Chris Skinner
APRIL 14, 2020
I have a few favourite FinTech firms: Ripple, Prosper, Lending Club, SoFi, Zopa, Monzo, N26, TransferWise, Klarna, Stripe, Alipay, WeBank and more. A lot of it is because I knew these firms as fledglings and have enjoyed watching them grow up. One firm in this crew is Wirecard, the German … The post Building the financial ecosystem one deal at a time appeared first on Chris Skinner's blog.
Payments Dive
APRIL 14, 2020
The banking industry needs make new investments in various assisted-service channels, including contact centers, branches and operations centers.
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Bank Innovation
APRIL 14, 2020
Last week saw banks and fintechs scrambling to stand up platforms to process Paycheck Protection Program loans, and now the struggle is to keep the platforms running while weeding out potentially fraudulent applications. Fraud is a common trend with government relief programs. In fact, fraud estimates for previous stimulus programs indicate that the Small Business […].
PYMNTS
APRIL 14, 2020
The global pandemic has thrown businesses into an entirely new playing field and left many scrambling to act. Retail demand has risen sharply for items like home cleaning supplies and groceries, while dropping off in other product categories, leaving companies to adjust to these shifting purchasing patterns. Businesses reliant on global supply chains and manufacturers in greatly impacted countries face new hurdles and must seek ways to acquire the items they need.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Bank Innovation
APRIL 14, 2020
As digital lenders finally make their move into Paycheck Protection Program loans, fintechs OnDeck and BlueVine partnered with banks this week to begin processing loans through the Small Business Administration’s stimulus program. “Small business owners are dealing with enough uncertainty, and we know their time is valuable,” OnDeck CEO Noah Breslow said in a statement. […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Chris Skinner
APRIL 14, 2020
Things we’re reading today include … IMF has no experience of recession arriving with such ferocity | Larry Elliott JP Morgan sets aside $8.3bn to cover Covid-19 losses UK economy could shrink by 35% with 2m job losses, warns OBR Not even Wall Street titans know the true cost of … The post Things worth reading: 15th April 2020 appeared first on Chris Skinner's blog.
PYMNTS
APRIL 14, 2020
Freelancers worldwide found themselves impacted by the new coronavirus as it shuttered businesses and stalled payments, with many gig workers now fulfilling critical roles to keep society moving as consumers retreat inside of their homes. Food delivery and Uber drivers, for example, are among those still able to work. Other freelancers such as wedding industry vendors saw their ability to work rapidly decline during the pandemic, sending them into their homes to hopefully outlast COVID-19 financ
Abrigo
APRIL 14, 2020
Key Takeaways The Federal Reserve recently unveiled a new loan-purchase program, the Main Street Lending Program (MSLP) Unlike the PPP, loans provided under the MSLP are not eligible for loan forgiveness Community financial institutions play an important role in the MSLP. While community financial institutions have been focused on the Small Business Administration’s Paycheck Protection Program (PPP), the Federal Reserve recently unveiled a new loan-purchase program, the Main Street Lending Progr
PYMNTS
APRIL 14, 2020
COVID-19 could mark the true rise of the robots in retail. As warehouse workers strike for better protective equipment and consumers show increased sensitivity around handling food, several new examples of robots filling in have emerged over the past few weeks. The robotic rise can be seen in two key areas: fulfillment and in-store. As an example, Ocado, Britain’s leading online grocer, has had to stress-test an experimental program to automate its warehouses.
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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
Abrigo
APRIL 14, 2020
Key Takeaways FinCEN issued an update of their joint FAQs to address beneficial ownership requirements for PPP loans. Institutions do not need to re-verify beneficial ownership info for existing customers. Beneficial ownership information must be collected for new customers. . On April 13, 2020, FinCEN issued an update of their joint FAQs with the Small Business Administration (SBA) regarding the implementation of the Paycheck Protection Program (PPP) which was established by the Coronavirus Aid
PYMNTS
APRIL 14, 2020
“Social distancing doesn’t have to stop the flow of money in today’s digital world,” Ingo Money CEO Drew Edwards told PYMNTS. “Whether we are talking about spending money or receiving money from a disbursement, we will likely see the acceleration of digital payment adoption…” as one byproduct of the COVID-19 pandemic. Edwards discusses payments post-pandemic in Black Swan, a special report exclusively from PYMNTS.com.
Abrigo
APRIL 14, 2020
Key Takeaways The current financial crisis finds strong financial institutions and borrowers adapting to a sudden change in overall economic activity tied to the coronavirus pandemic. Nevertheless, bankers should be proactive in monitoring and planning for liquidity impacts. Internal plans should document credit concerns and assess current liquidity.
PYMNTS
APRIL 14, 2020
It’s hard to find a retail resume that’s more impressive than Joyce Hampers’. It starts with an undergrad degree from Boston College and a law degree from Boston University. After that, a private law practice followed by an appointment by William Weld (then governor of Massachusetts) as commissioner of revenue in 1975. And when President George Bush was elected in 1989, she became U.S.
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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
Accenture
APRIL 14, 2020
In recent years, much has been written about technologies like artificial intelligence (AI) and automation, and their expected impact on businesses and their workforces. Often enough, such conversations are downbeat: Technology will be used to cut costs by replacing humans—with all the negative social and individual consequences that brings. Optimistic commentators, on the other hand,….
PYMNTS
APRIL 14, 2020
The digital transformation of corporate treasury is not a destination; it’s a journey. In an interview with Karen Webster, Sairam Rangachari, global head of Digital Channels and Open Banking, Wholesale Payments at JPMorgan , said treasurers seeking to gain visibility into cash management can find application programming interfaces (APIs) to be a useful (and even critical) tool.
Payments Source
APRIL 14, 2020
Though NFC adoption is still somewhat patchwork in the U.S., new data suggests contactless payment transaction volume is rising during the coronavirus outbreak, giving an advantage to banks and merchants that enabled it early.
PYMNTS
APRIL 14, 2020
In the historical novel “Ivanhoe” (1819), Sir Walter Scott wrote of “free lances” to describe an army of professional soldiers for hire. The word “gig” as we know it entered the lexicon in the 20 th century, thanks to musicians who moved from one performance (gig) to another, often filling in for others. The gig economy is set to expand and take on new importance as the nation and world recover from COVID-19.
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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.
Jack Henry
APRIL 14, 2020
The morning of Friday, April 3, was like no other I have ever experienced in 34 years of commercial lending. One week earlier, the CARES Act had been signed into law, allowing for the creation of a landmark lending initiative known as the Paycheck Protection Program (PPP), to be created to reduce the historic loss of jobs in the US economy due to COVID-19.
PYMNTS
APRIL 14, 2020
One of China’s state-owned banks has a mobile test app that supports the country’s central bank digital currency, according to a CoinDesk report. Screenshots of an app developed by the Agricultural Bank of China (ABC) for mobile phones was spotted on WeChat Tuesday (April 14). It was later verified by the New York-based news service that specializes in bitcoin and digital currencies, and shows the bank has developed a way users can link to China’s central bank digital currency.
SWBC's LenderHub
APRIL 14, 2020
When you own a house, most hope that they never have to know too much about the intricacy of the home’s plumbing system. Odds are, if there’s a plumber at your home telling you about how your waste line connects to the public sewage system, it’s not a good thing. The financial system has a lot of plumbing that, like the plumbing in your house, if you hear about it, there’s a big problem.
PYMNTS
APRIL 14, 2020
Perhaps no retail category has been under as much pressure during the past six weeks than grocery. As the COVID-19 crisis hit in early March, stores had to contend with supply chain issues, panic buying and safety issues as a stunned public stocked up on essential items. Now that the panic has subsided, it’s evident that grocery shopping is seeing a reduction in overall shopping visits as well as a substantial digital shift.
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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.
Payments Source
APRIL 14, 2020
With the increase in online activity because of COVID-19, tracking down and investigating red flags might be more difficult given the volume of transactions on existing accounts, unless strict authentication measures are applied, says Giact's David Barnhardt.
PYMNTS
APRIL 14, 2020
Legacy accounts receivable (AR) and accounts payable (AP) operations aren’t only inefficient, they’re costly. PYMNTS’ latest The Optimizing AP and AR Playbook , a collaboration with OnPay Solutions, found that businesses in the U.S. could save 19 hours a week through automating eInvoice processing — and, according to the Federal Reserve, businesses are spending $9 billion every year on paper invoices.
Bobsguide
APRIL 14, 2020
In recent weeks, capital markets have been thrown into turmoil by the coronavirus outbreak, turmoil that will likely continue to impact capital markets for the foreseeable future. We are entering a critical period for banks, as they need innovative solutions to control enhanced risk associated with.
PYMNTS
APRIL 14, 2020
Atlanta-based KyckGlobal is working with Visa to boost the use of “push payments” to businesses. Push payments, which represent a growing market, typically bypass banks by sending payments directly to individuals or businesses. Donald Boeding, KyckGlobal board member, said these “real-time payments are a $10 trillion opportunity in the United States.” He added, in a prepared statement : “The vast majority of that opportunity lies in funds disbursements by businesses.”.
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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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