Joe Lindsay

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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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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🚀 Brand new blog post on modernizing #ACH processing for banks and credit unions from Kent Brown (CTO) and Blake Herring (Staff Engineer and ACH Expert). 🌐💸 The Automated Clearing House (ACH) network is the backbone of electronic payments in the U.S., but it's facing significant challenges in today's digital age. 🔍 Explore the Challenges: Learn about the obstacles banks and credit unions face with outdated ACH processing systems and how manual entry woes impact operational efficiency. 💡 The Solution: Discover how Payment Manager bridges the gap between traditional banking systems and modern digital environments, offering advanced features like API-driven initiations and automated processing. 📈 Results and Impact: Dive into the transformative results experienced by our customers, including boosted operational efficiency, increased reliability, and enhanced transparency. 🔑 Why It Matters: Understand why modernizing ACH processing is crucial for community banks and credit unions to stay competitive in today's rapidly evolving financial landscape. Read the blog and start a conversation: https://lnkd.in/gFtPAFvg #ACH #Fintech #Innovation #Payments #DigitalTransformation #banking #creditunions

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Interesting paper; if the interaction between layers is linear, there are possibly new ways of optimizing them. We have just started with these.

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If you've been following along, you've caught timely intel from our fraud and product specialist Gregory Lenihan on #RefundPhishing. Here's a new resource to share with your fraud team on this emerging fraud pattern. #paymentsfraud #phishing #fraudrisk

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Payments processor BlueSnap reaches $10m settlement with FTC. BlueSnap and its former CEO have settled with the Federal Trade Commission (FTC) for knowingly processing payments for "deceptive and fraudulent" companies. The payments company, ex-CEO Ralph Dangelmaier and SVP Terry Monteith agreed to turn over $10 million for consumers and to stop processing payments for certain high-risk clients. In a federal court complaint, the FTC charged that BlueSnap and its officers processed millions of dollars in credit card payments for ACRO Services despite substantial evidence that the company was fraudulent. BlueSnap, Dangelmaier and Monteith "turned a blind eye to glaring warnings" that ACRO Services was defrauding consumers from at least 2019 to 2021, according to the complaint. The FTC says that BlueSnap continued to process payments for ACRO even though reports from Visa repeatedly showed that between 29% and 40% of the company’s charges were being disputed as fraudulent and even after American Express directly contacted Monteith asking her to close down ACRO’s accounts. Source: https://lnkd.in/eUTfJv9h Sign up for more news updates like this in our daily newsletter: https://lnkd.in/eskQx7Ym #payments #digitalpayments #visa #financialtechnology #financialservices #financialsolutions

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Don't forget to join Marsha Jones, President of the @TPPPA and the SFE today at 1:00 PM CT for a presentation on Third-Party Risk Management Requirements for Financial Institutions and Third-Party Payment Processors. Click on the link for more information. https://conta.cc/44DiXyv #paymentprocessors #payments #paymentprocessing #banks #financialinstitutions #thirdpartypaymentprocessing

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Check fraud is on the rise, posing significant challenges for community banks and large banks struggle. VALID Systems we offer risk decisioning capabilities to combat fraud across the customer journey to safeguard your financial institution and your customers. #Banking #CheckFraud #AI https://lnkd.in/gD7WdK_v

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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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New case study: Unseen fraud gaps threatened Grasshopper Bank's efficiency. Looking to stop fraud without straining their lean team, Grasshopper turned to NeuroID and immediately felt the impact of behavioral analytics. Read the full story: https://hubs.li/Q02w_NZk0 #BehavioralAnalytics #FraudPrevention

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An apt representation …and that’s true for any technology innovation. However risks are much higher and its impact is much broader in case of ai #aiforgood #artificialintelligence #ai

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It's easy to get lost in the headlines about regulatory challenges facing banks that work with BaaS providers. Yet, amidst the criticism, it's important to recognize the significant systemic solutions BaaS has introduced. In our latest post, we provide a more objective perspective with some historical context on the technological challenges faced throughout the progress and evolution of financial services. BaaS has been instrumental in solving existential challenges for smaller financial institutions, enabling them to compete on a larger scale by leveraging technology and innovative partnership models. This journey has not been without its hurdles, as evidenced by a surge in regulatory actions, but the underlying success story is compelling and could serve as a foundation for a better platform going forward. https://lnkd.in/gsx6cMV5

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🆕 In the June edition of the 2024 Credit Union Innovation Readiness Index, a PYMNTS Intelligence and Velera collaboration, we examine how CUs can reap the benefits of digital innovation to gain members and reduce churn. ➡️ Read the article and download the report: https://bit.ly/3VnDJxZ #CreditUnions #DigitalInnovation #WeAreVelera

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Legacy tech debt hinders over 50% of FIs from upgrading core banking systems, putting them at risk of losing digital-native consumers to FinTechs. The latest Embedded Finance Tracker® w/ Galileo Financial Technologies explores: https://lnkd.in/eRSCQpp8

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For the first time, RDFIs will have a defined role in monitoring ACH payments they receive. This significant development, approved by Nacha members, aims to combat fraud, including business email compromise (BEC), associated with credit-push payments. As Jane Larimer, Nacha President and CEO, points out, "All participants in the ACH Network have a part to play in reducing the incidence of fraud and recovering when fraud has occurred." Learn more in our April 2024 Innovating Payments Executive Summary— Nacha Rules Take Aim at Credit-Push Fraud: https://lnkd.in/ezsgudgX. Plan to join Sean Carter, AAP, APRP, Mark J. Dixon, CTP, AAP, APRP, NCP, Mary Morrison, AAP, APRP, NCP, CAMS, and Patty Presta for a comprehensive two-part series, "Diving Into the Operation Impact of the New ACH Rules," on May 31 and June 07, 2024, where they will delve into the implications of these new rules, offering insights on implementation, procedures, policy updates, audits, risk assessments, and organizational engagement. 🔍 Curious about engaging with third-party providers? 📝 Wondering about new procedures and policy updates? 🤔 Unsure about ACH audits or risk assessments? Get the answers by registering for Diving Into the Operation Impact of the New ACH Rules: https://lnkd.in/e7y73DN2 #ACH #FinancialServices #FraudPrevention #RegulatoryCompliance #ProfessionalDevelopment

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