Chris Skinner
APRIL 1, 2020
These are extraordinary times. No one can remember anything like this, except maybe those over the age of 80. The last time anything like today’s world happened was the Second World War but, as I said the other day, they were fighting each other. We are fighting a thing. The … The post Trillions of dollars of #coronavirus aid appears … from where?
Bank Innovation
APRIL 1, 2020
As financial institutions transition employees to working remotely during the coronavirus pandemic, cybersecurity threats have made them more vulnerable, according to information and cybersecurity experts. “The hackers are going to have a field day with this, I believe they’re going to redouble their efforts on banks because that’s where the money is,” said Steve Hunt, […].
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PYMNTS
APRIL 1, 2020
Washington State Governor Jay Inslee signed a bill on Tuesday (March 31) establishing specific rules – backed by Microsoft – governing facial recognition software, according to a blog by Bill Smith, president of Microsoft. “This legislation represents a significant breakthrough – the first time a state or nation has passed a new law devoted exclusively to putting guardrails in place for the use of facial recognition technology,” Smith said in the post.
Bank Innovation
APRIL 1, 2020
Despite the current economic uncertainty resulting from COVID-19, some business-to-business payment companies are gaining traction with clients and investors alike. “Our solution is even more relevant today than it was four weeks ago,” said Sameer Gulati, chief operating officer of the payments company Plastiq. “Some of our customers are already using Plastiq as a bridge […].
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i
Chris Skinner
APRIL 1, 2020
Things we’re reading today include … Now the world faces two pandemics – one medical, one financial | Robert Shiller Coronavirus: Banks bow to pressure and axe shareholder payments Banks paid millions in bonuses weeks before ban on cash rewards Wall Street’s debt machine: why everyone is watching bank exposure … The post Things worth reading: 2nd 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.
Abrigo
APRIL 1, 2020
Key Takeaways E-Tran is the SBA's application portal Lenders have two options to access E-Tran. While significantly more efficient than mailing forms to the SBA, there are some shortfalls to E-Tran, and a vendor can help. Financial institutions are gearing up for an influx of loan applications due to the Payment Protection Program (PPP), which could begin seeing applications as soon as Friday, April 3.
PYMNTS
APRIL 1, 2020
While it is the only option for many retailers, eCommerce is running into its own limitations under the pressure of the COVID-19 crisis. And as those limits become evident, some strategies to navigate them are also coming to the fore. The most concerning news about those limitations comes as retailers get a handle on how and why eCommerce orders have spiked since stores started closing at the end of February.
Jack Henry
APRIL 1, 2020
For many Americans and people around the world, the 2020 COVID-19 pandemic will be an event talked about for many years to come. It’s when our everyday lives changed, and we started learning a new normal. For my family it was a complete shift, from me working full-time from home and my kids now attending school virtually for the rest of this year; to other extracurricular activities like my son’s baseball and daughter’s volleyball seasons being canceled.
PYMNTS
APRIL 1, 2020
Credit unions (CUs), as much as other financial entities, are seeing a boom in competition as banking moves to online and mobile channels. Customers today expect to be able to access financial services instantly, which can put pressure on CUs that need to stretch restricted technology budgets into innovative new features. These CUs must also make sure that introducing new features does not offer up any openings to the many opportunistic fraudsters looking to swipe precious data and financial inf
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Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.
Payments Source
APRIL 1, 2020
Interchange fees are a major part of the costs merchants pay to accept payment cards. While merchants seek relief from fees during a time in which their businesses face serious damage from stay-at-home edicts because of coronavirus, the credit card companies and banks quickly began to dig in their heels.
PYMNTS
APRIL 1, 2020
The coronavirus is causing unforeseen disruptions to businesses, but predictive analytics platforms are helping them plan for the unknown. The biggest change that PredictHQ has seen, for its part, since the initial spread of the virus is the number of postponements and cancellations of events, which have increased significantly. In February, 2020, PredictHQ saw a 500 percent increase in the cancellation or postponement of significant and major events.
Bobsguide
APRIL 1, 2020
Take the one minute survey here. The coronavirus outbreak and the economic downturn it has spurred leaves many fintech businesses in a state of uncertainty. Between decreasing access to capital, redundancies and internal restructuring, many fintechs are facing fundamental changes to the way they.
PYMNTS
APRIL 1, 2020
Restaurants are tough businesses to operate, even in the best of times — 60 percent fail within their first year, and 80 percent within their first five. There are lots of reasons for that high failure rate: changing consumer preferences; thin margins in the best of times; a workforce with a high turnover rate; the wrong location; and in the era of smartphones and apps, a poor digital experience for consumers.
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Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.
Bobsguide
APRIL 1, 2020
The European payments industry may not be prepared to reach the deadline for strong customer authentication (SCA) as it attempts to mitigate the coronavirus outbreak, some market participants say. Uncertainty pervades the sector ahead of the December 2020 deadline for the EU and March 2021.
PYMNTS
APRIL 1, 2020
Financial institutions stand to make billions from the $350 billion coronavirus bailout package for small and medium-sized businesses (SMBs), according to a Financial Times (FT) report on Tuesday (March 31). The $2 trillion stimulus bill was passed on Friday (March 29) and announced that the Small Business Administration (SBA) will extend loans through banks and credit unions to SMBs crippled by the coronavirus and employing fewer than 500 people.
Payments Source
APRIL 1, 2020
While the $2 trillion stimulus package just signed into law provides enhanced unemployment benefits, it is little solace to those out of work with dim prospects of their jobs returning to normal anytime soon.
PYMNTS
APRIL 1, 2020
Small- to medium-sized businesses (SMBs) are struggling to stay afloat. A new survey from Alignable via its Weekly Pulse Poll found that more than one-third of SMBs said they are struggling to keep their doors open and have less than one month before they run out of cash. An additional 30 percent said they’re not far behind. “The answer to this problem has to be more than the federal government offering low interest loans to business owners,” Alignable Co-Founder and CEO Eric G
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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
Payments Source
APRIL 1, 2020
Payments infrastructure integrations create the backbone for front-of-house retail, back-of-house inventory, supply chain, and warehousing, says Global Payments' Frank T. Young.
PYMNTS
APRIL 1, 2020
Spending at darknet markets declined during the past two months even with a drop in the price of the digital currency, per Chainalysis data, as the coronavirus pandemic has impacted every part of the global economy, CoinDesk reported. Darknets are websites that facilitate the sale of products such as counterfeit currencies. In the middle of February, bitcoin reached $10,500 and dropped to as low as $3,867 in mid-March.
Payments Source
APRIL 1, 2020
The U.K.’s growing panic about the spread of coronavirus has created an open season for fraudsters, with government agencies and cybersecurity companies reporting unprecedented levels of criminal activity since the virus began sweeping across the globe in January.
PYMNTS
APRIL 1, 2020
Streamlining and fostering strategic supplier relationships is key to optimizing procurement and lowering costs. As more organizations embrace eProcurement technology, firms are looking to shrink their vendor bases to promote efficiency. But inevitably, every business will find itself in a position when it must make an emergency purchase – and when the usual suppliers aren’t available to fill that need, companies can find themselves over-spending with unfamiliar sellers.
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.
SWBC's LenderHub
APRIL 1, 2020
Every American citizen, along with the rest of the world, has been impacted by COVID-19, better known as the coronavirus disease. In these uncertain times, businesses are moving to work-from-home operations, events have been postponed or canceled, and school districts across the country have closed their doors.
PYMNTS
APRIL 1, 2020
SoulCycle employees are probably working up a sweat as the New York-based fitness company trimmed jobs and initiated a 25 percent pay cut in response to its studio closures due to the coronavirus pandemic. In an internal email to staffers leaked to The Verge this week, SoulCycle said in addition to the pay cuts, it will also furlough select employees without pay over the next 30 days.
ATM Marketplace
APRIL 1, 2020
The spread of COVID-19 is a real concern to the ATM industry and finding a safer, more efficient way to do business and reduce touchpoints with cash is essential. Cash recycling can help.
PYMNTS
APRIL 1, 2020
As grocery stores are emptying and all kinds of items are flying off the shelves, those responsible for producing the food – the nation’s roughly two million farms and 2.6 million farm employees – are facing strange times, where inconsistency and uncertainty are the only things that can be consistently expected. In New York City, the nation’s leading hotspot for COVID-19 cases, local farms and farmers markets are being proclaimed a necessity for safe produce shopping.
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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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