OrboNation Blog
The Check Clearing for the 21st Century Act or aka Check 21 is perhaps the most important event for checks in history. It was signed into law on October 28, 2003, and became effective on October 28, 2004. Check 21 is a federal law that is designed to enable banks to handle more checks electronically,…
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Many banks are not, at present, ready to implement open banking However, the vast majority recognize open banking’s value A new report reveals that three-quarters of all banks are ready to implement open banking The amount of banks are not operationally ready to participate in and implement open banking is as high at 75%, according…
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More and more banks report growth in use of digital banking channels These developments align with growing consumer preference for financial transactions via digital channels Some banks find it hard to innovate quickly PYMNTS.com reports that the observed shift toward digital channels in financial services shows no signs of slowing down as reflected in latest…
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In case you missed it, over the past month, we have published incredible content on our OrboNation Blog and Modernizing Omnichannel Check Fraud Detection. Review the latest OrboNation Newsletter online or via PDF download.
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Banks are partnering with FinTech companies to leverage their specialized solutions and enhance their existing offerings Bank-FinTech partnerships highlight the importance of interoperability and open banking principles in driving innovation in financial services Trends shaping digital banking include mobile banking apps, AI/ML for personalized insights, and focus on fraud/data security PYMNTS.com explores how the digital…
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One of the hottest topics in the news this week is Bitcoin Halving. The Bitcoin network is built on a foundation of scarcity and decentralization, with Bitcoin halving playing a pivotal role in both. This event, occurring approximately every four years, is not only a scheduled element of the Bitcoin monetary policy but also a…
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Core Banking systems are becoming vital Centralization of information is key Straight-Through Processing ranks high in importance for successful core banking At Fintech Futures, Principal Fintech Analyst at Omdia Philip Benton takes a look at the state of core banking systems. He appropriates his fellow FinTech Futures columnist Dharmesh Mistry’s definition: To define core banking, Dharmesh…
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The days of overnight processing in the consumer banking sector are over About 50% of banks, however, still use overnight batch processing Real-time data processing is now not only recommended, but crucial At Fintech Futures, banking industry veteran Dharmesh Mistry argues that that many banks still rely on outdated legacy core banking systems that do…
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In case you missed it, over the past month, we have published incredible content on our OrboNation Blog and Modernizing Omnichannel Check Fraud Detection. Review the latest OrboNation Newsletter online or via PDF download.
Read More
FedNow is the Federal Reserve’s instant payment system that launched in 2023, with over 300 participating banks so far. However, according to a post on the American Bankers Association’s website by David Ritter, director and financial services strategy at CI&T, a global digital specialist, many banks remain hesitant to fully adopt it — there are,…
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