Sat.Jun 22, 2024 - Fri.Jun 28, 2024

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Structuring cash transactions: Example reviews and best practices for banks

Abrigo

How does your AML program detect structured cash transactions? Read this blog to learn the definition of structuring, why it is illegal, and some examples of structuring scenarios that can help banks understand customer behavior and intent. Would you like other articles like this in your inbox? Takeaway 1 When reviewing customer activity for instances of structuring, it is important to look for patterns in behavior as well as an intent to structure.

Examples 221
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Bank Product Management in Lending

South State Correspondent

In a previous article [ here ] we discussed why community banks need product managers to ensure that financial products and services are effectively developed, launched, and managed to meet customers’ evolving needs and the bank’s risk and profitability goals. In this article, we provide a concrete example of how product management in lending might work.

Lending 195
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Bridge Lending Solutions for Commercial Real Estate

Commercial Lending USA

Time is significant in the fast-paced world of commercial real estate. But what do you do when a great chance comes up but your stable bridge lending solutions still need to be implemented?

Lending 98
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Judge sways away from Visa-Mastercard settlement

Payments Dive

On Tuesday, Judge Margo Brodie denied a preliminary settlement proposal made by the card networks Visa and Mastercard, and merchants who sued them in federal court nearly two decades ago.

Cards 444
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How to Avoid Getting "Ghosted": Top 3 Secrets to Staying Relevant with Gen Z

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.

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The impact of generative AI in banking

Accenture

Following the release of our new report, “The age of AI: Banking’s new reality”, I sat down with my team to discuss how generative AI is reshaping the banking industry. It sparked an interesting conversation about current adoption journeys, strategic priorities, and the exciting possibilities ahead for banks. I thought I’d share some of the… The post The impact of generative AI in banking appeared first on Accenture Banking Blog.

Industry 299

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Podcast: Retail POS lending is an opportunity for lenders, Pagaya president says

BankInovation

Point-of-sale financing as an alternative payment method is a growing opportunity for lenders, technology company Pagaya’s President Sanjiv Das says on this episode of “The Buzz” podcast. According to auto lender and Pagaya partner Ally Financial, POS financing is expected to reach a value of more than $81 billion by 2030.

Lending 113
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Why a Visa-Mastercard settlement is likely to fall short

Payments Dive

The persistence of the networks’ ‘honor all cards’ rule may be a key reason Judge Margo Brodie is unlikely to approve a negotiated resolution of the two-decade-old case brought by merchants.

Cards 418
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Five key success factors for commercial banks to scale generative AI

Accenture

Ella Fitzgerald was one of the first, in the ‘30s, to have a hit with the song ‘Ain’t What You Do, It’s the Way That You Do It’. The fact that legions of musicians have and continue to record it tells me there’s a universal truth there that most people recognize. This is certainly the… The post Five key success factors for commercial banks to scale generative AI appeared first on Accenture Banking Blog.

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Can we get a vote for protecting cash?

ATM Marketplace

One often ignored issue by politicians is the loss of in-person banking services. Politicians should address voters’ concerns about the decline in in-person access to cash and financial services.

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Navigating the Automation Landscape: Selecting Tools That Fit Your Business

Speaker: Gary Dmitriev

Our upcoming webinar aims to demystify the process of selecting and implementing automation tools for financial institutes. This session will provide your roadmap for vetting potential solutions, focusing on due diligence, vendor assessments, and aligning technology with strategic goals. We’ll also address the critical issue of innovation fatigue, offering tips on maintaining enthusiasm and momentum for new initiatives.

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EU-regulated ‘sustainable’ funds invest £14bn in biggest polluters

TheGuardian

Investigation finds funds touting ethical credentials include fast fashion labels and fossil fuel companies Fast fashion labels, fossil fuel companies and SUV-makers are present in EU-regulated “sustainable” funds that tout their ethical credentials in their names, the Guardian and media partners can reveal, with $18bn (£14bn) of their investments going to the 200 biggest polluters.

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Amex banks on spending at high-end restaurants

Payments Dive

Analysts say American Express wants to cash in on the restaurant industry’s success and give customers admission to hard-to-access premium experiences.

Industry 415
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GM pulled its ILC application. The election may decide what happens next.

American Banker

General Motors' financial arm has halted its quest for an industrial loan company charter from the FDIC, but is signaling that it will try again. Observers said the automaker may wait until after the presidential election to decide how to move forward.

FDIC 92
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First tokenised money market fund launched on Algorand

The Paypers

The Algorand Foundation, Archax , abrdn , and Quantoz Payments have announced the launch of the first tokenised money market fund on Algorand.

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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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Inside look: Nvidia’s AI factories

BankInovation

Nvidia is spearheading the AI industry’s growth with its latest data centers focused on developing and deploying models for the financial services industry.

Data 83
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BNPL to shift toward larger-ticket expenses: CEO

Payments Dive

The short-term financing option, which already costs more than cards for merchants, will eventually retreat from daily purchases, Priority CEO Tom Priore predicted.

Cards 396
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Bank, credit union executives share how they built virtual branches

American Banker

Leaders that have created virtual "branches" weighed in at American Banker's Digital Banking conference on how to approach implementation and what results have been like.

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Chasing (and Catching) Deposits: How Business Banking Tools Create an Edge

Jack Henry

Growing and replacing deposits is a top priority for U.S. banks and credit unions: 72% of bank CEOs and 44% of credit union CEOs say growing deposits is paramount.

Tools 74
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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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Navigating Cybersecurity and Regulatory Challenges in Financial Services

Cisco

Cisco Live 2024! The event brought together 21,000 industry leaders and technology enthusiasts. This year we had the opportunity to share how our customers can accelerate digital transformation, fortify tech infrastructures, and enhance observability and vulnerability management for financial institutions.

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Bank of America zeroes in on banking app innovation

Payments Dive

The team behind the bank’s CashPro app aims to stay a step ahead of rivals, including with payment approval features.

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Investor news: Mastercard targets crypto, Comerica to settle fraud suit

American Banker

Investors are keeping a close eye on recent banking news, including Mastercard's latest plan for crypto, Comerica's proposed settlement of a class action, employment gains and skeptical shareholders.

Fraud 87
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Back to the Future Using Your Legacy Data | FinTalk

Jack Henry

The future of Enterprise Content Management (ECM) is upon us. In order to get the most out of the new technology and processes, you must take your legacy data and reinvent it. You won’t need any plutonium, a flux capacitor or Doc Brown to correct the data of the past. Here are some things you can do now to explore your past data and blaze into the future with your ECM data archives.

Data 60
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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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Barclays and HSBC to cut fixed-rate mortgage deals

TheGuardian

Other lenders likely to follow suit as analysts say cuts of up to 0.31 percentage points could fuel ‘summer of savings’ Business live – latest updates HSBC and Barclays are cutting rates on their fixed mortgage deals in what some brokers claim could be the start of a “summer of savings” for homebuyers and those looking to remortgage. Barclays has reduced rates by more than 0.25 percentage points in some cases from Tuesday, and its cuts led to a quick response from HSBC, which said it would be cu

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Travelers want to use credit cards, but often can’t

Payments Dive

Spending by travelers and tourists is often done in cash or by debit card, even if most travelers would prefer to pay another way.

Cards 390
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Hackers claim they stole Federal Reserve data, offer no evidence

American Banker

Ransomware group LockBit threatened on Sunday to publish the stolen data Tuesday evening. Ransomware experts said it was likely that the group was bluffing.

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AtData partners with Dodgeball

The Paypers

AtData , a provider of email address intelligence, has announced a strategic partnership with Dodgeball , a unified identity platform focused on user verification and fraud prevention for businesses.

Fraud 68
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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