Tue.Apr 21, 2020

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What does the #coronavirus crisis mean for #FinTech?

Chris Skinner

Someone asked me what the coronavirus pandemic means for the future of FinTech. I’ve blogged a bit about that already, referring specifically to this great presentation by Finch Capital: But equally, you may think that times are dull and boring, locked in at home and nothing going on, but there’s … The post What does the #coronavirus crisis mean for #FinTech?

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An introduction to mobile commerce in China

Payments Dive

The Chinese e-commerce market is one of the most important in the world and represents a lucrative opportunity for digital expansion. However, the nuances of this market are important to understand and the role of mobile expansion is critically important.

Mobile 360
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Radius Bank leads with PPP forgiveness solution   

Bank Innovation

Radius Bank is standing up a Paycheck Protection Program loan forgiveness tool, even as many banks feel left in the dark by the Small Business Administration, which hasn’t yet released details on how the process will work. The Boston-based bank is creating its own solution in advance of the PPP forgiveness process that will start […].

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Things worth reading: 22nd April 2020

Chris Skinner

Things we’re reading today include … Bank of England boss: Loans need to be sorted out Fitch downgrades 10 European banks and warns coronavirus impact could lead to more Chinese bank publishes first-ever banking blockchain white paper RBS digital bank Bo is losing its chief product builder Coronavirus: Branson offers … The post Things worth reading: 22nd April 2020 appeared first on Chris Skinner's blog.

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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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Royal Bank Of Canada Rolls Out Digital ID Verification For Account Opening

PYMNTS

COVID-19 has changed daily routines around the world as more consumers have had to stay at home, only venturing out into public for necessities. This is leading companies of all kinds to navigate how to reach them remotely. Financial institutions (FIs) are among the entities that are working to securely meet clients where they are through mobile and online channels to complete tasks that would more often be completed in person.

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More Trending

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Oxford, Mastercard To Launch Online Course On Digital Ethics, Privacy, AI

PYMNTS

A partnership between The University of Oxford , Saïd Business School and Mastercard will launch an online education program to teach business leaders about the strengths and perils of the modern day internet. Called the Oxford Cyber Future Program , the six-week class will cover artificial intelligence, cybersecurity, threat analytics, data privacy and digital ethics, a press release states.

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CDFI Beneficial State Bank, Aided by Abrigo, Goes All Out To Secure PPP Small Business, Nonprofit Loans

Abrigo

Key Takeaways Beneficial State Bank, a Community Development Financial Institution (CDFI) was able to award SBA approval for 333 Paycheck Protection Program loans worth $94.5 million before funding ran out April 17. The CDFI instated Abrigo's SBA Lending technology platform and systemized approach soon after business owners were able to begin applying for PPP loans.

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Ripple Files Lawsuit Against YouTube For Not Removing Crypto Scams Fast Enough

PYMNTS

Ripple announced on Tuesday (April 21) that it is filing a lawsuit against YouTube , alleging that the popular video platform isn’t doing its due diligence to identify and remove crypto-related scams, according to a company blog post. Ripple said it wants to protect its customers from disingenuous online giveaways and impersonations pretending to be from the company.

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Navigating Liquidity, Funding, and Return in the Paycheck Protection Program

Abrigo

Key Takeaways Financial institutions have 10 calendar days to disburse PPP loans To address financial institutions’ liquidity and leverage concerns, regulators have helped to facilitate lending. There are 3 factors to consider when assessing return and profitability of PPP loans. Although funds for the Paycheck Protection Program (PPP) have been exhausted as of April 16, financial institutions are still working around the clock to fund the new loans.

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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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Getting The Plumbing Ready For Banking-As-A-Service

PYMNTS

In times of turmoil, you go toward whom you trust. The coronavirus pandemic — which has forced all of us online — is exposing just who in financial services has embraced digitization, and who is truly digital native. We now must bank entirely online, by necessity. And many of us must transact entirely online, by necessity, to get the goods and services we need on a daily basis.

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How one fintech mobilized to help small businesses apply for emergency loans

Payments Source

Veem specializes in cross-border payments, but when small-business customers clamored for help this month with emergency SBA loans, the fintech responded.

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Lord & Taylor Joins Retail Bankruptcy Watch

PYMNTS

The retail bankruptcy watch intensified Tuesday (April 21) as the department store sector was hit by reports of yet another major player looking at that option. Lord & Taylor, now joining Neiman Marcus, is considering a bankruptcy filing as the COVID-19 lockdown continues to decimate non-essential retail. According to Reuters , chapter 11 protection is one of several options being explored including relief from creditors and alternative financing.

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Discover takes new approach to fraud as coronavirus drives more online, phone applications

Payments Source

Discover transitioned all of its 8,600 U.S.-based call center personnel to work from home within a matter of days after the U.S. declared a national emergency on March 13. By March 20, Discover had 95% of its agents working from home using a thin-client device to emulate their call center desktops.

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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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Corporates Play Payment Rail Musical Chairs

PYMNTS

The coronavirus pandemic has some organizations playing payment rails musical chairs in their accounts payable (AP) departments as they adjust payment strategies (and methods) to suit their needs in a volatile, remote working environment. For many AP teams, the paper check has presented immediate challenges with staff no longer able to step into the office to print and send checks (and no one on the accounts receivable end to accept them).

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Digital bank statements: sustenance for underwriters

Bobsguide

It would seem there is little that is not subject to change as a result of the current pandemic. I've lost count of the volume of articles that have stated that the world to which we will return following the crisis will have changed out of all recognition. And while I tend to think that we.

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Chipotle Digital Sales Jump 80.8 Pct Amid Delivery, Loyalty Expansion

PYMNTS

Amid rocketing digital sales and a growing loyalty program, Chipotle Mexican Grill reported better-than-expected earnings on Tuesday (April 21). Digital sales at the quick-service restaurant (QSR) chain jumped 80.8 percent and accounted for 26.3 percent of sales for the first quarter of 2020. CEO Brian Niccol said on an earnings call with analysts, “As people started to implement social distancing, we moved swiftly by driving further investments towards digital and delivery design to reduce fric

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U.K. fintech ties unused incentives to coronavirus digital donations

Payments Source

For Good Causes has emerged from pilot in the U.K. to help consumers and businesses convert loyalty rewards points to digital cash donations for charities impacted by the coronavirus pandemic.

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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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Bitcoin Daily: Argentina’s Central Bank Tests Blockchain Payments Clearing System; dForce Hacker Returns Nearly All Stolen Funds

PYMNTS

The Central Bank of Argentina (BCRA) is trying out blockchain in a new clearing system, and the technology could eventually be used by other large banks, according to CoinDesk. The solution, by blockchain developer IOV Labs, is intended to speed up fiat payments, putting in end-to-end technology to make everything flow better. The technology is based on the RSK Smart Contract Network, and IOV made it in connection with the central bank and others, like Santander and BBVA.

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As coronavirus keeps millions at home, do gas pumps still need EMV this year?

Payments Source

The coronavirus pandemic has added a troubling twist to the already difficult process of converting fuel pumps to accept EMV chip cards and communicate with the stations' point-of-sale terminals.

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Marriott Bonvoy Rewards Program Teams With Eateries

PYMNTS

As social-distancing rules take a huge bite out of revenue, restaurants are scrounging to come up with plans to beef up their takeout businesses and make enough to pay the rent. The hotel industry is struggling as well. Now, Marriott Bonvoy — the rewards program for the Marriott and the Ritz-Carlton, among other hotel chains — is putting both industries together in a new promotion.

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Tech startups express concern over UK's Future Fund scheme

Bobsguide

Designed to support tech startups through the coronavirus crisis, the UK government’s convertible loan scheme leaves many small companies without financial support. “The biggest risk right now is that there will be a whole cohort of startups that started between 2017 and 2019, that.

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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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EU Says Tourism Sector Could Slide 70 Pct. From COVID-19

PYMNTS

Europe’s $849 billion annual tourist industry is taking a beating as visitors heed stay-at-home orders around the globe amid the COVID-19 pandemic. Thierry Breton, the European Union’s (EU) commissioner for internal market and services, said the 27-nation bloc is facing its most difficult challenge since it was founded in 1993, and stated that its nations should be a top priority for bailouts, the Associated Press reported.

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Visa tightens merchant cancellation terms on free trials as chargebacks rise during coronavirus lockdowns

Payments Source

Visa is requiring merchants to be clearer about cancellation options for free trials and subscriptions, as chargebacks related to coronavirus soar.

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Anticipating The Consumer Spending Rebound

PYMNTS

The coronavirus pandemic winds on, and while it seems like it’s been forever, when — and not if — we emerge from all this, consumer spending will be altered. In an interview with Karen Webster, Chuck Fagan, president and CEO of PSCU , a credit union service organization (CUSO), said that the impact to consumer spending will be prolonged, but the recovery will be swift and sharp — depending on where you look.

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Open banking is electronic money institutions' open door

Payments Source

The advent of open banking gives EMIs a once-in-a-generation opportunity to carry on doing what they do best, but doing it faster, cheaper, and with broader horizons, says Token.io's Stefano Paoletti.

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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.