PYMNTS
APRIL 16, 2020
While most of the world has gone into some version enforced social distancing and quarantine mode with the rise of COVID-19 — closing schools, banning public gatherings, shutting down all non-essential businesses like restaurants and shops and requiring that anyone who can work from home do so — Sweden has been an outlier. Shops in Sweden remain open, as do bars, restaurants, schools and offices.
Bank Innovation
APRIL 16, 2020
On Tuesday at 12 p.m. EST, Bank Innovation will host a Zoom meeting for subscribers titled “Regulators’ and Financial Institutions’ Pandemic Responses: What Do We Know, What Can We Know, and When Can We Know It?” INV Fintech mentor Pam Perdue will provide an overview of how banks and credit unions are responding to the crisis, […].
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Chris Skinner
APRIL 16, 2020
Things we’re reading today include … EU helps protect weak firms from foreign takeovers How deep will downturns in rich countries be? The dollar’s dominance masks China’s rise in finance Morgan Stanley CEO: coronavirus will continue to pose challenges U.S. loan program hits $350 billion cap leaving thousands of small … The post Things worth reading: 17th April 2020 appeared first on Chris Skinner's blog.
Bank Innovation
APRIL 16, 2020
Data aggregator Envestnet Yodlee announced another partnership with a major financial institution today, this time with the broker-dealer giant Charles Schwab.? “[Schwab] clients are going to have more consistently reliable data access because the data comes through an API instead of screen scraping,” said Brian Costello, vice president of data strategy and strategic solutions at […].
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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
PYMNTS
APRIL 16, 2020
From error messages on the Get My Payment tool to misrouted funds and checks sent to dead people, the IRS is having a tough time getting coronavirus stimulus money into the hands of those who need it most. . The new Get My Payment tool launched on Wednesday (April 15) by the IRS and the Treasury Department is supposed to let people know when they can expect their stimulus check or direct deposit, or allow them to enter direct deposit information so they can get their money faster. .
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
APRIL 16, 2020
Madrid-based Santander, the world’s 16th-largest bank, is set to roll out PagoFX , a new FinTech spinout intended to compete with cross-border money transfer service provider TransferWise. “It’s strange to launch in these circumstances, but our mission is even more important today if you think about expat workers who need to send money to their families and need to be sure that money is delivered quickly,” Cedric Menager, chief executive of PagoFX told the Financial Times in a Thursday (April 16
Bank Innovation
APRIL 16, 2020
As Moven begins shutting down its consumer-facing businesses, the digital banking platform is funneling its customers to Varo Money.? “Moven has been a pioneer in the digital banking space and a longtime inspiration. We are excited to welcome their customers and deliver on the types of technology and features they have grown to love,” said […].
PYMNTS
APRIL 16, 2020
To help unbanked consumers and their families receive economic stimulus funds faster, 7-Eleven Inc. is providing a Trans@ct by 7-Eleven® Prepaid Mastercard®. The U.S. Treasury Department has started sending out the payments, but some individuals might have to wait weeks or months to get them through the mail, according to an announcement. 7-Eleven President and CEO Joe DePinto said in the announcement, “ 7-Eleven continues to look for ways to help our customers as they face hardships broug
Bank Innovation
APRIL 16, 2020
In the race for wealth assets, current bank wealth group behavior suggests that large accounts matter, while small accounts aren’t worth the effort to cultivate. On the surface, this makes sense. By definition, big accounts have large balances, which in turn yield rich fees. That math is simple and compelling. But fintechs have a different […].
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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
PYMNTS
APRIL 16, 2020
Customers at Deutsche Bank ‘s Bangkok branch will soon have access to electronic payments via the bank’s PromptPay service, according to reports. In Thailand, users will be able to access the government-sponsored service, which will aim to support inclusion for those left out of the financial process. The first phase of the project will entail instant collections services for clients, and the second phase, to be introduced later this year, will allow instant payments throughout the c
Payments Source
APRIL 16, 2020
Credit card chargebacks were rising in certain categories prior to the coronavirus outbreak, but the pandemic is causing a spike in all types of payment card disputes.
PYMNTS
APRIL 16, 2020
The Paycheck Protection Program (PPP) began accepting applications on April 3. Lawmakers and business leaders alike have high hopes for the program, believing it will help provide the funds small- to medium-sized businesses (SMBs) need to keep their operations running and their staff employed for the duration of the COVID-19 pandemic. It may not be enough, though.
Payments Source
APRIL 16, 2020
As millions of U.S. consumers are beginning to see stimulus checks electronically deposited into their bank accounts as part of the CARES Act, many companies are wondering how Americans will spend these funds.
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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.
PYMNTS
APRIL 16, 2020
Businesses continue to make tough decisions to cope with volatility fueled by the coronavirus pandemic. Employee furloughs are an all-too-common reality, while expansion plans have been put on hold, and supplier payments are facing delays. But organizations are affected by today’s market climate in different ways, and while many of the choices that organizations are making can be painful, some opportunities have also emerged.
Bobsguide
APRIL 16, 2020
As the pandemic continues to radically change our lives, customer services and contact centres are a critical resource that provide support and guidance to concerned people. Financial services organisations are experiencing major additional customer service workload, driven by customer requests for.
PYMNTS
APRIL 16, 2020
Ant Financial rolled out a blockchain platform called OpenChain, which lets small- to medium-sized businesses (SMBs) and developers harness its proprietary blockchain technologies, according to an announcement. The technology offers many modules to developers that they can use in different mixes to create trust in team efforts. It can help with areas like product provenance, supply chain finance, charitable contributions and eInvoices.
Payments Source
APRIL 16, 2020
Payments unicorn Stripe contends it has the financial power to apply its technology to coronavirus medical care, remote telework, business funding, and easier onboarding for companies that have been suddenly thrust into an internet existence.
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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.
PYMNTS
APRIL 16, 2020
Starbucks is planning to move into the “monitor and adapt” stage of the coronavirus pandemic and open some of its stores starting May 4 with new restrictions, according to Chain Store Age (CSA). The coffee chain plans to follow a similar model in the U.S. as it has in China, where it has reopened most stores after having to shutter operations there earlier this year.
Gonzobanker
APRIL 16, 2020
Time-tested best practices can help financial institutions stay agile in the face of COVID-19. The effects of COVID-19 for mid-size banks and credit unions will be wide-ranging, and the repercussions are not yet fully understood. One thing we know for certain, however, is that the role of the contact center is more pivotal than ever. With myriad questions surrounding loan deferments, stimulus checks and the Paycheck Protection Program; severely limited branch access; and an influx of customers u
PYMNTS
APRIL 16, 2020
To assist small- and medium-sized businesses (SMBs) in keeping their cash flow safe from unpaid or late payments on invoices, Tide has rolled out a new invoice protection offering with the help of Hokodo , according to a press release. The move comes as the coronavirus crisis is having an immediate and possibly long-term impact on the economy in Britain.
Payments Source
APRIL 16, 2020
As the market deals with the short-term challenge of getting trillions of dollars of relief and stimulus payments into the hands of citizens in the coming weeks and months, we as a country have a unique opportunity to put our unbanked and underbanked citizens on a long-term path to electronic payment methods, says FIS' Jim Johnson.
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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.
PYMNTS
APRIL 16, 2020
With the coronavirus forcing small- to medium-sized business (SMB) owners to digitize, adjust business models, close their doors or furlough staff, entrepreneurs are quickly recognizing that the old ways of operating no longer cut it in today’s volatile, remote world. The disruption was sudden an immediate, and for many SMB owners, workers’ compensation insurance plans were not likely the first issue to come to mind when managing these changes.
American Banker
APRIL 16, 2020
In some cases, financial institutions are required by court order to divert funds to private creditors. But the industry has added its voice to a consensus for a legislative update to ensure Americans receive their full amount.
PYMNTS
APRIL 16, 2020
After receiving over 3 million applications as the coronavirus pandemic continues, an emergency loan program helmed by the Small Business Association (SBA) is running low on funds. The Emergency Injury Disaster Loan program, run separately from the SBA, gets funding from the government usually for things like tornadoes or other disasters. But with the pandemic, Congress felt it necessary to provide some funds for the program as part of the $2 trillion CARES act.
Matt Wilcox Pro
APRIL 16, 2020
Current events demand we evolve and adapt like never before. Today’s TBT post cautions against letting the brand stand in your way. Originally posted September 27, 2017. * * * ANECDOTES ABOUND of companies that prosper by sticking to brand promises.* That’s great when brand promises are relevant. Sticking to promises no one gives a hoot about isn’t so [.
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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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