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Fintech EarnIn sued by DC attorney general over 300% rates - Bank Automation News
Financial-technology firm Activehours Inc., which does business as EarnIn, lures customers in with false promises of an early payday with no mandatory fees or interest costs while actually charging consumers rates of more than 300%, the attorney general of Washington, DC, alleged in a lawsuit. EarnIn claims that consumers can access their wages “within minutes […]
Skyla Federal Credit Union speeds up digital onboarding by 70% - Bank Automation News
Skyla Federal Credit Union switched consumer loan operating systems in July to meet growing demand for digital loan applications. “We are seeing an uptick in online applications,” Geri Hopkins, chief operations officer at Skyla Federal Credit Union, told Auto Finance News, a sister publication to Bank Automation News. The Charlotte, N.C.-based credit union selected online […]
Truist developing intelligent router for efficient payments - Bank Automation News
Truist Financial is developing an intelligent router system that can direct payments quickly through the best payment channel. “Most people just want to tell their financial institution, ‘Just make the [payment] and get it there for me,’” Chris Ward, head of enterprise payments at Truist, told Bank Automation News. Clients “give us the instruction and […]
Fighting Fraud with Advanced Strategies and Tools - Bank Automation News
Fraudsters and cybercriminals are exploiting new technologies and stolen data at an accelerated rate. Innovations like generative AI and deepfakes, combined with vast amounts of breached personally identifiable information (PII), have created sophisticated fraud methods that challenge traditional defense mechanisms. This rapid evolution in cybercrime can put financial institutions in a tough position, making it […]