Chris Skinner
JULY 5, 2020
I keep saying that I don’t want to be political on this blog – I’m not qualified and it’s not why you read it – but, as a human being, I cannot ignore things like Black Lives Matter, the lockdown approaches of different countries, the suppression of religious groups, the … The post HSBC and Standard Chartered are wrong to kowtow to China over Hong Kong appeared first on Chris Skinner's blog.
PYMNTS
JULY 5, 2020
The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other businesses. In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S. Treasury Department’s financial crime division, the agency said the new guidance is in response to questions related to Bank Secrecy Act/Anti-Money Laundering regulatory requirements for hemp-related business customers.
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Chris Skinner
JULY 5, 2020
Things we’re reading today include … Was lockdown really worth it? Telegraph writers and experts give their verdict The Bank of England has many battles ahead. Inflation will not be one of them Wirecard’s core business has been lossmaking for years, audit shows This pandemic has exposed the uselessness of … The post Things worth reading: 6th July 2020 appeared first on Chris Skinner's blog.
PYMNTS
JULY 5, 2020
Google and Temasek Holdings Private Ltd. , an investment company owned by the Singapore government, are in talks to invest as much as $1 billion for Tokopedia , sources told Bloomberg News. The Indonesian eCommerce retailer backed by SoftBank Group Corp. ’s Vision Fund has also met with Facebook Inc. , Microsoft Corp. and Amazon.com Inc. , the sources said.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Abrigo
JULY 5, 2020
Key Takeaways Credit unions participating in the Paycheck Protection Program (PPP) found that the right technology helped them serve business members when they needed help and also gain new members. Technology that makes it easier to meet credit union members’ ongoing needs also will factor importantly into growing relationships beyond the pandemic and economic crisis.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
South State Correspondent
JULY 5, 2020
Covid-19 and the responses to the pandemic are exerting various pressures on community banks. How a community bank underwrites and books commercial credit through the end of 2020 will have a significant impact on the bank’s profits and credit quality through the entire next business cycle. In this article, we focus on four key steps of what banks can do to continue to add earning assets to their balance sheet.
PYMNTS
JULY 5, 2020
Bank of New York (BNY) Mellon has announced a new partnership with risk and payments solution provider Early Warning Services , aiming to boost digital B2B payments services for clients. The offering will include flexibility, according to a press release , allowing clients to either choose BNY Melon’s services or one of the company’s Private Label Bank relationships.
Payments Source
JULY 5, 2020
In the tech-centric payments industry, the number of women in C-Suite roles is rising after decades of incremental progress, but the path to leadership for Black people in the payments industry remains steep and lonely.
PYMNTS
JULY 5, 2020
Amazon must like the supermarket business. Three years after it paid $13.4 billion for Whole Foods , the online retail giant is planning to open its second automated-checkout grocery store in Seattle’s Eastside neighborhood and is hiring managers for a third store in the city’s Capitol Hill district, The Seattle Times reported. And it’s not stopping there.
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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
Payments Source
JULY 5, 2020
A blockchain-based digital dollar deserves serious consideration if only because its adoption would mark the beginning of a modern, more efficient government payment structure, says Polyient Labs’ Jeff Hinkle.
PYMNTS
JULY 5, 2020
Zomato , the $3 billion Indian food startup, has been cut off from its biggest Chinese investor Ant Financial amid new Indian regulations, The Financial Times reports. According to people with knowledge of the situation, Zomato has been unsuccessful at securing $100 million of the $150 million it received in investments from the Chinese digital payments giant last year.
BankBazaar
JULY 5, 2020
Wondering how a delayed Credit Card bill or loan payment can affect your Credit Score? Read on to discover the secrets of financial karma and useful tips to master credit management! So you’ve paid your Credit Card bill late. Any idea how it’s going to affect you in the long run? Well, that’s what we’re about to find out! Deferred payments against Credit Card bills and loan amounts are explicitly discouraged, and while recovering the amount from you is surely a concern for lenders, another major
PYMNTS
JULY 5, 2020
Intel Capital Corp. wants a piece of Jio Platforms , India’s largest mobile network operator, LiveMint.com reported. The investment division of Intel plans to invest $253 million for a 0.39 percent stake in the company, becoming the 11th financial services company to invest in the digital services business of Reliance Industries Ltd. (RIL) in 90 days.
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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
TheGuardian
JULY 5, 2020
Exclusive: Talks may result in ‘lighter touch approach’ than with other commercial loans See all our coronavirus coverage UK banks are preparing a code of conduct for pursuing businesses that default on taxpayer-backed coronavirus loans, amid industry estimates that up to eight out of 10 borrowers could fail to repay in full. The Guardian understands that the industry lobby group UK Finance and the state-owned British Business Bank have kicked off talks with commercial lenders in an effort to se
PYMNTS
JULY 5, 2020
Indian payment gateway BillDesk , which controls over half of the business clients in the country, is looking to sell off its business after a previous unsuccessful attempt two years ago, LiveMint.com reports. The company is making a change this time, looking at selling off its entire company, unlike the previous attempt. The reason is the increasing amount of competition in the digital payments service field, buoyed India’s now-thriving eCommerce field, according to people with knowledge
American Banker
JULY 5, 2020
The New York-area companies' $489 million agreement runs counter to recent merger pacts built around branch cuts and more tech spending.
PYMNTS
JULY 5, 2020
As details about the failed management of Wirecard AG unfold, it becomes clear that the company’s core business has been losing cash for years, the Financial Times reported. The German payment processing company’s operating performance in Europe and the Americas was far worse than previously known, according to a report from KPMG, the Netherlands-based global accounting firm, obtained by the newspaper.
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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.
MyBankTracker
JULY 5, 2020
Esports are a rapidly growing industry thanks to the aging of a generation that grew up playing video games and a decline in interest in traditional sports. As with any young industry, there are many opportunities to make, or lose, money by investing. While investing in esports by starting your own team is out of reach for all but the most skilled players and financially well-off, it’s possible for the everyday investor to make some investments that give them exposure to this new industry.
PYMNTS
JULY 5, 2020
Federal workers, through partnerships with several online retailers, will now be able to purchase equipment like desks or office supplies through an eCommerce network for the first time, The Washington Post reports. The General Services Administration (GSA), which handles those purchases, has struck a partnership with Amazon , Overstock and Thermo Fisher Scientific under a three-year contract, during which those companies will sell important office items online to help increase speed and efficie
MyBankTracker
JULY 5, 2020
The process of buying a home is expensive. Not only because of the down payment and the fact that you’re paying hundreds of thousands of dollars. But also because you’re responsible for closing costs. These are lender and third-party fees. They include the loan origination fee, attorney fees, appraisal fees, and also title insurance. Title insurance is a typical home buying expense.
PYMNTS
JULY 5, 2020
Nine Peaks Solution has rolled out HCMReporterTM, a new software to extract data and get payroll data done quicker, a press release says. According to the press release, the software could be useful for companies looking to change up their human capital management (HCM) systems, integrating old data and streamlining the process for payroll by providing access to data securely and completely.
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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.
Bankelele
JULY 5, 2020
In June 2020, Safaricom launched a new app for business owners that is a serious tool that enables them to do true real-time cash management, accounting and business banking on their mobile phones. Perfectly timed during the Coronavirus when businesses are moving shopping online, and paying more with M-Pesa over cash, the new Lipa Na […].
The Financial Brand
JULY 5, 2020
Advanced technologies deployed by financial institutions post-COVID — like AI and the Internet of Things — will determine tomorrow's winners. The post Are Today’s Banks Prepared To Deploy Tomorrow’s Technology? appeared first on The Financial Brand.
PYMNTS
JULY 5, 2020
The Treasury Department and Small Business Administration (SBA) don’t seem likely to release the data this week on Paycheck Protection Program (PPP) loans as they’d said, The Washington Post reports. The data would have shown exactly where the money went, including the information on any large publicly-traded corporation that successfully applied despite not being who the funds were intended for.
The Financial Brand
JULY 5, 2020
Fewer people will visit branches but they'll still demand a great customer experience. This model is tailor-made for the post-COVID age. The post Why Universal Bankers are Now the Only Logical Option for Branches appeared first on The Financial Brand.
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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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