Chris Skinner
MAY 14, 2020
Things we’re reading today include … Coronavirus crisis causing ‘very sharp move into recession’, Bank of England governor warns Open Banking Europe publishes draft signature standards for bank APIs UK property market could fall 13%, housing experts predict ABN Amro slumps to loss as impairment charges pile up Banking: the … The post Things worth reading: 14th May 2020 appeared first on Chris Skinner's blog.
PYMNTS
MAY 14, 2020
To bolster global payments for businesses throughout the world, EMQ launched its new enterprise payment technology with same-day settlement functions in local currencies throughout eight countries. The nations include China, Indonesia, India, the Philippines, Malaysia, the United Kingdom, Singapore, and Japan, according to an announcement. . The enterprise settlement technology of EMQ lets companies, banks, and other licensed financial institutions access same-day settlement with more transpa
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Chris Skinner
MAY 14, 2020
When Digital Human came out, its subtitle was The Fourth Revolution of Humanity includes Everyone. The premise was based upon humanity entering a fourth phase where every human on Earth could connect with every other human on Earth by just having a mobile telephone. Not only could they connect, but they … The post You might be staying in more than you expect appeared first on Chris Skinner's blog.
PYMNTS
MAY 14, 2020
The COVID-19 pandemic has triggered an uptick in digital fraud and identity theft, with 18,235 pandemic-related fraud reports received by the Federal Trade Commission (FTC) since the beginning of the year. The trouble is that the restrictions put into place to help slow the pandemic’s spread has forced brick-and-mortar businesses to close, and therefore driving up the demand for digital onboarding solutions.
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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
Bobsguide
MAY 14, 2020
Effective since 2018, the implementation of Open Banking standards in the UK has established a model across the globe – particularly for ambitious Latin American countries looking to digitise their financial system. Last week, Brazil released its new open banking rules aimed at enabling.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Source
MAY 14, 2020
Tokenization and buy buttons began, in part, as ways to appease the security concerns of online shoppers who were wary of moving away from plastic. They’re now becoming a way to keep a health and economic crisis from turning into a security problem as in-store checkout quickly gives way to apps and websites.
PYMNTS
MAY 14, 2020
Estimating a loss of $915 million in the second quarter, Starbucks is asking landlords of all of its stores to pardon it for at least a part of rent for the next year, according to a CNBC report. The coffee chain has been affected by the coronavirus pandemic, which has had people staying at home and unable to enter stores as usual, along with reduced operating hours to slow the spread of the virus.
Payments Source
MAY 14, 2020
The sharing economy faces its first true crisis, but the payment companies that enable nontraditional payrolls say that the best way to fuel the recovery is to simply be more creative in how people get paid.
PYMNTS
MAY 14, 2020
American Express is teaming up with Invoiced to help customers with an exclusive offer for 40 percent off an Invoiced subscription for the first two years. In a press release, American Express said it is committed to helping the digitization of B2B payments, still oft-regulated to paper and which end up being time-consuming and inefficient. A recent PYMNTS study found that around 80 percent of businesses still make payments with paper checks, while 72.4 percent still receive invoice information
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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
SWBC's LenderHub
MAY 14, 2020
Recently, SWBC Financial Institution Group’s CEO, Mark Hein, sat down with Lauren Culp, publisher and CEO of CU Insight to discuss how SWBC is helping credit unions and their members during these unprecedented times.
PYMNTS
MAY 14, 2020
Union Square Hospitality Group founder and CEO Danny Meyer said he doesn’t see reopening the dining rooms of his 19 restaurants located across New York City until after there is a vaccine for the coronavirus. “There is no interest or excitement on my part to having a half-full dining room while everyone is getting their temperature taken and wearing masks, for not much money,” Meyer told Bloomberg in a report on Thursday (May 14). .
Payments Source
MAY 14, 2020
The coronavirus adds more challenges to PSD2 compliance, but it's still a necessary step to protect data and ID, says GlobalSign's Arvid Vermote.
PYMNTS
MAY 14, 2020
To meet increasing client demand for digital access to its brand, Porsche Cars North America (PCNA) is speeding up its eCommerce strategy. The luxury automaker rolled out Porsche Finder, its new pre-owned and certified pre-owned vehicle search platform that streamlines and bolsters the client’s ability to link up with one of 192 U.S. Porsche dealerships from home, according to an announcement.
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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.
Payments Source
MAY 14, 2020
The widespread impact from coronavirus could turn out to be a forcing mechanism that expedites innovation and adoption as businesses around the world look to overcome a new, shared, set of challenges, says Billtrust's Justin Main.
PYMNTS
MAY 14, 2020
Almost 80 percent of Americans drink tea , twisting open icy bottles on hot summer days and relaxing over steaming mugs in colder weather. Cafe closures during the coronavirus pandemic have reduced retail opportunities for tea brands, but consumers are still ordering their favorites online or loading up on them at grocery stores. Tea purveyors know that providing in-demand products is not enough to guarantee business success, however.
Payments Source
MAY 14, 2020
Mastercard Inc. is starting to see signs of improvement in U.S. consumer spending as cities and states ease restrictions on social distancing.
PYMNTS
MAY 14, 2020
Americans are worried about their finances, a fact highlighted repeatedly in PYMNTS’s ongoing series of studies documenting consumer behaviors during the global pandemic and their outlook for what’s coming next. Tens of millions have already lost their jobs. In February, before the pandemic, nearly 40 percent of the workforce was earning under $40,000 , according to Federal Reserve data.
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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.
Gonzobanker
MAY 14, 2020
In the wake of the COVID-19 pandemic, financial institutions can quickly realize savings by renegotiating major vendor contracts. Earnings rank high on the list of challenges banking executives are facing as they adapt to the “new normal” of COVID-19. While most Americans have been functioning under nearly two months of stay-at-home orders, banks and credit unions have been operating under business continuity plans, limiting branch traffic to drive-thru and by appointment only, managing increase
PYMNTS
MAY 14, 2020
New Jersey’s big bet on online gambling has paid off, with revenues skyrocketing to a record $80 million in April. Not surprisingly, sports gambling revenues were way down as stadiums remained closed and most professional games were canceled due to COVID-19 restrictions. Meanwhile, the state’s casinos remained shuttered. New Jersey’s Division of Gaming Enforcement said the state’s licensed online gambling operators generated a combined income of $80 million in April.
Payments Source
MAY 14, 2020
Retailers including Tesco Plc, Ikea and Amazon.com Inc. called on European Union regulators to crack down on credit and debit card fees that have increased after laws capped so-called interchange fees five years ago.
PYMNTS
MAY 14, 2020
The possible merger between Uber and Grubhub is causing a wave of worry over delivery fees at a time when some local officials are considering instituting caps , as the New York City Council did on Wednesday (May 13). The two food delivery giants are said to be discussing a deal that would result in the biggest restaurant food delivery operation nationwide.
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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.
FluentBanking
MAY 14, 2020
Emergency Fund- What It is ? An emergency fund is a money you set aside for use in urgent situations. This money should be readily available to you when you need it. You can keep your emergency fund as cash at your home, or you could keep it in the bank. You should use this money in unexpected situations only. An emergency fund can be helpful to you in many situations, like paying your hospital bills, repairing your house, paying for unexpected travel, etc.
PYMNTS
MAY 14, 2020
If there’s one thing for certain for small business today, it’s that nothing is certain. Flexibility will be essential to survival, and the pressure is on for small- to medium-sized businesses (SMBs) and financial service providers to migrate online as their customers continue social distancing. Travel companies are at a virtual standstill, and business across all industries is a far cry from what it used to be.
BankInovation
MAY 14, 2020
Oxygen, a banking startup geared toward freelance workers, launched out of beta today despite the current uncertainty facing gig economy workers. In fact, the company views its product as more useful than ever, in light of the coronavirus pandemic. “[Companies] are going to hire more contractors to get things done on an as-needed basis instead […].
PYMNTS
MAY 14, 2020
Amid a sudden and dramatic shift in consumer shopping behavior, merchants across all industries have been forced to react quickly. The pandemic required full-on digitization for many businesses to keep revenue flowing, but simply setting up shop online is no longer enough to keep customers happy. Indeed, according to Laura Miller , president of JPMorgan Merchant Services , customer loyalty is now more important than ever.
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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.
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