PYMNTS

JULY 29, 2019

million for not performing background checks on thousands of non-registered employees for a period of seven years, according to a report by Reuters. The infractions occurred from 2010 to 2017 and involved 10,400 employees. bank in terms of assets. Citi is the third-biggest U.S.

Checks 43

Checks Non-Bank Credit Cards Procedures 43

PYMNTS

JANUARY 15, 2020

Raisin will license Choice FS’ software to banks in the U.S., Banks will be able to offer the new solutions directly to their own customers or use Raisin’s platform to reach all potential retail consumers. billion) in deposits for German banks like Commerzbank and N26. platform,” said Raisin U.S. CEO Paul Knodel.

FinTech 52

FinTech Credit Union Deposit Account Online and Mobile Banking 52

PYMNTS

FEBRUARY 5, 2019

Since its launch in the early part of 2010, CoverHound has raised more than $122 million. It also plans to earmark some of the funding to support new branded partnerships with banks, insurance companies and tech firms it is rolling out this year.

Non-Bank 72

Non-Bank Advisors Participant Continuity 72

PYMNTS

AUGUST 23, 2019

Swedbank faces allegations of processing transactions with mostly Russian non-residents through Estonia from 2010 to 2016. Last month Swedbank, SEB and four other major Nordic banks announced the creation of a customer checking center as part of efforts to crack down on money launderers.

Money Laundering 43

Money Laundering Non-Bank Crime Authorization 43

PYMNTS

APRIL 9, 2018

Non-bailable warrants have been issued for the two central figures in an alleged $2 billion scam at state-run Punjab National Bank (PNB). According to Reuters , a special court of India’s Central Bureau of Investigation (CBI) approved an application to issue non-bailable warrants against jewelers Nirav Modi and Mehul Choksi.

Law Enforcement 43

Law Enforcement Non-Bank Scams SWIFT 43

Fintech News

MAY 23, 2024

Confronted by shifting factors such as tech advancements, generative AI, high interest rates, increased institutional oversight, and evolving customer expectations — the best banks must adapt their business and operating models in 2024, including in Asia. CHINA #1 China Merchants Bank China Merchants Bank Co.,

Online and Mobile Banking 130

Online and Mobile Banking Treasury Non-Bank Finance 130

Fintech News

MARCH 6, 2024

Are digital first banks in Asia poised to lead a disruptive charge against well-entrenched, established commercial banks? In the traditional banking sphere globally, but especially true in Asia, there is a considerable proportion of unbanked and underbanked populations who lack complete or any access to banking services.

Online and Mobile Banking 135

Online and Mobile Banking Debit Card Non-Bank Push-to-Card 135

PYMNTS

AUGUST 18, 2019

Big banks’ mortgage businesses are a lot smaller than they used to be,” Jeffery Harte of Sandler O’Neill told FT. Non-traditional mortgage lenders like Quicken Loans are now taking a bigger market share as traditional financial institutions opt out. In addition, nonbank financials have grown 61 percent to $185 trillion.

Non-Bank 43

Non-Bank Treasury Finance Regulations 43

PYMNTS

APRIL 12, 2019

Nonbank lending – also known as “ shadow banking ” – has seen its assets hit $52 trillion, despite the fact that the sector poses significant risks. By comparison, traditional bank assets had a 35 percent boost to reach $148 trillion during that same period. trillion shadow banking industry is actually on the decline.

Non-Bank 49

Non-Bank Risk Regulations Returns 49

PYMNTS

OCTOBER 24, 2019

As a result, workers across the country were left with negative bank balances amid the disappearance of up to $35 million. 23 and faces federal charges of committing $70 million in bank fraud, according to the U.S. He obtained loans and lines of credit by borrowing against “non-existent receivables,” the filing said.

Payroll 41

Payroll Law Enforcement FBI Non-Bank 41

PYMNTS

JANUARY 24, 2019

More approvals are coming in China for global banks looking for majority ownership in their local securities ventures, according to a top Chinese regulator. Bloomberg reported that China has promised to let foreign banks have more access to its financial sector, which is worth about $40 trillion. It was supposed to debut on Dec.

Cross-Border 62

Cross-Border Non-Bank SWIFT Regulations 62

Stax

NOVEMBER 20, 2023

TL;DR Founded by American Express in 2010, Small Business Saturday encourages consumers to shop at local small businesses. It was established by American Express in 2010 and gained official recognition from the US Senate the following year. But what exactly is it, what are its benefits, and how can you leverage it to your advantage?

Small Business 88

Small Business Online and Mobile Banking Participant On-Demand 88

FICO

SEPTEMBER 30, 2022

She is a top advisor to Fortune 500 companies on responsible artificial intelligence strategy and data innovation practices and serves on several boards advising startups, universities, and other non-profits. Cortnie is also the CEO and founder of AI Truth, a non-profit organization dedicated to responsible creation and use of AI.

Non-Bank 52

Non-Bank AI Financial Inclusion Advisors 52

PYMNTS

OCTOBER 24, 2016

Visa can also transfer funds to non-Visa branded debit cards. Funds are transferred into the recipient’s account linked to a debit card without the need for deposit account number or bank routing code details. also in the press release.

Debit Card 70

Debit Card Payee Near Real-Time Push-to-Card 70

PYMNTS

SEPTEMBER 29, 2016

Blue Apron is another firm that is likely to come public, as the on-demand delivery meal kit firm is rumored to be in talks with banks to lead an IPO. In non-IPO news, the FinTech unicorn known as Funding Circle has seen a doubling of its operating losses, yet also said this past week that it has lent more than £1.5

On-Demand 67

On-Demand Caps Underwriting Non-Bank 67

PYMNTS

JANUARY 7, 2021

To put the latest move into perspective, Experian said 2020’s larger-than-usual annual increase accounted for one-third of the total improvement in scores seen since 2010, which have inched higher in 9 of 10 years. Using average numbers to illustrate America’s love affair with leverage can sometimes be misleading.

Credit Cards 94

Credit Cards Consumer Financial Protection Bureau (CFPB) Federal Reserve CFPB 94

PYMNTS

JANUARY 25, 2019

By debiting the bank accounts of its users without authorization, the company violated the Consumer Financial Protection Act of 2010, the Bureau claimed. Enova provides online financial services to small businesses and non-prime consumers.

CFPB 49

CFPB Consumer Financial Protection Bureau (CFPB) Settlement Funds Transfer 49

PYMNTS

JANUARY 31, 2019

is set to see its first new community bank in decades, as the Federal Deposit Insurance Corporation (FDIC) lent its approval for MOXY Bank to launch in Washington, D.C. MOXY Bank, for example, aims to introduce corporate treasury management services, as well as offerings for small business (SMB) owners. have emerged to do.

Community Banks 49

Community Banks FDIC Small Business Non-Bank 49

PYMNTS

JULY 31, 2017

Within this loan grant, 18 banks across the Middle East, Europe and Asia participated in financial contributions. Deutsche Bank and Morgan Stanley served as joint global coordinator, with Bank of China (Hong Kong) Limited, Deutsche Bank AG and Wing Lung Bank.”.

Non-Bank 40

Non-Bank Participant Checks Product 40

PYMNTS

MARCH 19, 2018

Indian Prime Minister Narendra Modi is in hot water after a photo surfaced of him with billionaire jeweler Nirav Modi, who is at the center of the biggest banking scandal in the country’s history. The bank also alleged that Modi took advantage of the inexperience of junior banking personnel to receive the letters.

Non-Bank 40

Non-Bank Rules Governance Government 40

PYMNTS

APRIL 12, 2018

India’s Punjab National Bank (PNB) is conducting an internal investigation into an alleged $2 billion fraud, vowing to come down on anyone involved in the crime. “We So far, 20 people have been arrested, and a court has issued non-bailable warrants against jewelers Modi and Choksi. In February, PNB announced that it had discovered $1.8

Continuity 40

Continuity SWIFT Non-Bank Correspondent 40

PYMNTS

FEBRUARY 23, 2016

The payments relationship will begin later this year, said Gordon Smith, who heads JPMorgan’s consumer banking unit as chief executive officer, during the financial firm’s investor day presentation on Tuesday, Feb 23.

Mobile Payments 40

Mobile Payments Non-Bank Agreements Payment Initiation 40

PYMNTS

APRIL 17, 2018

Interest rates plummeted as the Fed held the federal funds rate at zero in the hopes of stimulating lending in an environment where credit went from dangerously free-flowing to dangerously non-existent in the span of a few months. Big banks have moved away from the segment in general — and from subprime borrowers in specific.

Non-Bank 55

Non-Bank Finance Risk Fed 55

PYMNTS

JANUARY 4, 2019

Open accounts peaked near 500 million at mid-2008, then plunged to 360 million by the third quarter of 2010, according to a 2013 report by the New York Federal Reserve. A situation that card issuing banks were less than fully enamored with. And the offerings have been impressive. In short, they are too successful.

Card Issuer 55

Card Issuer Credit Cards Issuers Non-Bank 55

PYMNTS

SEPTEMBER 26, 2016

The driving force behind the growth in non-cash payments, according to Capgemini, is due in part to strong economic growth in key developing countries, as well as increased security measures and government initiatives to engender electronic payments in certain markets. As a result, the call for banks to keep pace continues.

Payments 73

Payments Fraud Detection Non-Bank Volume 73

PYMNTS

FEBRUARY 24, 2016

23) that commercial banks and savings enterprises that it insures reported net income in the aggregate of $40.8 billion decline in non-interest expenses, which were off due to a decline in litigation expenses. The total ratio of banks that were unprofitable dropped 80 basis points year over year to the most recent 9.1

FDIC 40

FDIC Community Banks Non-Bank Credit Risk 40

PYMNTS

AUGUST 11, 2020

However, Deutsche Bank analyst Jeriel Ong has doubts about the sustainability of Apple’s recent meteoric rise. Meanwhile, Bank of America lowered its rating on Apple last week, arguing that the shares’ rocket-like gains aren’t sustainable in the near term. At the time, it was embroiled in a brutal antitrust lawsuit with the U.S.

Non-Bank 48

Non-Bank On-Demand Caps Innovation 48

PYMNTS

APRIL 2, 2020

consumers, who made almost 73 billion non-prepaid debit card transactions in 2018 – and the final 2019 number is bound to be bigger. The Durbin Amendment is a 2010 law that gives merchants some choice in which networks route their debit payments, so networks want to entice retailers with speed and convenience.

Debit Network 52

Debit Network Debit Card Transactions Non-Bank 52

PYMNTS

APRIL 1, 2020

billion non-prepaid debit card transactions in 2018, solidifying debit as a staple payment type. Merchants pay payment processing fees and banks pay for permission to issue cards stamped with providers’ brands, but the network over which payments are ultimately sent lies with individual merchants. shoppers made 72.7

Debit Card 56

Debit Card Electronic Funds Transfer (EFT) Debit Transaction Federal Reserve 56

PYMNTS

MARCH 2, 2020

million in 2010 to 5.9 Forty-six percent reported themselves as non-Hispanic white, 26 percent selected Hispanic, 18 percent identified as black and 10 percent chose another category. Bank account holders may select this method because it makes funds immediately available and dodges the one- to two-day wait typical of direct deposit.

Payroll 52

Payroll Direct Deposit ATM Checks 52

PYMNTS

MAY 30, 2018

Financing of all sorts was on the downswing, and SMB owners began dipping into their own piggy banks before seeking a lending agreement. That finding comes care of data gathered by 12 regional Federal Reserve banks in a survey conducted over the third and fourth quarter of 2017. In the 10 years following the financial crisis, the U.S.

Underwriting 46

Underwriting Small Business Federal Reserve Community Banks 46

PYMNTS

SEPTEMBER 19, 2017

While non-bank financial institutions (FIs) and FinTechs may be keeping traditional banks on their toes, banks still have the largest piece of the corporate banking pie.

Innovation 43

Innovation Payment APIs and Integration Non-Bank Fraud Detection 43

PYMNTS

OCTOBER 1, 2018

The DOJ investigation centered on whether LendingClub had – between January 2009 to September 2010 – misled its FDIC-insured loan originator, WebBank , leading the bank to underwrite over 200 loans that did not conform to the bank’s lending requirements. The DOJ Finding. The Rundown on the Run-up to the Decisions.

P2P 54

P2P Origination Underwriting Returns 54

Nanonets

FEBRUARY 14, 2024

Furthermore, in the case of an audit, the detailed organization of transactions by GL code simplifies the process of providing necessary documentation and explanations, reducing the risk of penalties or fines for non-compliance. 2010 - Accounts Payable) to represent the liability created by this transaction. How to Assign GL Codes?

Transactions 52

Transactions Audit Accounts Automation 52

Fintech News

JANUARY 28, 2024

500 Global (USA) Founded in 2010 and headquartered in the US, 500 Global is an early-stage venture fund and seed accelerator. SOSV (USA) Founded in 1995 and headquartered in the US, SOSV is a VC firm that provides pre-seed, seed, venture and growth stage funding to startups in the technology sector. billion.

FinTech 108

FinTech Cross-Border Payment APIs and Integration Cross-Border Payments 108

PYMNTS

DECEMBER 10, 2018

The consumer value prop was the functionality of a debit-like product, since funds to pay merchants were pulled directly from their checking accounts, without the consumer having to switch their existing DDA account to a new bank to get the generous cash-back goodies. Merchants paid less when they accepted those cards.

ACH 73

ACH Credential Push-to-Card Breach 73

PYMNTS

DECEMBER 28, 2018

That means that on the brink of 2019, it remains uncertain whether the next year will look more like the best of times or the worst of times when it comes to providing consumers and small businesses (SMBs) with access to financial services — both in and outside the traditional bank-backed channels. According to the Federal Reserve , U.S.

Non-Bank 58

Non-Bank Online and Mobile Banking Push-to-Card Consumer 58