Wed.Apr 29, 2020

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What will the world be like when #coronavirus ends? (Part One)

Chris Skinner

Most of the people around the world have savings that can last them less than a month. In the USA, 29% of households have less than $1,000 in savings; in the UK, 15% of Brits have no savings at all; and in most economies worldwide, a large tranche of society have … The post What will the world be like when #coronavirus ends? (Part One) appeared first on Chris Skinner's blog.

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Mnuchin Now Says All PPP Loan Recipients Will Face Audits

PYMNTS

Businesses that borrow money through the federal Paycheck Protection Program (PPP) can expect to be audited before the loans are forgiven, Treasury Secretary Steven Mnuchin told The Wall Street Journal. “One of the things that will be required is you will have to show a payroll report that you actually spent the money on payroll and other items that qualify for forgiveness,” he said.

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Things worth reading: 30th April 2020

Chris Skinner

Things we’re reading today include … Barclays may have to put aside £4.5bn to cover bad debts due to coronavirus StanChart eyes quick recovery as profit falls 12% on coronavirus crisis Barclays boss: Big offices ‘may be a thing of the past’ ‘No prospect’ of UK government selling RBS stake … The post Things worth reading: 30th April 2020 appeared first on Chris Skinner's blog.

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Great Southern Bank streamlines loan ops with nCino 

Bank Innovation

Great Southern Bank is using lending technology from the cloud banking vendor nCino to increase efficiency for commercial and retail loan officers. “We had a [loan origination system] that really handled everything from application through underwriting and approval,” said Ryan Storey, director of loan operations at the bank, during a webinar with nCino today.

Lending 259
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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

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Crypto Businesses Overcome The Challenge Of Getting Banked

PYMNTS

The volatility of cryptocurrencies and their existence in what’s often a grey area of regulatory compliance make businesses operating in this sector an unattractive target for traditional financial institutions. Today, there remains a broad spectrum of positions that regulators and financial service providers hold when it comes to working with crypto businesses.

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Big Banks Temporarily Shut Out Of SBA’s PPP Loan Portal

PYMNTS

For the first time since a small business loan program was launched, small lenders have been moved to the front of the line. On Wednesday (April 29) the U.S. Treasury Department and the Small Business Administration (SBA) said they will temporarily exclude big banks from the loan portal used to submit applications for the SBA’s Paycheck Protection Program (PPP) for eight hours.

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Money Management During The Coronavirus Crisis

BankBazaar

The COVID-19 situation calls for calm-headed decisions that help you fortify your household finances and come out of the crisis unharmed. We’re putting together a series of suggestions to help you deal with various facets of your finances. The global economy is in a crisis. The Covid-19 pandemic has pushed entire nations into lockdowns, crushed value chains, and stressed household finances.

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FinTechs Expand Open Banking Opportunity For Banks

PYMNTS

New solutions continue to roll out as a result of open banking frameworks around the world and banks’ increasing willingness to collaborate with FinTechs. This week’s look at the latest in bank-FinTech collaborations reveals two new open banking initiatives from FinTechs designed to address back-office friction for banks. Meanwhile, other partnerships between banks and FinTechs embrace data sharing to target friction for joint small business customers.

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Report: Quants restrategise after markets plummet

Bobsguide

Quant funds have had a hectic month. Many notable quants – Millennium, DE Shaw, Two Sigma – suffered losses at the end of March, leading some commentators to question if another “quant quake” like that seen in 2007 could be on the horizon. Things have been looking.

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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

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Deliveroo To Lay Off 15 Pct Of Staff Amid COVID-19

PYMNTS

Deliveroo announced it was laying off 367 employees and furloughing 50 — roughly 15 percent of its staff of over 2,500 — as it battles falling demand and revenue during the coronavirus pandemic, according to several reports on Tuesday (April 28). The layoffs are taking place in several countries across Europe. A Deliveroo spokesman told TechCrunch that the cuts are due to the coronavirus crisis as the company struggles to reduce long-term expenses.

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Payments for travel left the gate, even if passengers did not

Payments Source

There is nothing in U.S. federal laws or general payment processes that stop businesses from taking a consumer's money and using it for payroll or to finance a marketing campaign.

Payments 131
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AI Helps Fashion eTailers Boost Cross-Border Sales

PYMNTS

Crafting streamlined eCommerce checkouts for international customers requires merchants to tailor their payments experiences to the needs and preferences of each market. That means enabling customers to pay with their preferred, trusted payment methods and currencies. Achieving this can be a heavy lift for businesses, however. Merchants typically turn to integrations with different payment service providers (PSPs) to enable them to offer wider arrays of payment options.

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A fintech battle in India could transform retail after the coronavirus pandemic

Payments Source

Amazon, Walmart and Facebook are using point of sale credit, deliveries and in-app payments to outflank Paytm in India, honing services that they see as vital to shaping the global economy's recovery.

Retail 129
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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.

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Feeding Consumers’ Growing Appetite For Digitally Enabled Dining

PYMNTS

The COVID-19 pandemic has made consumers hungry. Literally. According to data from digital bank Current on how those who have received their federal stimulus funds have spent them, about 45 percent of the funds have been spent, and food was the preferred spending category. Sixteen percent bought food directly from restaurants and takeout locations, while another 9 percent spent the funds at grocery stores.

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Coronavirus contactless payments are here to stay

Payments Source

Think about all the people who started depositing their paper checks through a mobile app. Who tried that out and then thought, “Gee, I really preferred driving 15 minutes to the bank and waiting in a line”?

Payments 127
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U.S. Government’s ‘Notorious Markets’ Piracy Report Lists Multiple International Amazon Sites

PYMNTS

In the “Notorious Markets” report by the Office of the U.S. Trade Representative (USTR) on marketplaces known for issues with privacy and illegitimate goods, multiple international websites of Amazon.com were named. The office pointed out claims of counterfeit merchandise sold on the eCommerce retailer’s sites in the United Kingdom, Canada, India, France and Germany, Reuters reported.

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COVID-19 and Cybersecurity: How Real are the Threats?

Jack Henry

2020 takes a significant place in the history books. A global pandemic of unprecedented proportions has changed the lives of millions of people as they entered a new way of life and social distancing became the norm. Political campaigns during this Presidential election year in the US have taken a back seat to health and economic initiatives to sustain our country during the Coronavirus outbreak.

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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.

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Mobile Remote Payments Are Tailor-Made For Post-Pandemic Business

PYMNTS

The two-decade-long trot toward digitization has turned into an all-out wind sprint, propelled by a global pandemic. As the lockdown fog lifts and transmission fears slowly dissipate, reopening businesses will encounter change, especially with regard to consumer payments. Among the many things we’ve learned through the progression of the event is that entire populations were deeply shaken about COVID-19 and will view things through that lens.

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Traditional payments are failing merchants in their time of need

Payments Source

Payments are slow, fees continue to increase, and merchants are increasingly feeling the pressure from holdbacks being imposed on them by acquirers. In the pandemic crisis, that's unacceptable, argues Nuapay's Nick Raper.

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Kroger Rolls Out Contactless Payment Option With Kroger Pay

PYMNTS

With a new feature that takes away the need to use a debit or credit card, Kroger has rolled out its Kroger Pay contactless payment option. The function lets shoppers connect their payment information to their loyalty account at the grocery chain via an app and then use a quick-response (QR) code for payment through self-checkouts or at checkouts, WHSV reported.

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How coronavirus has warmed consumer attitudes toward contactless payments

Payments Source

Fears of catching coronavirus during the payment process has given a sharp boost in usage and awareness of contactless payments since the pandemic began, according to a new survey from Mastercard.

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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.

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Q1 Mastercard Earnings: Worldwide Debit, Prepaid GDV Grow 9.5 Pct

PYMNTS

Mastercard posted results that showed a steep falloff in transactions and cross-border volumes, as measured year over year, as the quarter progressed and the coronavirus pandemic hurt spending levels. In terms of headline numbers, the company said earnings per share were $1.83, while consensus stood at $1.74. Revenues were $4 billion, up a bit more than 3 percent year on year, and better than the $3.97 billion the Street had expected.

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An Easy Guide To Claiming Your COVID-19 EPF Advance

BankBazaar

The Government has eased EPF withdrawal rules in order to help people access their funds amidst the COVID-19 pandemic. Here’s how you can do just that. On March 26, 2020, the Indian Government took a call to relax norms governing Provident Fund (PF) withdrawal by allowing account holders to withdraw a portion of their PF if they’re in need of cash amidst this COVID-19 pandemic.

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How Grocers Are Gaining Mindshare In The Virtual Grocery Aisles

PYMNTS

While the world of commerce has been massively disrupted over the last few weeks, the grocery industry has experienced the biggest roller coaster ride in terms of sales swings and rapidly resetting consumer behavior. According to the most recent data PYMNTS has compiled on the subject, an increasing share of consumers are shifting their grocery spending to digital — from 3.9 percent in early March to 14.3 percent in April — but on the whole are shopping for groceries less often than they have hi

Retail 160
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Fitch flags seven consumer lenders, including Amex, Capital One

Payments Source

The ratings firm also took negative action with respect to Ally, Synchrony, Discover, Sallie Mae and Navient, citing the impact that the coronavirus crisis is having on their revenues and profits.

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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.