Tue.Mar 31, 2020

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Banks agree a global package of services for those hit by coronavirus

Chris Skinner

I don’t usually share press releases, but this one is too important to hold back. PRESS RELEASE THIS RELEASE IS UNDER EMBARGO UNTIL 23:59 MARCH 31, 2020 [BASEL, SWITZERLAND, MARCH 31 2020] Banking system works out to respond to coronavirus crisis in massive, global, co-ordinated agreement The Bank for International … The post Banks agree a global package of services for those hit by coronavirus appeared first on Chris Skinner's blog.

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Challenger bank HMBradley sees opportunity in pandemic

Bank Innovation

Challenger bank HMBradley launched this week in the face of global uncertainty, with the backing of PayPal founder Max Levchin, and already has about 25,000 waitlisted sign-ups, according to CEO Zach Bruhnke. “We are certainly in a place where almost undoubtedly people are going to lose their jobs,” Bruhnke told Bank Innovation. “It’s never a […].

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Time to drive API innovation through Open Banking

Accenture

I recently had the good fortune to collaborate with Finastra on a white paper titled Corporate Banking APIs: Open for Business. As the paper points out, application programming interfaces (APIs) are starting to significantly disrupt corporate banking. Nearly nine in ten (86 percent) banks are working on Open Banking and open API platforms, and nearly….

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As pandemic spending shifts, Brex keeps up with rewards  

Bank Innovation

Brex, a corporate card and financial product startup, is shifting the rewards points on its credit cards to better accommodate clients’ needs during the coronavirus pandemic.? “We have a lot of real-time data in terms of customer spending,” said Michael Tannenbaum, chief financial officer at Brex. “We looked through what we saw there, and we […].

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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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Things worth reading: 1st April 2020

Chris Skinner

Things we’re reading today include … Citi postpones 2020 investor day due to coronavirus outbreak Big banks left hanging after ‘disaster’ in risky loan market Barclays offers triple overtime pay for staff on coronavirus frontline UK examines ways to make writing wills easier during Covid-19 crisis Coronavirus: Millions will be … The post Things worth reading: 1st April 2020 appeared first on Chris Skinner's blog.

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Diebold Nixdorf warns of COVID-19 related disruptions

Payments Dive

Diebold Nixdorf, a support and maintenance company for ATM and retail checkout networks, updates its business outlook due to COVID-19.

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Request for your support

Bank Innovation

Dear Reader, For 25 years, Royal Media, Bank Innovation’s publisher, has dedicated itself to serving its business communities with professionalism and integrity. Today, the coronavirus pandemic has created significantly more complexity and uncertainty in our daily lives. Still, we at Royal remain committed to guiding you through this difficult time.

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OpenTable Feature Lets People Reserve Grocery Shopping Appts

PYMNTS

A new feature on restaurant reservation platform OpenTable will allow people to reserve grocery shopping times in the same way they reserve times to eat at a restaurant, according to a report by The Verge. The new addition to OpenTable will let someone choose from a variety of different open time slots, or join a waiting list at a business that’s teamed up with OpenTable.

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How Visa, Mastercard are building a roadmap for in-car commerce

Payments Source

While much of the world is sheltering at home to deter the spread of coronavirus, there's still a need for essential workers to travel — and an opportunity for the development of in-car payments technology, which could allow consumers to pay for gas or food without handling cash or other potentially infected surfaces.

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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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Goldman Says Recovery Could Be The Fastest In History

PYMNTS

New Goldman Sachs projections on how the coronavirus pandemic will play out in the U.S. say unemployment will hit 15 percent — but there will be a strong and swift recovery near the end of the year. According to the bank’s predictions, as reported by CNBC, gross domestic product (GDP) will sink 9 percent during the first quarter and then fall even further with 34 percent in the second quarter.

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Payments in the Pandemic: Five Ways Financial Institutions Can Make a Difference Today

Gonzobanker

Tips to help banks and credit unions manage the strain of the coronavirus on their payments businesses. Even in their best contingency planning exercises, banking executives had no reason to anticipate how the world would change under the threat of the coronavirus. Nor had they any inkling of how swiftly – and how deeply – the payments industry would feel the effects of this pandemic.

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Japanese FinTech Kyash Notches $45M Despite Pandemic

PYMNTS

Tokyo, Japan’s digital banking startup Kyash has closed a $45 million Series C funding deal co-led by Greenspring Associates and Goodwater Capital, Kyash said in a statement on Sunday (March 30). Goodwater Capital also invested in Kyash’s Series B Round. Greenspring Associates is a global venture capital investment platform managing assets in excess of $10 billion.

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Even in a coronavirus pandemic, some stores insist customers sign for card purchases

Payments Source

With coronavirus driving more merchants to promote electronic payments over cash — and contactless payments over cards — many are still asking their customers to share a potentially virus-laden pen to sign a receipt or screen at the point of sale.

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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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20 Payments Execs On COVID-19’s Ripple Effects – And Taming The Next Black Swan

PYMNTS

The black swan glides into view, beats its wings and sends shock waves through everyday life. Shorthand for unforeseen — and unforeseeable events — a “black swan” occurrence is characterized by its rarity, of course, but also its widespread and severe ripple effects. It used to be that the 2008 financial crisis was the quintessential black swan event — a perfect storm where banks, consumers, businesses and governments scrambled to address the widening fallout of the U.S. housing market.

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Rebeca Romero Rainey: Tell your incredible story

Independent Banker

“You’ve got an incredible story to tell, and ICBA is honored to help you tell it.”. Community Banking Month holds a special place in my heart. It began early in my career at Centinel Bank of Taos. Every April, I would visit local elementary schools to speak about community banking. And let me tell you, talking to a group of 8-year-olds is a lot more intimidating than speaking to a convention hall of colleagues!

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Apple Will Pay Contracted Janitors And Bus Drivers During Shutdown

PYMNTS

Contractors with Apple who work in janitorial, bus driving and other such fields will be paid during the coronavirus shutdown, in a reversal from the tech giant’s previous position. A company spokesperson said the hundreds of contract workers who perform essential jobs on the tech company’s campus in Silicon Valley would be paid. Initially, contractors representing around three-quarters of the unionized janitors were saying the workers weren’t going to be paid and would lose he

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Open tech brings a crowd to payments innovation

Payments Source

With access to comprehensive and accurate financial data delivered through advanced APIs, financial services providers no longer have to develop personalized experiences themselves, argues Envestnet's Brandon Rembe.

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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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Apple Says Contractors Will Be Paid During COVID-19 Shutdown

PYMNTS

Contractors with Apple who work in janitorial, bus driving and other such fields will be paid during the coronavirus shutdown, in a reversal from the tech giant’s previous position. A company spokesperson said the hundreds of contract workers who perform essential jobs on the tech company’s campus in Silicon Valley would be paid. Initially, contractors representing around three-quarters of the unionized janitors were saying the workers weren’t going to be paid and would lose he

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There’s a battle brewing for $1,200 government relief checks

Payments Source

The world’s largest payment companies are fighting for their own piece of the U.S. coronavirus stimulus: an assignment to help distribute some of the relief money that will be sent to millions of Americans in the coming weeks.

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Bitcoin Daily: Manetu Opts For Blockchain-Light PII Approach; Civic Technologies Provides Crypto Guarantee With Coincover

PYMNTS

Manetu, a data privacy startup, reportedly just notched $3.5 million in seed funding, but distributed ledgers only have a small function in the company that will reportedly launch in April even though its team has blockchain expertise, Coindesk reported. The firm is not heavy on the blockchain for coming up with the best way to handle personally identifiable information, as it chooses a mix of an encrypted portal that’s linked to systems such as Salesforce and Oracle as well as machine-learning

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Triton takes on the evolving OS

ATM Marketplace

The ATM industry went through another major software upgrade in January, which requires a major outlay of time and funding for many. Triton Systems is one of a number of ATM companies that are focused on providing alternative systems that provide the latest in security, performance and reliability.

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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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Russia’s Ozon eCommerce Firm Nets $50M To Grow Logistics

PYMNTS

San Francisco-based Princeville Capital has announced a $50 million investment in Russian online retailer Ozon, which is partly owned by the Russian-based conglomerate Sistema. Ozon , one of Russia’s largest online retailers, has been on a growth spurt over the last few years. According to Princeville Capital, the fundraising was included in a previously disclosed transaction in which Ozon received $100 million from Sistema and Baring Vostok, both existing shareholders, to aid with growing its t

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Cash's decline can't leave people behind

Payments Source

The trend toward cashless is inevitable, and could be accelerated by current events. But a gradual transition is key to avoid alienating those people who depend on cash as their primary payment method.

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Coronavirus Scams Trigger Surge In FTC Complaints

PYMNTS

The Federal Trade Commission (FTC) reported in a press release that it has received over 7,800 complaints from consumers all relating to the coronavirus pandemic, twice the number it received just a week ago. Complaints are stemming from travel and vacation cancellations as well as online shopping issues and government imposter scams. Coronavirus-related complaints have hit $4.77 million, with an average loss of nearly $600.

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Recovering Credit Card Addict | What Not To Do

BankBazaar

Smart people learn from other’s mistakes. The not-so-smart people like to fight their own wars. Which one are you? A recovering Credit Card addict recounts his horror with plastic money. How long have I been using Credit Cards now? Close to 11 years. And i t’s been quite an experience. . Would I do things any differently if I knew better? Yes, very much. .

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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.