Mon.Mar 23, 2020

Things worth reading: 24th March 2020

Chris Skinner

Things we’re reading today include … Dollar near three-year peak amid mad cash scramble Markets should brace for ‘full-on’ crisis, warns Waxman Global economy will suffer for years to come, says OECD The Fed is running out of options to stave off a coronavirus depression | Larry Elliott Tipping goes … The post Things worth reading: 24th March 2020 appeared first on Chris Skinner's blog. Reading

Financial ecosystem fears long-term pandemic effects

Bank Innovation

Financial institutions are rushing to reinforce digital channels and ramp up cybersecurity measures as people increasingly work and bank from home, and fears about the longstanding effects the coronavirus on the U.S.

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Quaranstreaming And The Future Of Social Commerce

PYMNTS

A good slogan is hard to write, as it needs to be brief, memorable (for good reason) and continuously evocative no matter how often it is used.

Fintechs seek US government funds to help make business loans

Bank Innovation

Financial-technology firms including PayPal Holdings Inc. are lining up to help speed lending to small businesses during the coronavirus crisis — and are pushing for a slice of emergency U.S. government funding.

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Email Fraudsters Take Advantage Of Coronavirus Opportunity

PYMNTS

Even in times of global crisis, fraudsters will always look for ways to exploit unsuspecting targets. Corporates and government officials have recently been sounding the alarm about coronavirus-related scams, and according to experts , the threat is likely to rise.

As branches close, mobile video chat spikes 

Bank Innovation

As customers practice social distancing and financial institutions close branches, banks and credit unions are increasingly helping consumers via video chats. “We We can do anything over video that a branch can do except handle cash and coin,” said Tracey Miller, senior vice president of operations at Pioneer Federal Credit Union. The Mountain Home, Idaho-based credit […].

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More Trending

Coronavirus and BSA/AML – Is Your Financial Institution Prepared?

Abrigo

Key Takeaways. There has been an uptick in phishing scams in Europe and North America related to the coronavirus. Assets available on the dark web include a real-time heatmap of COVID-19 cases. Educate your employees and stakeholders to stay protected. Having a cohesive business continuity plan (BCP) is part of the essential documents for most businesses.

How 5G Rollouts May Get Boost from COVID-19

PYMNTS

The way we live — the very ways in which we work, and learn, and spend leisure time, and of course, shop — have shifted markedly over the last several weeks. In the maelstrom of daily life grappling with COVID-19, the rollout of 5G , the fifth-generation network that features downloading speeds reportedly 100 times faster than that of 4G, may accelerate even as economic headwinds gather.

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How to succeed in India’s volatile digital payments landscape

Accenture

The growth of India’s digital payments sector in recent years has been phenomenal, and shows few signs of slowing: By 2023, digital payments will total US$1 trillion, a five-fold rise in five years.¹ In part, this growth is due to government efforts to drive financial inclusion and promote a cashless society, as well as regulatory…. The post How to succeed in India’s volatile digital payments landscape appeared first on Accenture Banking Blog. Payments APAC Banking Digital Payments India Bankin

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‘Non-Essential’ Retailers Step Up For Their Employees

PYMNTS

Let’s face it, if you’re a supermarket or pharmacy chain that is most likely seeing the same or even more revenue during the COVID-19 crisis, it’s fairly easy to give employees bonuses and commit to their long-term employment.

How Your Bank's Portfolio Could Look a Year From Now

Banker to Banker

Last week we took a look at why and how bankers must triage their credit portfolio first before taking action ( HERE ). We also looked at some initial restructuring steps banks can take in a related article ( HERE

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Coronavirus: Economist Says Housing Market ‘Shutdown’ Likely; Zillow Suspends Home Buying With Zillow Offers

PYMNTS

Possible home buyers are reportedly expected to delay their purchases and open houses have been called off, as consumers remain in their residences to slow the coronavirus, Yahoo Finance reported. One market expert says that the COVID-19 outbreak will probably bring the housing market to a stop.

Using The Forward Starting Floater For Loan Restructuring

Banker to Banker

The impact of coronavirus on community banks will be widespread, and, with some borrowers, the restructuring efforts may take a long time and will sap substantial bank resources

SBA Automatically Defers Existing Disaster Loans To Help Borrowers

PYMNTS

To assist borrowers who are paying back U.S. Small Business Administration loans from past disasters, SBA Administrator Jovita Carranza has put into place automatic deferment on existing SBA Disaster Loans through the conclusion of this year.

Fed’s Bullard calls for three-month work break to fight pandemic

American Banker

The adjustment period would call for special policies from Washington to protect households and businesses from the massive shutdown necessary to reduce the spread of the coronavirus, James Bullard said in a posting on the bank's website. James Bullard Coronavirus Federal Reserve Bank of St.

SMB Loan Underwriting Prepares For Turbulent Times

PYMNTS

After a long period of pulling back, lenders are finally beginning to find value in financing small- and medium-sized businesses (SMBs).

Mortgage bond sales flood market, sparking pleas for U.S. help

American Banker

The rush to unload mortgage-backed securities signals that a credit meltdown that began with corporate bonds is spreading to other corners of the market. Federal Reserve Jerome Powell Mortgages Coronavirus Steven Mnuchin Commercial real estate lending

PYMNTS Study Tracks COVID-19 Changing Life In America

PYMNTS

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Cheat sheet: What's at stake for banks, customers in stimulus battle

American Banker

Congressional proposals could expand Federal Reserve liquidity support, delay a new credit loss accounting standard, provide certain accounts with unlimited deposit insurance and more to help businesses and consumers reeling from the coronavirus outbreak. Capital requirements Overdrafts CECL Mitch McConnell Deposit insurance Coronavirus Credit reporting Regulatory relief

Fed Could Issue COVID-19 Crisis Money Via eWallets

PYMNTS

To help bolster the American economy amid the COVID-19 pandemic, the Federal Reserve could utilize digital wallets and a “digital dollar” to provide “qualified individuals” with payments. With passing of the draft legislation, legal adults would receive $2,000 and $1,000 would be provided for each child, Yahoo! Finance reported. .

How to Service Your Financial Services Consumers in the Middle of a Pandemic

Perficient Financial Servies

When designing contact centers, some level of overhead should always be built in. It might be supporting a 120% estimated peak for incoming contacts, or the ability to rapidly add on 10–15% more representatives.

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Today In Payments: Default Fears Mount As China’s Banks Encourage Loans; Goldman, Morgan Stanley Predict Economic Devastation

PYMNTS

In today’s top news, state-owned financial institutions in China are offering incentives to boost consumer lending, and economists at Goldman Sachs and Morgan Stanley predict the coronavirus will be economically devastating. Also, banking FinTech Finastra was hacked.

A comeback for a crisis-era small business loan program?

American Banker

Some industry observers are calling on the Treasury Department to bring back the Small Business Lending Fund to help small companies stay afloat during the coronavirus pandemic and get back on their feet once the crisis passes.

Home Loan Defaults Could Decimate Mortgage Servicers

PYMNTS

The Mortgage Bankers Association (MBA) is concerned that deferred and late mortgage payments due to lost jobs and reduced hours caused by the coronavirus could end up triggering a financial debacle for mortgage servicers, according to reports.

Coronavirus halts $115 billion in casino wages and tax payments

Payments Source

The coronavirus has forced shutdowns and closures of over 90% of U.S. casino properties halting annualized payments of $74 billion in wages and $41 billion in tax revenues. Coronavirus

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DOJ Shuts Down Fraudulent COVID-19 Vaccine Website

PYMNTS

The Department of Justice (DoJ) announced that it has shut down a website fraudulently claiming to have vaccine kits for the coronavirus, according to a release.

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Fed announces aggressive actions to boost liquidity amid virus turmoil

American Banker

The Federal Reserve committed Monday to conducting more asset purchases of Treasury securities and mortgage-backed securities and announced $300 billion in new financing for credit facilities.

Deep Dive: How Businesses Can Sidestep Cross-Border Payment Pain Points

PYMNTS

Most companies now operate at global or multimarket scales, offering their products to clients and customers around the globe via digital channels. Employment is following this trend, with gathering workers at a single office location becoming more old-fashioned by the minute.

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Preparing for the Unpredictable

Gonzobanker

In the midst of Coronavirus uncertainty, we must be mindful of what we can control and how we want our story to be read. With a soundtrack of COVID-19 news stories playing nonstop in the background, last week felt like watching a magnitude 9.5

Grappling With COVID-19, Airlines Shift From Passengers To Cargo

PYMNTS

For the airline industry, keeping at least some top line in place to cover enormous fixed costs is a critical strategy as demand for travel has cratered.