John Meyer

"Merchants Weigh In on Payment Processing" | jdpower.com surveyed 5,300 SMB merchants re: satisfaction with their payment processors. Dale Laszig looks at the survey, the top-rated providers, and solicits commentary from payment execs. https://pec-ly.com/?6sgt #ecommerce #payments

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🚨Implosion Alert 🚨 Shenanigans continue in the banking industry. The CEO hired his wife and dog 😵‍💫😱😳 ‼️Republic First Bank ‼️ The rot and greed is in the executive board rooms while the customers and employees pay the price. Instead of doing the right thing and putting depositors' money to work into neglected segments of the community (that's the whole purpose of a community bank charter after all!), these "bank executives" - IMO sleezy used car salesmen in designer suits - went for the easy money and loaded the Republic First Bank's balance sheets with high risk securities. Many more banks will fail because they have recklessly invested OUR money when the Fed was giving it away during the pandemic - a time of national crisis. These "executives" took advantage of the system during a crisis while the rest of the nation struggled to survive. What's the solution ? 1. The Fed should confiscate all of the personal assets of these dirty bankers 2. AI + blockchain technology is rendering all them irrelevant. Don't let them use your money to lobby Congress to impede this much needed tech. Angel AI to the rescue! AngelAi.com #blockchain #ai #angelai #bankfailure #implosion #dirtybankers #cheaters #irresponsible #badmanagement

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Instant Confirmation >= Instant Payment What I love about this article is how utilizing RTP over Wire not only saves customers money but creates a better end user experience. Yes, wires are equally as fast as RTP, but the processes to originate the two are totally different.

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Market research... What is everyones preferred business banking account/bank? For ACH transfer? I'm reading about lots of transfer limits, minimums or monthly fees to open at big banks, and so on.. I have been using Novo for small business, but not super pleased with it. Please share or DM me!

When it comes to instant payments, only two methods settle in seconds with 24/7 uptime: RTP and FedNow. The services are distinct, however, and companies are using both to maximize convenience and availability. See how payments today stack up for mid-size businesses in Citizens 2024 Payment Trends. http://spr.ly/6041dD54H #Payments #DigitalPayments

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We meet weekly with businesses that are leveraging legacy technology to run their business. This is negatively impacting customer and employee experience, not to mention the risk of unsupported platforms and software. We see a stark contrast between organizations that are innovating and those that are not. ChoiceOne Bank is one of those organizations that are innovating and breaking an industry mold. I can't emphasize enough the importance of establishing a roadmap and a plan to position your organization for the future. Be nimble while providing an exceptional employee and customer experience!

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Attending #Payments2024 next week? Don't miss this #FinTech demo on payment fraud prevention and reporting with Jaime Berg, Director, Sales. Take this opportunity to enhance your institution's capabilities as Jaime dives into ACH and Check Positive Pay, EDI Translation, and ACH Returns and NOCs Reporting. Take a minute to catch up with our recent blog post "Exploring Commercial Banking Solutions: A Comprehensive Look at #ACHCreditPayments" 👉 https://bit.ly/3JMI9sx

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CFPB is going after reduction to closing costs to further benefit consumers, starting from credit agencies and appraisers. I had a privilege to meet the head of CFPB (Consumer Financial Protection Bureau), Director Rohit Chopra, at the Secondary MBA conference. While I listened to him opening remarks at the conference, we had a brief discussion at the MORPAC MBA meeting. Rohit is focusing to remove as many duplicate fees from the mortgage transactions and capital market transactions as possible. First, focusing on costs of credit reports that went up by 400% since 2022. Next, looking at the Income Verification services that went from $20 per pull in 2016 to over $90 per pull in 2023. He wants more competition for all vendors in the capital markets, data and various reports to remove the price gouging by monopoly players, including title space. Main focus was on FICO scores cost savings: Equifax, Experian, and TransUnion, lenders often end up paying for essentially the same information six or twelve times. $40 to $60 for a tri-merge report provided by resellers. FICO scores have long been required by all the major secondary market participants, including Fannie Mae and Freddie Mac. FICO itself claims that its FICO scores are used by 90% of top lenders and in 90% of U.S. lending decisions. What is interesting is the push to "open banking" which involves a shared database, looking directly at applicant-shared information offers lenders a meaningful alternative to check related information. It really sounds like a block chain approach that I was talking about a few videos back. My firms are working on similar tech for sharing data and I hope to work with many industry players to roll out the next generation of open banking systems.

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FIS has teamed up with Lendio to launch digital lending for SMBs 👏 ☁ 🏪 FIS' SMB Digital Lending leverages the cloud to provide fully automated decisioning AND loan boarding by focusing on smaller borrowers; and by combining large-scale data science and ML with loan underwriting expertise, it helps banks profitably source, underwrite, AND fund SMB loans of ANY size! 🏦 💰 SMB Digital Lending is also built to complement any FI’s current technology stack, including loan servicing solutions from FIS and other providers, who are seeking to make it EASY to adopt and provide an industry-leading digital customer experience for small businesses. 👨‍💻 “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.” Read more on the link below! 👇 Brock Blake #FIS #businessfunding #digitallending #smallbusinessloan #digitalbanking #fintech #fintechnews #fintechecosystem

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Interesting report, as all of our data suggests that auto lenders are doing the opposite!?!?!? Anyone have lenders adding lower FICO tiers and adding advance or term to those tiers? We have witnessed banks eliminated many sub 640 tiers in total out of their lending spectrum.Then constricting advance up to 20%. Let me know your thoughts…Yossi J Levi Todd Caputo Joel Bassam

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Is partnering with a FinTech company the future for your credit union? If you're striving to stay competitive, it could be. For progressive financial institutions, digital transformation marks a crucial milestone in the growth journey. However, while large banks have many tech companies to choose from, credit unions often find themselves on the sidelines. Investing in a FinTech startup can be a game-changer for credit unions, providing solutions to critical issues: You must move quickly to implement technology that caters to your members' needs in a rapidly evolving digitally focused world. It is imperative to make these advancements without incurring a hefty cost or burdening internal IT resources. https://lnkd.in/ggmmBZrt #technology #bankingindustry #data #strategy #banking #security #safety #financialservices #tech #customerexperience #development #customerservice #banks #callcenter #fraudprevention #fraud #creditunions #lending #authentication #creditunion

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More consumers than ever are electing to use Debt Settlement Companies to help them resolve outstanding debt, so it’s critical for lenders and ARM organizations to re-evaluate their relationships with Debt Settlement Companies, even if historically they’ve been reluctant to do it. From the lender’s perspective, according to 2nd Order Solutions, adapting to DSCs has been difficult for a few reasons, but perhaps especially: the increase in debt has lead to an increase in earlier enrollment with DSCs, which means some lenders have a blindspot to just how much of their portfolio is penetrated by DSCs. Banks and ARM organizations must focus on how to identify which portions of their portfolios are enrolled with DSCs, and which portions are likely to enroll in the future.

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Technology Doesn’t Matter – Unless it means, Less expenses & overhead. Are you still using Spread Sheets and old Presentation software? The latest HMA Report says the Submit to close ratio is now 53%, Down from 65%. Loan Officers need better software tools and training to fix the Loan Quality problem. What would a 10% to 20% improvement in Close Ratio do to your bottom line? Loan Volume isn’t the key to profits, Close Ratio is! Try LANIS TIER|ONE. It Is Next Generation Cloud-Based Mortgage Prequalification, Presentation, and Compliance Solution. For a 15 Minute Executive overview schedule your time with this link: https://lnkd.in/gy2QyYAR LANIS users have a 95% Submit to Close ratio. What’s in your Tech stack? www.golanis.com  805-498-4843 sales@golanis.com #loans #mortgagesoftware #compliance  #software

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Technology Doesn’t Matter – Unless it means, Less expenses & overhead. Are you still using Spread Sheets and old Presentation software? The latest HMA Report says the Submit to close ratio is now 53%, Down from 65%. Loan Officers need better software tools and training to fix the Loan Quality problem. What would a 10% to 20% improvement in Close Ratio do to your bottom line? Loan Volume isn’t the key to profits, Close Ratio is! Try LANIS TIER|ONE. It Is Next Generation Cloud-Based Mortgage Prequalification, Presentation, and Compliance Solution. For a 15 Minute Executive overview schedule your time with this link: https://lnkd.in/gy2QyYAR LANIS users have a 95% Submit to Close ratio. What’s in your Tech stack? www.golanis.com  805-498-4843 sales@golanis.com #loans #mortgagesoftware #compliance  #software #mortgagebrokers

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CU 2.0 Podcast Episode 303 James Colassano on Real Time Payments (RTP) Coming At You #creditunion #RTP #payments

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