Tue.Apr 07, 2020

article thumbnail

Demand for real-time payments rises amid COVID-19 pressure

Payments Dive

The economic fallout of COVID-19 has increased demand for real-time payments by small business and consumers as revenue sources begin to dry up and consumers and businesses face deadlines for bill payment and essential goods.

Payments 471
article thumbnail

What happened to capitalism?

Chris Skinner

I’ve spent my life in an economy that focuses upon money, greed, growth and profit … what was that all about? We are suddenly living in a world where everyone is being told to stay home and do nothing … and get paid for it. Well, if you’re in a … The post What happened to capitalism? appeared first on Chris Skinner's blog.

Capital 409
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Better.com profits from low interest rates and recent layoffs

Bank Innovation

Laid-off hospitality workers can start new careers as loan officers with Better.com. The digital mortgage lender plans to hire 1,000 new employees this year and is targeting hospitality workers who have lost their jobs due to the COVID-19 crisis.? To Better.com, hospitality workers will make good loan officers because they are calm under pressure and […].

article thumbnail

Digital dragon: Navigating Asia’s digital banking market

Accenture

Across Asia, a revolution in payments, banking, e-commerce and services is underway. Underpinned by mobile, digital and open data, established brands and new entrants alike are redefining banking for customers who will seldom set foot in a physical branch. Instead, retail customers and small- and medium-sized enterprise (SME) clients will use digital ecosystems to help….

article thumbnail

Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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

article thumbnail

SBA loan platforms could be fintech’s ‘big moment’  

Bank Innovation

A handful of fintech providers are bringing SBA Paycheck Protection Program loan platforms to market, a move that could be the industry’s moment to shine. “The real opportunity here is going to be the administration of loans,” said CB Insights senior research analyst Arieh Levi. “If the fintech players can prove that they’re better at […].

Fintech 259

More Trending

article thumbnail

SoFi acquires Galileo for $1.2B to broaden reach 

Bank Innovation

In a year of major fintech acquisitions, SoFi today announced a $1.2 billion deal to acquire Galileo, a financial services API and payments platform that powers big names like Chime and Robinhood. “Together with Galileo, we will partner to build on our companies’ strengths to drive even greater financial technology innovation, making those products and […].

article thumbnail

Preparing For The Unknown With Artificial Intelligence And Machine Learning

PYMNTS

“We cannot outright predict a pandemic any more than we can predict a data breach or an account takeover,” DataVisor CEO and Co-Founder Yinglian Xie recently told PYMNTS. “What we can do, however, is empower organizations to proactively spot burgeoning crises early and take decisive action before extensive damage occurs.” Learn how DataVisor uses artificial intelligence (AI) and unsupervised machine learning to mitigate everyday fraud, as well as very rare occurrences, in Black Swan from PYMNTS.

Fraud 213
article thumbnail

How the digital dollar proposed for coronavirus recovery could transform identity

Payments Source

The coronavirus has accelerated a move toward a public option for digital wallets that would tie government authentication to payment transactions. If successful, this could be the catalyst for a national digital identity system.

National 151
article thumbnail

Goldman Sachs Denied Dismissal Of Class-Action Lawsuit Over Subprime Mortgages

PYMNTS

A Manhattan court denied Goldman Sachs Group’s appeal to dismiss a class-action lawsuit that accuses the investment bank of hiding information when it created subprime securities prior to the Great Recession, according to a report in Reuters. In a 2-1 decision on Tuesday (April 7), the 2nd U.S. Circuit Court of Appeals said Goldman failed to “overcome a presumption that shareholders relied on its alleged misstatements, including that client interests always come first” and “integrity and honesty

Arkansas 200
article thumbnail

The State of Automation in Financial Services 2024 Report

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

article thumbnail

Maintain Business Continuity with Digital Payment SolutionsFor

Payments Dive

Does your business have an effective business continuity plan to deal with a crisis?

Payments 221
article thumbnail

eCommerce Numbers Spike Across Categories

PYMNTS

As March sales and earnings reports start to show up this week, new data indicate that eCommerce sales for essential and nonessential retail will show a dramatic spike. The increase is logical, given the shelter-in-place orders aligned with COVID-19. But recent concerns about supply chains and consumer spending appear to be non-factors in recent growth.

Cleveland 181
article thumbnail

Creating Consumer Centric and Compliant Payment Solutions in the Text Channel

Payments Dive

This White Paper helps navigate the regulatory environment to offer text solutions.

Payments 221
article thumbnail

Healthy Snack Company Rewrites Its Wellness Story

PYMNTS

When the chapter is finally written on business during the COVID-19 crisis, there will be stories of the companies that simply fell victim to the virus through no fault of their own. Then there will be the companies that saw chaos and brought order, and made the best of a disaster. So far, NatureBox is in the latter category. “I don’t know if you’ve ever been sailing, but when this all started that I felt like we were headed right into the wind, and our sails were basically depleted,” said

Company 179
article thumbnail

Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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.

article thumbnail

Pay By Text

Payments Dive

Get Paid Faster with Pay by Text Payments

Payments 269
article thumbnail

Mastercard Pledges $250M In Help For Small Businesses

PYMNTS

Recognizing that Main Street is being hard hit by the coronavirus pandemic, Mastercard committed $250 million over the next five years to support small- to medium-sized businesses (SMBs), according to a press release. The announcement came during the virtual America CARES Small Business Relief event hosted at the White House on Tuesday afternoon (April 7).

New York 167
article thumbnail

An Overview of a Fully Integrated Payment Solution from a Mission Oriented, Value Driven Payment Processor

Payments Dive

Simplify how you bill and collect payments. Any method, anytime, anywhere.

Payments 221
article thumbnail

Podium Lands $125M To Expand Contactless Payments Over Messaging

PYMNTS

Customer messaging and relationship startup Podium has notched $125 million in a Series C funding round led by YC Continuity, the company announced on Tuesday (April 7). Other investors included Sapphire Ventures, Alkeon Capital, Recruit Co., Ltd., IVP, Accel, Summit Partners and GV. Podium has raised $92.6 million across four funding rounds since it was founded in 2014 by Dennis Steele and Eric Rea.

Payments 166
article thumbnail

Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

article thumbnail

Major Paycheck Protection Program Developments Since the (Initial) Interim Final Rule

CFPB Monitor

The SBA’s initial Interim Final Rule addressing the CARES Act’s Paycheck Protection Program (“PPP”), released on April 2, and its revised Borrower Application Form and Lender Application Form for a PPP Loan Guaranty , released the same day, marked huge steps forward in moving the PPP towards launch. In particular, the Lender Application Form eliminated excessive lender burdens and potential pitfalls reflected in an earlier draft of the Application that had circulated through the lender community

article thumbnail

Bottomline CEO: How FinTech Gets Creative To Extend Coronavirus Relief

PYMNTS

It’s all hands on deck as companies across industries take measures to aid the national and global response to the coronavirus pandemic. While some firms are adjusting the assembly lines of their manufacturing warehouses to produce much needed personal protective equipment, FinTechs have found themselves in a different position to provide valuable assistance.

Fintech 166
article thumbnail

The CARES Act: Can it help your business?

ATM Marketplace

The Coronavirus Aid, Relief and Economic Security Act signed into law at the end of March provides new loan programs that vary depending on a company's size, in addition to new unemployment and tax benefits.

Taxes 95
article thumbnail

Banking APIs Give Businesses An eCommerce Push

PYMNTS

Open banking efforts are live in countries ranging from the United Kingdom to Singapore. Financial institutions (FIs) following these initiatives make their application programming interfaces (APIs) publicly available, which third-party developers can use to create solutions that draw on banking data from consenting users. This has resulted in business-to-business (B2B) offerings such as mobile apps that help provide small business owners better overview and management of their companies’ bank a

Groups 159
article thumbnail

Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

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.

article thumbnail

SoFi to buy payments firm Galileo for $1.2 billion

Payments Source

The acquisition would give SoFi control of a technology platform that is currently used by some of its competitors in digital banking.

article thumbnail

BEC Tops Fraud Attempts Against Treasurers: Survey

PYMNTS

The 2020 Association for Financial Professionals (AFP) Payments Fraud and Control Survey underwritten by JPMorgan found that business email compromise (BEC) was the most noted origin of tried or actual fraud incidents in 2019, according to an announcement. More than six in 10 — or 61 percent — of treasury and finance professionals that went through tried or actual fraud indicated that BEC was the origin.

Survey 153
article thumbnail

How fintech can save small businesses on the brink

Payments Source

Lenders and government guarantors can use loan technology to bring immediate relief to business owners, former OCC official Jo Ann Barefoot says.

Fintech 104
article thumbnail

Singapore Loosens Banking Rules Amid COVID-19 Economic Turmoil

PYMNTS

The Monetary Authority of Singapore (MAS) said on Tuesday (April 7) that it will allow banks more leeway with regulatory requirements and programs so that financial institutions (FIs) can do more to boost business during the coronavirus crisis. In a prepared statement , the country’s central bank and financial regulator said the “banks have sufficient capital to see them through the current economic slump while continuing to supply credit to the economy to support businesses and individuals.”.

Lending 151
article thumbnail

2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.