Tue.Mar 24, 2020

Things worth reading: 25th March 2020

Chris Skinner

Things we’re reading today include … UK cash usage halves within days as shops close due to coronavirus Banks, regulators move to protect customers from wave of coronavirus scams in UK, U.S. Non-bank lenders will bear brunt of credit crisis Wells Fargo to pay special compensation to front-line workers amid … The post Things worth reading: 25th March 2020 appeared first on Chris Skinner's blog. Reading

Banking industry groups seek help on COVID-19

Mobile Payments Today

Trade organizations and government officials are burning the midnight oil to help ATM operators and small businesses impacted by COVID-19, but owners are concerned that time needed for saving their businesses could run out before help arrives

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Brex: Market volatility not ‘doomsday’ for tech funding

Bank Innovation

Brex, a corporate card and financial product startup that has raised $315 million in equity and reached a reported valuation of $2.6 billion since its 2017 founding, is optimistic about venture capital funding for tech companies, despite current market volatility. Within our sector, we definitely may have a slowdown, but it’s not doomsday, where nobody […]. Carousel Customer Experience Innovation Strategy Investing Lending Payments Premium Anthemis Group Brex venture capital

Coronavirus – Lessons Learned from Italy

Abrigo

Key Takeaways We can learn about potential fraud from previous cases such as Italy. Fraudsters capitalized on vulnerabilities from shifts in daily life due to coronavirus. Organizations must learn from the lessons learned in Italy to protect themselves from cybercrime. .

Revolut makes US debut in shaky COVID-19 economy

Bank Innovation

London-based Revolut today announced its U.S. launch after a beta test that began last summer. However, some in the industry question whether now is the best time to launch the U.S. product, given the novel coronavirus pandemic. America, we come bearing good news in these uncertain times,” Chad West, Revolut’s head of marketing and communications […]. Carousel Lending Premium Product Design 11:FS Aite Group challenger bank Chime Coronavirus COVID-19 digital bank N26 revolut Varo

Why Securing The IoT Is The Next Frontier For ISPs

PYMNTS

Indispensable but interchangeable. Such is the problem of modern ISPs – the telcos, cable companies and satellite providers. They provide the fundamental infrastructure that keeps the entire digital ecosystem running, but they are a utility service of sorts, and thus don’t have much to differentiate themselves beyond providing a consistent on-ramp to the digital world –and how much they charge for said access.

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SotBank Considers Going Private

PYMNTS

SoftBank Group has been spending time in talks with investment firms Elliott Management and Mubadala over the possibility of taking its Japanese tech conglomerate private, the Financial Times (FT) reported, but the strategy has ultimately been scrapped. After a stock market slump as of late due to the coronavirus pandemic, SoftBank founder Masayoshi Son has been trying to boost shares in the company again.

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Challenger bank Revolut launches in the U.S.

American Banker

The mobile-only bank offers many standard neobank features and some added payment options. Digital banking Fintech Disruptors

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Today In Payments: Mortgage Servicers Ready For ‘Liquidity Tsunami’; London Unicorn FinTech Revolut Rolls Out In The US

PYMNTS

In today’s top payments news, mortgage firms are bracing for a succession of missed payments, and London-based Revolut opened its digital-only banking app in the U.S. Also, the U.K. increased its contactless pay limit to encourage more people to make contactless payments. Mortgage Servicers Ready For ‘Liquidity Tsunami’ As Pandemic Hits Wallets. Panic is soaring across the mortgage industry as the coronavirus cripples finances for struggling homeowners.

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Bank CIOs confront challenge of so many employees working at home

American Banker

As companies move work off-site because of the pandemic, a host of issues have arisen around remote access, network monitoring and cybersecurity. Work from home M&T Bank CIO First Horizon National Cyber security Community banking Regional banks Coronavirus

GoFundMe, Yelp Launch Crowdfunding Campaign For SMBs

PYMNTS

To offer a quick and easy way for independent businesses to begin fundraisers and take donations via their Yelp pages, Yelp has teamed with social fundraising platform GoFundMe. The coronavirus pandemic has been very challenging for small business and especially local businesses, which typically conduct most of their commerce in person, Yelp announced in a blog post. The company’s data indicates that American consumer interest for eateries has dropped by 67 percent as of March 10.

Fed to suspend exams for banks under $100B

American Banker

The central bank will prioritize monitoring and outreach while reducing examination activity due to the coronavirus pandemic until at least the end of April. Capital Federal Reserve Stress tests Coronavirus Exams

First Online-Only Bank Opens In Hong Kong

PYMNTS

The first online bank in Hong Kong, ZA Bank, opened on Tuesday (March 24), according to reports. The bank is a unit of China’s ZhongAn Online P&C Insurance Co. In 2019, Hong Kong issued about eight digital banking licenses to companies like Ant Financial, and a team-up of Tencent and Standard Chartered.

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Citigroup to close about 100 branches, cites declining foot traffic

American Banker

It joins a growing list of banks temporarily shuttering branches as the novel coronavirus continues to spread across the country and more Americans to stay home. Meanwhile, Citi and rival Wells Fargo became the latest banks to announce plans to pay bonuses to front-line employees. Wells Fargo Branch network Workforce management Coronavirus Citigroup Consumer banking

JPMorgan Institutes Hiring Freeze Over COVID-19 Crisis

PYMNTS

JPMorgan Chase & Co has announced it will be instituting a hiring freeze throughout most of the company to help stop the spread of the coronavirus, according to a report by Bloomberg.

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April wave of missed payments could upend mortgage servicers

American Banker

With economists fearing high unemployment stemming from the pandemic, the housing finance system is grappling with how it will recoup lost revenue from delinquencies, forbearance plans and other tremors. Servicing Federal Reserve Mortgages FHFA Coronavirus Fannie Mae Treasury Department Freddie Mac Ginnie Mae

Apple Card’s New Privacy Policy Allows More Data Sharing With Goldman, Adds Transaction Details

PYMNTS

Apple has updated Apple Card’s privacy policy to allow more sharing of anonymous data with partner Goldman Sachs, according to a report. Apple said it’s making the change to help determine customers’ credit eligibility. Customers will have the ability to opt-out from the change. The data Apple will share with Goldman will allow for a new credit assignment program that could potentially allow more people to access credit, or at least have the opportunity to do so.

How COVID-19 and new federal laws will affect the ATM industry

ATM Marketplace

As relief and funding packages are being debated in Washington, the National ATM Council looks to how these new laws will affect business

Micro Firms Losing $2B A Year By Forgetting To Invoice

PYMNTS

FinTech Amaiz , promoting its bookkeeping and banking services app, found in a survey that roughly one-third of micro businesses have trouble with payments, according to a press release. The survey was conducted by 3Gem in February. It showed that around 15 percent of those surveyed still only take cash. Of those businesses, 31.5 percent said they had lost business because of that fact. Amaiz found that 34.6

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Sen. Brown proposes digital account for unbanked households

American Banker

The legislation sponsored by Sen. Sherrod Brown, an Ohio Democrat, would require banks to offer the accounts so that consumers could easily access cornonavirus relief funds without turning to high-cost check cashers. Digital banking Senate Banking Committee Federal Reserve Digital payments Coronavirus Sherrod Brown

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Intuit, CPAs Want SMB Relief Funneled Via Payroll Processors

PYMNTS

The American Institute of CPAs (AICPA) has petitioned President Donald Trump to enact a faster system of payment for small- to medium-sized businesses as the coronavirus pandemic rolls on in the country, stalling the economy, according to reports. The AICPA was joined by the International Franchise Association and two payroll companies, Paychex and Intuit , in penning the open letter to Trump.

Calls for CECL delay expose standard's flaws

American Banker

If the new accounting standard poses too many risks during an economic crisis, then it's probably not a good idea at all. Compliance CECL Accounting standards Dodd-Frank Economy Coronavirus Law and regulation

Bitcoin Daily: Brave Grows Crypto Features With Binance Integration; CoinDCX Backed By Bain Capital, Polychain Capital

PYMNTS

Brave , a web browser, is teaming with Binance to grow its digital currency features via an integration, according to reports. Users will have the ability to purchase, receive and trade digital currency assets right on a new tab page. Brave has been working with digital currencies and rolled out its Basic Attention Token (BAT) digital currency. Brave will support many digital currencies aside from BAT, like Ethereum, Bitcoin, Litecoin and others, in a release to come.

JPMorgan plans firm-wide hiring freeze amid virus uncertainty

American Banker

The bank has asked managers review job postings and pull listings for roles that don’t need to be filled immediately, according to people familiar with the matter. Workforce management Coronavirus JPMorgan Chase

OnePlus Brings Mobile Payment Platform To China

PYMNTS

Chinese smartphone manufacturer OnePlus said it would debut its mobile payment system this year when its OnePlus 7T series of mobile phones rolled out in September 2019. The company’s mobile payment platform is now said to be live in China, GizChina reported. The payment platform currently handles a few different kinds of bank cards. Those include SPDB’s and Guangfa Bank’s credit cards in addition to Minsheng Bank’s, SPDB’s and Guangfa Bank’s savings cards.

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Why Congress considered a digital dollar in its coronavirus response

American Banker

The coronavirus stimulus package has resurrected calls for the U.S. government to offer a central bank digital currency, public mobile wallets and postal banking—controversial ideas that are hard to pull off, but exist outside the U.S. and could dent interchange fees and private stablecoin projects like Facebook’s Libra. Digital payments Interchange fees Coronavirus Mobile wallets Facebook

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BlueSnap Adds X-Border Payments Support For B2B eCommerce

PYMNTS

BlueSnap wants to break the glass ceiling for companies looking to sell products on marketplace-style websites of their own with its new product, according to a press release. The platform makes use of tools with automated vendor operating, seamless split payouts and cross-border technology in order to make things work for companies that want to implement a full-on market in which people can buy and sell products.

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Mnuchin backs designating financial sector workers as 'essential'

American Banker

Financial services personnel were among critical infrastructure groups that the Department of Homeland Security said were crucial for “public health and safety as well as community well-being” during the pandemic. Financial services industry Coronavirus Steven Mnuchin Treasury Department Core systems

Regulators Will Fast-Track Review Of Joint Ventures Aimed At Coronavirus

PYMNTS

The Federal Trade Commission (FTC) and the Department of Justice Antitrust Division said they will speed up reviews for joint ventures aimed at stopping the coronavirus spread, according to a report by CNBC.

Pandemic's timing could push more merchants to start surcharging

Payments Source

It's still unclear how the coronavirus pandemic will alter payment habits over time — will consumers avoid cash out of fear of germs, or will they favor it as the one payment option that nearly all merchants accept? An impending change in interchange rates may tip the scales in cash's favor. Compliance Interchange fees Coronavirus Network rules Cash