Chris Skinner

MAY 13, 2020

I spent some time recently chatting with Joanne Dewar, Chief Executive Officer, Global Processing Services (GPS). I spotted GPS a while ago, and blogged about how they worked with Monzo, Starling, Revolut and more last October. Anywho, Joanne wrote a brilliant piece on the Nasdaq website the other day, which … The post The Impact of the COVID-19 Pandemic on Financial Inclusion appeared first on Chris Skinner's blog.

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Fintech 544

PYMNTS

MAY 13, 2020

Consumers are thinking about their commerce experience through an entirely different and largely safety-focused lens in a way they never have before. It’s a story told in the data — the PYMNTS COVID-19 Brief Series quantifies the myriad ways health and safety have become prime factors in consumers’ lifestyle choices. And it’s a story told in the subtle but noticeable shifts happening in all of our own lives anecdotally.

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Chris Skinner

MAY 13, 2020

Things we’re reading today include … Debt should not be the only tool to get companies through Covid-19 Resurgent Wall Street disconnected from reality on the ground Bank of England could increase economic stimulus, says senior official More than 300 lawmakers urge IMF, World Bank to cancel poor countries’ debt … The post Things worth reading: 13th May 2020 appeared first on Chris Skinner's blog.

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PYMNTS

MAY 13, 2020

Visa said Wednesday (May 13) that 28 new partners — spanning a range of gateway acquirers and technology partners — are joining Visa Token Service as credential on file token requestors. The 28 additions add significantly to the 150 token requestor partners that had been included in Visa Token Service through the years since the service launched in 2014.

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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

Abrigo

MAY 13, 2020

Key Takeaways While lenders are still awaiting further guidance on PPP loan forgiveness, the SBA has stated that lenders will have to submit an SBA Form 1502 to report on PPP loans and collect processing fees. While an SBA Form 1502 exists for 7(a) loans, the SBA will make a specific Form 1502 for PPP loans, according to the final rule. Lenders must submit 1502 reports through Colson Services Corp.

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Abrigo

MAY 13, 2020

Key Takeaways PPP required lenders to embrace digitalization at scale and vendors delivered The earliest PPP solutions were built upon existing solutions for SBA 7(a) A focus on the entire life cycle of the PPP loan is important in lender-vendor collaboration. The lightning-fast adoption of digitalization by financial institutions scrambling to get Paycheck Protection Program (PPP) loans into the hands of small business customers could represent a watershed for those that embrace their newfound

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PYMNTS

MAY 13, 2020

Late payments have always plagued business-to-business (B2B) commerce, but the problem is coming to a new head. Financial instabilities that many companies are facing due to the pandemic has made compensation delays even more painful to suppliers. Corporate buyers are therefore looking for ways to accelerate their vendor payments so they can help keep valuable business partners afloat.

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BankBazaar

MAY 13, 2020

The world as we know it will no longer be the same in the aftermath of the COVID-19 crisis. Nationwide lockdowns across the globe have crippled the economy that has led to massive layoffs and pay cuts. What does it hold for our personal finance? Let’s take a look. . A few years ago, if someone told us that a microbe is capable of bringing the world to its knees, we would’ve laughed it off.

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PYMNTS

MAY 13, 2020

Uber CEO Dara Khosrowshahi and Grubhub Founder and CEO Matt Maloney, who have known each other for years, are discussing the details of a potential merger or acquisition , The Wall Street Journal (WSJ) reported. Like other mergers, the major impetus for the two food ordering and delivery business giants to become one is the enormous amount of money that would be saved from eliminating redundant functions, such as human resources, accounting, IT, marketing, sales and office administration.

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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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Payments Source

MAY 13, 2020

With the pandemic's economic toll leading to elevated billing error notices, the consumer bureau said card companies will not be cited if they fail to meet the typical time frame for resolving disputes.

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PYMNTS

MAY 13, 2020

One solution to the pandemic’s destruction of the travel industry, according to Glenn Fogel of Bookings Holdings , could be for the government to start subsidizing peoples’ vacations. Fogel predicts that travel and tourism will be some of the last recovering facets of the pandemic’s multi-armed attack against the economy. Bookings Holdings, which operates Bookings.com, Kayak, OpenTable and Priceline, has had to cut jobs and raise $4 billion in new debt since the pandemic forced tourism rates to

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Payments Source

MAY 13, 2020

As credit card chargebacks accumulate during the coronavirus crisis from consumers seeking reimbursement for canceled trips and events, PayPal is extending an olive branch to merchants.

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PYMNTS

MAY 13, 2020

The Bank of Mauritius is progressing toward providing a central bank digital currency (CBDC) per its governor, CoinDesk reported. Harvesh Seegolam, bank governor, said at a virtual conference, “At the level of the Bank of Mauritius, we’re currently working on a project and very shortly we’ll be making announcements … with respect to a potential introduction of a CBDC.”.

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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

Payments Source

MAY 13, 2020

Even before the coronavirus outbreak, cybercriminals were shifting their attention away from point-of-sale terminals — but the retail industry still absorbs the most attacks seeking to compromise databases or networks.

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PYMNTS

MAY 13, 2020

EedenBull , a Norwegian FinTech, has rolled out its new commercial card platform to banks to take advantage of better B2B payment capabilities, according to a press release. The cards are an extension of the Q Business program the FinTech has been working on, which involves various integrations, simplifications and digitizing of services for payments.

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Payments Source

MAY 13, 2020

Lots of consumers are using mobile checking for the first time, so it's important to provide extra help, says Mitek's Michael Diamond.

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PYMNTS

MAY 13, 2020

Since PYMNTS began publishing the Provider Ranking of delivery aggregators way back in February, everything has changed. Yes, of course, there’s the COVID-19 pandemic. But from the perspective of PYMNTS Provider Ranking of delivery aggregator apps, the big news for two months now has been the rise of national grocery delivery and pickup service Instacart.

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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.

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BankInovation

MAY 13, 2020

Visa has onboarded 28 new tech partners onto its Visa Token Service platform, the company announced today. The move will enhance the security of its digital transactions and streamline the payment process. Tokenization is a technology that replaces sensitive payment information with a unique identifier, or token, to protect underlying sensitive information.

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PYMNTS

MAY 13, 2020

The ongoing coronavirus pandemic will cause the death of more than 100,000 small and medium-sized businesses (SMBs), triggering a tsunami of bankruptcies nationwide, new research shows. The average business has in excess of $10,000 in monthly expenses and barely enough cash on hand to survive a month, according to the National Bureau Of Economic Research ( NBER ).

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Banking Exchange

MAY 13, 2020

Banks and credit unions need to be able to identify which of the loans in their portfolios are at risk of default, so that they can proactively address that risk Risk Management Feature3 Feature The Economy Customers Covid19 Mortgage Operational Risk Commercial Mortgage/CRE.

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PYMNTS

MAY 13, 2020

The Consumer Price Index (CPI) fell to its lowest level in a dozen years last month, according to the U.S. Bureau of Labor Statistics (BLS). The CPI, a measure of the change in the prices of goods and services, dropped 0.8 percent in April on a seasonally adjusted basis. It’s the largest monthly decline since December 2008. At nearly 21 percent, the decline in the gasoline prices was the largest contributor to the monthly decrease.

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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.

Compliance

Banking Exchange

MAY 13, 2020

Data indicates that banks have earned more than $20 billion in fees from processing PPP loans so far Compliance Duties Customers Revenue Compliance Management Compliance/Regulatory Feature3 Feature Fair Lending The Economy PPP Covid19.

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PYMNTS

MAY 13, 2020

PicPay , a Brazilian digital wallet, has 20 million clients as of early May, well ahead of schedule, according to a report by Reuters. The goal was to hit that many clients by December 2020. But social distancing and the pandemic left people with more incentive to search for digital financial services. CEO Gueitiro Genso said in the report that the number of open accounts had multiplied by six as thousands of stores have been closed in Brazil since March.

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Banking Exchange

MAY 13, 2020

Half of IT professionals surveyed said their companies did not have enough staff or budget to adequately support cybersecurity efforts Technology Tech Management Cyberfraud/ID Theft Operational Risk Feature Feature3 Security Online.

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PYMNTS

MAY 13, 2020

The New York City Council plans to impose limits on the fees delivery apps can charge restaurants for delivery, Bloomberg reported. The council plans on Wednesday (May 13) to impose limits of 15 percent fees per order and 5 percent for marketing and other services. Councilman Mark Gjonaj, who sponsored the bill, said it would be a boon for restaurants struggling to remain open during the pandemic.

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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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