Banks and credit unions are set to undergo significant transformation (if they haven’t already) in response to the Federal Reserve Bank’s forthcoming regulatory changeover to ISO 20022 messaging standards in the US, taking effect in spring 2025. This new standard marks a comprehensive shift in how financial institutions manage and process payments. Financial institutions should […]
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CrowdStrike-Microsoft Outage: Lessons Learned for Bankers About Cloud Infrastructure Benefits
in Cloud , IT Management
Banks and credit unions rely heavily on technology to provide seamless and secure customer services. However, recent events such as the CrowdStrike-Microsoft outage serve as reminders of the vulnerabilities inherent in interconnected systems. Such disruptions can be profound for financial institutions, impacting everything from transaction processing to customer trust to regulatory penalties. Cloud-based software solutions, […]
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Integration Platform as a Service: One Tool to Cut Costs, Eliminate Dependencies, and Scale Fintech Connections
Financial institutions that leverage an Integration Platform as a Service (iPaaS) can adapt to technological changes efficiently, meet evolving consumer demands quickly, and navigate complex regulatory requirements easier than others in the industry while cutting costs and overhead. This blog delves deeper into what iPaaS means for financial institutions (FIs), why it is an essential […]
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API Strategy for Open Banking Regulations in the U.S. – Why Financial Institutions Should Prepare for FDX and CFPB 1033 Today
TL;DR: The Consumer Protection Financial Bureau (CFPB) expects to implement Section 1033 of the Dodd-Frank Act in the fall of 2024. What does this mean for community banks and credit unions and the future of open banking in the U.S.? Open banking regulations began globally, with Europe’s PSD2 in 2016 and a handful of countries […]
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The Resilient FI: How Prepared is Your Bank or Credit Union for the Next Big Crisis or Rapid Growth?
An uncalculated or delayed response to market demands can have disastrous effects on a financial institution’s business operations. The same can be true if your financial institution isn’t prepared to react to rapid growth. How do you future-proof your organization, and what does that look like in financial services? This blog serves as an introduction […]
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Automating ACH: Banks and Credit Unions Eliminate Rejected Files and Slash Error Handling by Half
The Automated Clearing House (ACH) network, established by Nacha and operated by The Federal Reserve and The Clearing House Electronic Payments Network, serves as a crucial infrastructure for managing electronic payments and collections in the U.S. Despite its reliability for handling transactions such as bill payments and direct deposits, the traditional ACH system is confronting […]
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Payment Manager Automates Wire Transfer Process for Regional Bank – Saving Time and Reducing Errors
This use case examines how a regional bank utilized PortX’s Payment Manager to revolutionize its wire transfer process, transitioning from a labor-intensive system fraught with redundancies and errors to a streamlined, automated solution. The Challenge The bank faced significant challenges in its wire transfer process. Tedious, manual steps involving multiple data re-entry and verification procedures […]
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Banking Experts Reveal: Top Integration Mistakes for Banks and Credit Unions to Avoid with Fintech Partners
I interviewed two of our sales team leaders, Nick Paoloni and Alex Paoloni, cousins who have worked in the fintech integration space for over 20+ years. My goal was to understand better how banks, credit unions, and fintechs currently think about integration and how they can avoid the cringe-worthy, innovation-stifling, point-to-point architecture that is prevalent […]
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Integration Manager 2.1 Update – SSO, Automated Provisioning, VPN, and No-Code Advancements
Integration Manager continues to evolve as a leading solution for financial institutions (FIs) aiming to streamline their digital core banking integration. Building on the successful launch of version 2.0, we’ve released Integration Manager 2.1, which brings enhancements designed to simplify API development and management for banks and credit unions, enabling them to rapidly adapt to […]
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