Tamara Romanek

We're proud to be a #CDFI, and join the other CDFI's and Responsible Lenders across the country in making real change! Community Development Finance Institutions (CDFIs) have turned ripples of finance into waves of change for individuals, businesses and social enterprises across the UK.  They provided opportunity and built resilience for disadvantaged communities and those excluded from mainstream finance. In 2023, lending from CDFI's hit a record high of £287 million - and CDFIs now operate at 31 times the scale they did in 2003, when the sector lent £9.2 million. This growth reflects how CDFI's fill widening needs seen for the right finance at the right time.  Here’s what CDFIs achieved in 2023: - Supported 4,546 start-ups and SMEs with £102m of loans.  - 12,135 jobs were created or safeguarded.  - 99% of businesses had been declined by another lender.  - 371 social enterprises were supported with £119m of loans.   - Households saved £29m in interest repayments compared to high-cost lenders.   - CDFIs lent £66m to 85,208 individuals.  - CDFIs identified a total of £601m of unclaimed benefits for 143,050 customers. Read more about the impact of CDFIs’, plus lots of customer stories in: https://lnkd.in/eWSFydQ2 #RipplesToWaves #ResponsibleFinance #CDFIs Responsible Finance 👏

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Be in the know on #payments news with this week’s #WeekendReads ⬇️ 1. CU 2.0 Podcast: James Colassano on Real Time Payments (RTP) Coming At You https://lnkd.in/g-ru-iXg / CU 2.0 2. New Study Highlights Tech Trends and Top Priorities for Banks in 2024 and 2025 https://lnkd.in/gS-gsKA4 / Bank Automation News 3. Is Request to Pay the New Frontier of Payments in Europe? https://lnkd.in/dH9z-HHK / Payments Cards & Mobile 4. Instant Payments Drive Profits for the Small Restaurants That Use Them https://lnkd.in/eXAyhUx5 / PYMNTS 5. Why Banks and Credit Unions Are Moving Slowly to Real-Time Payments https://lnkd.in/gZ3jz56g / PaymentsJournal

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Interoperability between FedNow and RTP was a hot topic at Smarter Faster Payments 2024. Karen Cervenka, David Scola, and Jack Henry’s Elspeth Bloodgood discussed the potential impacts and use cases in their panel session. Nacha #FasterPayments24 #FedNow

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Big thanks to Matt Jones and the team at Payments Culture for the spotlight on #SNBL. It's such an honor to be acknowledged as a key innovator in this financial space. 🌟 Your feature dives into the core of what we do at Monkee – helping users achieve their financial dreams responsibly. We're all about empowering our community to save first and purchase later, steering clear of debt and financial stress. 🛡️ It's this kind of support that fuels our mission to turn the tide against impulsive credit spending. Our goal has always been to put financial control back into the hands of the people, enabling them to make informed and proactive financial choices. 💪 #FinancialWellness #ResponsibleSpending #payments

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Small Business Lending Is Crucial in Fighting the Deposit Wars This Gonzo Banker article talks about how banks must develop a strategic approach to capture the small business lending market. By targeting underserved niches, employing dedicated teams, and leveraging automation, banks can streamline processes and reduce costs. The key is integrating technology and data-driven strategies to identify and prequalify potential borrowers. Discover in this article how to seize this market advantage. #SmallBusinessLoans #SmallBusinessLending #BankingStrategy https://lnkd.in/gytvkp78

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I need some help - Anyone in payments has likely ran into the "what do you do" question from friends and family, and some of the time just saying "Oh - I am in Payments" is good enough. For when it isn't good enough, we may go into CX, auth rate optimization, Fraud prevention, etc etc. I had a conversation with 3 family members this month and we somehow ended up on the topic of account updater... To me, account updater is a solid solution solving an interesting problem. To them, their first responses were "That doesn't seem fair", "Is that even Legal?" and "What if I got a new card because I didn't want to get charged anymore?" They're looking at it from the buyer's perspective, not the supplier / merchant side. Anyone else run in to this before? And does anyone actually have an answer I can bring back to them for our 4th of July get together? #payments #accountupdater #tokenization

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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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What key roles will core banking services providers play as instant payments gain momentum in the U.S.? A Payments Briefing by Kansas City Fed's Julián Alcázar, Sam Baird and Fumiko Hayashi explores this question. You can read the article here: https://bit.ly/3JSNK0M #Payments #FederalReserve #FinTech #Banks #Banking #Finance

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What the FBO?!?! 🤨 In this episode, Jason Henrichs & Kiah Lau Haslett (Bank Director) riff on FBO accounts, the implications for banks, BaaS, and the future of fintech. Then, Paul Davis of The Bank Slate joins to discuss fintech partnerships, future landscape, and AI in banking! 🎧 https://bit.ly/3yJTHKV

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What the FBO?!?! 🤨 In this episode, Jason Henrichs & Kiah Haslett (Bank Director) riff on FBO accounts, the implications for banks, BaaS, and the future of fintech. Then, Paul Davis of The Bank Slate joins to discuss fintech partnerships, future landscape, and AI in banking! 🎧 https://bit.ly/3yJTHKV

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Prepare to unlock the secrets of a financial institution that thrives at the nexus of traditional banking and revolutionary fintech, as we're joined by Adam Goller, EVP, Head of Fintech Banking at Cross River. Listen today. #payments #fintech

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Check out President Paul Rindone's contribution to the new Payments edition of the Finopotamus Industry Leaders Forums: "Can Instant Payments Lead to More Auto Loans?" Of course, the answer is yes. Click below to find out how. #fintech #creditunion #autoloans #autolending #faas

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Kasasa partner institutions were just recognized by CNBC. 😍 In a recent article, CNBC stated: "Fintech company Kasasa® partners with community banks and credit unions to offer above-average checking rates and rewards to those banking locally — some even as high as 6% APY, which outpaces the top interest-bearing checking accounts we found. With a community bank, customers can also get in-person branch access and more personalized customer service. " We couldn’t agree more. Read the rest here: https://lnkd.in/dE8N4_FB

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Socure made a huge impact for a top retail bank's customer onboarding process. By improving automatic identity verification rates and reducing fraud, Socure helped the bank approve thousands of new applicants and cut down operational expenses. Read more in our latest Impact Story!

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Community banks and credit unions are upgrading their digital banking and in doing so leverage their competitive position with traditional banks. In an article by The Financial Brand, community bank CEOs share how they tackle challenges they face in the competitive economic landscape. https://loom.ly/UYt3pu4 #banking #community #digitalbanking

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At the Finovate Spring 2024 conference in San Francisco, FinTech Futures sat down with Stephen Bishop, EVP & Chief Operating Officer at OMB Bank, to explore the key factors in facilitating open banking and potential measures for preventing fraud. Watch the video to discover: 🌎 Open banking use cases for US banks. 📈 OMB Bank’s open banking strategy. 🌟 The new developments at OMB Bank. 🤖 The technological advancements needed to fully unlock the potential of open banking. 📺 Watch here ➡️ http://spr.ly/6049g6oel #ArtificialIntelligence #AI #Banking #Cybersecurity #FinancialCrime #Fraud #OpenBanking #BankingTech #FinTech #PayTech

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We're thrilled to release our second Acquirer Survey, conducted in partnership with PYMNTS, titled "Navigating New Norms: The Use of Card-Linked Installment Plans in Online and In-Store Sales." Our findings underscore a strong preference among acquirers for card-linked installment plans, recognizing their potential to significantly enhance sales and revenue. Over half of the acquirers expressed concerns that not offering such services could result in missed business opportunities. The report highlights that 94% of acquirers believe implementing card-linked installment plans can greatly improve merchants’ sales. Furthermore, those acquirers who integrate these plans seamlessly are poised to capture a larger market share. According to the survey of 50 acquirers: 82% believe that providing card-linked installment plans leads to increased sales volume — a significant rise from 64% six months earlier. 56% prefer merchants to offer general-purpose credit card-linked plans, compared to 42% for Buy Now, Pay Later (BNPL) options. 87% report higher client satisfaction with card-linked installment plans. 66% are currently innovating or planning to innovate card-linked installment offerings in the coming year. These insights reveal a dynamic shift towards embracing flexible payment solutions that not only meet merchant needs but also align with consumer expectations. Read the full report: https://lnkd.in/emCMejVz

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