​The payments landscape is undergoing a convergence, where the adoption of instant payments is becoming a question of when rather than if. The arrival of FedNow is set to drive innovation across a range of new payment use cases while reimagining older ones. Forward-thinking banks are reevaluating their technology strategies to keep pace with these changing dynamics. By consolidating multiple payment engines, transforming processes, and prioritizing customer experiences, they are taking steps towards transformation. However, the main challenge they face is the hurdle of outdated legacy systems. Join Temenos experts as they explore the changing landscape of faster payments, highlighting the technology that is driving improvements in speed and customer experience for both domestic transactions and cross-border remittances. Learn about the impact of key initiatives like FedNow and Real-Time Payments (RTP), and discover how your bank can capitalize on new opportunities.

​We are happy to announce that Aleda De Maria,  Executive Vice President  at PeoplesBank, will be joining us as a panelist for the Critical Fintech Concerns for Community Banks & Credit Unions Panel Discussion!
 
The U.S. Fintech Symposium will feature a timely and important panel discussion that will focus on the challenges and concerns that community banks and credit unions face in the fintech space. The panel will bring together experts from the banking and fintech industries who will provide their insights and experiences on the most pressing issues impacting community banks and credit unions. Attendees will have the opportunity to hear from industry leaders on how to navigate the ever-changing fintech landscape, including topics such as data security, compliance and customer experience. ​ The panel discussion on "Critical Fintech Concerns for Community Banks & Credit Unions" promises to be an invaluable resource for financial institutions of all sizes. As community banks and credit unions look to stay competitive and meet the evolving needs of their customers, they face a variety of challenges. The panelists will provide their unique perspectives on how to manage these challenges and opportunities, and will discuss strategies for building successful fintech partnerships that can help these institutions thrive in the digital age. ​ Overall, the panel discussion is a must-attend event for anyone interested in the intersection of fintech and community banking. Attendees will gain valuable insights and practical advice from industry experts who have firsthand experience in dealing with the most pressing issues facing community banks and credit unions. This panel discussion is a must-attend event for bankers, fintech executives or other executives that have a general interest in the future of financial services. 

TreaSolution is happy to announce that Temenos will be a Platinum Sponsor of the 2023 U.S. Fintech Symposium on May 16th - 18th in Orlando, Florida!

Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, creating opportunities for over 1.2 billion people around the world every day. We serve 3000 banks from the largest to challengers and community banks in 150+ countries by helping them build new banking services and state-of-the-art customer experiences. The Temenos open platform helps our top-performing clients achieve return on equity three times the industry average and cost-to-income ratios half the industry average.

​Companies around the world rely heavily on documents to store and convey information. This information often needs to be digitized for it to become useful; however, this is usually accomplished through time-intensive, manual processes. This is especially prevalent in the financial sector where many businesses need a paper trail.  Using advancements in machine learning and cloud technology, it's possible to automate many of these processes to make them more efficient and scalable. Document Understanding is the study and implementation of AI/ML towards document processing, including Optical Character Recognition, Entity Extraction, Natural Language, Large Language Models, Classification, and Generative AI. In addition, we will discuss Document AI, a platform from Google Cloud that takes unstructured data from documents and transforms it into structured data, making it easier to understand, analyze, and consume.

The fintech industry is constantly evolving and it can be difficult to keep up with the latest trends. As we move into 2023, there are several key areas that are expected to drive significant change and innovation in the world of banking and finance.

These technologies include 1.) the continued growth of open banking and the use of APIs to facilitate data sharing and collaboration, 2.) the increasing popularity of digital payments and mobile banking, 3.) the adoption of artificial intelligence (AI) and machine learning, and 4.) the emergence of blockchain and distributed ledger technology (DLT), and the importance of cybersecurity in protecting against financial threats.

In this article, we will explore each of these trends in more detail and discuss their potential impact on the banking and credit union industry.

Open Banking and APIs: Open banking refers to the practice of banks making their data and infrastructure available to third parties through APIs (application programming interfaces). This allows fintechs and other organizations to build financial products and services on top of the banks' existing platforms.

It is important for banks to familiarize themselves with open banking and APIs due to their potential impact on the financial industry.

• Improved Customer Experience: By opening up their platforms to third parties, banks can offer their customers a wider range of financial products and services, potentially leading to a better overall customer experience.
  
• Increased Competition: Allowing third parties to build on top of their platforms can help banks stay competitive in the face of new entrants to the market.
• New Revenue Streams: Banks can generate revenue by charging third parties for access to their APIs or by sharing revenue generated by the third-party products and services built on top of their platforms.
  
• Regulatory Compliance: In some countries, open banking has been introduced as part of broader regulatory efforts to increase competition and innovation in the financial sector. As a result, banks may be required to open up their platforms to third parties in order to comply with these regulations.
  
  

Digital Payments and Mobile Banking: Digital payments refer to electronic financial transactions that are conducted over the internet or other digital networks, without the need for physical cash or checks. Mobile banking refers to the use of mobile devices, such as smartphones and tablets, to access financial services and conduct transactions.

There are several benefits to being informed about digital payments and mobile banking for banks.

• Customer Demand: The use of digital payments and mobile banking has been on the rise in recent years, and this trend is likely to continue in the coming years. As a result, banks that do not offer these services may struggle to attract and retain customers.
• Improved Efficiency: Digital payments and mobile banking can help banks reduce their reliance on physical infrastructure, such as branches and ATMs, potentially leading to cost savings.
• Increased Security: Digital payments and mobile banking can offer enhanced security features, such as multifactor authentication and encryption, which can help reduce the risk of fraud and other financial crimes.
• New Revenue Streams: Banks can generate revenue by offering digital payment and mobile banking services to their customers or by taking a cut of the transaction fees charged by third parties.
  
  

Artificial Intelligence and Machine Learning: Artificial intelligence (AI) refers to the development of computer systems that are able to perform tasks that would normally require human intelligence, such as learning, decision making and problem solving. Machine Learning is a subset of AI that involves the use of algorithms to allow systems to learn and improve automatically without being explicitly programmed. AI and Machine Learning are being used in a variety of applications in the financial sector.

Listed below are a few reasons why it would be helpful for banks and credit unions to know more about artificial intelligence and machine learning:

• Improved Efficiency: AI and machine learning can help banks automate a variety of manual and complicated tasks.
  
• Enhanced Decision Making: AI and machine learning can help banks analyze large amounts of data and make more informed decisions, such as identifying trends, predicting customer behavior, and optimizing processes.
  
• Improved Customer Experience: AI and machine learning can be used to personalize the products and services offered to customers, potentially leading to a better overall customer experience.
• Competitive Advantage: Banks that are able to effectively leverage AI and machine learning may be able to gain a competitive advantage over those that do not.
  
  

Blockchain and Distributed Ledger Technology: Blockchain is a distributed database that allows multiple parties to record and verify transactions without the need for a central authority. A distributed ledger is a digital record of transactions that is maintained by a network of computers, rather than a central authority.

Blockchain and distributed ledger technology (DLT) have the potential to revolutionize the financial industry, and it is important for banks to be aware of their capabilities and potential applications.

• Improved Security and Transparency: Because blockchains are decentralized and distributed, they are less vulnerable to tampering and fraud than traditional databases. This can help improve the security of financial transactions and increase transparency.
• Increased Efficiency: By using distributed ledger technology, banks can streamline back-office processes, such as clearing and settlement, potentially leading to cost savings and increased efficiency.
• New Business Opportunities: Blockchain and distributed ledger technology have the potential to enable the creation of new financial products and the development of new business models.
• Competitive Advantage: Banks that are able to effectively leverage blockchain and distributed ledger technology may be able to gain a competitive advantage over those that do not.
  
  

Cybersecurity: Cybersecurity refers to the practice of protecting computer systems and networks from digital attacks, theft and damage. As the financial sector becomes increasingly digital, cybersecurity will continue to be a top priority for banks and credit unions.

In today's digital age, cybersecurity is a critical concern for all businesses, including banks. With the increasing prevalence of cyber threats, it is essential for banks to prioritize cybersecurity measures in order to protect their customers' financial information and assets.

• Protection of Sensitive Data: Banks handle a large amount of sensitive financial data, including customer personal and financial information. It is important for banks to protect this data from unauthorized access or misuse.
  
• Reputation: Cybersecurity breaches can have a significant impact on a bank's reputation and can lead to a loss of customer trust.
• Legal and Regulatory Compliance: Many countries have laws and regulations in place that require banks to implement certain cybersecurity measures to protect customer data. Failing to comply with these regulations can result in fines and other penalties.
• Financial Losses: Cybersecurity breaches can result in financial losses for banks, either through direct costs, such as the cost of repairing damaged systems, or through indirect costs, such as the loss of customer trust and business.

In conclusion, the fintech industry is constantly evolving and it is important for businesses and individuals to stay informed about the latest trends. In 2023, we can expect to see significant growth and development in the areas of open banking, APIs, digital payments, mobile banking, AI, machine learning, blockchain, DLT, and cybersecurity.

To stay ahead of the competition, it's important for businesses to keep up with the latest trends and adapt to new technologies as they emerge. Attending the 2023 U.S. Fintech Symposium is one way to stay up-to-date on these technologies and their potential impact on the financial sector. The U.S. Fintech Symposium provides a valuable opportunity to network with industry professionals, learn about the latest trends and developments and gain a better understanding of how these technologies will shape the future of finance.

Fintech services are changing the way we all do banking, loans, credit, etc.  At the center of this is a LOT of data.  Fintech companies are obligated to be good data stewards of consumer data via the applications, software, infrastructure that they develop and maintain as part of their overall business services.  Cybersecurity resiliency will be a key factor in ensuring that consumer growth and trust is maintained for fintech organizations.   Meet the topic of Zero trust.  A healthy topic of discussion within the cybersecurity company and increasingly a hot topic in fintech startups and more mature organizations recognizing that the ecosystem of their product hinges on solid security architecture.  Zero trust is a concept that states that trust should be implicit across these product environments but validated and verified and not simply once but all the time.   This presentation will focus on presenting a case study within the card industry on how zero trust measures have factored into the cybersecurity resiliency of the company's software development strategy and data security commitment to its customers. 
 
Most Important Points?
1. Fintech services are revolutionizing the way banking, loans, and credit are conducted, and a significant amount of data is at the center of this transformation. Fintech companies have a responsibility to be good data stewards of consumer data through their software, applications, and infrastructure. 2. Cybersecurity resiliency is crucial for fintech organizations to maintain consumer trust and growth. This is becoming an increasingly critical topic in the cybersecurity and fintech industries, with a focus on the concept of zero trust. 3. The presentation will present a case study from the card industry, demonstrating how zero trust measures have contributed to the cybersecurity resiliency of the company's software development strategy and data security commitment to its customers. 

​We are thrilled to announce that FinTech Magazine has become an official marketing partner of the 2023 U.S. Fintech Symposium.  This strategic alliance brings together two of the most innovative and dynamic organizations in the fintech industry to provide you with the latest insights, news and trends.

We are proud to partner with FinTech Magazine and are confident that this collaboration will bring even more excitement and opportunity to the U.S. Fintech Symposium attendees. Keep an eye out for further updates on this exciting partnership!

We are happy to announce that Robert Keil, Chief Fintech Officer at FinWise Bank, will be joining us as a panelist for The Embedded Finance + Fintech Panel.

Join these four fintech industry leaders as they delve into the innovative world of Embedded Finance at the U.S. Fintech Symposium! The Embedded Finance + Fintech panel discussion will explore the integration of financial services into everyday products and applications and discuss the potential for innovation and growth in this growing field.

Panelists will provide insight and perspective on this evolving trend from the benefits and challenges of Embedded Finance for businesses to the impact on consumers and the broader financial landscape. Don't miss this opportunity to gain a deeper understanding of Embedded Finance and its role in shaping the future of finance.​

The following is a guest blog post from our Marketing Partner - Fintech Futures!

Welcome to the March edition of the Banking Technology Magazine! (Click here to read the full digital edition.)

Cover story: FACE OFF – Confrontation can be a good thing.

We are entering the spring season with the continuing shake-up across the industry – the buy now, pay later (BNPL) sector is finally put under the regulatory spotlight; the fintech darling Banking-as-a-Service (BaaS) hits rocky ground; redundancies are rife; funding and valuations ruthlessly cut; and lots of fintechs putting up “for sale” signs.

Following the leadership shake-up at FIS and mass layoff announcements, the US banking and payments tech heavyweight has unveiled a $17.6 billion write-down on its Merchant Solutions business and plans to spin it off over the next 12 months.

The business mainly consists of payments software arm Worldpay that FIS acquired four years ago foraround $43 billion. In turn, Worldpay was created through the coming together of paytech titans Vantiv in the US and Worldpay in the UK, in early 2018.

The Worldpay brand will make a comeback, with former Vantiv/Worldpay CEO Charles Drucker taking the reins once more.

Click here to read the full digital edition.

This session will discuss the evolution of the payroll, why on-demand pay is the future and how it fits into the fintech ecosystem, and why the financial services industry should care. Payroll is the point a consumer’s financial journey begins – without a steady inflow of funds, consumers simply cannot pay for items, let alone utilize the millions of fintech services available today. And, for most people, they rely on a paycheck as their main source of income.

However, on any given day, EY estimates that $1 trillion of employees’ wages are locked up in payroll systems across OECD countries. Meanwhile, millions of people live paycheck to paycheck, with little to no financial buffer in between the 2-4 week pay cycle. In fact, according to Ceridian’s latest research, one in two North American workers tapped into their savings account to pay for necessities in 2022.

As a result, they succumb to credit card debt or even payday loans to make ends meet. With financial stress at all-time highs, imagine what freeing up that $1T in capital would do for workers’ financial well-being. Over the past several years, on-demand pay has revolutionized the payroll experience by eliminating the need to wait for payday. Leading employers have successfully implemented on-demand pay solutions like Ceridian’s Dayforce Wallet to empower workers with instant access to their paychecks. 

Most Important Points?
As more employers recognize the importance of on-demand pay, it will open the doors for millions of people to access their paychecks on any day of the month. Plus, it will act as a as a financial bridge for those lacking access to credit. This presentation will highlight how this will impact a consumer’s financial journey, and why it matters to the fintech industry.  Explore how the fintech ecosystem can take advantage of a massive opportunity to provide every employee (a potential customer) with more sophisticated financial tools like robust budgeting options, lending products, credit building, investments, and more. What’s next after on-demand pay? What types of innovations will bridge the gap between the traditional two-to-four-week pay cycle and employees’ financial needs? Enter streaming pay, a technology pioneered by Ceridian that will automatically “stream” workers’ earned wages into their wallets in real-time. As workers face macroeconomic challenges like inflation, many are barely making ends meet, with little to no financial buffer to pay for unexpected expenses like a car repair or a medical emergency. Explore how employers like Danone North America and OTG Management have implemented on-demand pay to help alleviate this stress for their people, leading to increased retention and productivity at work.

Fintech is revolutionizing the way that banks, credit unions, and financial services companies operate and this trend is set to continue in 2023. From improving the customer experience to reducing costs, fintech is providing a wide range of benefits for these institutions. In this blog post, we will explore the reasons why fintech is so important for banks, credit unions and financial services companies in 2023. The world of finance is rapidly changing and it is important for these institutions to stay ahead of the curve.

Fintech can help banks improve their customer experience by providing more convenient and efficient services through digital channels. For example, customers can use mobile banking apps to check their account balances, transfer money and even deposit checks. This not only makes banking more convenient for customers, but it also reduces the need for physical branches and can help banks save money on overhead costs. Additionally, fintech can help banks reach new customers and markets that they may not have been able to reach before. This is particularly true for digital-only banks that can operate with a lower cost structure and have a more tech-savvy customer base.

For banks, a strategic initiative that can be considered in 2023 is to invest in digital channels to improve customer experience and reach new markets. This could include developing mobile banking apps, creating a responsive website and leveraging social media to interact with customers. Additionally, banks can leverage fintech to automate processes and reduce costs. This could include using AI-powered chatbots to handle customer inquiries or implementing blockchain technology to streamline back-end operations. Another strategic initiative that banks can consider is to partner with fintech firms to gain access to cutting-edge technology and services. This could include forming partnerships with fintech startups to co-create new products and services or using fintech platforms to improve the customer experience.

For credit unions, fintech can help them better compete with larger banks by providing similar digital services. This is particularly important as credit unions tend to have a smaller customer base and need to keep pace with the digital capabilities that larger banks can offer. By using fintech to provide digital services, credit unions can reach more customers who are comfortable using digital channels for their financial needs. Additionally, fintech solutions can also help credit unions increase member engagement by providing more personalized services.

A strategic initiative that Credit Unions can consider in 2023 is to develop an enhanced digital strategy to better compete with larger banks. This could include creating a mobile banking app, a responsive website and using social media to interact with customers. Additionally, credit unions may be able to use fintech to increase member engagement and personalization. This could include using data analytics to create targeted marketing campaigns or using AI-powered chatbots to provide personalized financial services. Another strategic initiative that credit unions can consider is to invest in technology and data analytics to improve risk management and compliance.

For financial services companies, fintech can help them improve their risk management and compliance capabilities. With the help of fintech, they can automate certain processes and monitor transactions in real-time which can help them identify and prevent fraud more effectively. Additionally, fintech can help financial services companies provide more customized and targeted products and services to their clients. Furthermore, fintech can also help financial services companies to be more responsive to changing market conditions and consumer preferences.

For financial services companies, a strategic initiative that can be considered in 2023 is to collaborate with fintech companies to stay at the forefront of innovation in the sector. This could include forming partnerships with fintech startups to co-create new products and services or using fintech platforms to improve the customer experience. Additionally, financial services companies can utilize data and analytics to better understand customer needs and preferences. This could include using data analytics to create targeted marketing campaigns or using machine learning algorithms to predict customer behavior.

In conclusion, fintech is an increasingly important aspect of banking, credit union, and financial services in 2023. It provides a way for these institutions to improve customer experience, reduce costs and stay ahead of the competition by leveraging cutting-edge technology. By implementing the right strategic initiatives, these organizations can thrive in the coming years. 

Attending fintech conferences, where industry leaders and innovators come together to share their ideas and insights, is a great way to stay informed about the latest trends and technologies in the financial services sector. By attending fintech conferences, institutions can gain valuable knowledge and make valuable connections that can help them stay competitive in the fast-paced world of fintech.

We are thrilled to announce that Credit Union Times has become an official marketing partner of the 2023 U.S. Fintech Symposium.  This strategic alliance brings together two of the most innovative and dynamic organizations in the fintech and credit union industry to provide you with the latest insights, news and trends.

We are proud to partner with Credit Union Times and are confident that this collaboration will bring even more excitement and opportunity to the U.S. Fintech Symposium attendees. Keep an eye out for further updates on this exciting partnership!

About Credit Union Times
Credit Union Times is the most comprehensive, independent credit union news site in the industry. Their trusted and independent team of experts provides credit union leaders with the strategic and tactical information necessary to run their institutions and better serve members. They celebrate those that are adapting and succeeding in new ways and translate the impact of regulations and technology into digestible, shareable information that can be immediately put into real-life practice.

Service Weaver is a programming framework that makes it easy to write, deploy, and manage high-performance cloud applications. The developer writes their application like it's a traditional, single-process executable that runs on the local machine, and the focus is mostly on the application business logic.

Service Weaver takes care of cloud configurations and integration with the cloud provider (e.g., breaks down into a set of connected microservices, monitoring, tracing, logging). With Service Weaver the developer doesn't have to worry about finding the right boundaries to split the application binary into microservices. They can split the application into as many modules as desired. During deployment, Service Weaver decides which modules run together in the same microservice and which run in separate microservices.

During deployment, the developer deploys and manages a single application binary. The fact that it runs as separate microservices in the cloud is an implementation detail: Service Weaver tooling preserves the impression of a single application binary, while it allows to easily run and test the application locally, before deploying it in the cloud. Last but not least important, Service Weaver uses custom serialization and transport protocols that are up to 3x more cost effective than the best industry solutions (i.e., gRPC and protocol buffers). This means the cloud bill is significantly reduced and the developer can double-down on their focus on the application logic.

In today's fast-paced and constantly changing world, it's more important than ever for professionals to stay up-to-date on the latest fintech trends, technologies, and best practices. Attending a fintech conference can be a great way to do just that.

Here are just a few reasons why it's important for professionals to attend a conference in 2023:

1. Networking: Conferences provide a unique opportunity to meet and connect with other professionals in your industry. This can be a great way to build relationships, find new clients or partners, and learn from the experiences of others.
   
   
2. Continuing Education: Many conferences offer workshops, panel discussions, and other educational opportunities that can help you stay up-to-date on the latest developments in your field. Attending these sessions can help you learn new skills and knowledge that you can apply in your work.
   
   
3. Professional Development: Conferences often provide a platform for professionals to share their expertise and insights with others. Presenting at a conference can be a great way to showcase your work, gain visibility, and build your reputation as an expert in your field.
   
   
4. Career Advancement: Attending a conference can also be a great way to advance your career. In addition to learning new skills and knowledge, you can also use the conference as an opportunity to explore new job opportunities and make connections with potential employers.
   
   
5. Personal Growth: Conferences can also be a great way to challenge yourself and grow personally. Whether you're learning new things, meeting new people, or stepping out of your comfort zone, conferences can provide a rich and rewarding experience that helps you grow as a professional and as an individual.
   
   

In summary, attending a conference in 2023 can be a valuable investment in your professional development and career. By networking, continuing your education, and building your skills and expertise, you can stay competitive in your field and position yourself for success in the years ahead.