Chris Skinner
APRIL 9, 2020
The non-stop coverage of coronavirus, global markets slumping, an economic armageddon, the end of the world due to a climate emergency, the melting of the Arctic and Antarctic ice, rising of the oceans, weather fatalities, a farce of a US election, the UK and EU in a stand-off over Brexit, … The post Always look on the bright side of life appeared first on Chris Skinner's blog.
PYMNTS
APRIL 9, 2020
The COVID-19 pandemic has triggered an unprecedented wave of business closures, placing millions out of work with no telling when they will be back to business as usual. It has also exposed and exacerbated a deeper, more structural problem with the United States economy that has been looming just beneath the surface for some time: A large portion of Americans are living hand-to-mouth and have almost no savings.
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Chris Skinner
APRIL 9, 2020
Things we’re reading today include … Coronavirus: Banks’ top brass forgo bonuses UK economy already flatlining before coronavirus, figures reveal Hedge funds ‘raking in billions’ during coronavirus crisis Wall Street rises on latest Fed rescue program IMF chief: World facing worst economic crisis since Great Depression Bank of England to … The post Things worth reading: 10th April 2020 appeared first on Chris Skinner's blog.
PYMNTS
APRIL 9, 2020
A deluge of chargebacks is headed toward the payments industry, spurred by the coronavirus, as all areas of the global economy have been upended. In an interview with Karen Webster, Johan Gerber, executive vice president of cyber and security products at Mastercard , said that many companies are being inundated with disputes and cancellations, and with demands to refund consumers’ money — a trend that will branch out from travel and leisure verticals and into other segments.
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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
Bank Innovation
APRIL 9, 2020
Neobank Upgrade today debuted two product launches for contactless payment that were initially slated for fall release, prompted by the COVID-19 crisis and social distancing measures. Upgrade customers can now order a credit card with a chip that enables contactless transactions, said Renaud Laplanche, co-founder and CEO of Upgrade. Customers can hover their cards over […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
APRIL 9, 2020
Challenger banks are finding their educational and budgeting tools increasingly relevant as the novel coronavirus rattles the economy.? “This is an important time to look at monthly expenses to see where you can trim them,” said Brandon Krieg, CEO and co-founder of the investing and banking platform Stash. “We push money management tools people can […].
PYMNTS
APRIL 9, 2020
Procure-to-pay tool BuySpeed , which is used by government entities, was vulnerable to a zero-day, cross-site scripting flaw that has reportedly been resolved, SC Media reported. The CERT Coordination Center at Carnegie Mellon University’s Software Engineering Institute, which had said it was not aware of a practical solution to the bug, had published a vulnerability advisory on the bug found in version 14.5 of the product.
Accenture
APRIL 9, 2020
Our latest Payments Pulse study is full of many fascinating insights. One of the most interesting details from this global survey of banking executives deals with real-time payments, or RTP. Seventy-eight percent of respondents believe either that payments must be instant right now or that they will become instant in the next year. The industry…. The post For payments, real-time will soon be the new normal appeared first on Accenture Banking Blog.
PYMNTS
APRIL 9, 2020
Americans could start receiving COVID-19 stimulus money from the federal government as early as Thursday (April 9) or Friday, according to reports. The first round of emergency assistance is expected to reach people who have previously provided direct deposit information to the Internal Revenue Service (IRS). That first group of payment recipients is estimated to be about 50 million to 60 million people.
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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
Payments Source
APRIL 9, 2020
The implementation of a digital dollar solution would quite likely precipitate future developments in the digital identity space, given the synergy of a dual-architecture solution, says Diginex's Mark Blick.
PYMNTS
APRIL 9, 2020
JPMorgan Chase has dimmed its view of the future yet again, now saying the nation’s gross domestic product (GDP) could sink by as much as 40 percent in the second quarter due to the coronavirus pandemic, according to CNBC. That’s an increase from the already-dire 25 percent drop JPMorgan previously predicted. Unemployment, the bank said, could hit 20 percent, with a loss of 25 million jobs.
Payments Source
APRIL 9, 2020
The coronavirus e-commerce push is likely to be permanent as consumers get used to digital payments, but that also gives rise to new fraud threats.
PYMNTS
APRIL 9, 2020
Over one third of Americans didn’t pay rent by April 5, triggering fears of what could be ahead for May and beyond, according to data from a landlord advocacy group. The National Multifamily Housing Council ( NMHC ) analyzed data on Wednesday (April 8) from 13.4 million units nationwide and found that although 69 percent paid April’s rent on time, that is down from 81 percent in March, according to the group.
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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
APRIL 9, 2020
Commonwealth of Australia (CBA) reports digital wallet users spent a AUS$1 billion (about $630 million) in March 2020, a high for the bank that's part of an acceleration to digital wallets and contactless cards during the coronavirus crisis.
PYMNTS
APRIL 9, 2020
Chime , America’s most valuable digital bank, has begun offering cash advances ahead of the $1,200 stimulus payments Americans will be receiving next week, according to a report by Forbes. For now, to aid those having trouble paying bills during the coronavirus pandemic, Chime will let 100,000 people take out $200 they don’t actually have.
Matt Wilcox Pro
APRIL 9, 2020
Originally published Dec 19, 2013. Now more than ever, knowing what is and isn’t reliable information in the media matters. These tips are still relevant. * * * I love digital media. As one who makes a living helping financial institutions marshal their marketing power, I’d be a fool not to. Even so, digital media they can [.
PYMNTS
APRIL 9, 2020
Building a secure customer journey is always a bit of a balancing act. It has to be secure first and foremost, particularly when payments data is on the line. But it also has to be easy, fast and friction-free — now more than ever as a mass of consumers are moving their shopping, dining, working and leisure time online in response to the coronavirus outbreak.
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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.
Payments Source
APRIL 9, 2020
With the EMV liability shift date for automated fuel dispensers (AFD) looming, subject to any last-minute changes, we are seeing major changes at fuel sites across the USA. With close to 150,000 active fuel sites in the US alone, there are a huge number of individual pumps that will need to be upgraded to accept chip and PIN cards.
PYMNTS
APRIL 9, 2020
From coordinating a team of newly remote workers to assessing new business models, the coronavirus pandemic is drastically disrupting the way organizations run and it is forcing a complete rethink of almost every aspect of operations — payments included. While it’s still early days, Boost Payment Solutions Founder and CEO Dean M. Leavitt says there are already some patterns emerging that reflect potentially long-term changes to the B2B payments ecosystem.
Payments Source
APRIL 9, 2020
WEX has retooled its corporate payments solution team, hiring former Mastercard exec Mark Acquilina as senior vice president of product and strategy for the unit.
PYMNTS
APRIL 9, 2020
Japan’s buy now, pay later (BNPL) startup Paidy announced it has closed a Series C extension funding round led by previous investor ITOCHU Corporation. ITOCHU previously participated in Paidy’s Series B round in 2016 and its Series C round in July 2018, bringing its total investment in the startup to $91 million. So far, Paidy has notched a total of $281 million in equity and debt, one of the largest amounts raised in Japan’s FinTech sector.
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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.
Payments Source
APRIL 9, 2020
The mainstream adoption of Bitcoin is getting a boost from credit card giant Visa Inc., which joined startup Fold to offer a card that earns rewards denominated in the cryptocurrency instead of airline miles or cash.
PYMNTS
APRIL 9, 2020
Amid the spread of the coronavirus, Ulta Beauty Inc. said it plans to put many of its retail staffers on leave. The company said the temporary furlough is effective on April 19. All furloughed staffers who are in company benefit plans will stay enrolled, according to an announcement. . Chief Executive Officer Mary Dillon said in the announcement, “As we navigate this very fluid situation, our teams are evaluating all new information, including recently passed legislation, to ensure we can ma
BankBazaar
APRIL 9, 2020
Experiencing a pandemic can really make you value the things you have. It can also make you reflect on your decisions and identify which of your habits are worth some introspection. Here’s how you can use this time to reflect on your financial choices. Bored out of your mind staying indoors? Well, there is a lot you can do to add value to your life without having to step out.
PYMNTS
APRIL 9, 2020
While there are almost no areas of the economy that have not been affected by the COVID-19 epidemic, few have been harder hit than the restaurant industry, which has shut down entirely nearly overnight. A mere 22 days ago, 82 percent of Americans were eating in restaurants regularly, according to PYMNTS data. As of today, given the wave of stay-at-home orders and mounting consumer anxiety about the outbreak, no one is eating in restaurants.
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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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