JPMorganChase has achieved straight-through processing to share loan data and improve efficiencies, reduce errors and delays in loan processing.  Straight-through processing (STP) allows JPMorgan to digitize all information flowed on Versana, a syndicated loan platform, ranging from emails to faxes. This gives stakeholders access to the information, reduces human error and saves resources, Joseph Ferraiolo, head…

German bank Solaris SE faces financial penalties if it doesn’t meet deadlines for fixing controls, after failing to do so for years, according to Bloomberg. Solaris hasn’t fully remedied issues it was ordered to address in 2022, and new problems have since cropped up too, the country’s financial watchdog BaFin said in a statement on…

Citigroup’s multiyear modernization strategy saw progress in the second quarter as the bank’s tech investments proved more necessary after the Federal Reserve Board penalized the bank this week.   “We have made meaningful progress in executing our transformation and simplifying our multiyear undertaking,” Chief Executive Jane Fraser said during the $2.4 trillion bank’s earnings call…

I met the bank I debanked the other day. They apologised to me, as they knew I was talking about them during my presentation, and explained: “we cannot serve our customers because of the regulators”. This made me wonder, as the reason why I debanked them is their interrogations of my dealings in cryptocurrencies. It made……

Things we’re reading today include … VBS scandal: Brains behind South Africa’s $130m ‘bank heist’ jailed – BBC News Deutsche Bank settles with trader who alleged he was Libor ‘fall guy’ (ft.com) Revolut’s Rise: If Only the Fast-Growing Bank Was a Bank – Bloomberg Deutsche Bank and HSBC are winning Europe’s AI talent war |……

EverBank is selecting third-party vendors and updating manual processes throughout the bank, according to Lindsay Lawrence, executive vice president and chief operating officer.    “We’re cramming about five years of change in two years,” Lawrence told Bank Automation News.   The nearly $40 billion, Jacksonville, Fla.-based bank, formerly TIAA Bank, continuously updates its platforms and strategies…

Demand for real-time payments continues to grow globally, and the launch of the Federal Reserve’s real-time payments rail, FedNow, one year ago, offers another avenue to send and receive funds instantly.   Real-time transactions are predicted to reach 575.1 billion by 2028, with a compound annual growth rate of 16.7%, according to tech provider ACI…

Banco Santander and Google have teamed up to offer an AI course.  The on-demand course is live on the bank’s Santander Open Academy Platform and is free to anyone over 16, according to a July 9  Santander release.   “This course provides valuable tools to boost job skills and generate greater competitiveness and seamless adaptation…

I was quite amazed to see an item across my desk last week with the headline: Investors in cryptocurrency are more likely to be psychopaths Seriously? The headline is based on a report of a survey, published in the journal Plos One, who canvassed over 2,000 Americans of whom 30 per cent said they owned……

Fifth Third Bank was fined $15 million by the Consumer Financial Protection Bureau today for allegedly opening fake accounts in its customers’ names. The Cincinnati-based bank was using a cross-selling strategy to boost the number of products and services it was selling to customers and opening unauthorized accounts to meet sales quotas, according to a…