Payments Dive
APRIL 28, 2020
Spurred on by rapid change in government regulations and millions of underserved consumers in the finanical space, Brazil may be on the verge of becoming a major player in the global fintech space.
Chris Skinner
APRIL 28, 2020
What if we make money truly global, stable and secure? That’s Libra’s ambition and I’ve got to hand it to the guys at Libra. Having announced their idea to create a global currency last summer, and then see it ripped to pieces by regulators, they’re back. Yes, it’s Libra 2.0. What’s … The post Is Facebook’s Libra the next Paypal?
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PYMNTS
APRIL 28, 2020
The second round of Paycheck Protection Program (PPP) funding was an instant replay of the first, as the loan network collapsed from the tsunami of applications from small businesses desperate for relief. . “All of the reports I have around the country is that it’s been a disaster,” Paul Merski of the Independent Community Bankers of America told The Washington Post (WaPo) on Monday (April 27).
Bank Innovation
APRIL 28, 2020
Sound Credit Union is leveraging the data of its members to understand how their banking behaviors and needs are shifting during the pandemic, and which financial tools to prioritize to better meet those needs. “We didn’t know to what degree the [pandemic] impact was going to be, so we just started developing based on how […].
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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
Chris Skinner
APRIL 28, 2020
Things we’re reading today include … Coronavirus ‘will hasten the decline of cash’ Coronavirus: HSBC puts 35,000 job cuts on hold UBS profits jump 40% as wealth unit performs robustly Ten reasons why a ‘Greater Depression’ for the 2020s is inevitable FCA tells banks advising on debt not to muscle … The post Things worth reading: 29th April 2020 appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
APRIL 28, 2020
After many weeks and months of social distancing, the world is now actively and audibly wondering when the economic recovery will begin. Visa ’s Executive Vice President and Chief Product Officer Jack Forestell told Karen Webster that it’s the wrong question to ask. The recovery, he contends, is already underway. The pandemic and the recovery aren’t two separate events that will happen in sequence — but are two connected happenings playing out contiguously.
Abrigo
APRIL 28, 2020
Key Takeaways. You must be able to explain any artificial intelligence used in your BSA program. BAM+ includes five machine learning scenarios that are fully transparent. AI will never replace the necessary human element of BSA. Abrigo introduced five new machine learning scenarios. Abrigo recently introduced five new scenarios to BAM+, their industry-leading AML software, that utilize artificial intelligence (AI) and machine learning (ML) to help BSA departments catch more suspicious activity.
PYMNTS
APRIL 28, 2020
Reinventing retail in the wake of COVID-19 may mean reinventing retail formats. As the discussion turns to reopening, non-essential locations — malls included — will need to consider old issues like total footprint and new ones like shopper distancing. “As retailers and brands grapple with big questions related to reopening stores, it’s clear from our findings that consumers have varying degrees of comfort within different store environments and formats,” said Greg Petro, CEO of retail testing c
Bobsguide
APRIL 28, 2020
The financial services sector is a pioneer of digitalisation. With online banking constantly evolving, the industry and its disruptors continue to spearhead customer experience (CX) innovation and shake up the status quo. As digital offerings from FS organisations become increasingly.
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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
PYMNTS
APRIL 28, 2020
Shutdowns. Lockdowns. Shuttered branches. Banking may be forever altered. The ongoing coronavirus pandemic is disrupting financial services, as consumers pull back on spending, raise cash to deal with emergencies and take to ordering, well, everything online. In an interview with PYMNTS, Steve Salzer, senior vice president, legal and enterprise risk at PSCU , said that amid the disruption, opportunities are taking shape for credit unions (CUs) to cement their relationships with existing customer
Payments Source
APRIL 28, 2020
Fintechs in the payments industry saw problems coming when the CARES Act’s SBA Paycheck Protection Program opened the floodgates for millions of coronavirus-stricken small businesses to apply for loans.
PYMNTS
APRIL 28, 2020
The house (or the apartment or the studio or your parents’ basement) is increasingly becoming a focal point of daily life. Time, then, to picture the house as a bit more like home. As PYMNTS found in one recent study, “ Navigating The COVID-19 Pandemic: The Post Pandemic Reset ,” as many as 32 percent of consumers plan to do far less outside the home than they had done before the coronavirus hit.
Payments Source
APRIL 28, 2020
At the start of 2020, the overriding security concern when it came to payments was fraud. After all, before the days of the global coronavirus pandemic, no one had really viewed hygiene as being a particular selling point.
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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.
PYMNTS
APRIL 28, 2020
The coronavirus pandemic has left consumers staying home when possible to stop the virus’s spread. It has also made them wary of taking on debt because their financial circumstances could change at any moment. These shifts have made digital banking and debit transactions more important than ever. Financial institutions (FIs) are now working to extend services into customers’ homes, for example, and consumers are making fewer credit card payments amid uncertainty over what their employment status
Bobsguide
APRIL 28, 2020
Since the announcement of the UK’s Coronavirus Business Interruption Scheme (CBILS) for SMEs on March 23, businesses, lenders and the government have all had to adapt to a changing landscape. Through CBILS, firms receive 80 percent of the loan from the government, but the remaining portion.
PYMNTS
APRIL 28, 2020
The new coronavirus swiftly impacted small- and mid-sized businesses (SMBs) rather harshly, with these entities now struggling to manage remote workers who need to send out paper invoices to suppliers and other business partners attached to checks. Moving from paper to digital has evolved for business-to-consumer (B2C) payments in recent years, but upgrading business-to-business (B2B) payments has taken longer.
Payments Source
APRIL 28, 2020
Facebook’s Libra cryptocurrency has been climbing uphill from the start, losing many prominent partners along the way — though the recent addition of Checkout.com will partially make up for those setbacks.
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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.
PYMNTS
APRIL 28, 2020
As if closing stores, laying off workers and incurring mounting debt amid the coronavirus pandemic wasn’t bad enough, now retailers face another obstacle, Bloomberg News reported. Two of the largest providers of retail credit insurance, Coface SA and Euler Hermes Group SAS, have stopped writing policies covering Macy’s and other big stores, the news service reported.
Payments Source
APRIL 28, 2020
Barclays has experienced an incremental £264 million (about $330 million) in contactless spend in the month since it raised its per-transaction limit in response to the coronavirus pandemic, which has created an aversion to cash and contact payments.
PYMNTS
APRIL 28, 2020
Starting last week, the COVID-19 stimulus funds began hitting the bank accounts of citizens nationwide. All in, the $290 billion program – part of the $ 2 trillion CARES Act that was passed earlier this month – will send $1,200 per adult and $500 per child to the vast majority of working- and middle-class U.S. households. . It is not a completely unprecedented effort on the part of the U.S. government.
Payments Source
APRIL 28, 2020
While the entire economy will slow due to stay-in-place orders and temporary economic shutdowns, payments fintech is expected to fare much better than other investment sectors due to these trends.
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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.
PYMNTS
APRIL 28, 2020
The bills get delayed, get deferred, and forbearance is the rule of the day. And then they become due. And for at least some stakeholders in the roughly $11 trillion mortgage market, the ripple effects of trying to chase down payments post-COVID-19 and get documentation in place will be significant, time consuming and costly. Bloomberg reported Tuesday (April 28) that “chaos” will start once the coronavirus pandemic is over, when it’s time for payment activity to resume and mortgage servicers wo
Payments Source
APRIL 28, 2020
Payments provider dLocal has added Google Pay, allowing merchants in emerging markets to accept the digital wallet.
PYMNTS
APRIL 28, 2020
The Federal Reserve is nearly ready to debut its new Main Street lending program, and it is reaching out to banks for advice, according to a report from CNBC. The program in question will create up to $600 billion in loans for companies with 10,000 employees or less, or up to $2.5 billion in sales from 2019. The Fed has been looking for help from investment, retail and reserve banks.
Bobsguide
APRIL 28, 2020
The law on money laundering is continually evolving at both a national and EU level, as EU governments struggle to combat ever increasing levels of economic crime. The latest legislative change is the transposition into UK law of the fifth EU Anti Money Laundering Directive (5MLD) in regulations.
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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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