Fri.Apr 24, 2020

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Fintechs provide lifeline for SMBs seeking COVID-related financing

Payments Dive

Small businesses struggling to work with big banks are increasingly turning to fintechs for help with access to PPP loans as well as assistance in obtaining alternative financing sources.

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Where will you be when the COVID-19 music stops?

Bank Innovation

Let me start this piece with a disclaimer. This is an article telling banks to spend money on technology, and I’m a guy running a company that benefits when banks spend money on technology. So, it’s fair to say that I have some pretty heavy inherent bias. With that bit of transparency established, let’s get […].

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How card giants are breaking new ground in payments

Accenture

The previous five posts in this series looked at some truly exciting and important trends that are shaping the payments landscape in 2020. In this final post, we’ll look at what might be the most influential of them all: the movement of the credit card giants into interbank payments. Card giants like Mastercard, Visa and…. The post How card giants are breaking new ground in payments appeared first on Accenture Banking Blog.

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Weekly Wrap: PPP’s round 2, Oracle-Boss Insights deal, lessons from Greenhouse

Bank Innovation

For many small businesses, the new round of Payroll Protection Program funds is likely to be a godsend. For banks, it could bring another overwhelming rush of desperate borrowers. Many banks are hoping this round of PPP will go smoother — at least somewhat — than the last one. And new technology is being developed […].

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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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Why AI’s Early Adopters Are Laser-Focused On Credit Risk And Payments

PYMNTS

There is a great deal of economic uncertainty in the world today, as many banking managers and executives are acutely aware. These circumstances have brought to the fore what has long been a central concern for lenders: assessing and managing credit risk. This vital task is complicated even in normal times due to the multitude of financial risk factors in play at any given time.

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Deep Dive: How Banks Use Digital Technologies To Outlast The Coronavirus

PYMNTS

The coronavirus outbreak is still ravaging countries worldwide, but it has not eliminated consumers’ and businesses’ need to transact, finalize complex arrangements like trusts, or speak with their bankers about financial products. Financial institutions (FIs) are thus confronted with having to serve customers who can rarely venture outside amid stay-at-home and quarantine directives but may need to visit physical branches to complete certain actions.

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Lenders brace for PPP round 2 with automation, APIs

Bank Innovation

Armed with automation, APIs and experience, lenders across the country are making preparations to process the torrent of Paycheck Protection Program loans expected when the Small Business Administration re-opens the E-Tran system on Monday at 10:30 a.m. EDT. “Speed is the name of the game. We know there will be a mad dash to the […].

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How Today’s COVID-19 Pivots Are Paving The Way For Tomorrow’s Innovations

PYMNTS

Inertia is a powerful force in the world of payments and commerce, and one that explains the persistence of things that seem like they should have been disrupted long ago. Paper checks , the biweekly pay cycle, contact-based payments — the technology has long existed to banish those antiquated ideas and replace them with a digitized variation that is faster, smoother, more accessible and more secure.

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Financial services and the UK regulation agenda: more than a response to coronavirus

Bobsguide

On April 7, 2020, the Financial Conduct Authority (FCA) published its business plan for 2020/2021. Understandably, the FCA’s main immediate focus is to continue to address the challenges presented by the coronavirus emergency. However, that is not the whole story and the FCA is not planning to.

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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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Starbucks Among 19 Firms Trialing China’s Digital Yuan

PYMNTS

The People’s Bank of China (PBOC) is launching a pilot program to trial its new digital currency yuan with 19 local businesses, including the U.S. chains Starbucks, Subway and McDonald’s. The digital currency trial is being held in Xiong’an New Area, a city being built south of Beijing. China is the first country to launch a central bank digital currency (CBDC) or digital currency electronic payment (DCEP).

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An Open Letter from a Business Continuity Strategy Manager

Jack Henry

Now that all financial institutions (FIs) are in the midst of navigating through the COVID-19 world, the execution of their Business Continuity Plan (BCP) and Pandemic Plan are in full gear. This is an open letter to those of you that are responsible for the development, testing, maintenance and execution of the BCP within your organizations.

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Cannabis Companies Would Be Eligible For COVID-19 Relief Under Bill

PYMNTS

Representatives from Colorado and Oregon, states known for liberal cannabis laws, want the cannabis industry to be included in future Paycheck Protection Program (PPP) legislation. Reps. Earl Blumenauer (D-OR) and Ed Perlmutter (D-CO) introduced legislation this week to ensure that that happens, allowing cannabis companies to be eligible for the PPP, along with Economic Injury Disaster Loans and other emergency loan advances.

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Coronavirus and credit cards: Five key trends

Payments Source

During a time of business lockdowns and layoffs amid the general population attempting to stay healthy during the coronavirus crisis, one thing is quickly bubbling to the surface of the minds of consumers, small-business owners, banks and regulators: The state of the credit card market, and where it could go from here.

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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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Amid Travel Bans, Corporate Expenses See Surprising Uptick

PYMNTS

With travel bans in place and work-from-home orders implemented, business trip volume has all but plummeted to zero. That may initially seem like bad news for corporate travel and expense (T&E) management providers whose revenues are largely comprised of spend that occurs during business trips. But while corporate travel spend is down, expenditure across a range of other categories is up — way up, in some scenarios, according to Webexpenses CEO Adam Reynolds.

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American Express prepared for a downturn—but not like this

Payments Source

"We're now in a different world," Stephen Squeri, chairman and CEO of Amex, said during the card brand's first-quarter earnings call.

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Southeast Asia B2B FinTech Keeps VC Wheels Turning

PYMNTS

With social distancing and an economic downturn the new reality for many markets around the world, venture capital is expected to slow significantly. Yet demand for contactless payments and digital, automated financial solutions means FinTech funding may not take as hard of a hit as other startup segments. Reports in American Banker said CB Insights data has revealed a 45 percent decline in year-over-year FinTech funding in the year’s first quarter, and a 25 percent drop from Q4 2019.

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Virginia Enacts Law Requiring Licensure of Student Loan Servicers

CFPB Monitor

One Wednesday, Virginia enacted a law that requires student loan servicers to be licensed. While Virginia opened its “Office of the Qualified Education Loan Ombudsman” in 2019, efforts to require licensure of student loan servicers had previously failed. Identical bills HB 10/SB 77 had been sent to Governor Northam’s desk on March 12, but were not signed.

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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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Monzo Ahead Of Revolut For US Banking License

PYMNTS

Monzo Bank Ltd., the British digital bank, has taken the next step to expand into the U.S. market, where it has already done some testing. The five-year-old London-based startup, which has 4 million customers in the United Kingdom, has applied to the U.S. Office of the Comptroller of the Currency for a banking license. “Filing an application for a U.S. banking license is a significant milestone in our mission to make money work for everyone,” Monzo U.S.

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CEO Q&A: Opportunity Rising in the Midwest

ABA Community Banking

After a career as a nonprofit executive, Midwest BankCentre Chairman and CEO Orvin Kimbrough discusses the unique perspective he brings to his role and how his bank is reaching underserved communities in the St. Louis area. The post CEO Q&A: Opportunity Rising in the Midwest appeared first on ABA Banking Journal.

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NEW DATA: How COVID-19 Is Driving CUs’ Digital Leap

PYMNTS

. COVID-19 has closed bank and credit union (CU) branches across the United States, sending the demand for digital banking solutions soaring as consumers hop online to manage their finances from home. However, CUs are not the only financial institutions (FIs) looking to offer digital banking innovations to their members. FinTechs are also emerging as major CU competitors.

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As hotels sit empty, loan delinquencies pile up

American Banker

More details have emerged about the damage the coronavirus pandemic is inflicting on the hospitality industry. One servicer alone has received 2,000 workout requests in the past month.

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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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DraftKings Trading Debut: Let The (e)Games Begin

PYMNTS

There are disruptors who come to market and list their shares publicly. And then there are disruptors who come to market and list publicly – right as their targeted markets are themselves disrupted, at least temporarily. So seemed the case on Friday (April 24), when DraftKings came public and finished the trading day up nearly 11 percent to $19.35. In terms of the mechanics, the sports betting company has come public through a merger with Diamond Eagle Acquisition Corp. and SBTech, trading witho

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Business will be anything but usual in a post-pandemic world

ATM Marketplace

As the country waits for the nation-wide lockdown to lift, being prepared for changes in how you do business in a post-pandemic world can be key to your success.

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Italy’s Small Retailers Start To Reopen As Lockdown Is Lifted

PYMNTS

Following a period of lockdown in the nation, Italy’s collection of artisan companies and stationers have begun to reopen their doors. A cautious sense of hope, as well as some uneasiness, exists among business as they slowly return to “normal” commerce, CNBC reported. The co-owner of a bookstore in Rome said, “I’m very happy to reopen the bookshop, even though it will be very difficult.

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Are The Market Lows Behind Us? – A Case in Support

TrustBank

The forced shutdown to reduce the spread of COVID-19 is causing significant harm to the economy. The data on the effects is just starting to come in and, to be sure, the data will get worse before it gets better. Despite this, an argument can be made that the worst for equities is already behind us. Please understand that we do not try to predict market bottoms or time markets, but with all of the negative news out there, I thought it would be informative to consider a potential positive.

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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.