Chris Skinner
JULY 19, 2020
Things we’re reading today include … Royal Bank of Scotland to change name to NatWest next week America’s banks batten down the hatches as pandemic takes its toll The U.S. investment banks that won and lost during COVID-19 Britain faces Credit Crunch II: Banks warn loans will become harder UK … The post Things worth reading: 20th July 2020 appeared first on Chris Skinner's blog.
PYMNTS
JULY 19, 2020
Equity crowdfunding program Equifund CFP is launching a Regulation Crowfunding offering to help cannabis tech company Drop Delivery raise money for its all-in-one delivery system for cannabis products, according to a press release. Drop Delivery is touted as the first all-in-one system for cannabis retailers to use for developing a business in a safe and compliant manner.
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Payments Source
JULY 19, 2020
Merchants finally have a range of alternatives to accepting payment cards in Europe, thanks to open banking initiatives. But switching to instant payments is no easy decision, even if it's cheaper on paper.
PYMNTS
JULY 19, 2020
Plaid is facing a lawsuit which alleges that it has violated users’ privacy and used customers’ private data in inappropriate manners for years, affecting over 200 million individual accounts, according to a court filing with the northern district of California. The California-based financial services company, founded in 2012, works to build products to power digital finance and FinTech issues through its own data transfer network.
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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
Jeff For Banks
JULY 19, 2020
Two years ago bank stock analysts from investment banking firm Boenning & Scattergood identified three attributes in a financial institution that investors should look for. I wrote a blog post on it that is currently my third most read post of all time. The three attributes were: 1. Superior Growth Prospects 2. Excess Capital 3. Strong Deposit Franchises I can get behind these three.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Source
JULY 19, 2020
Securities laws, in spite of their shortcomings, exist for very good reasons: To regulate the fair exchange of units of ownership, to protect individuals from fraud or exploitation, and to identify bad actors and hold them accountable.
PYMNTS
JULY 19, 2020
Despite trimming jobs and minimizing operations as COVID-19 spread earlier this year, large U.S. companies now say that’s not enough. As the virus has reemerged leading to business shutdowns for a second time, furloughs are becoming permanent, and production has been put off. As a result, thoughts of a recovery anytime soon have been put on hold, The Wall Street Journal (WSJ) reported.
TheGuardian
JULY 19, 2020
Low-deposit home loans are coming back … but choices are limited and lenders are applying new terms and conditions These are difficult times for anyone who wants to buy a home. Despite the government’s attempt to reinvigorate the market with a temporary stamp-duty holiday on properties costing up to £500,000 in England and Northern Ireland, unless you have a large deposit you could face a struggle.
PYMNTS
JULY 19, 2020
A joint venture for an advisory partnership between Vanguard and Ant Financial in China has hooked 200,000 clients in in its first 100 days, Financial Times (FT) reported. Vanguard, based in Pennsylvania, has over 30 million clients globally and plans to work with Ant Financial’s 900 million users in China to offer low-cost financial advice. The partnership is a government-backed scheme to help people adopt mutual funds, FT wrote.
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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
The Financial Brand
JULY 19, 2020
New life for the specialized charter plus a payments version rank high for Acting Comptroller Brian Brooks, former fintech and bank exec. The post Fintech Charter will be Part of Tectonic Realignment of Banking appeared first on The Financial Brand.
PYMNTS
JULY 19, 2020
Utah officials estimate that new vehicle-to-everything, or V2X, technology could reduce the severity of traffic crashes by 80 percent, the Wall Street Journal (WSJ) reports. Motor vehicle crashes claimed the lives of around 36,120 people in 2019, WSJ reported, and the V2X technology has been touted as a possibility for reducing that number. According to WSJ, V2X works through a stream of anonymized data such as speed, traction, tire level, windshield-wiper status and more, which roadside sensors
The Financial Brand
JULY 19, 2020
Having weathered the early part of the COVID crisis, banks and credit unions adopt further tech modernization to bring far-reaching change. The post 6 Cloud-Based Revenue Opportunities for Financial Institutions appeared first on The Financial Brand.
PYMNTS
JULY 19, 2020
Despite government incentives, travel bookings are down in Italy, The New York Times reported. While tourism is returning to southern Europe from Portugal to Greece, not every country is benefitting from the resurgence as COVID-19 has returned to some nations. Italy has seen reservations fall by 80 percent, and ferries to the Greek islands are carrying fewer passengers compared to pre-pandemic travel, the Times reported.
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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.
The Financial Brand
JULY 19, 2020
Despite greater use and acceptance of AI by consumers, satisfaction levels have decreased due to lack of tangible value delivered during interactions. The post Greater Acceptance of AI Has Resulted in Lower Satisfaction Levels appeared first on The Financial Brand.
PYMNTS
JULY 19, 2020
Wirecard AG’s accounting firm said an independent report failed to account for half of the German payment company’s revenue and all its operating profit, the Financial Times (FT) reported. . Ernst & Young , the global professional services firm based in London, warned Wirecard that KPMG’s special audit lacked context of the company’s third-party businesses that could lead to wrong conclusions about the business at the heart of an accounting scandal that forced it into insolvency.
South State Correspondent
JULY 19, 2020
HMBradley is a fintech that has partnered with Hatch Bank, a subsidiary of Firstrust Bank ($3.7B, PA), to offer two innovations that we have talked about in the past, but few banks have executed. This fintech has tiered their rates based on the percentage saved and offers only a single operating account instead of checking, savings, money marketing, and similar accounts.
PYMNTS
JULY 19, 2020
The Miles Consultancy (TMC) has teamed with Shell for a new fuel management solution that the companies say will help save businesses money and time through new options for electric vehicles (EVs) and tracking business trips. A report from FleetNews said the new program will encompass a number of various needs: EV charging both at home and on the move; European site network access; mileage tracking in the U.K. or Europe; and fixed prices or discounts at the pump.
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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.
American Banker
JULY 19, 2020
Trump-appointed regulators gave the industry the green light to offer installment loans during the pandemic. But with concerns that the light could turn red in 2021, bankers remain extra cautious.
PYMNTS
JULY 19, 2020
The number of personal bankruptcy filings, one indicator of the American consumer’s financial health, fell to the lowest level in 15 years from April through June, according to the American Bankruptcy Institute (ABI). Total U.S. bankruptcy filings totaled 38,428 in April, down from 71,303 for the same month one year ago, a 46 percent drop. The number of consumer bankruptcy filings in April dropped by 47 percent to 36,150 from the April 2019 consumer total of 67,802.
PYMNTS
JULY 19, 2020
France-based telecom company Orange reported that a ransomware attack had compromised the data of 20 enterprise customers on one of its servers, according to news site teiss. On July 4, hackers announced they’d used Nefilim Ransomware to access the Orange server, gaining data on the company’s Orange Business Solutions division. It was unknown if any ransom had been demanded or paid, teiss wrote. “Affected customers have already been informed by Orange teams, and Orange continue
PYMNTS
JULY 19, 2020
Twitter has provided a glimpse into its investigation of last week’s security breach , the worst in its 14-year history, as hackers commandeered more than 100 high-profile accounts. “At this time, we believe attackers targeted certain Twitter employees through a social engineering scheme,” the San Francisco-based microblogging service wrote on its blog over the weekend.
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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.
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