Alex Jimenez

Why wait for members to fire you before making a change? By adopting Shastic’s platform, your credit union gains an edge in delivering seamless experiences while staying true to its mission of member-first service. Don’t let fintechs define what convenience looks like—delight your members! https://hubs.ly/Q02WwlGh0 #AI #RPA #Banking #CreditUnion #Lending #AIWorkflowAutomation #WorkflowAutomation #Efficiency #Loan #Fintech #PeopleHelpingPeople

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This is a great share American Banker. This is a common issue among banks and credit unions, which is one reason why BankShift exists. Having experience at top U.S. financial institutions, we empathize with navigating these challenges as we’ve been there before. We’re into solving problems for the toughest challenges that most financial institutions face. Please feel free to reach out. https://lnkd.in/gUvSgFYD Here are some tips to reduce frustration: 1. Implement a rigorous vendor management screening process to avoid hiring individuals without the necessary experience. 2. Ensure vendors possess intellectual property and a team with a proven track record of transforming financial institutions. 3. Move away from lengthy contracts, which benefit providers with recurring revenue but are not advantageous for financial institutions. 4. Conduct thorough technical due diligence before signing contracts to ensure compatibility across the entire institution. 5. Only deal with bundled services outside of the core systems and try not to create spaghetti (API) monsters. Note: If you already have a spaghetti monster, our digital hub (gateway) to monitor all your vendors is the cheapest start with immediate upside to your call center. 👊 #digitalfirst #transformation #creditunions #banks

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Exploring the realm of ACH payments is like peering into the intricate gears of modern finance—a complex system meticulously designed for efficiency and security. Discover how ACH payments streamline transactions, reduce costs, and enhance security in the digital age. Unravel the intricacies of ACH payments in this informative deep dive. #Finance #ACHPayments #DigitalPayments #Efficiency #Security https://lnkd.in/dfENqjVa

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In 2022, Wells launched a credit card with Bilt Technologies, a fintech startup. But ...losing as much as $10 million every month..the program has also been hit by fraud. The partnership also poses money-laundering risk. Khwaja's Reflections from Board Oversight Standpoint: Wells Fargo has been making some (good) progress on the corporate governance front. Some of the forward-thinking areas include: ✅ Enhancing disclosures regarding board oversight of human capital management and risks, culture and ethics, and framework for workplace harassment and discrimination.  ✅ Technology and Innovation as one of five strategic pillars. More can be done. Here is My Take: ✅ There is a misalignment or lack of interlock between tech/innovation and risk oversight. ✅ I recommend the lead director establish a standing technology/innovation and cybersecurity committee. ✅ Make the pie bigger for value creation and don't delegate innovation/technology agendas to other committees such as audit or risk. ✅ Per proxy report, 38% of Director nominees only have technology/innovation/cybersecurity expertise while 92% have risk management expertise. Get more innovation/technology/Cybersecurity expertise. ✅ Get the right incentives aligned to take the lead in the innovation game. What do you think? *********Subscribe here to get all my 🔥 takes on the Board and C-suite effectiveness. 👉🏿 https://bit.ly/3VCkqyV ******** #CEO #KSgems #TheVentureMindset #Startup #Technology #Innovation #BoardOversight Manuj Aggarwal Nitin Gaur Christopher Hetner Ilya Strebulaev Alex Dang https://lnkd.in/euXAN-9b

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Same Day ACH v RTP - Battle Round 1Q 2024 I look at Faster Payments trends on a quarterly basis. One of the ongoing questions I struggle with is the need for #Realtimepayments v #fasterpayments. Most #Banks and #creditunions offer ACH and Same Day ACH already. So the question many ask ....... Do I need to add The Clearing House RTP or Federal Reserve Board Fed Now or does #SameDayACH suffice for most of our clients? The Stats- Same Day ACH volume is up 47% YoY on a basis of $565B TCH is harder to get, but it looks like 61% YoY ($42B v $26B) Same Day continues to grow volume at >40% is about 17x bigger than #RTP. Clearing House is growing RTP at about 61% off a base of 26B. The 14% higher growth rate, while impressive, is not really a fair comparison. For context Same Day ACH GREW volume by more than 3X TOTAL RTP volume. So What? - RTP represents about 6% of Same Day ACH Volume up from about 4% last year. I believe much of the RTP growth has been a function of many banks and credit unions adding it along with their #FedNow launch. I will be curious to see how these growth curves continue to trend and if true use cases for Real-Time V Faster becoming compelling enough to shift this volume rather than both just replacing and disrupting checks and other non-digital payments. Do you think the Real-Time Payments use cases will displace the Faster Payments growth that is already happening. Or is Real-Time a solution looking for a problem? Jessica Pinkston Kevin Von Holten Brandi Gregory Lindsay Hooks Mary Wisniewski

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The future of scaling smart will require banking leaders to build the systems that drive new capabilities and operating leverage. I applaud the efforts banks are making with people, process and tech, but Gonzobankers, we have a long way to go! #smarterbank #gonzobanker #scale #banking https://lnkd.in/gde4mdEi

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Parlay Wins Spot in Mastercard Start Path Small Business Program Loan intelligence system company Parlay will join Mastercard’s Start Path Small Business program. Parlay is one of eight companies selected. Parlay’s technology complements a bank’s or credit union’s loan origination system to streamline and enhance small business loan processing. Parlay made its Finovate debut at FinovateSpring 2024 in May as part of our Sustainability & Inclusion Scholarship program. Parlay, which offers an AI-powered Loan Intelligence System (LIS) to help community banks and credit unions boost small business loan volume, is one of eight startups selected to participate in Mastercard’s Start Path Small Business program. The incoming cohort consists of startups that have shown “dedication to democratizing financial tools and providing cutting-edge services for SMEs,” Mastercard noted in a statement. The statement underscored specific functions – such as spend management, onboarding, risk monitoring, loan approvals, and embedded finance solutions – that innovative fintech startups are helping digitize for small businesses. Joining Parlay in the upcoming cohort of the program are Ballerine, Boost, CredibleX, Digi, Merge, Prime Dash, and RedOwl. The four-month program will give these startups the opportunity to leverage Mastercard’s network and subject matter expertise to forge product partnerships that help small businesses digitize their operations. Parlay’s embedded fintech software helps lenders achieve a 64% increase in approved loans and an 87% reduction in manual underwriting workload. A white-label solution that complements loan origination systems, Parlay’s technology enables lenders to generate high-quality loan packets and maximize the eligible applicant pool. The company’s LIS also offers readiness insights to help businesses improve their creditworthiness; pre-screening to identify prime, marginal, and ineligible candidate pools; and pipeline analytics to enable loan officers to monitor applicant progress and underwriting eligibility. “After a decade of work in economic development, our team realized that 77% of small businesses still struggle to access affordable capital and lack the insights need to navigate the lending process,” Parlay founder and CEO Alex McLeod said in a statement announcing the final eight startups invited to join the program. “We envision a future where community lenders, powered by Parlay’s AI-driven loan intelligence system, can get millions more small businesses approved for loans using unique, personalized insights that help both lenders and borrowers.” Parlay made its Finovate debut at FinovateSpring in May as part of our Sustainability & Inclusion Scholarship program. The program is designed to spotlight underrepresented founders, as well as startups that are tackling issues such as climate change, diversity, and financial inclusion. Scholarships provide startups with complimentary demo participation, as well...

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How to Send Mass ACH Payments 💰 Paying a list of recipients is easier than you think. Send multiple ACH payments that deliver either same day, or in standard ACH times with GiveCard. (P.S. Looking to deliver payments faster than ACH? GiveCard does instant payments too!) To learn more, get in touch with us here: https://lnkd.in/g47P_vTg #ACH #masspayments

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As instant payments continue to gain popularity, Walmart joins the real-time payments revolution. Another example of the transition of card payments & ACH payments to the real-time networks, but this time its a Point-of-sale example. Who benefits more from Walmarts support of Instant Bank Payments? Check out the following article to learn more. #Realtimepayments #PaymentsRevolution #FedNow #TCHRTP https://lnkd.in/gjuPzNZN

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The Consumer Financial Protection Bureau (CFPB) has finalized its long-awaited rule on open banking, which mandates that banks, credit card issuers, and payment apps share financial data with third parties upon consumer request. This is expected to increase competition, lower costs, and empower consumers by making it easier to switch providers and access better financial products. As they say, with "great power comes great responsibility". The rule sets strict guidelines for data security and limits the use of personal financial data for specific, consumer-authorized purposes. As we speak to multiple FIs and CUs in the mid-market, we see a common trend emerging around bolstering data governance for decisioning as an urgent imperative. Nonsystemic approaches (spreadsheet, manual checks, etc.) will not enable these institutions to meet the CFPB open banking guidelines, which will soon be executed. #OpenBanking #Fintech #CFPB #FinancialInclusion #DataPrivacy #BankingInnovation Suresh Renganathan Charles Potts Scott Mills, APR Monica Limone Shawn Main Stuart Bretz Stephen Hemler Kelly Botti Greg John Bjoern Nordmann Chad Schilling Stan Viner Nish Shah Mike Horrocks John Sanders Nate Wood Tom Shen Rutger van Faassen Sarah Watson

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Introducing the next generation of in-person payments for enterprise In-person payments is known for clunky hardware and legacy systems. Adyen enabled platforms to change the game for SMBs; we’re now setting a new standard in the enterprise space. Meet the SFO1, the most advanced payment device ever built for enterprise. Here's what it looks like 🔥 ➡ This is Adyen’s first proprietary multimedia countertop terminal. It runs on Android, making it a multi-purpose, “all-in-one” device for a range of business needs. ➡ Each transaction enhances a shopper’s profile; the SFO1 takes this further by making it easy and intuitive for shoppers to share more data in-store. ➡ The SFO1’s comes with a high-resolution 8-inch screen that not only optimizes checkout but also elevates customer engagement via customizable marketing and promotions, all managed remotely without dev work. ➡ During its pilot phase, the SFO1 already supports a wide range of features, including tokenization, QR code wallets, marketing activations, and more. Expect even more functionality later this year and into 2025. ➡ With Adyen Giving built in, businesses can effortlessly offer 1-click donations at checkout, with 100% of the donation going to the cause and no extra work for finance teams. ➡ We’re partnering with top-tier POS technology providers like Oracle, Microsoft, Teamwork, Cegid, PredictSpring, Aptos and many others to ensure seamless integration of the SFO1’s advanced features. But that's not all, we have two more major announcements alongside the SFO1 launch! -> Adyen is the first global PSP to launch Klarna’s in-store solution and roll out Alipay+ worldwide. -> We are expanding Tap To Pay on Android support across Europe, UAE, Hong Kong, Malaysia, Australia and New Zealand, now offering the largest Tap To Pay coverage for both iPhone and Android. We strive to be the most customer-focused financial technology platform in the world. None of these advancements would be possible without deep collaboration with our customers. We are not in the business of guessing the next big thing in payments. We listen to our customers and ship products based on what truly moves the needle for them. No exceptions. Just relentless customer focus and ruthless prioritization.

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Is your financial institution prepared for the future of digital banking? Discover the key strategies that will drive success in 2025 with THE 2025 DIGITAL BANKING PLAYBOOK: Budgeting & Strategies for Banks and Credit Unions. Learn how to elevate your digital sales and service channels to meet rising customer expectations and secure your competitive edge. Download your copy today. 👉 https://bit.ly/3zGFrnn #DigitalBanking #Fintech #BankingGrowth #DigitalTransformation #FinancialInstitutions #AlkamiPlaybook #TechFin

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My debrief of Nacha #Payments2024 - It's a fun time to be a #paymentsgeek !!   The maturing of recent innovations - open banking, instant payments, AI, pay by bank, fraud behavior - is keeping our industry happily busy and energized. New regulations, including CFPB's 1033, Nacha's fraud monitoring, and privacy rules, are driving additional evolution and building a foundation for 2025 and beyond. Here are my top takeaways from Miami Beach 🏖 :    🌴 Open Banking >> A lot of discussion on the impact of CFPB's 1033 rule and how the requirements will impact FIs and fintechs alike. The industry is supportive of building a new foundation of rules for open banking, but data security and liability responsibilities remain unwavering concerns.   🌴 Pay by Bank >> The new "branding" of bank account payments has created a buzz as market leaders - Airbnb, Uber, Walmart, and Stripe - introduce bank payments in non-traditional checkout experiences. As PBB grows, we anticipate additional industry pressure for better education on dispute processes, clearing windows, and funds availability of ACH compared to card payments.    🌴 Fraud >> The growth of instant credit push payments is generating special interest to better identify mule and scam accounts. A new Nacha fraud monitoring rule - effective March 2026 - requires ODFIs to improve their housekeeping by identifying fraudulent accounts by implementing processes that detect these behaviors. Think of the rule as the WEB debit account validation rule, but for all ACH payments and less prescriptive.    🌴 Instant Payments >> Excitement continues around faster payments for new use cases that actively leveraging RTP/FedNow/Same Day ACH. Next-day micro deposits are being replaced with instant penny deposits via RTP/FedNow. With nearly 100M transactions per month, Same Day ACH is also supporting organizations moving to clear payments faster.   🌴 7/365 ACH Processing >> The pressure is mounting - and supported by Nacha - for the Fed to expand processing windows to the weekends and holidays. The growth of pay by bank will also exert additional external pressure to speed up the communication of return notifications and communications between financial institutions.   It was great to see my Nacha fam!! Stephanie Prebish, AAP, APRP, CTP Jane Larimer Jane Hennessy Peter Tapling, APRP Peter Davey Elizabeth Cronenweth Rick Fiorito Brian Dao, AAP Kevin Harrison Jeff Caton Andrew Meister Merlin Bise Michelle Ziolkowski Reed Luhtanen Stacy Nascimento, AAP Olivia Maciel, AAP, APRP Lindsey Richardson, AAP, APRP Irfan Ahmad Shehreyar J. Chris Colson, MBA, CBP Kevin Hughes Chris Chazin Steve Gana Jason Carone Rob Pacifico Kimberly Keely, MS, PMP Charles Ellert Joe Hussey

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Dear bank owner and/or executive, Reducing dependency begins with being willing to make temporarily uncomfortable changes. We see four possible scenarios for your bank: Scenario 1️⃣ The hostage feeling is horrible but it's not enough to make meaningful change. You send emails, open tickets, file complaints, and nothing really happens. It becomes something to talk about during company events, conferences, and posts like this. Scenario 2️⃣ The hostage feeling is horrible but not as scary as your regulator. You send emails, open tickets, file complaints, and nothing really happens. It becomes something to talk about during company events, conferences, and posts like this. Scenario 3️⃣ The hostage feeling is so horrible that anything sounds better and so you sign another agreement with a provider that promises an easier life. It's more modern, faster, and more secure. It'll bring in more deposits and all the fee income you could ever dream of. You eventually do something (or forget to do something) that results in your regulator knocking at your door. Scenario 4️⃣ You've had it with that hostage feeling created by everything around you. You, or someone you assign, commits to learning the basics of what makes up processing infrastructure regardless of vendor or technology - 30 minutes a day for the next 90 days. You make a decision to act and methodically start to assemble the pieces over time. We recently asked one of our bank customers to share what he thought was required to make meaningful and lasting change. Here's what he shared: - A Supportive Board of Directors - Staff Willing to Step Up & Learn - Guts - Patience Not a single thing on this list is about technology. Make the decision and you'll find the right technology and partners to help you get there. Sincerely, Randy #communitybank #creditunion #fintech

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Chase will automatically link all debit and credit cards and notify customers when they're ready to use them. I guess it Paze to have 60m consumers and auto-enroll them to your digital wallet 🧠 They're talking up the benefit of "not having to send merchants your card numbers." That's a security feature, part of tokenization, but what's really going on here is a land grab in the wallet wars. 🧠 Apple Pay has a massive lead—55.8m users—and it works with any bank. The Apple Pay and Shop Pay experience is tight and well liked by users. And don't forget about FastLane. 🧠 In-built distribution is not in-built adoption. Chase alone has more customers. However, auto-enrolling does not guarantee instant adoption. Users must still download and use the Paze wallet. 🧠 The timing is interesting. This follows Apple's recent announcement that it's opening up its NFC capability. You have to imagine Apple will do everything it can to make the Apple Wallet experience more tightly integrated into the device and more "secure." 🧠 Don't underestimate the banks here. They made Zelle happen, they could make Paze happen, and even Fetch happen; who knows... I imagine banks will offer their merchants giant incentives to put a Paze button at checkout. They'll get adoption by brute-forcing it with distribution and pricing power. 🧠 I think there's a gap in the market for the boomer wallet. You're fair game if you're not already using Apple Pay or Shop Pay. The Zelle user is the ideal Paze user. This is a segment of the market but not the growth segment, nor is it the only segment. The space will remain competitive for a long time to come. They won't lose. But they won't win either. Let the wallet wars begin.

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Hiring practices and AML effectiveness; yes, they are related. Executives at FIs, #fintechs, and #regtechs write and talk about enhancing #AML outcomes with better systems, better practices, and better #AI, but virtually no one talks or writes about what is foundational to the success of any one of these approaches: better hiring practices. Effective AML practices certainly help mitigate suspicious activity, but the limitations are governed by *both* the suspicious natures of the people who write the practices and those who implement them. Similarly, systems are programmed by people with knowledge of common #moneylaundering activities, but these systems alone aren’t any more “suspicious” of uncommon or disguised activity than the people who program them. Further, all of us have seen the failures of AI in social media and search engines which carry the biases and “blinders” of the people who train the AI. The bottom line is no approach to better AML outcomes will rise above the limitations of the people who build, administer, and implement these approaches. As a testament to this, one need only look at the geometric rise in money laundering activities and the corresponding rise in penalties in the last 5-10 years for the FIs that never detected or failed to act on suspicious activities. We now know (and the psychological research bears this out) that experience, achievement, and competencies are poor predictors of #success. Collectively, they make great qualifiers, but as predictors of future success, they fall woefully short. After more than 5 years of assessments, studies, and research, we know with great certainty the personality, decision-making, behavioral, and task-preference profile of high-performing #financialcrimes investigators. These kinds of people not only make great investigators, but they also make great reviewers for practices, and great QC testers for systems and great trainers for AI implementations. If you want to elevate your hiring practices to improve your AML and #sanctions outcomes, contact us at Hyper-S Research, or Sarah Beth Felix

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As the July 1st deadline draws close for credit card bill payment through BBPS- Banks are not too perturbed as ~70% of credit card bill payments are made through interbank transfers and autodebit instructions. In fact only 8 out of 34 credit card issuers are enabled on BBPS. HDFC Bank, ICICI Bank, and Axis Bank which are among the largest issuers are yet to integrate. While an extension of the deadline has been requested by third party players like Phonepe who are already on BBPS- the RBI is yet to respond on the same. In the meanwhile if you are in the 70% who use interbank like me you can rest easy :-) . For the rest, you might need to figure out alternate methods for credit card billpayment after July 1st. https://lnkd.in/dR4fR-gx #payments #regulatory #fintech

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It's a difficult thing in the digital world for banks to attract young consumers — and garner the loyalty of kids while they're young. U.S. Bank has found a promising solution through a partnership with fintech Greenlight. By integrating Greenlight's accounts and services into its own mobile banking app, U.S. Bank aims to attract the next generation of customers while providing valuable financial education and practical money management experience for kids The partnership addresses a critical gap in traditional banking offerings: the lack of transaction accounts for children. With Greenlight's debit card and money app, kids as young as 10 can learn to handle money and transact cashlessly, all while being subject to parental oversight. Parents can set spending limits, monitor transactions, and establish savings goals for their children, fostering financial responsibility from an early age. U.S. Bank sees two key benefits in this partnership. First, it differentiates the bank's "Bank Smartly" accounts, potentially attracting and retaining depositors who value financial education for their children. Second, by engaging with kids through Greenlight, the bank hopes to establish itself as the go-to institution when these young customers are ready for their first checking account. Greenlight's Brandon Horne, general manager of partnerships, emphasizes that the company's bank and credit union partnerships are an additional channel for growth, not a strategic shift. By embedding the parental experience in the bank's app, Greenlight gives financial institutions more ownership in the customer experience and facilitates a smooth transition as kids approach adulthood. Learn more in the full article by Steve Cocheo:

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