Payments Briefing: Understanding Digital Wallets

Payments Briefing: Understanding Digital Wallets and Implications to Your Customers   Mobile payments aren’t exactly a new concept, but usage has only now reached the levels that make businesses of all sizes stand up and take notice. In fact, a 2015 forecast from eMarketer deemed 2016 “a year of significant growth for the technology” and estimated that the value of mobile payment transactions in the United States will grow 210 percent this year.   One of […]

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State of Missouri – Examination Agreements

Recently, the Missouri Division of Finance has issued correspondence to all Missouri financial institutions regarding collection and review of appropriate ongoing due diligence with third party service providers. As mentioned in the letter, pursuant to RSMO Section 362.105.1(12), every service provider must provide, in language satisfactory to [the Missouri Division of Finance], a contract stating that they agree to be examined and regulated to the same extent as if the services [provided] were being performed […]

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Purchased Loan Accounting For Financial Institution Acquisitions

by David Heneke An increasing number of financial institutions are getting involved in acquisitions, but accounting for acquired loans can be difficult. When an institution performs an acquisition, all financial instruments (i.e., assets and liabilities) are required by current accounting standards to be recorded at fair market value. The most challenging instrument to fair value is the loan portfolio. Financial institution accounting and lending personnel need to carefully consider the ramifications of how they classify […]

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Are You a 10?

How do your bank’s merchant services measure up to the competition?   MIB has learned of a growing number of issues from some community banks regarding their merchant services solution. Issues range from poor support, price gouging and inflation, punitive contracts and general dissatisfaction due to lack of accountability. When these issues arise with a bank’s merchant customer, the bank often feels the pain; resulting in an unsatisfied customer, or even a potentially lost customer. […]

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Benefits of Sending International Wires in Foreign Currency

Does your institution currently use MIB’s International Wire platform? If so, you may find the following information helpful.  There are numerous benefits of sending wires in foreign currency that include increased control of exchange rates, reduced delay in credits, and lower transaction fees. Typically, the beneficiary of an international wire does not hold a US dollar account so the currency must to be converted when received by the foreign institution. By sending wires in the foreign currency of […]

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