Matthew Lifshotz

Big news came recently that Moov has partnered with Jack Henry to embed Visa Direct and Mastercard Send to enable push-and-pull to debit for their core banking customers. I will be onstage today with Ben Metz CTO at Jack Henry Connect to share more and what we are doing tp help SMB's! This launch is solving one of the biggest pain points for smaller banks and credit unions competing with big banks - speed of funds movement. Bank customers on a Jack Henry core can now link external debit cards for instant money movement in and out of accounts over the card networks. Moreover, we've added tools like Account Name Inquiry and Address Verification to decrease fraud, a critical concern for banks adding instant payment functionality. Some real examples: ◼️ My HELOC payment is due. Move money from my external account the same day. ◼️ My big bank frustrated me with a fee, open and fund my new small bank account same day. ◼️ I need to send my vendor money for supplies. Push to her debit card instantly. ◼️ My credit card's auto pay went through today, pull money from my external account instantly. Yes, customers can use Zelle or Remote Deposit capture to transfer funds. But, every bank offers a debit card, allowing ubiquity in real-time money movement through the existing account transfer user interface. This is a game changer because it helps those banks achieve parity with the money centers and surpass the user experience of most regional institutions. If you are at Jack Henry Connect, introduce yourself at the welcome reception! #JHConnect Press Release Here:

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ICYMI, there is new open banking regulation expected this fall, and we don’t want you to get left behind. pst - banks, fintechs, finserv providers, we’re talking to you. To keep you up to date, we're releasing a limited series featuring legal, policy, and product experts from around the industry, sharing what you need to know about open banking regulation this fall. In our first full episode below, find topics like where this regulation originated, how institutions should prepare for the challenges of compliance, and the opportunities of open banking. Like what you see?  📰 Subscribe to Plaid’s new newsletter to catch all the new updates on this upcoming regulation: https://lnkd.in/e6QY8nCz 🎥 Find the full series dropping on our YouTube: https://lnkd.in/esN94wgf 🤝 See how Plaid can partner to help stay in compliance: https://lnkd.in/ep5RrusV 📌DISCLAIMER: The final rule has not yet been released. Plaid is continuing to invest in and update our open finance solution with the evolving regulatory landscape in mind.

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The problem is not bundling - the problem is fintech’s selling you smoke and mirrors - locking you into a 10 year contract - then relying on their big VC pockets to outspend you in legal to terminate. Everything we do at BankSocial has an easy out - we want you as a partner. To come share your problems and needs with us so we can fix them and help you grow. And if we end up not being the right partner- we want you to be free to find the right partner. That’s why we believe in the power of open banking and the coming wave of Web3. The fix is not unbundling and signing MORE contracts - it’s finding partners who care. #sorrynotsorry

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Learn how the recent classification of MCC 5968 to high risk is reshaping the subscription payment processing landscape for many merchants, with insights from payment expert Melanie Stout. Read more 👉 https://lttr.ai/AS379 #subscriptionmodel #subscriptioneconomy #subscriptionbusiness #subscriptionbilling #subscription #recurringrevenue #churn #involuntrychurn #negativeoption #autorenew #premium

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Curious about the impact of #ISO20022 on fintech? NYPAY has a great panel this Thursday on the topic- it's free register below. ISO 20022 is poised to be a game-changer for the fintech industry, bringing about several positive impacts: 1. Enhanced Interoperability: Imagine financial institutions speaking a universal language. ISO 20022 acts as that common ground, allowing seamless data exchange between different systems. This translates to faster transactions, fewer errors, and a more streamlined experience for everyone. 2. Richer Data for Innovation: ISO 20022 goes beyond basic transaction details. It allows for including richer, more structured data. This empowers fintech companies to develop innovative financial products and services with a deeper understanding of user needs. 3. Streamlined Operations and Efficiency: With standardized data formats, automation becomes easier. This translates to fewer manual processes, reduced errors, and overall cost savings for fintech companies. Regulatory compliance can also be simplified with ISO 20022's structured approach. 4. Openness to New Technologies: The beauty of ISO 20022 is its adaptability. It can accommodate new technologies and business models as they emerge, ensuring fintech companies stay ahead of the curve. 5. Level Playing Field for Fintechs: Legacy financial institutions often have complex internal systems. ISO 20022 creates a more level playing field by providing a common standard that fintech startups can easily adopt. This fosters a more competitive and innovative financial landscape. Overall, ISO 20022 is expected to be a major driver of growth and progress in the fintech industry. By enabling smoother data exchange, richer information, and streamlined operations, it paves the way for a future filled with exciting financial products and services.

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KYP Announces Strategic Partnership with Gieom to Boost Third-Party Risk Management for Firms Subject to DORA Compliance Alan Nagle, CEO of KYP, commented: “We’re thrilled to partner with Gieom and their DORA 360 solution. This collaboration enhances our ability to support financial institutions as they prepare for the Digital Operational Resilience Act (DORA), coming into effect on 17 January 2025. Gieom’s outstanding track record in operational resilience and risk management, and their commitment to innovation, align seamlessly with our mission to provide comprehensive, reliable solutions.” https://lnkd.in/esazZCtM John Santhosh Jack Mulcahy Andrei Iacob Mohammed Shakir Abdullah Bhavana M. Nicola Cowburn #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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FIS have announced they're unlocking the Neural Payments solution to expand the availability of P2P payments by leveraging their GLOBAL scale and NYCE debit rails 💸 📲 💵 Neural Payments’ platform enables bank customers to transfer money from their account to ANYONE, regardless of whether the recipient’s institution utilizes Neural Payments and WITHOUT the need to download a third-party app. 🤯 ⏱ Payments can be settled via popular mobile wallets and debit card; with FedNow, and The Clearing House RTP available now with recipients able to claim their payment within SECONDS! 👨‍💻 “A recent FIS UK survey shows that mobile banking capabilities are the top reason for every generation’s loyalty to their primary bank,” said Chris Como, Head of Cards and Money Movement at FIS. “This combination of our industry reach and our NYCE debit rails with Neural Payments’ innovative technology will greatly help streamline money movement for today’s economy and the increasingly digital consumer. It illustrates our commitment to unlocking financial technology for the world, and I’m excited to begin introducing these capabilities to our client institutions.” Read more on the link below! 👇 Mick Oppy Bill Hampton Daniel Norton Jenn Markus Evan Uchtman Elaine Duff Tatyana Kratunova Vincent Pugliese Ellyn Raftery #FIS #P2P #digitalbanking #neuralpayments #digitalpayments #nyce #paymentrails #peertopeerpayments #fintechnews #fintech #payments

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🔥 OCC just dropped several new enforcement actions, highlighting a BSA/AML one that everyone should read 🔥 💸 While the action doesn't mention BaaS specifically, it does highlight "Lacking oversight of third party payment processor accounts" which reads like onboarding of a fintech program without adequate compliance resourcing - which then leads to the cause for the Consent Order: "Failed to adequately monitor suspicious activity and file SARs" 🧑‍⚖️ Regulators continue to demand lookbacks, and not just for screening, but here for a SAR lookback, saying the Bank will review almost two years of activity "October 1, 2022 to January 5, 2024" for "activity flowing through the Bank’s third-party payment processor portfolio" 🚫 The Bank will also need to explain why SARs are NOT filed for some transactions "a list of customers, accounts, and transactions where, contrary to the conclusions of the SAR Look-Back, the Bank determined not to file a SAR or to amend existing SAR filings, and the reasons provided for that decision" Link in comments, and again, when you're onboarding a fintech program its always easier to put the compliance guard rails in at the beginning

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Is the new CFPB interpretive rule for BNPL stressing you? Talk to us at Peach , we got you covered! Afraid of the migration process? We got you covered there as well!

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Torpago Raises $10 Million to Support White-Label Expense Management Platform Torpago has raised $10 million in a Series B funding round to support its white-label commercial credit card and expense management platform designed for banks. The company will use the new funding to service growing demand for its solution, enhance implementation and compliance resources, and expand its product suite, Torpago said in a Thursday (June 6) press release. “We’re at an inflection point where bank and credit union leaders are no longer seeing FinTechs as competition, but rather as essential partners to support and modernize their offerings and infrastructure,” Brent Jackson, CEO and founder at Torpago, said in the release. Torpago’s Powered By solution helps regional and community banks differentiate their products, drive commercial client growth, and compete against FinTechs and national institutions, according to the release. The company’s solution is built on a technology stack that includes web and mobile apps, native application programming interfaces (APIs) and microservices, the release said. Torpago’s latest funding round was co-led by Priority Tech Ventures, a division of Priority Technology Holdings, and EJF Ventures, per the release. “Priority’s experience serving both businesses and financial institutions helped us appreciate the importance of Torpago’s platform,” Thomas Priore, chairman and CEO of Priority Technology Holdings, said in the release. Jonathan Bresler, managing partner of EJF Ventures, said in the release: “Working closely with community and regional banks across the country, we understand how impactful the program Torpago provides will be on modernizing key offerings.” Torpago began rolling out its solutions in late 2020, aiming to provide a platform that includes real-time integration and other benefits and provides a better way for employees to pay their expenses, Jackson told PYMNTS in an interview posted in April 2022. “We’ve done a really good job of building a plug-and-play customizable solution,” Jackson said at the time. “If you’re approved for our card, you get access to the full suite of solutions.” In January, Torpago, Marqeta and Sunwest Bank teamed up to launch Sunwest’s commercial credit card and expense management solution called Sunwest Bank Visionary Card. This bank-branded offering is enabled by Torpago’s commercial credit card and spend management solutions, Marqeta’s global card issuing platform and Sunwest Bank’s entrepreneurial business bank. #news #fintech #fintechnews #finance #financenews #dailynews #dailynewsupdates #dailynewsletter

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Fair lending is very important to the lenders we speak with Conductiv. Key to this is "explainability". The ability for a lender to simply and clearly explain how the data and AI they use in lending supports equity in lending. Conductiv offers a straightforward approach to this and is delighted to be working with lenders of all kinds to help support fair lending, #deeplending, and #equityinlending. #finance #lending #tech

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I have been an avid observer of InstaPay over the past 6 years, considering that focused mostly on PESONet, dealing primarily with business payments. As we started to look as specific client requirements, then the real-time processing and 24x7 availability have come to the surface. There are specific companies, and business models that require real-time processing, that is not limited to just buying your favorite coffee from your neighborhood coffee shop. For example, the shipping and logistics sectors has relied mostly on cash and manager’s cheques to facilitate immediate finality of payments. The insurance sector has been dependent on cheques (post dated and dated) to facilitate transactions with their policy holders. On the other hand, there are some that are not as particular about real-time processing, and more interested on 24x7 availability. The IT-BPM sector (BPOs) especially those that run 24 hour operations, or those that are in the “graveyard” shift, require payments processing after business hours, with an expectation to credit their employee accounts as early as 6 am. This is why most of the BPOs are still working with banks in closed loop arrangements. InstaPay now has 85+ participants and are processing more than 100 million transactions per month. The transaction limit is still php50k and 80% of the volume is still concentrated to the top 15 participants. There is a huge growth potential for real-time payments in The Philippines and an even bigger opportunity to digitize our economy. Increase participation across banks, EMIs, digital banks and rural banks. PESONet has approx 115 participants and the PPMI membership is approx 150+. There should be a focus in reducing barriers to entry and lower the costs of participation. One of the main challenges here is the cost, which interestingly, is an issue not just for the small rural banks, but for the big foreign banks as well (especially those without a retail presence). The industry should consider allowing tiered or indirect participation through direct participants, to allow access to InstaPay without investing in the connectivity. The transaction value of less than USD1k should be reviewed. InstaPay had one of the lowest (if not the lowest) transaction limit across all real-time payment schemes globally. This limits the commercial use cases it can support. For example, PromptPay in Thailand, which supports transactions up to USD60k, is used in the shipping and logistics sector. Fraud Risk Management is very important to address the inherent risks of real-time payments. The availability and velocity of InstaPay payments makes it attractive to the bad actors who want to take our money. Lastly apart from retail payments, there is a huge opportunity to support business payments, e.g., employee payments, partner payments and insurance payments. #instapay #digitalpayments

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18 Best Practices For Navigating Microloan Lending #payments #fintech #paymentsolutions http://ow.ly/ZLCi30sCzOu

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Get ready for tomorrow’s open banking regulation—today. Our team recently sat down for an in-depth overview of Section 1033 rulemaking, including what it means for your business, and how Plaid can help with compliance. Check out this deep dive on 1033 featuring Elyse Whitehead (Head of Enterprise Legal Services) and Justina Chen (Product Manager) from Plaid, and Angelena Bradfield (Head of Policy) from the Financial Technology Association. 📹 https://lnkd.in/emwCPtZ8

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Fintech Rundown: A Rapid Review of Weekly News - Finovate: Finovate Blog. Tracking fintech, banking & financial services innovations since 1994. Back to Blog. Fintech Rundown: A Rapid Review of Weekly News.

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Is your credit union tapping into the full potential of its data? Are you leveraging data to strategize and unlock new membership and product opportunities? With Vizo Financial’s partnership with Vertice AI, this is now possible. Through this collaboration, Vizo Financial is empowering credit unions to accelerate growth with a cutting-edge, rapidly deployable member growth solution, available to Vizo Financial members on exclusive terms. This solution democratizes access to advanced analytics, allowing credit unions of any size to offer the personalized member experiences that today’s market demands. Vertice AI’s Solution transforms your member data into actionable insights, delivering a single view of each member and predicting their needs — so you know who needs what, and when. Credit unions can now drive growth with targeted engagement and measurable results, without the expense of building or overloading in-house data science teams. Why Choose Vertice AI? With 70+ metrics across demographics, product relationships, and financial behaviors, Vertice AI helps credit unions understand their membership, scale their analytics, and maximize growth potential. Its proprietary scoring system quantifies each member’s economic participation, empowering you to create engagement strategies tailored to each member’s unique journey. Join Us! Vizo Financial will be hosting an informative webinar on November 19, 2024, at 2:00 p.m. ET to dive deeper into this powerful partnership. Don’t miss out on this opportunity to learn how Vertice AI can unlock new growth for your credit union. Register here: https://lnkd.in/ewZxyT89 Learn more about how Vizo Financial is unlocking member growth with our new solution, powered by Vertice AI, on the Vizo Financial blog: https://lnkd.in/ehrcZD2S #VizoBlog #CreditUnionBlog #CUBlog #CUEducation #AI #Technology

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Open banking coming to digital wallets? https://lnkd.in/e2aFawgd The Consumer Financial Protection Bureau (CFPB) swung for the fences today, issuing the final version of Rule 1033 on personal financial data rights. The scope is much wider than anticipated—covering not just bank accounts, but also data in payment apps and digital wallets. As the CFPB notes, digital wallets now play a key role in our financial lives, managing payments from credit cards, prepaid accounts, and checking accounts all in one place. This means Rule 1033 applies broadly to digital wallets and payment apps that facilitate payments from covered accounts, even when they involve pass-through payments from other institutions. Why does this matter? Because it opens up financial data for AI to analyze and learn from consumer spending patterns—helping people make smarter financial decisions. The inclusion of digital wallets is a game changer, reflecting how many of us actually manage their finances today. Some say this data is available today and the regulation is unnecessary - and it is through providers like Plaid and others, but at a cost. The digital wallets are mostly closed today, with little or no access to the data they have. #CFPB #Rule1033 #DigitalWallets #FinancialData #AI #ConsumerRights #Fintech #PersonalFinance #DataRights #openbanking #smartoffers #dfinitiv

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Trovata Works with Swift to Modernize Global Multibank Connectivity "As the pioneer in bank APIs for corporate finance and treasury, we're thrilled to be innovating with Swift to enhance the experience of our customers by connecting them directly to Swift's global community and enabling them to manage directly all connection types and all data formats, prior day or real-time," said Brett Turner, Founder and CEO of Trovata. "By normalizing bank data across both new and legacy protocols, we transform raw cash flow data using ML and AI into building blocks for a smarter, cheaper, and faster corporate finance and treasury org." https://lnkd.in/e76rbHd3 Rida Khan Joseph Drambarean Paul Bramwell Jelani Vassall James Stigler Juan MARTINEZ-COMPAN Nick Kerigan #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Plaid helps all companies build fintech solutions by making it easy, safe and reliable for people to connect their financial data to apps and services. Learn more about Plaid and How It Powers Fintech Solutions https://lnkd.in/gh4U4PA9 #plaid #fintechsolutions

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