Fri.Apr 10, 2020

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Taking CARES to help your mid to large business

Payments Dive

The Coronavirus Aid, Relief and Economic Security Act signed into law at the end of March provides new loan programs that vary depending on a company's size, in addition to new unemployment and tax benefits.

Taxes 432
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Weekly Wrap: SBA loans, SoFi and Galileo take center stage

Bank Innovation

One week after the Small Business Administration launched its Paycheck Protection Program, banks and fintechs alike are still navigating best practices to get funding into the hands of small business clients. As COVID-19 continues to rattle the economy, startups are launching new products and features to engage customers. The week’s news wasn’t confined to coronavirus-related […].

Fintech 369
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IRS Launches Consumer Portal For Getting Stimulus Checks

PYMNTS

A new IRS portal for coronavirus relief payments has been launched in conjunction with the U.S. Treasury to assist people who don’t typically file taxes. . The non-filer tool can be used by U.S. citizens and resident aliens who are not claimed as dependents and had gross income below $12,200 ($24,400 for married couples) in 2019, according to the IRS site.

Taxes 363
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Community Bank embraces digital to deliver $50M in PPP loans 

Bank Innovation

The technological upgrades Happy State Bank made prior to the COVID-19 crisis has helped the lender service and onboard customers digitally and deploy its own SBA Paycheck Protection Program platform in a matter of days, CEO J. Pat Hickman told Bank Innovation. As of Friday afternoon, the Amarillo, Texas-based bank had received more than 1,250 […].

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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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Bringing AI To The Fight Against Healthcare Payments Fraud

PYMNTS

The coronavirus pandemic poses an unprecedented challenge to healthcare systems that will likely extend for months — and perhaps even years — to come. More than ever, hospitals and other medical facilities need to focus their resources on healing the sick and avoid getting bogged down by administrative costs and inefficiencies. This brings a longstanding challenge to the fore: Healthcare organizations have long struggled with fraud, waste and abuse (FWA), costing the United States healthcare sec

Fraud 362

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Reimagining The Bank As A Technology Company

PYMNTS

Intimidated by the scale and cost of a massive technological overhaul, large financial institutions (FIs) may approach their digital transformation (DX) journeys gradually, targeting various areas of operations to modernize one-by-one. While this strategy can yield results, it can also create silos, hampering a bank’s ability to achieve one of the most vital goals of DX: seamless integration of operations that boost efficiency and improve the end-user experience.

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District of Columbia enacts emergency debt collection law in response to COVID-19 pandemic; Massachusetts AG issues guidance on emergency debt collection regulation

CFPB Monitor

On April 7, the District of Columbia passed the COVID-19 Response Supplemental Emergency and Temporary Amendment Act of 2020 which goes into effect immediately and lasts until 60 days after the emergency ends. The law prohibits debt collectors from initiating any communication with a debtor through any written or electronic communication, including email or text message, or telephone.

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Fed Bets Trillions In SMB Lending That Consumers Will Return

PYMNTS

A quick recovery may be in the cards. But so might a “false start.”. Thursday morning, the U.S. Federal Reserve said that it had launched a multi-trillion dollar lending program that targets smaller businesses, and in a broadened salvo, targets local governments, too. It’s all meant to shore up the U.S. economy, as the fallout from the coronavirus continues.

Lending 338
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COVID-19 Economic Impact: Navigating the Unknown Shape of Recovery

Jack Henry

The COVID-19 crisis is the largest public health crisis the world has ever faced. As citizens we must do our part to help ‘flatten the curve’. As bankers, we must provide financial relief to our clients and understand the financial impact of the crisis on our financial institutions (FIs). While the recently passed CARES Act provides significant financial relief to many, it also presents new financial challenges to FIs.

Trends 113
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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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LinkedIn On Building The New Digital Corporate Commons

PYMNTS

With a little over 600 million worldwide users, LinkedIn was a household name long before the coronavirus cut an incredibly wide trench through the global economy in general, and the world of working in particular. The social media service for professionals was already the established, favored digital hub for professional networking, job hunting, talent scouting and corporate content.

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Responding to America’s Diverse Financial Education Needs

ABA Community Banking

How banks of all sizes are delivering tailored financial education programs that meet the needs of distinct—and vulnerable—groups in their communities. The post Responding to America’s Diverse Financial Education Needs appeared first on ABA Banking Journal.

Community 105
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Starship Technologies Rolls Out Robotic Food Delivery In Arizona

PYMNTS

Amid increasing demand for contactless delivery, Starship Technologies has rolled out a robot food delivery offering in Tempe, Arizona. The firm has been increasing its commercial services, with a plan to expand to 100 colleges by late summer of next year, per reports. Ryan Tuohy, who leads Starship Technologies’ business development, said in a statement, “The demand for contactless delivery has expanded exponentially in recent weeks.

Arizona 267
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Credit Reporting in the U.S. During the COVID-19 Pandemic

FICO

We at FICO recognize the significant challenges faced by both borrowers and lenders in these extraordinary times. We've been working closely with lenders as well as our Credit Reporting Agency (CRA) partners throughout the COVID-19 pandemic to provide awareness of the various reporting options open to data furnishers, as well as how those reporting options can impact consumers' FICO® Scores. .

Report 98
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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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Goodyear Offers Online Discounts To Convoy Carriers

PYMNTS

In an effort to provide independent truck drivers and small fleets with discounts and access to a service network, The Goodyear Tire & Rubber Company will now provide carriers that belong to Convoy’s Digital Freight Network with access to its Commercial Total Solution. This is the first time that Goodyear has offered an online discount offering via its commercial eCommerce platform at GoodyearTruckTires.com , per an announcement.

Online 245
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Second Circuit adopts broad TCPA autodialer definition

CFPB Monitor

A unanimous three-judge panel of the U.S. Court of Appeals for the Second Circuit, in Duran v. La Boom Disco, Inc. , handed a win to the plaintiffs’ bar by holding that the Telephone Consumer Protection Act’s (TCPA) statutory definition of an automatic telephone dialing system (ATDS) includes telephone equipment that can automatically dial phone numbers stored in a list, rather than just phone numbers that the equipment randomly or sequentially generates.

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Many Unemployed Still Waiting For Their First Check

PYMNTS

If you’ve filed for unemployment benefits and haven’t received a check yet, you’re not alone. Nearly 17 million Americans have applied for unemployment assistance in the last three weeks as the nation’s economy came to a virtual halt amid the coronavirus pandemic, and states were overwhelmed by applications, Reuters reported Friday (April 10). There was good news for unemployed workers in the $2.3 trillion stimulus bill the president signed late last month.

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How Small Banks Can Protect Their Customers & Portfolio Amid the COVID-19 Crisis

FICO

As the coronavirus pandemic continues to develop, we are already seeing some very troubling signs in the economy. Unemployment claims continue to spike as the crisis hammers away at the U.S. economy. Suddenly, we have millions of people who are unexpectedly out of a job, with the leisure and hospitality industry being hit the hardest. Many small businesses are closing, and jobs are disappearing in the COVID-19 economy.

Groups 83
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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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Telehealth Service Puts A Retail Spin On Its Business Model

PYMNTS

The rapidly evolving telehealth category has a new business model. Fruit Street – a virtual one-stop-shop specializing in digital diabetes diagnosis and treatment – has partnered with vegetarian meal kit purveyor Purple Carrot to add a retail angle to its health advisory service. “With more Americans practicing social distancing and staying home with their families during the COVID-19 pandemic, we wanted to increase access to healthy meals and nutrition advice through our telehealth platfo

Retail 242
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RMD Relief Under CARES Act

TrustBank

The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was signed into law on March 27, making it the largest fiscal stimulus bill ever passed in U.S. history. Among other things, the Act affects retirement planning considerations, specifically regarding distributions from IRAs and employer-sponsored retirement plans. Any investor who was otherwise required to take a required minimum distribution (RMD) this year can now forgo their 2020 RMD.

Taxes 52
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India SME Lender Capital Float Tops Up Funding

PYMNTS

After having notched more than $110 million in equity funding in the past, India’s Capital Float has received a top-off of $4.8 million from current investors. The startup’s board had set aside just under 93,000 Series E preference shares with an INR 100 nominal value, Inc 42 reported. Sashank Rishyasringa and Gaurav Hinduja rolled out Capital Float in 2013.

Capital 230
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Crossing the COVID-19 Chasm (in Days, Not Months)

FICO

Crossing the COVID-19 Chasm - Key takeaways: The COVID-19 situation exposed glaring weaknesses in businesses’ readiness to operate virtually, especially in areas like decisioning, which require huge volumes of diverse, real-time data. Businesses who were already down the path of digital transformation fared better than those who were still in the planning stages.

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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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Consumer Inflation Lessens In China Following Record High In February

PYMNTS

After reaching its highest level in eight years in February, consumer inflation in China lessened last month. The country’s consumer price index increased 4.3 percent in March compared to the same time last year, the Financial Times reported, citing the National Bureau of Statistics of China. Prices had increased 5.2 percent year on year in February, powered by increasing consumer goods prices.

National 230
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Relieving the Call Center

FICO

As the COVID-19 virus has spread around the world, we can practically track its movement by the surging inbound call volumes to collection operations. Call centers in Asia, Europe and now North America have seen volumes 10 times normal or higher. Their ability to smoothly handle this surging volume is greatly affected by whether they have intelligent, automated omnichannel customer communications.

America 52
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How Real-Time Data Recharges The Monthly Financial Close

PYMNTS

Financial technology innovation has opened the doors to massive transformation of corporate finance departments. More sophisticated tools can empower teams to more accurately predict cash flows and guide their organizations’ growth strategies, with opportunities to collaborate across procurement, accounts payable, accounts receivable, treasury and beyond.

Data 219
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Crossing the COVID-19 Chasm (in Days, Not Months)

FICO

Key takeaways: The COVID-19 situation exposed glaring weaknesses in businesses’ readiness to operate virtually, especially in areas like decisioning, which require huge volumes of diverse, real-time data. Businesses who were already down the path of digital transformation fared better than those who were still in the planning stages. For companies who were knocked off-line, there are seven immediate steps they need to take to resume normal operations and lay the foundation for their own digital

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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.