Sat.Mar 11, 2023 - Fri.Mar 17, 2023

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Amex bets on millennials, Gen Z for growth

Payments Dive

As it pursues younger consumers, the company is angling to ensure its high-fee cards offer enough value for millennials and Gen Zers.

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The great deposit shakeout is on: How will it end?

American Banker

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How to Build a Payment Test Automation Strategy for 2023

ATM Marketplace

Automated testing helps to identify and resolve issues faster and more efficiently, leading to improved user experience and increased customer satisfaction.

Strategy 114
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Learn How To Start Fix And Flip Loans No Money Down

Commercial Lending USA

fix and flip loans no money down have become popular with investors because they allow you to use someone else's money to fund your project. That's right.

How To 98
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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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Payments players caught in SVB fallout

Payments Dive

As the banking crisis spread, payments players, such as FIS, and venture-backed firms, including Payoneer, were caught in the contagion.

Payments 486

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Silicon Valley Bank Failure – Lessons in Interest Rate Risk Management

South State Correspondent

The abrupt collapse of Silicon Valley Bank (SVB) is a stunning example of bank leadership not understanding interest rate risk, running into trouble with an inverted yield curve, and ignoring the impact of a severe monetary correction on long-duration assets. There will be much more discussion and information written on this bank’s collapse, as well as the shutdown of Signature Bank and the story about Sterling Bank, and perhaps others in the weeks and months to follow.

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GAO issues report on fintech products; recommends CFPB clarify when earned wage access products are “credit” under Truth in Lending Act

CFPB Monitor

The Government Accountability Office (GAO) has issued a new report entitled “Financial Technology: Products Have Benefits and Risks to Underserved Consumers, and Regulatory Clarity Is Needed.” The report focuses on the following four types of fintech products: Digital deposit accounts offered by fintech companies through partnerships with banks or credit unions. .

Fintech 145
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Visa, Mastercard depict bank failure impact

Payments Dive

As bank card issuers faltered this past weekend, the card networks monitored payments closely, Visa and Mastercard executives said at a conference.

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Client Remediation – Running the Program (Part 2 of 3)

Perficient

In our first blog in this series, Getting Started With Client Remediation (Part 1 of 3) , we discussed how to get a client remediation program started, what levels of the organization should be involved in client remediation programs, and how ultimately good things, such as lower risks, improved technology, and risk monitoring, may result from a successful client remediation program.

Analysis 275
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New York Lien Law Essentials: 5 Key Facts for Commercial Lenders

Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.

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Q1-2 2023 Economic Outlook: Industry Stability following Bank Failures

SWBC's LenderHub

As we have been saying for several of our previous quarterly economic updates, as inflation goes, so goes the U.S. economy. A quick and rapid descent of inflation will take pressure off the Fed to continue raising rates and the possibility of a soft landing improves. The longer inflation remains elevated, the more aggressively the Fed will have to act, likely triggering a recession.

Industry 145
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“Life takes Visa” but debt collectors don’t? New debt repayment rules are coming for collection agencies on April 15, 2023

CFPB Monitor

Move over, Tax Day! This year, April 15 falls on a Saturday so the IRS moved the tax filing deadline to April 18. What will you do with all that extra time? Don’t worry, Visa’s got you covered. Visa recently notified its business network that new rules for debt repayment are coming on April 15, 2023. .

Taxes 128
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Fed aims for late end of launch period

Payments Dive

The central bank is targeting July, as opposed to the earlier end of its prior range, for starting its new real-time payments service.

Payments 396
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What's the deal with cash recycling?

ATM Marketplace

In a world of increasing competition for customers with neobanks and major staffing challenges at the branch level, banks need to find ways to reduce costs. One method gaining popularity is cash recycling.

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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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Fintech Enablement’s Role in Modernizing Legacy Systems

BankInovation

As core legacy systems become inefficient, slow, and unable to keep up with present day customer expectations, more and more financial institutions are facing the same question: how do we modernize these systems without the high costs and long turnover time? The answer is fintech enablement.

System 98
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Claims Automation for Health Plans: Transformation with a Small “t”

FICO

Home Blog FICO Claims Automation for Health Plans: Transformation with a Small “t” By focusing on transformation with a small “t” that addresses measurable performance gaps, health plans and administrators can use claims automation to control costs and risk FICO Admin Tue, 07/02/2019 - 02:45 by Paul Crowder expand_less Back To Top Tue, 03/14/2023 - 14:15 Some time ago, I witnessed a plea for help in a global healthcare summit from a Director of Claims Management for assistance in automating thei

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Fiserv, Jack Henry CEOs react to bank crisis

Payments Dive

Payments processors’ CEOs this week described how their companies were affected by the recent bank industry turmoil, downplaying the impact.

Industry 300
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SVB, Signature Bank collapse raises questions

ATM Marketplace

The collapse of SVB and Signature Bank have raised questions about the economy, the banking system, cryptocurrency and how banks should respond.

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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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Silicon Valley Bank: HSBC rescues SVB UK but market turmoil continues – business live

TheGuardian

Silicon Valley Bank UK has been sold to HSBC for £1 , in a deal that protects depositors’ money says Treasury and Bank of England Full story: HSBC to buy Silicon Valley Bank’s UK operations Why Silicon Valley Bank was so important to UK tech sector Here’s Sky’s Ed Conway: Important developments. Continue reading.

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Consumer Advocates Take Aim at Chamber’s New Mass Arbitration Report

CFPB Monitor

The U.S. Chamber of Commerce’s recent publication of an 80-page report titled “ Mass Arbitration Shakedown: Coercing Unjustified Settlements ” has fanned the flames on an already heated debate between consumer advocates and industry lawyers over the propriety of mass arbitrations. We have addressed mass arbitration issues and potential defenses extensively in our prior blogs.

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Payments execs detail SVB impact

Payments Dive

The Silicon Valley Bank downfall that sent shockwaves through the financial industry forced fintechs, such as Affirm and Marqeta, to react fast.

Payments 284
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2023 Kiosk Marketplace Census Report

ATM Marketplace

The self-serve kiosk industry pushed forward in a big way in 2022, as the recovery from the pandemic continued for the second straight year. A convergence of factors took hold: rising consumer acceptance of self service, a recovering supply chain, a growing labor shortage, improving technology, and the return of industry trade shows.

Report 96
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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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Credit Suisse shares surge after seeking £44bn lifeline from Swiss central bank – business live

TheGuardian

Rolling coverage of the latest economic and financial news, as Credit Suisse gets central bank support to stem crisis rocking financial markets Credit Suisse: what is happening at Swiss bank and should we be worried? Credit Suisse’s largest shareholder, Saudi National Bank, has said the market turmoil in shares of the Swiss lender was “unwarranted”.

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CFPB consent order shuts down mortgage lender focused on servicemembers

CFPB Monitor

On February 27, 2023, the Consumer Financial Protection Bureau (CFPB) entered into a consent order against RMK Financial Corporation d/b/a Majestic Home Loan (RMK), a California-based mortgage lender, based on allegations that it falsely implied government endorsement of its home loans in its marketing. The consent order, which addressed numerous alleged statutory and regulatory violations and a failure to comply with an earlier consent order, prohibits RMK from engaging in any mortgage lending

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BNPL firms snag consumers at checkout: J.D. Power

Payments Dive

As buy now, pay later use rises, consumers are learning about the payment option at checkout, more so than from social media or family and friends.

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CUNA GAC 2023, The Largest Advocacy Event for Credit Unions

William Mills

I recently had the opportunity to attend Credit Union National Association’s (CUNA) Governmental Affairs Conference (GAC) in Washington, D.C. The event is the credit union industry’s premier event bringing together leaders from across the movement to rally around a united case – to tell policymakers how their lawmaking affects credit unions and their more than 130 million members.

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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