August, 2023

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FedNow: Now what?

BankInovation

The Federal Reserve launched its much-awaited FedNow real-time payments channel on July 20, and experts say it can be revolutionary for the payments industry.

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Help banks make more loans with confidence

Realwired Appraisal Management Blog

The appraisal department is a pivotal player that can bridge the gap between sound collateral protection and lenders making more loans safely. What if there was a way to harmonize these two seemingly divergent objectives? Let’s find a way. Now, imagine if our appraisal department could wear both hats effectively.

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Why on-demand pay lures employees

Payments Dive

Employers can better compete for gig workers, and other employees, by offering instant payment of wages, one fintech president argues.

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Courts split on whether cryptocurrency is a security

CFPB Monitor

To understand the regulatory requirements for cryptocurrency, one must first ask the question what is money. This question is of paramount importance because the federal law definition of “money transmitting” depends in large part on state law definitions and regulator interpretations, and there is no uniform legislation that defines cryptocurrency as money for the purposes of state licensing requirements. .

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Case Study: First Mid Bank Fast-Tracks New Market Entry in Commercial Lending

Discover First Mid Bank's Expansion Success with Our Case Study! Discover how First Mid Bank & Trust fast-tracked market expansion through advanced automation and compliance solutions. This case study reveals their journey from facing challenges in Texas' complex legal landscape to achieving rapid market entry with GoDocs' innovative commercial closing platform.

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Agile and DevOps in banking today

BankInovation

In the rapidly evolving world of banking and financial services, Agile and DevOps methodologies have emerged as essential tools to drive innovation and stay ahead of the competition.

More Trending

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Consumer spending rose 4% in July: Fiserv

Payments Dive

The retail sector drove overall card spending growth, but average ticket sizes have dipped due to declining inflation, Fiserv said in its latest consumer spending report.

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5 questions with … Citizens Bank CIO Michael Ruttledge

BankInovation

Citizens Bank Chief Information Officer Michael Ruttledge is focused on AI, training and employee retention as the bank continues its digitalization. In the second quarter, the $222 billion bank explored use cases for generative AI to identify added efficiencies, Ruttledge previously told Bank Automation News.

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Bank layoffs, trade group mergers: Top banking news for August 2023

American Banker

In August's roundup of American Banker favorites: The true cause of Heartland Tri-State Bank's failure, increased industry-wide frugality among banks, two prominent credit union trade groups announce plans to combine and more.

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Ultimate 5-Step Guide to Transitioning from Google Optimize

Perficient

Ready for your Google Optimize sunset replacement? Strategies for Seamless Migration and Accelerated Experimentation Growth The upcoming Google Optimize sunset has made it crucial for businesses to find reliable replacements. In today’s data-driven environment, the functionality of data experimentation tools is paramount. Relying on A/B testing tools for measuring and enhancing website optimization is key to increasing user satisfaction and conversion rates.

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Exploring the Liability Shift: A Comprehensive Guide to Fraud Loss Responsibility and Mitigation

Shifting liability for digital fraud losses represents a significant challenge for financial institutions and payment service providers. In response to the global surge in digital fraud, regulators are introducing policies that transfer the cost of fraud from defrauded customers to financial institutions. ThreatMark’s newly released white paper, "The Liability Shift: Understanding Fraud Losses Responsibility and Mitigation," provides an in-depth analysis of this shift, its implications, and stra

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Trade associations urge CFPB to pause effective date and tiered compliance dates of small business lending rule

CFPB Monitor

A group of trade associations has sent a letter to CFPB Director Chopra urging the CFPB to address the disparity that has resulted from the order entered by the Texas federal district court in the lawsuit challenging the CFPB’s small business lending rule that granted preliminary injunctive relief only to the plaintiffs and their members. .

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The Banking Crisis of 2023 is Over — Time to Get Back to the Crisis of the ’20s

Gonzobanker

This decade-long crisis touches banks’ products, technologies, people, processes and the political climate. In an article titled Is the Banking Crisis Over? We Are About to Find Out , the Wall Street Journal identified three concerns that could determine if the banking industry is out of the crisis or still in one: Deposit costs. High interest rates have forced many banks to pay more to retain deposits (often via brokered deposits), while many institutions have seen deposits flee to higher-yield

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Google joins Open Wallet Foundation

Payments Dive

"We look forward to working closely with other OWF members to advocate for solutions that ensure we’re building a privacy-forward wallet for everyone,” Google Wallet Vice President Jenny Cheng said.

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BMO, Bank of the West conversion update

BankInovation

BMO Financial Group shared its long-term savings plans and provided an update on its integration of Bank of the West during its third-quarter earnings call Tuesday.

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Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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Leveraged and inverse ETFs – the exotic side of exchange-traded funds

BankUnderground

Julian Oakland Exchange-traded funds (ETFs) are supposed to be simple and straightforward, and for the most part they are, but one group punches well above its weight when it comes to market impact. In this post, I show that leveraged and inverse (L&I) ETFs generate rebalancing flows that: (1) are always in the same direction of the underlying market move; (2) grow significantly with both increasing and inverse leverage ; and (3) must be transacted towards the end of the trading day.

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Perficient Named in Forrester’s Digital Transformation Services Landscape, Q3 2023

Perficient

In today’s rapidly advancing technology landscape, businesses face a profound revolution in operations, customer interactions, and innovative endeavors. Partnering with the right digital transformation service provider is vital to thrive in this digital age. A proven track record of guiding businesses through digital complexities is crucial for unlocking their full potential, driving efficiency, and ensuring exceptional customer experiences, leading to long-term success.

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DOJ proposal to increase accessibility of government websites and mobile apps could guide accessibility for places of public accommodation

CFPB Monitor

On August 4, 2023, the U.S. Department of Justice (“DOJ”) released its highly anticipated proposed changes to the regulations implementing Title II of the Americans with Disabilities Act (“ADA”). Title II prohibits state and local governments from discriminating against individuals with disabilities. The regulations aim to increase accessibility of websites and mobile applications by clarifying how these public entities can meet their ADA obligations on a technical level. .

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Digital Lag in Banking: Overlooking the Appraisal Department

Realwired Appraisal Management Blog

The term “digital transformation” has been a buzzword in the banking sector for quite some time. While the industry has largely embraced technology, particularly in areas such as lending and fintech, there is one sector that often gets overlooked: the appraisal department.

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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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Global Payments adds hybrid payment service for ISVs

Payments Dive

The payments processor launched a service during the second quarter aimed at affording ISVs the benefits of being a payment facilitator without the drawbacks associated with such a designation.

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Transactions: BMO, Mastercard, Extend launch mobile wallet for virtual cards

BankInovation

On Monday, BMO, with Mastercard and digital card fintech Extend, rolled out a mobile wallet for virtual cards for its commercial banking clients in the U.S. and Canada to leverage, according to a BMO release.

Cards 105
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PayPal’s new CEO faces these 3 big challenges | Meta, OpenAI &Anthropic A.I. models all make stuff up | Sotheby’s sued over Bored Ape NFT sales

Bussman Advisory

Join our community of 50,000+ subscribers and stay informed on the latest trends and news in the FinTech & AI world with the weekly newsletter provided by Bussmann Advisory. Gain insights into disruptive technologies, industry updates, and success stories from our portfolio companies. This week’s must-know stories: PayPal’s new CEO faces these 3 big challenges Meta, OpenAI, Anthropic and Cohere A.I. models all make stuff up Sotheby’s sued over Bored Ape NFT sales Plus, 9 mo

Fintech 98
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BMO, Mastercard bring virtual cards into the physical world

American Banker

The card network is working with the Bank of Montreal and the fintech Extend to enable businesses to approve and track in-store payments via employees' own digital wallets.

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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.

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Nebraska enacts new licensing requirement for small dollar loans

CFPB Monitor

Nebraska Governor, Jim Pillen, signed into law Legislative Bill 92 on June 6, 2023, which amended the Nebraska Installment Loan Act (the “Act”) effective June 7, 2023 (the “Effective Date”). As amended, the licensing requirement under the Act includes “any person that is not a financial institution who, at or after the time a loan [of $25,000 or less with rates exceeding the Nebraska general usury limit] is made by a financial institution, markets, owns in whole or in part, holds, acquires, ser

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Appraisal Department More Than Just Necessary

Realwired Appraisal Management Blog

A Chief Appraiser friend of mine sometimes laments that the C-suite and lenders perceived him as a regulatory hurdle to overcome rather than a valuable resource. But, he and his team were determined to change that perception. Seth Godin’s book, Purple Cow: Transform Your Business by Being Remarkable reminds us not be invisible.

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Discover finds tech upskilling model in Chicago hub

Payments Dive

The card issuer looks at the Chatham call center and technology hub as a model for site selections, hiring procedures, customer service experience and community development.

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Barclays head of markets digital strategy joins Bank Automation News webinar

BankInovation

Barclays Head of Markets Digital Strategy Jennifer Warren will join the Bank Automation News webinar Global Ideas for Better Banking AI on Thursday, Sept. 14, at 11 a.m. ET. With more than 20 years of experience in financial markets, Warren specializes in spearheading step-change business growth and innovation strategies.

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Addressing Top Enterprise Challenges in Generative AI with DataRobot

The buzz around generative AI shows no sign of abating in the foreseeable future. Enterprise interest in the technology is high, and the market is expected to gain momentum as organizations move from prototypes to actual project deployments. Ultimately, the market will demand an extensive ecosystem, and tools will need to streamline data and model utilization and management across multiple environments.