Wed.Apr 22, 2020

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The failure of government (#coronavirus)

Chris Skinner

I’m really frustrated between what the government is saying, the media is reporting, the behaviour of banks, the thrust of business and the reality of life. Governments worldwide are locking down and, at the same time, saying they’re going to help citizens and business; media is telling everyone there’s help, … The post The failure of government (#coronavirus) appeared first on Chris Skinner's blog.

Report 402
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IRS $1,200 Stimulus: Why Your Check Is Not In The Mail

PYMNTS

If your $1,200 federal COVID-19 stimulus payment has been deposited into your bank account by the Internal Revenue Service (IRS), consider yourself one of the lucky ones. An IRS spokesman told PYMNTS that only about 80 million payouts – about half of the expected total – had been issued as of last Friday (April 17). That leaves many taxpayers waiting, but the spokesman couldn’t provide a schedule of when payments will be issued.

Taxes 326
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GoCardless moves beyond recurring collections with new tool 

Bank Innovation

GoCardless, the recurring payments company that allows clients to collect from customers’ bank accounts, is launching Success+, a new tool that uses transactional data and machine learning to automatically schedule the best date to retry failed payments. “Payment failure has a negative impact on your customer experience,” said Siamac Rezaiezadeh, head of product marketing at […].

Tools 259
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Things worth reading: 23rd April 2020

Chris Skinner

Things we’re reading today include … World Bank warns of collapse in money sent home by migrant workers Top economist: US coronavirus response is like ‘third world’ country China on slow road to recovery, but recession risk is high: Reuters poll $500 billion coronavirus aid package passes U.S. Senate, headed … The post Things worth reading: 23rd April 2020 appeared first on Chris Skinner's blog.

US 251
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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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Oracle inks deal with Boss Insights for PPP lending tech

Bank Innovation

Global software company Oracle has teamed up with Boss Insights, a Toronto-based startup that uses APIs to connect businesses with lenders for real-time data sharing, to launch a Paycheck Protection Program platform that addresses loan forgiveness, the companies announced today. Boss Insights is using some of its 800 APIs to provide lenders with real-time data […].

Lending 259

More Trending

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Webinar Tomorrow: Virtualize, secure and deploy high performance financial desktops at scale

Bank Innovation

When you combine a fully remote workforce with an all-digital customer base, IT complexity and systemic risk ramp dramatically. Financial institutions need to ensure devices used by remote workers are accessible and controlled by the IT department, especially for high-performance and zero-downtime desktops, including trader and financial analyst workstations.

Security 259
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Stemming The SIM-Swapping Tide In Fraud Friendlier Times

PYMNTS

While being the victim of fraud is never good, there is something to be said for at least being able to identify where exactly one went wrong. Clicked the wrong link in an email, trusted the wrong authoritative voice on the other end of the phone, downloaded the wrong app hiding a malicious little piece of malware. It doesn’t make the resulting data theft any more pleasant, but at least one can hope to learn something and resolve to do better in the future.

Fraud 253
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Coronavirus quarantine creates a consumer use case for B2B billing tech

Payments Source

Due to the U.K.’s coronavirus lockdown, many British people are socially isolated in their homes, and rely on friends to get their groceries for them. They face the problem of how to reimburse people for their expenses, since cash is no longer acceptable.

How To 121
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Payments Startup Paay Left 2.5M Credit Card Info Exposed

PYMNTS

Paay, a startup credit card database storing millions of transactions, has been unsecured for weeks and only now closed again, according to a TechCrunch report. The database works with other payment processors, verifying payments to make sure there is no fraud going on for outside vendors. Paay’s mistake was not having a password installed on its server, which allowed anyone to see the data inside.

Cards 243
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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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iZettle teams with Stuart for remote payments, delivery in U.K. during coronavirus lockdown

Payments Source

PayPal subsidiary iZettle is working with U.K. urban delivery platform Stuart to offer small businesses remote payment and delivery services during the coronavirus crisis.

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Helping Entrepreneurs Reimagine A Borderless Economy

PYMNTS

While the digital age has opened up doors for businesses to expand internationally, it’s a bit misleading to say that it’s easier than ever for small firms to step foot into new geographic markets. Online-native companies and the cloud-based applications they run on have indeed lowered barriers for small and medium-sized businesses (SMBs) to connect with customers, business partners and even employees across borders.

Payments 240
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Payments is innovating too fast for EMV to be a main solution

Payments Source

There is no denying that the upgrade to EMV will reduce certain types of fraud by noticeable amounts, but there should be no illusion that this is a “silver bullet” to a growing fraud trend, says The ai Corporation's James Crawshaw.

Maine 95
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NEW DATA: How We Will Change: Consumers And Life After COVID-19

PYMNTS

California became the first state to issue a stay-at-home order on March 19. All 50 states have since issued social distancing guidelines, with consumers everywhere wondering when the mandates will be lifted, when the economy will reopen and whether it will be possible to resume living their pre-COVID-19 lives. But regardless of their states of residence, consumers’ lives had already changed dramatically since the pandemic was first announced.

Data 215
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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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The coronavirus response has already created payments' future

Payments Source

For the payments companies that have and will continue to support businesses during our current phase of survival and necessity, these partnerships forged in the fires of adversity will lead to strengthened relationships and long-term loyalty during the growth phase that is yet to come, writes Wirecard's Kevin Brown.

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Hard Rock CEO: Tourists Need To Come Back For Business To Recover

PYMNTS

Hard Rock International is not expecting business to rebound before 2021. “There’s going to be a real challenge, especially here in the United States, as far as ramping the business back up,” Hard Rock Chairman James Allen told CNBC Wednesday (April 22) regarding the impact of the coronavirus pandemic. “We’re planning on that taking a year.”. Founded in London in 1971 and based in Florida, Hard Rock operates hotels, casinos and restaurants in 76 countries, according to the Hard Rock website.

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Texas Bank Enters Top 50 in US with Merger Deal

Banking Exchange

S&P Global Market Intelligence has revealed the biggest banks in the US and the world by assets Management Feature Financial Trends Financial Research Retail Banking Feature3.

Texas 78
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Deep Dive: COVID-19 Spurs Biometric Innovations For A Contactless Global Society

PYMNTS

Global concern over the coronavirus spreading on contaminated surfaces in public places is unleashing rapid development of innovative biometric products that could assist a touchless society. The New York City Police Department recently stopped using its fingerprint identification security procedure for employees entering buildings, for example, contributing to a spike in demand for contactless identification alternatives.

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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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PPP Expansion Closer as Senate Agrees $320bn Funding

Banking Exchange

House of Representatives will vote on the bill this week after extensive lobbying by banks and financial institutions Compliance Risk Management Community Banking Feature Feature3 The Economy.

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Hobbled By Hackers And COVID-19, Travelex Goes Up For Sale

PYMNTS

Travelex , the British foreign exchange company, is seeking a buyer, the Financial Times (FT) reported. “As part of its continuing assessment of strategic options to maximize value for its stakeholders, the Board of Travelex Holdings Limited has decided to seek offers for the Travelex group, and has communicated this intention to Finablr ,” Travelex said in a statement, according to Reuters.

Report 197
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Report Exposes Traditional Banks’ Poor Collaboration History

Banking Exchange

Traditional banks have the chance to thrive again if they embrace a greater exchange of data with fintechs, a new report says The Economy Technology Retail Banking Financial Trends Tech Management Mobile Online Feature3 Fintech Feature Financial Research.

Report 78
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Auto Marketing Will Support The Digital Shift

PYMNTS

In a time period dominated by retail sales declines, the hardest hit has been the automotive industry. While March retail sales dropped 8 percent overall, new cars dropped as much as 36.9 percent for some brands as dealerships were shut down due to concerns over the personal contact inherent in the auto sales process. Used cars suffered a similar fate amid the coronavirus pandemic.

Marketing 195
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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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Are Credit Cards Misunderstood? Let’s Bust Some Myths!

BankBazaar

In the financial world, Credit Cards are definitely the misunderstood ones. We’re on a mission to clear their name! Being able to finally buy your favourite gadget after all the hard work feels like a great achievement. Doesn’t it? What’s the hard work involved? Patiently waiting for the launch, applying for a Credit Card (if you don’t have one already), waiting for the gadget to come to your city, waiting in that long queue.

Cards 78
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How To Secure 5G — And The Internet Of Things, Too

PYMNTS

The coronavirus has forced us to embrace the connected age in ways we might not have dreamed of a few short months ago. Work from home, play games (online) from home, bank from the comfort of your couch — because the bank branches are closed, of course. The questions remain, though, as 4G gives way to 5G, as hackers target us with new attack vectors as commerce and daily life go increasingly online … is the infrastructure underpinning it all robust enough — and is it safe?

Security 195
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Trade group files lawsuit challenging Massachusetts emergency debt collection regulation

CFPB Monitor

ACA International, the Association of Credit and Collection Professionals, has filed a lawsuit in Massachusetts seeking to have the federal district court declare the emergency debt collection regulation promulgated on March 26 by the MA Attorney General invalid and enjoining the AG from enforcing the regulation against debt collectors and creditors.

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Musings From The Epicenter: The World Is Going Point To Point

PYMNTS

“Looking back on the impact of past crises, my belief is that a black swan is an accelerator of trends, rather than a game-changer or reverser,” PingPong President and Chief Business Officer Ning Wang told PYMNTS. Read his unique perspective on how adoption of real-time payments and other innovations will now speed up in Black Swan , a special report exclusively from PYMNTS.

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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.