Thu.Mar 19, 2020

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Our world is just a fiction

Chris Skinner

For a while, I presented the idea that our world is a fiction. It is a fiction based upon beliefs. We have shared beliefs. We believe the world is the way the world is. But the world isn’t this way. Borders. Borders don’t exist. We – humans – created borders. … The post Our world is just a fiction appeared first on Chris Skinner's blog.

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Restaurants slash mobile ordering fees as America takes shelter

Payments Dive

As restaurants across the United States shutter dine-in locations and switch to carry-out and delivery-only options, many fast casuals are discounting or totally waiving delivery fees in an effort to not only help keep their businesses alive but to do also make it easier for Americans to access food.

America 307
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Join our ‘Fintech in the Age of Coronavirus’ Zoom meeting (Subscribers Only) 

Bank Innovation

How will banking and fintech business models be impacted by this unprecedented coronavirus pandemic? What is the role of innovation in response to these rapidly unfolding events? How will banks and startups work together? For insights into these questions, Bank Innovation and INV Fintech, its sister banking innovation services platform, will present a special Zoom meeting on […].

Meeting 293
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FDIC Approves Square For Banking License

PYMNTS

The Federal Deposit Insurance Corporation ( FDIC ) gave the green light to an application from the FinTech firm Square to create a de novo industrial bank in Utah, the agency said on Wednesday (March 18). Square Financial Services will originate commercial loans to the retailers that use Square for payments. The headquarters will be in Salt Lake City, Utah.

FDIC 276
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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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Survey: Pandemic could spark lasting shift to digital channels

Bank Innovation

The push for digital products from banks amid growing social distancing measures may persist long after the COVID-19 pandemic ends, according to early survey results from INV Fintech, Bank Innovation’s sister banking innovation services platform. Based on interim results of the survey released this week, 49% of respondents strongly agree that the coronavirus pandemic will […].

Survey 284

More Trending

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JPMC First Big Bank To Shutter Branches As Virus Spreads

PYMNTS

JPMorgan Chase is temporarily closing 1,000 branches — about 20 percent of its locations — in the wake of the coronavirus, according to a report in The Financial Times citing an internal memo. It is the largest retail bank to shutter branches because of the pandemic. A JPMorgan Chase official sent a memo to workers on Wednesday (March 18) that announced the closing of about a fifth of their branches, with the exception of drive-through windows.

New York 242
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The Most Influential Women in Payments, 2020

Payments Source

The payments industry bridges many markets — including technology and finance — that haven't always demonstrated diversity at their highest ranks. Things are changing, and this year's Most Influential Women in Payments honorees demonstrate the importance of women to all aspects of the payments industry and all corners of the globe.

Payments 217
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Texas Lets Eateries Deliver Alcohol With Food Orders

PYMNTS

To help address financial challenges brought about by the coronavirus, Texas Governor Greg Abbott put into place a waiver that lets restaurants deliver alcohol with food orders, ABC 13 reported. Eateries with a mixed drink permit can offer wine, beer or mixed drinks for delivery if they are bundled with a food order from the establishment. The governor also asked the Texas Alcoholic Beverage Commission to waive specific stipulations to let alcoholic beverage wholesalers, retailers and manufact

Texas 194
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With travel restricted, T&E payment fraud comes under more scrutiny

Payments Source

While the global coronavirus outbreak may be grounding corporate travel to a near standstill, leading travel companies and fintechs are continuing to hone AI-based payments platforms to reduce the problem of corporate travel fraud.

Fraud 99
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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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Fraudsters Request Pre-Payment For Bogus COVID-19 Vaccine

PYMNTS

Phone scammers claiming to be from the Centers for Disease Control and Prevention (CDC) are saying they have a vaccine to cure the coronavirus (COVID-19), and are asking for credit card and Social Security numbers from unsuspecting victims to reserve it, according to a report by The Verge. One California police department recently warned its residents on Twitter about the malicious scam.

Ohio 187
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Trade groups, lawmakers working to offset COVID-19 impact on business

ATM Marketplace

Trade organizations and government officials are burning the midnight oil to help ATM operators and small businesses impacted by COVID-19, but owners are concerned that time needed for saving their businesses could run out before help arrives.

Groups 93
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Employee Advocacy Prompts Google To Approve European Work Council

PYMNTS

Google’s workforce in Europe will soon have representation by European Works Councils (EWCs) after 153 employees from 11 offices advocated for one, according to a Bloomberg report on Thursday (March 19). The workers appealed to management by writing letters asking for the establishment of an EWC, three sources told Bloomberg. Google is now starting the process and will meet with employees about its breadth, the sources said.

Google 174
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ABA Releases New Coronavirus Resources for Banks

ABA Community Banking

With banks, their customers and their employees facing unprecedented challenges associated with the 2019 novel coronavirus pandemic, ABA today published a suite of new resources for bankers to help them navigate this ever-changing situation. The post ABA Releases New Coronavirus Resources for Banks appeared first on ABA Banking Journal.

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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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BoA Says US Economy Has Entered Recession

PYMNTS

Bank of America (BoA) said it’s clear America has entered a recession caused by the coronavirus and its effect on the nationwide economy, according to a report by CNBC. BoA Chief U.S. Economist Michelle Meyer shared the news on Thursday (March 19). “We are officially declaring that the economy has fallen into a recession … joining the rest of the world, and it is a deep plunge,” Meyer said.

US 171
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Debit is diverse, innovative, and already here

Payments Source

The most innovative fintech solution may be debit, which is already integrated into digital-first experiences in a way that’s fresh and exciting for the consumer, says Meta Financial Group's Matt Withey.

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Can One Startup Fill The US Coronavirus Testing Gap?

PYMNTS

While there is no shortage of individual negative effects of the COVID-19 epidemic , the ongoing uncertainty of the pandemic’s effect on people in the U.S. and around the world remains just as powerful as the disease itself. How bad will the outbreak get? Can it be contained through social distancing? Will the American medical infrastructure hold out against the crisis better than its counterpart in Italy?

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The Blockchain Report 2020

CB Insights

“Crypto not blockchain” was the dominant narrative in 2019. Not only did Bitcoin have a very good year (up over 90%), but investors continued to fund companies building crypto infrastructure. Incumbent financial institutions also looked to expand their service offerings in areas such as custody and trading. So far in 2020, amid the coronavirus-driven market sell-off, it’s clear that Bitcoin still behaves as a risk-on asset, not a store of value (yet).

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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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Compass Airlines Becomes Victim Of Coronavirus, Shutters

PYMNTS

A regional airline that handles smaller routes for American And Delta has shuttered due to the economic implications of the coronavirus pandemic, according to a report by CNBC. Compass Airlines has been feeling the pinch of reduced airline demand and couldn’t find a way to survive it. . Many airlines are slashing jobs and routes in desperation, trying to survive a new reality.

Regional 169
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TBT: A sobering tale of banking and judging by appearance

Matt Wilcox Pro

First posted July 8, 2013. Here’s a true story about judging by appearances. It sounds apocryphal, but you can verify it for yourself, as I did, with a visit to Snopes.com. Snopes, a reliable resource for verifying or, depending, debunking urban legends, is where I found this true and instructive story. * * * [.

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EU Merchants Offer WeChat Pay To China’s Shoppers

PYMNTS

Wirecard will add more options for Chinese customers looking for eCommerce as they integrate the WeChat Pay option to help people pay faster, according to a press release. European merchants will now have the option to add the payment method, and Chinese customers will be able to look at either the website or the app for those services. For European sellers angling to break into the Chinese marketplace, the solution will have an appeal, according to the release.

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Coronavirus increases exposure for digital payments fraud

Payments Source

Over the next few weeks, U.S. businesses with online platforms might be tempted to relax fraud controls to free up potential friction – they shouldn’t. It could mean major fraud hits.

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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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DOJ Price Probe Eyes Amazon Sellers

PYMNTS

Amazon is making shoppers aware of a probe from the Department of Justice into third-party merchants on its marketplace, Reuters reported. The firm reportedly informed customers who might have bought items from those kinds of sellers. “We wanted to notify you directly about this matter in the event that you are contacted by the Department of Justice in connection with its investigation,” an Amazon representative said in an email sent to an editor for the outlet who is also a customer of the plat

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GOP senators seek hefty boost to small-business relief plan

American Banker

The proposal from Sens. Marco Rubio and Susan Collins would provide the Small Business Administration with $300 billion to help companies hurt by the coronavirus outbreak meet immediate financial obligations, including payroll.

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Retailers Respond To The Coronavirus With Trusted Advice, Discounts

PYMNTS

Consumers may be looking for trust from retailers amid the coronavirus , as a small but significant share of them noted before the crisis that trust in a brand (aside from price) is the top reason they shop at a retailer. Some merchants have had to take the role of trusted advisor , while select luxury retailers have deemed it necessary to reduce prices to keep inventory moving.

Retail 159
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5 Ways to Overcome Lending Inefficiencies to Prepare for Economic Uncertainty

Banking Exchange

The coronavirus has sent shockwaves through the markets around the globe Management Financial Trends Risk Management Financial Research Feature Feature3.

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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.