Chris Skinner
APRIL 5, 2020
It’s interesting that governments around the world have announced huge stimulus packages to protect workers, small businesses and life in general. Trillions of dollars. Great. The reality is that no one is getting it. You see these announcements and try to get hold of the bank to get the stimulus. … The post The ugly, the bad and the good appeared first on Chris Skinner's blog.
PYMNTS
APRIL 5, 2020
Online tax preparation service TurboTax has announced that it is rolling out a free, stimulus registration solution to assist people who are not required to file a tax return. There are roughly 10 million people in the U.S. who are not required to file taxes, and some 80 percent are eligible for a stimulus check. The IRS will be using federal tax returns from 2018 or 2019 to determine eligibility.
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Chris Skinner
APRIL 5, 2020
Things we’re reading today include … Banks welcome Chancellor’s revamp of coronavirus loan scheme CEO of Santander says bank is taking measures to limit coronavirus impact Are banks making a profit from the coronavirus crisis? Regulators offer capital break on bank loans due to pandemic U.S. banks to defend dividend … The post Things worth reading: 6th April 2020 appeared first on Chris Skinner's blog.
PYMNTS
APRIL 5, 2020
Some 25 percent of American businesses have gone dark due to the coronavirus pandemic, according to an analysis in The Wall Street Journal (WSJ). The analysis by Moody’s Analytics was done at the request of the WSJ and offers a deep dive into the U.S. economy since it shuttered about three weeks ago. The study showed that 8 in 10 counties are locked down and represent almost 96 percent of the entire country’s output.
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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 5, 2020
The potential for fraud fueled by the coronavirus pandemic, coupled with the anticipation of a $2 trillion stimulus, is creating such a lucrative opportunity for scammers that Visa and the Secret Service are predicting a wave of unprecedented levels of fraud.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Banking Exchange
APRIL 5, 2020
While regional banks were embracing small business loans, the U.S. government sparred with the top four regarding the program as larger banks did not show enthusiasm Customers People Compliance Management Credit Risk Compliance/Regulatory Consumer Compliance Community Banking Business Credit The Economy Feature Financial Trends Feature3 Fair Lending.
PYMNTS
APRIL 5, 2020
Record to Report software provider Trintech has partnered with Sage in order to collaborate on new, speedier financial close processes, a press release states. Trintech, doing its part in the partnership, has created a new connector program for its Adra Suite, approved by cloud finance management tool Sage Intacct, which will help companies save money and time on data integration between the two companies’ products.
BankBazaar
APRIL 5, 2020
The COVID-19 pandemic has put an unprecedented number of people in need of medical attention across the world. Insurers in India have taken a cue and launched insurance products to respond to this need. Here are COVID-19-specific insurance policies currently available in India. . With the death toll and number of people affected by COVID-19 climbing every day, the pandemic has put an unprecedented number of people in need of medical care and attention.
PYMNTS
APRIL 5, 2020
British lender Nationwide Building Society has curbed its plan to begin a business banking venture, saying the coronavirus has made that field nonviable for the time being. Nationwide’s decision represents a major shift in plans spurred by the pandemic that has infected and killed thousands worldwide and also upended the world economy, forcing businesses to close and laying off workers by the millions.
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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
Payments Source
APRIL 5, 2020
The most effective way to avoid cloud payment breaches is by dramatically reducing access, says CloudKnox Security's Balaji Parimi.
PYMNTS
APRIL 5, 2020
European countries, including France, Spain, Belgium and Finland, among others, have begun tentatively etching out potential ways to ease social distancing requirements for the coronavirus pandemic over the next few months, according to the Financial Times. The countries stress that it will likely be some time before everything returns to normality, but the aforementioned countries have enacted committees to strategically plan ways to both ease the restrictive conditions implemented to stop the
American Banker
APRIL 5, 2020
Sen. Marco Rubio, R-Fla., said that $349 billion will likely not be enough meet loan demand from small businesses seeking a lifeline to help them weather the economic downturn brought on by the coronavirus outbreak.
PYMNTS
APRIL 5, 2020
Financial regulators have made $500 billion in capital available for lenders around the world , which gives lenders the freedom for another $5 trillion of loans around the world to go toward cushioning the blow the coronavirus has dealt to the world’s economy. The relaxing of the limits has let families, businesses and communities stay afloat fiscally as the virus forces normal courses of money, like most businesses and restaurants, to close down for fear of spreading infectious germs or catchin
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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.
American Banker
APRIL 5, 2020
Ally, Discover and USAA have made technological, managerial and policy changes to help their centers' employees cope with the rush of calls from customers hurt by the pandemic.
PYMNTS
APRIL 5, 2020
Two initial public offerings (IPOs) are testing investors’ appetites amid the coronavirus pandemic, according to statements from Zentalis Pharmaceuticals and WiMi Hologram Cloud. Zentalis Pharmaceuticals, a biotech group based in San Diego, California, raised about $165 million. Augmented reality (AR) startup WiMi Hologram Cloud , based in Beijing, raised $26 million.
FluentBanking
APRIL 5, 2020
Prime Minister Sheikh Hasina has announced a total incentive package of Tk72,750 crore to overcome the possible economic impact on the country due to the outbreak of the novel coronavirus. “Earlier, I declared a Tk5,000 crore (emergency) incentive package for paying salaries and allowances of export-oriented industries workers and employees, and today I am announcing four fresh financial stimulus packages of Tk 67,750 crore,” she said while addressing a press conference at her official Ganabhaba
PYMNTS
APRIL 5, 2020
OneConnect Financial Technology and China Merchants Port Group ( CMPort ) will work to create a blockchain-based system with Shenzhen customs to serve the Guangdong-Hong Kong-Macao Greater Bay Area. The program will pull in data from Chinese custom services, port operators, logistics companies, financial institutions and export and import firms, and will aim to make financial matters more accessible and offer a better, cheaper tracking system.
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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.
FluentBanking
APRIL 5, 2020
MICR (magnetic ink character recognition) is a modern technology used to verify the legitimacy or originality of paper documents, especially cheque. A special ink, which is sensitive to magnetic fields, is used in the printing of certain characters on the original documents. Information can be encoded in the magnetic characters. Generally the line of numbers MICR appears at the bottom of a cheque.
PYMNTS
APRIL 5, 2020
Despite the coronavirus’ rampant shifts to the U.S. economy, St. Louis Federal Reserve President James Bullard says he doesn’t think the situation is a plummeting “free fall” as others have speculated. His position is that the economy was doing “quite well” before the unprecedented pandemic hit, and that the crisis was wholly manufactured by outside health concerns rather than by any deficiency in the U.S. economy beforehand.
FluentBanking
APRIL 5, 2020
Payment in due course means payment in accordance with the apparent tenor of the instrument in good faith and without negligence to any person in possession thereof under circumstances, which do not afford a reasonable ground for believing that he is not entitled to receive the amount therein mentioned. A paying banker does not get statutory protection under NI Acts if he does not make the payment of negotiable instrument in due course.
Bankelele
APRIL 5, 2020
KPMG on tax changes Kenya has proposed to cushion the country from Coronavirus impacts.
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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.
The Paypers
APRIL 5, 2020
NCR Corporation has teamed up with NYMBUS to assist small businesses impacted by COVID-19 with accessing Small Business Administration (SBA) Paycheck Protection loans.
The Financial Brand
APRIL 5, 2020
Global pandemic has exposed major weaknesses in the ability for many financial institutions to support digital banking products and services. The post COVID-19 Provides Opportunity For Digital Transformation appeared first on The Financial Brand.
The Paypers
APRIL 5, 2020
Cash transactions will see significant decline in China due to the coronavirus pandemic while card payments continue to grow over the next four years, according to GlobalData.
The Financial Brand
APRIL 5, 2020
Traditional banks and credit unions, thrust into a nearly branchless role by coronavirus shutdowns, can learn from new J.D. Power research. The post Direct Banking Models May Be Winners in COVID-19 Environment appeared first on The Financial Brand.
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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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