Bank Innovation

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SMB banking startups pivot platforms for PPP 

Bank Innovation

Banking platforms aimed at small businesses are tweaking their offerings to accommodate clients scrambling for Small Business Administration Paycheck Protection Program loans.? “As soon as we saw the PPP was moving, we made a pipeline between us and Radius [Bank] to allow our customers to get into the queue for loans,” said Eytan Bensoussan, co-founder […].

US 259
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Weekly Wrap: PPP ramp up dominates the credit industry

Bank Innovation

The Small Business Administration’s Paycheck Protection Program went live today, and confusion reigned. Despite shelter-in-place mandates for better than 80% of Americans, some banks urged prospective borrowers to come into branches to fill out an application. And although digital applications are sometimes accepted, many FIs are still relying on manual processes and procedures to inbound […].

Industry 259
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B2B payments companies seek growth amid pandemic  

Bank Innovation

Despite the current economic uncertainty resulting from COVID-19, some business-to-business payment companies are gaining traction with clients and investors alike. “Our solution is even more relevant today than it was four weeks ago,” said Sameer Gulati, chief operating officer of the payments company Plastiq. “Some of our customers are already using Plastiq as a bridge […].

Company 199
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Challenger bank HMBradley sees opportunity in pandemic

Bank Innovation

Challenger bank HMBradley launched this week in the face of global uncertainty, with the backing of PayPal founder Max Levchin, and already has about 25,000 waitlisted sign-ups, according to CEO Zach Bruhnke. “We are certainly in a place where almost undoubtedly people are going to lose their jobs,” Bruhnke told Bank Innovation. “It’s never a […].

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Request for your support

Bank Innovation

Dear Reader, For 25 years, Royal Media, Bank Innovation’s publisher, has dedicated itself to serving its business communities with professionalism and integrity. Today, the coronavirus pandemic has created significantly more complexity and uncertainty in our daily lives. Still, we at Royal remain committed to guiding you through this difficult time.

Community 243
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Brainard says Fed studying potential for US digital currency

Bank Innovation

The U.S. central bank is studying the feasibility of a digital currency, said Federal Reserve Governor Lael Brainard. “Given the dollar’s important role, it is essential that we remain on the frontier of research and policy development regarding” central bank digital currency, or CBDC, Brainard said Wednesday in the text of a speech prepared for […].

Study 259
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HSBC to launch robo-adviser and payments products this year

Bank Innovation

As digital challenger banks expand their product suites, large players like HSBC are quickly evolving their digital offerings to attract and retain customers. The bank recently rolled out a digital personal loan product, a high-yield savings account and Treasury APIs to speed up payments for business clients. Later this year, the bank will launch a robo-adviser and new domestic and cross-border payments products, […].

Payments 368