Bank Innovation

APRIL 3, 2020

As banks scramble to stand up digital interfaces and participate in the SBA Paycheck Protection Program (PPP) that launched today, fintech providers are rolling out different technology platforms to help lenders process the flood of small business loan applications. The Payroll Protection Program, a major component of the “Coronavirus Aid, Relief, and Economic Security” Act, authorizes lenders to provide up to $349 billion in funds to […].

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Abrigo

APRIL 3, 2020

Key Takeaways The SBA has provided guidance for lenders to apply to become PPP lenders. It has provided instructions for lenders that are not active SBA lenders.and those that have a form 750. The SBA is also offering guidance on signing up for E-Tran. This summary recaps the latest guidance (April 3, 2020) from the SBA regarding how lenders who aren’t already SBA 7(a) lenders can become a PPP lender.

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Bank Innovation

APRIL 3, 2020

U.S. Treasury Secretary Steve Mnuchin last weekend confirmed “any fintech lender” will be authorized to make small business loans as part of the Coronavirus Aid, Relieve and Economic Security (CARES) Act. Despite the goal to have the program up and running by today, digital lenders remain uncertain how it will work and how much it […].

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PYMNTS

APRIL 3, 2020

Sweden is the latest country to join the European Central Bank’s (ECB) instant payments platform in an effort to ease electronic payments. The agreement allows the ECB to offer Sweden access to the Eurosystem’s TARGET Instant Payment Settlement (TIPS) in Swedish currency to support the nation’s instant payment service, the agency announced on Friday (April 3).

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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.

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Bank Innovation

APRIL 3, 2020

The Small Business Administration’s Paycheck Protection Program went live today, and confusion reigned. Despite shelter-in-place mandates for better than 80% of Americans, some banks urged prospective borrowers to come into branches to fill out an application. And although digital applications are sometimes accepted, many FIs are still relying on manual processes and procedures to inbound […].

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Payments Source

APRIL 3, 2020

The U.S. Treasury is talking to digital payments providers about quick ways to disburse funds to recipients of stimulus checks within a couple of weeks, but payments industry experts foresee troubling security issues even with most of the obvious options.

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PYMNTS

APRIL 3, 2020

Buy now pay later (BNPL) solutions are more popular than ever, allowing consumers to avoid paying at the point of purchase and instead doing so in increments over several weeks. BNPL solutions are the fastest-growing online payment methods in the United States as well as Australia, Brazil, the United Kingdom and more, and their market share is projected to grow at a compound annual growth rate of 28 percent over the next five years.

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Jack Henry

APRIL 3, 2020

We awake each day with the realization that we are living in extraordinary times. It can often seem surreal as we try to wrap our minds around the challenges that we face. But together we will face them. Our world is currently fighting a battle on two fronts. First and foremost is the battle to save lives. On the front lines of that battle are the doctors, nurses and staff employees running our medical facilities.

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PYMNTS

APRIL 3, 2020

It is impossible at this point to write the week in payments (commerce, financial services and technology) without writing about COVID-19. As the United States ends its third week on lockdown and the whole world races to respond to the ongoing epidemic, there is almost no news item of any kind untouched by the event. There was no shortage of headlines from the front this week – from another record-breaking wave of unemployment filings to relief funds for SMBs to the full-court press by eve

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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

Lending

ABA Community Banking

APRIL 3, 2020

How one bank ensured it could go 100 percent work-from-home in response to the pandemic—without missing a beat. The post The Telework-Ready Bank appeared first on ABA Banking Journal.

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PYMNTS

APRIL 3, 2020

Amid the coronavirus, Amazon is delaying its Prime Day summer shopping event to August at the soonest and foresees a possible $100 million impact from extra devices it could possibly now have to offer at a reduced price. The retailer started the promotional event in 2015 to encourage sales during the quiet summer shopping season and it has taken place in July in the past, Reuters reported.

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ABA Community Banking

APRIL 3, 2020

Bankers have lots of questions about the Small Business Administration's new Paycheck Protection Program, which launched today to deliver up to $349 billion to small businesses struggling with the economic fallout from the coronavirus pandemic. The post Bonus Podcast: Questions and Answers on the SBA PPP appeared first on ABA Banking Journal.

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PYMNTS

APRIL 3, 2020

In a social media post, U.S. Treasury Secretary Steven Mnuchin said community banks have helped process many of the small business Paycheck Protection Program (PPP) loans. The relief is meant to support the economy during the worldwide COVID-19 pandemic, CNBC reported. Mnuchin said in a tweet , “#PPPloan now over $875,000,000 processed almost all from community banks!

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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

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American Banker

APRIL 3, 2020

The decision sparked outrage from small-business owners who have checking accounts with the bank but not loans or business credit cards. Bank of America started taking applications Friday for a $349 billion program that's intended to offer aid to small businesses suffering from the shocks of the coronavirus pandemic.

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PYMNTS

APRIL 3, 2020

Bank of America has reportedly become the first large bank to be able to take digital applications for the $350 billion small business loan program that is part of the government’s coronavirus relief package. The financial institution’s portal went online at approximately 9 a.m. Eastern Time on Friday morning (April 3), CNBC reported. The federal government has requested that banks aid in distributing $350 billion in loans at a minimum to small companies.

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Banking Exchange

APRIL 3, 2020

Thankfully, the Small Business Administration (SBA) and Treasury Department finally released details Compliance Lines of Business Management Feature3 Feature Financial Trends Duties Retail Banking People The Economy Fair Lending.

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PYMNTS

APRIL 3, 2020

It’s June 2013. Barack Obama is president. “The Purge” rules the box office. Wuhan is known only as the transportation hub of central China. And a young MIT engineering student named Sam Shames is bored. “We were doing a prototyping contest and got tired of having to put on sweatshirts to stay comfortable in an over-airconditioned lab in June,” he said.

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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.

Lending

BankBazaar

APRIL 3, 2020

The RBI’s loan deferment announcement amid the COVID-19 outbreak is a welcome relief to borrowers. However, consider these details before you take a decision to either avail the moratorium or continue paying your EMIs. The RBI’s recent announcement of a three-month deferment option for all term loans including Home Loans , Personal Loan , Educational Loans and Credit Cards is some welcome news for borrowers who may be facing a cash crunch amid the COVID-19 outbreak.

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PYMNTS

APRIL 3, 2020

The lifeline for the small businesses that make up the backbone of the U.S. economy is now there for the taking. But is the $350 billion enough – or too little? It may certainly be too late, at least for some of the hardest-hit and smallest firms that started grappling with the coronavirus weeks ago. Though the funds are ostensibly ready to be released to companies with fewer than 500 employees, through the Paycheck Protection Program (PPP) as part of the $2.2 trillion stimulus program that pass

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American Banker

APRIL 3, 2020

While the federal government is touting the early success of the Paycheck Protection Program, community banks are complaining about headaches and glitches.

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Community Bank Community 101

PYMNTS

APRIL 3, 2020

Three weeks after the Financial Crimes Enforcement Network (FinCEN) issued guidance to financial institutions (FIs) on COVID-19, the division of the U.S. Department of the Treasury is reminding lenders to be on the lookout for fraud as the coronavirus grips the nation. The agency, whose mission is to safeguard the financial system, said compliance with the Bank Secrecy Act (BSA) is the key to keeping the nation safe by fighting money laundering and related crimes, including terrorism and its fin

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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.

Lending

American Banker

APRIL 3, 2020

Banks, under pressure to act hastily, began taking applications for government aid to small businesses hit hard by the coronavirus outbreak. But narrow eligibility rules at some banks angered business owners and lawmakers.

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PYMNTS

APRIL 3, 2020

Florida-based FinTech FIS is helping lenders provide Small Business Administration (SBA) loans under the coronavirus stimulus package, the company announced Friday (April 3). The Payroll Protection Program, a section of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress last week, authorizes lenders to provide up to $349 billion in funds to U.S. small businesses and merchants impacted by the COVID-19 pandemic.

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American Banker

APRIL 3, 2020

The CEO says he is getting stronger and working remotely; if the lockdown lasts several months, the GSEs may need a bailout, FHFA head Mark Calabria says.

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Lending 92

PYMNTS

APRIL 3, 2020

Short-term rental site Airbnb has lowered its internal valuation to $26 billion, a 16 percent drop, as business continue to be hammered by lockdowns, Reuters reported , citing sources familiar with the matter. At its most recent funding round of $1 billion in September 2017, Airbnb had a valuation of $31 billion, the source said. Chief executive officer Brian Chesky reportedly held a staff meeting on Thursday (April 12) to inform people of the news, the source said.

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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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