Fri.Jun 12, 2020

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Starbucks accelerates shift to mobile

Payments Dive

Over the next 18 months, Starbucks will increase convenience-led formats in company-operated locations with drive-thru and curbside pickup options, as well as its Pickup locations, according to a filing with federal regulators.

Mobile 411
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Perficient Continues Investment in Employee Culture with New Vice President of People

Perficient

“Perficient is a recognized leader in the digital consulting space, and I’m thrilled to be joining a team whose pride for their people is so immediately apparent,” shares Andrea Lampert , Vice President of People at Perficient. “In addition to the tremendous pride, there is a true service mentality and really smart people doing amazing work.”.

St. Louis 332
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FBI Issues Warning To Bank Mobile App Users?

PYMNTS

As the use of mobile banking apps surges due to the limited access to banks amid the COVID-19 pandemic, the FBI is warning users to beware of cyber attacks.

Mobile 313
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When to Shake: Handshake Use Cases (Part 2)

Perficient

this post is a continuation of our discussion about search connector use cases. Click here to read the first half of this topic. Customer Service. Search has changed the way customer service is offered and provided. Smarter algorithms and better machine learning models can help deflect cases, but sometimes a call is necessary. Search can increase the ability of responders to resolve customer concerns.

System 322
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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper

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Experts Tell Congress It?s Time To Create A ?Digital Dollar?

PYMNTS

Trillions of dollars in federal COVID-19 stimulus payments are being disbursed through paper checks, prepaid debit cards and direct deposit

Cards 265

More Trending

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Q1 2020: US credit card issuer snapshot

Accenture

Key themes In Q1 2020, the impacts of COVID-19 on issuer earnings were still relatively mild in terms of portfolio growth and losses. However, charge-off reserves spiked due to expected future losses, which caused negative returns for most issuers. YoY growth in receivables for Q1 2020 was modest at 1.9%, and below the 4% YoY…. The post Q1 2020: US credit card issuer snapshot appeared first on Accenture Banking Blog.

US 195
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Digital Commerce: Federated Model vs Centralized Model

Perficient

Becoming a digitally mature company is a vital piece to success. But what does your company need to look like today and what should it look like in the future to align toward that goal? What skills and resources do you need to build an organizational model that supports digital maturity? These are often questions that we hear from forward-thinking organizations who see the importance of investing in a digital commerce strategy.

Resources 309
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Main Street Lending Program Broadened to Attract More Lenders, Borrowers

Abrigo

Key Takeaways The soon-to-begin Main Street Lending Program (MSLP) aims to fulfill a need for mid-sized businesses to access relief funds amid the coronavirus pandemic. The MSLP was introduced in April, but the scope of the program has changed several times to increase participation. The latest changes include lowering the minimum loan size, raising the maximum loan size, extending the maturity of each loan option, and increasing participation from the Reserve Bank.

Maine 195
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LG Teams With Korean Food Delivery Platform To Make Robot Waiters

PYMNTS

If restaurants, bars and cafes come roaring back after months of being shuttered worldwide, LG Electronics could be one of the big winners. The South Korean global electronics company headquartered in Seoul has partnered with online food delivery platform operator Woowa Brothers and the Korea Institute for Robot Industry Advancement (KIRIA), an incubator for robot startups, to develop robot waiters, LG announced Friday (June 12).

Software 220
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The State of Automation in Financial Services 2024 Report

In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202

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Coronavirus creates strong demand for mobile wallets in Latin America

Payments Source

Latin America is seeing a surge in digital wallet adoption as governments seek ways to disburse coronavirus aid to vulnerable citizens, and consumers look for safe alternatives to cash.

America 115
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Mastercard Teams With Octet Europe For SMB Trade Technology

PYMNTS

To assist small and medium-sized businesses (SMBs) in expanding their operations, Mastercard and Octet Europe rolled out a new trade system throughout the European Economic Area (EEA). The Mastercard Trade Solution, which is fueled by Octet, helps firms trade domestically and internationally by allowing for safe payments, a credible value chain, streamlining of back office work and handling of cash flows per a Thursday (June 11) announcement.

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New York City amends debt collection regulations to include language proficiency requirements

CFPB Monitor

New debt collection rules creating requirements relating to consumers’ language proficiency are set to take effect in New York City on June 27, 2020. The new rules amend NYC’s existing debt collection regulations applicable to creditors collecting their own debts as well as third-party collection agencies. Accordingly, the new rules appear to have implications for creditors and debt collectors alike with respect to any collection activities involving NYC consumers.

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FinTechs Ovo, Dana Look To Unite Against Giant Gojek

PYMNTS

A pair of Indonesia’s FinTechs plan to merge in a bid to challenge Gojek ’s GoPay, sources told Bloomberg. The potential union would unite Ovo , Indonesia’s giant digital payment service that is backed by Singapore’s ride-hailing giant Grab Holdings , along with Dana, Indonesia’s digital wallet platform, an Alibaba Group Holding Ltd. affiliate. If successful, it could catapult Ovo and Dana into dominating Indonesia’s multibillion-dollar online payments market.

Fintech 160
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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.

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Colorado state court rules federal interest rate preemption for state bank loans does not extend to non-bank assignees; Ballard Spahr to hold June 19 webinar

CFPB Monitor

A Colorado state district court has ruled that a non-bank assignee of loans made by a state bank cannot charge the same interest rate that the state bank assignor can charge under Section 27(a) of the Federal Deposit Insurance Act (12 U.S.C. § 1831d(a)). The ruling in Martha Fulford, Administrator, Uniform Consumer Credit Code v. Marlette Funding, LLC et al , arises from an enforcement action filed in 2017 by Colorado’s UCCC Administrator challenging a bank-model lending program involving a New

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Failed Canadian Crypto Firm Quadriga Was Just A High-Tech Version Of An Old-Fashioned Ponzi Scheme

PYMNTS

There is nothing new under the sun – just new ways to get away with it. Many people are familiar with the term “Ponzi scheme” even if they may not know the original story or the mechanics through which bad guys make off with money using those schemes. But say the word “Ponzi” and may people’s minds will conjure up visions of slick-talking charmers taking victims’ hard-earned funds by promising stellar returns — but then disappearing into the night.

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Winning with Data Management

Banking Exchange

Managing data for financial services Bank Performance Management Feature Financial Trends Financial Research Big Data Community Banking Feature3.

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FTC Releases State Data Of COVID-19 Related Consumer Complaints

PYMNTS

Fraud was the top complaint related to coronavirus logged by the Federal Trade Commission (FTC), according to new reports released on the organization’s website. There were 47,881 fraud complaints to the FTC across the country , the majority in every state.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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MineralTree, TransferMate work to improve global B2B payment options

Payments Source

MineralTree has retooled its platform so midsize corporations may process domestic and international invoices through one channel, and the firm has also formed a partnership with TransferMate to improve users' global currency payment options.

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Will Consumers Be Ready To Set Sail With The Cruise Industry Anytime Soon?

PYMNTS

While few industries haven’t been hit hard in some way by the global pandemic and the economic slowdown it has carried in its wake, the cruise industry has seen its fortunes uniquely sunk by COVID-19’s effects on the travel industry. Cruise ships had the unfortunate status of being the site of several early outbreaks, replete with tales of travelers marooned at sea and stuck in their staterooms.

Industry 152
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Mom-and-pop shops left holding bag in consumer card disputes

Payments Source

Payments processors are keeping a portion of payments as a reserve against potential disputes between cardholders and merchants. Small-business owners say the practice is eating into their profits.

Cards 72
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Facebook’s Giphy Purchase Probed By UK Regulator

PYMNTS

Facebook is drawing scrutiny from U.K. regulators. The United Kingdom’s competition watchdog is investigating Facebook’s recent purchase of Giphy, the animated picture platform. The Competition and Markets Authority (CMA) announced Friday (June 12) the probe will determine whether the transaction will reduce competition and raise prices for goods or services.

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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

Get ready for the wave of $1.2 trillion in commercial debt maturing in the next 24 months with GoDocs' ModDocs® platform. Traditional loan modifications are slow, expensive, and prone to errors, which put lenders at risk. But with ModDocs®, you can enjoy an innovative solution that eliminates attorney fees, allows on-the-fly loan modifications, and ensures compliance.

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Atlanta Postal Credit Union Long-Term CDs Offer Good Rates

BankDeals

Atlanta Postal Credit Union (GA) has two competitive long-term Jumbo CDs: 48-month (1.70% APY) and 60-month (1.85% APY). Minimum deposit is $100k.

Atlanta 82
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Consumer Optimism Up; Coronavirus Fears Persist

PYMNTS

A surprising improvement in the jobs market and states reopening for business are combining to lift the spirits of U.S. consumers, according to data from a University of Michigan consumer survey released Friday (June 12). The widely-watched gauge of consumer sentiment posted its biggest gains in four years, showing a jump of 9.1 percent in June over May, hitting 78.9.

Michigan 145
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ABA Data Bank: 7 in 10 Small Businesses Nationally Have Received PPP Loans

ABA Community Banking

"In less than two months, the PPP is supporting the employment of apprimately 50 million workers."—Treasury Secretary Steven Mnuchin. The post ABA Data Bank: 7 in 10 Small Businesses Nationally Have Received PPP Loans appeared first on ABA Banking Journal.

National 102
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Fraud, Global Payments Catch B2B VC Attention

PYMNTS

As more organizations migrate to an online business model, their needs from FinTechs and other third-party service providers are in flux. This week’s B2B Venture Capital roundup reflects those changing needs, with B2B fraud mitigation efforts for online businesses emerging as the funding leader.

Fraud 142
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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.