Robert MacColl

Key Facts SMB Digital Lending leverages advanced data analytics and machine learning to help banks profitably source, underwrite, and fund loans of any size to small and medium-sized businesses.

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A CUToday article (link below) reported, "Nearly 80% of U.S. banking consumers ages 18 to 42 cited mobile banking apps as a channel where they became aware of an FI’s offerings,' according to an Oct. '23 report, 'US Banking Consumer Habits' survey from eMarketer. That's why OneDigitalTrust's platform is so right! It practically markets itself from inside your bank or credit union's own mobile banking app. And, research has found that young adults are more aware than ever of the importance of #estateplanning. Read the article, and then if you want to learn more about our easy-to-understand, legally valid estate planning platform (which also calculates tax liabilities, allows for storytelling to supplement bequeaths, provides opportunities to assign personal possession to individuals they mean the most to, and more!) please message us! https://loom.ly/cdOUGRg #creditunions #estateplanning #wills #trusts #financialwellness #trustservice #creditunion #financialadvisors #banks #wealthmanagers #mobilebanking #youngadult #banking #GenZ #Millennials

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For those of us waiting for the release of 1033, it appears we have some insight over what will be included. While the Consumer Financial Protection Bureau (CFPB) plans to release its final open banking rule today, details were provided in advance to American Banker. Here's a summary: The CFPB is releasing its final open banking rule, expanding its scope to include payment apps and other financial products. The rule, named after Section 1033 of Dodd-Frank, requires banks to safely share financial data on various accounts and products, including Apple Pay, Google Pay, PayPal, Zelle, and Venmo. It aims to increase competition, enhance consumer choice, and establish strong data security and privacy standards. Key aspects of the rule include prohibiting data harvesting, allowing some secondary uses of consumer-authorized data, and extending the compliance period for large banks to April 1, 2026. The CFPB emphasizes that consumers have the right to know what data is collected, where it's stored, with whom it's shared, and to revoke access at any time. The rule is expected to encourage the adoption of secure APIs and potentially reshape how consumers use their personal financial data. My thoughts: This final open banking rule will likely significantly impact banks by requiring them to safely share a broader range of financial data, including payment app information, with third parties. While this may increase competition and consumer choice, it also presents challenges for banks in terms of data security, potential liability for third-party breaches, and the need to implement costly oversight measures for Fintech companies accessing consumer data. If banks are to stay ahead of the curve, banks should focus on partnering with those Fintechs that have robust API infrastructures while enhancing their data security measures. Additionally, banks could consider partnering with Fintech companies to create innovative products and services that leverage open banking capabilities, potentially turning this regulatory challenge into a competitive advantage. #banking #1033 #CFPB #bankingindustry #payments #creditunions #fintech #financialistitutions

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Unveiling GiveCard Bank Payments 🪄 We're talking about the incredible power of ACH and instant bank transfers via Fednow/RTP. Send bank payments that zip through, completing in mere moments. ⚡ No more conjuring up endless paperwork or waiting for days on end. With these magical instruments, disbursing funds becomes a breeze – swift, secure, and trackable every step of the way. 👣 ACH: A trusted tool for dependable, bulk payments to bank accounts. Instant Transfers: Instantaneous bulk disbursements, for when speed is crucial. GiveCard amplifies the magic further with effortless setup. Get started in minutes, no need to navigate complex mazes. Ready to embark on this financial quest? Join us in Givetopia, a realm where payments flow flawlessly, and organizations wield the power of instant disbursement ✨ Explore your options & enter Givetopia today: https://lnkd.in/g6CTNfVZ #ACH #Fednow #RTP #InstantPayments

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Bankjoy, a leading digital banking provider for banks and credit unions across the U.S., has announced its partnership with Pinwheel, a FinTech that helps financial institutions win primacy with frictionless account activation. Through the partnership, Bankjoy will help its customers easily integrate the industry's most advanced digital deposit switching (DDS) solution, Pinwheel Prime, into the digital banking experiences for over 70 banks and credit unions nationwide. Customers of banks or credit unions that use Bankjoy can take advantage of Pinwheel Prime's two-click deposit switch, transforming a multi-step process requiring customers to leave the bank experience into a fully integrated digital journey that takes mere seconds. Drawing on Pinwheel's success with applications like Cash App, which saw a significant increase in direct deposits in a challenging liquidity environment, Bankjoy aims to provide similar advantages to credit unions and community banks. This collaboration allows these institutions to compete effectively by offering an easy and fast deposit switch option. Source: https://lnkd.in/ea-hacah Sign up for more news updates like this in our daily newsletter: https://lnkd.in/eskQx7Ym #fintech #banking #digitalbanking #bankingtechnology #partnership #partner #financialtechnology #financialservices #financialsolutions

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The RTP® network has made significant strides in bringing instant payments to financial institutions and their customers. TCH is dedicated to expanding #instantpayments for all financial institutions and have close to 700 FIs live on the network, which equals 68% of U.S. demand deposit accounts. Read more about the RTP network's progress, including growing transaction volumes, in this article from American Banker: https://lnkd.in/gjjie-xa

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FIS Launches SMB Digital Lending to Streamline Small Business Loan Processes “FIS’ SMB Digital Lending solution is a game-changer for financial institutions and small businesses alike,” said Steve Sabin, SVP, Division Executive, FIS Lending. “By partnering with Lendio, we are leveraging our unmatched scale and reach in the banking industry plus Lendio's advanced small business underwriting technology and empowering financial institutions to profitably serve their small business customers. The expansion of our digital banking capabilities illustrates FIS’ commitment to serving the entire money lifecycle—whether at rest, in motion, or at work—and I look forward to seeing the positive impact the solution brings.” https://lnkd.in/eEF_6zcq Brock Blake #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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FinTech Automation's EZForm Launches Digital Account Opening Solution for Banks and Credit Unions “Compliance and security are at the heart of FinTech Automation’s DAO solution,” said David Park, CEO of FinTech Automation. “With built-in compliance checks against OFAC, FinCEN databases, PEP screening, and the Social Security Number Verification Service, our platform ensures a high level of regulatory compliance. This robust compliance framework enables financial institutions to confidently open international and cross-border accounts for global customers, simplifying operations without compromising security or efficiency.” https://lnkd.in/ei4fekdH #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Exciting News! 🚀 Monit and Narmi have officially partnered up to help financial institutions provide an elevated digital experience for #SMBs and their bankers. FIs that leverage Narmi’s Business Digital Banking platform can now seamlessly enable Monit to provide actionable insights and cash flow forecasting capabilities to small business clients & members. In return, banks and credit unions will receive deep portfolio analytics, have the ability to identify deposits held away, and automatically receive highly qualified leads to deepen relationships within their portfolio. 👉 Check out the press release highlighting our client, First Internet Bank! #cashflowanalysis #businessbanking #insights

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The Consumer Financial Protection Bureau’s new interpretative rule regarding BNPL reveals new requirements for BNPL providers under Regulation Z. With less than 60 days left before the rule takes effect, BNPL providers need to quickly rework their card programs and align their servicing processes to comply with Regulation Z. Our blog post explains what BNPL providers can expect with the change and the solutions LoanPro offers to seamlessly implement these new compliance measures into their credit products. Read here: https://lnkd.in/gm5yHiRz

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Macha, Inc. and PaymentsFirst, Inc. to Merge Combination Creates Dynamic Payment Association Macha, Inc. ("Macha") and PaymentsFirst, Inc. ("PFI") announced today that their respective Boards of Directors have approved a merger agreement under which the two payment associations will combine. Macha's wholly-owned subsidiary, Payment Advisory Resource ("PAR"), will continue to offer audit and consulting services under the combined payment association. "Our organizations have very similar cultures and approaches to education, advocacy, and member-oriented service, and this merger gives us the strength and resources to remain competitive going forward.," said Mary Gilmeister, President and CEO of Macha. Rich Leary, President and CEO of PFI added, "I am excited to partner PaymentsFirst’s, education, member services, proprietary audit and risk assessment software, and industry leading AI utilization with all the exceptional services Macha offers to their members." Gilmeister will serve as the CEO of the resulting entity, and Leary will serve as the President. Leary noted, "I’ve collaborated with Mary Gilmeister on many industry initiatives over the past 30 years and am truly looking forward to bringing our teams together to serve our combined members." Gilmeister observed that "Rich Leary and his team have built a legacy with PFI that makes it a perfect fit for Macha and we look forward to working together and carrying that forward." The merger is subject to approval by the members of both Macha and PFI in accordance with their respective bylaws. The votes are expected to occur in the 3rd quarter of 2024 with consummation to follow shortly thereafter. Reinhart Boerner Van Deuren s.c. served as Macha's legal advisor. Adams and Reese LLP served as PFI’s legal advisor. ### About Macha Macha was formed in 1975 and has more than 500 members. Macha, directly and through PAR, offers its members support on all payment systems, education, audit, risk and consulting services. www.macha.org. Contact Mary Gilmeister at (262) 345-1245 or [email protected]. About PFI PFI was formed in 2015 and has more than 650 members. PFI offers its members support on all payment systems, education, audit, risk, and consulting services. www.paymentsfirst.org. Contact Rich Leary at (678) 528-3234 or [email protected]. View the full press release here: https://lnkd.in/ec2g97Ak

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Community FIs are leveraging technology, customer-centric approaches and collaborative strategies to deliver seamless lending experiences and flexible capital access. In his latest article for Bank Business News, our CEO, Will Tumulty, shares how these advancements are supporting SMBs and driving positive results. https://hubs.ly/Q02H4K6X0 The Banking BUSINESS News Network, LLC #SMBLending

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To the likely surprise of providers of buy now, pay later (BNPL) financing, the #CFPB recently issued an interpretative rule stating that BNPL products are actually "credit cards" under the Truth in Lending Act and BNPL providers are "card issuers" and therefore "creditors" under, and subject to, Regulation Z. Scott Pearson, Bryan Schneider and Eric Knight explain the significance here:

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It's a big day for #openbanking! This morning, the Consumer Financial Protection Bureau issued its final rule establishing a personal financial data right for consumers. The rule is a win for consumers, guaranteeing their right to own and securely share their financial data. The rule will increase competition, improve consumers’ choices, and drive momentum for future innovations that benefit consumers – like cash flow underwriting, stronger fraud tools, pay-by-bank, and personalized financial services – while fostering greater trust in the financial ecosystem. While today’s final rule covers account and transaction data, we are hopeful that future rulemakings will allow consumers to unlock more benefits by tapping into other aspects of their financial lives, such as payroll, student loan, investment, and mortgage accounts. Read more here ⬇ #PoweredbyFintech https://lnkd.in/eNDRuAxb

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