023
Home Blog Feed test Icing on the Cake: How the FICO Score and alternative data work best together Significant attention has been paid recently to the potential for use of alternative data to enhance the predictiveness and inclusiveness in credit scoring. Tue, 04/25/2023 - 18:03 JenniferPiccinino@fico.com by Can Arkali expand_less Back to top Fri, 06/02/2023 - 19:15 Significant attention has been paid recently to the potential for use of alternative data (i.e., consumer data not present in the tr
Fintech Funding: Bank of America leads funding round for OpenFin
BankInovation
JUNE 2, 2023
Investors have their sights set on startups presenting offerings in financial conductivity, identity verification, compliance and fraud.
HSBC increases interest rates on some savings accounts
TheGuardian
JUNE 2, 2023
Rises of up to 0.75 percentage points follow increases at First Direct Customers of HSBC will receive a boost to their savings after the bank announced an increase to interest rates, as Britons enjoy some of the highest rates in more than a decade. The lender is increasing rates on some of its savings accounts, with increases of up to 0.75 percentage points.
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
Wise launches Interac e-Transfer autodeposit for Canadian customers
The Paypers
JUNE 2, 2023
UK-based foreign exchange fintech Wise has launched a new product, Interac e-Transfer Autodeposit, that can be used by Canadian customers.
Banking news roundup
American Banker
JUNE 2, 2023
Old National relocates Louisville office following mass shooting in April, American Express brings back $1 million in grants for historic eateries, Adyen speeds payouts for gig workers and more in this week's banking news roundup.
NS and I implements Ecospend's Pay by Bank solution
The Paypers
JUNE 2, 2023
NS&I , a UK-based savings organisation, has planned to introduce Ecospend ’s 'Pay by bank account’ solution to its online customers, according to Open Banking Expo.
More bank insiders are buying shares in their own companies
American Banker
JUNE 2, 2023
In a vote of confidence in the industry, insiders aggressively bought shares of their own companies after a crisis sparked the collapse of four regional lenders earlier this year.
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.
Signal Iduna cooperates with Qonto for financial services
The Paypers
JUNE 2, 2023
The insurance and financial services company Signal Iduna Group has signed a partnership agreement with the France-based finance manager for SMEs and self-employed Qonto.
Citi's Fraser says Banamex IPO is best path for shareholders
American Banker
JUNE 2, 2023
Citigroup CEO Jane Fraser says the company's abrupt decision to abandon a long-running sales process of its Mexican retail operations won't change its medium-term guidance nor the eventual plan to exit the unit and allows stock buybacks to resume.
Stripe launches charge card programme
The Paypers
JUNE 2, 2023
Financial infrastructure platform for businesses Stripe has announced the launch of a new charge card programme for its commercial card issuing product, Stripe Issuing.
Frank founder Charlie Javice says JPMorgan documents will exonerate her
American Banker
JUNE 2, 2023
Javice has asked a Delaware federal judge overseeing JPMorgan's fraud lawsuit against her to allow her to demand documents from the bank and firms that advised it on the $175 million acquisition of her college loan planning site.
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.
Adyen launches Payout Services to expedite payouts
The Paypers
JUNE 2, 2023
Adyen has announced the launch of a new service that capitalises on the fintech's banking infrastructure to expedite global payouts without involving intermediaries.
Barclays CEO addresses deal-maker exits in virtual town hall
American Banker
JUNE 2, 2023
C.S. Venkatakrishnan told his investment bankers that he would continue to invest in the unit, as the lender looks to stem a slew of recent departures in New York.
Hong Kong-based First Digital rolls out USD stablecoin
The Paypers
JUNE 2, 2023
Hong Kong-based company, First Digital , has released a new stablecoin that will be tied to the value of the US dollar but will operate under Asian regulations.
29 banks that are the most important to the global financial system
American Banker
JUNE 2, 2023
The resilience of the largest banks around the world is considered essential to the ongoing safe functioning of the global financial system.
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.
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