Sat.Jun 06, 2020 - Fri.Jun 12, 2020

A future look back at how COVID-19 changed the payments space

Mobile Payments Today

PPRO takes a future view of how COVID-19 may permanently change the payments landscape

Main Street Lending Program Broadened to Attract More Lenders, Borrowers

Abrigo

Key Takeaways The soon-to-begin Main Street Lending Program (MSLP) aims to fulfill a need for mid-sized businesses to access relief funds amid the coronavirus pandemic. The MSLP was introduced in April, but the scope of the program has changed several times to increase participation. The latest changes include lowering the minimum loan size, raising the maximum loan size, extending the maturity of each loan option, and increasing participation from the Reserve Bank.

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FBI Issues Warning To Bank Mobile App Users?

PYMNTS

As the use of mobile banking apps surges due to the limited access to banks amid the COVID-19 pandemic, the FBI is warning users to beware of cyber attacks.

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FinTech can’t tackle financial services without tackling its diversity problem

Chris Skinner

I blog about so many things. Sure, most of the time it’s FinTech, banking and technology. Sure, most of the time it’s about the future, the outlook, the ideas. But quite often I find myself returning to topics that I’m passionate about: diversity, equality, inclusion, climate protection, the future, our … The post FinTech can’t tackle financial services without tackling its diversity problem appeared first on Chris Skinner's blog. Fintech Grid

5 Things a Data Scientist Can Do to Stay Current

DataRobot together with Snowflake – a leading cloud data platform provider — is helping data scientists stay current with the latest technology and data science best practices so that they can excel in an increasingly AI-driven workplace. Five Things a Data Scientist Can Do to Stay Current offers data scientists guidance for thriving in AI-driven enterprises.

Starbucks accelerates shift to mobile

Mobile Payments Today

Over the next 18 months, Starbucks will increase convenience-led formats in company-operated locations with drive-thru and curbside pickup options, as well as its Pickup locations, according to a filing with federal regulators

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More Trending

UN Blockchain Expert Says Digital Cash Could Replace Bank Accounts

PYMNTS

United Nations global blockchain expert Massimo Buonomo has foreseen a future where digital currencies could replace low-interest bank accounts, Coindesk reports. Low interest rates, he said, were the main enticement for people to come and join a new bank — but they would be obsolete in competition against an official digital currency, which could easily process a digital payment the same way.

Things worth reading: 8th June 2020

Chris Skinner

Things we’re reading today include … You may be in love, but you should always have your OWN bank account Bank boss tells lenders to be ready for no-deal Brexit Digital IDs could end the need for in-bank visits and banish passwords £36bn of government-backed loans will be toxic, taskforce … The post Things worth reading: 8th June 2020 appeared first on Chris Skinner's blog. Reading

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Open Banking—where partnerships are required

Accenture

In my previous posts in this series, I talked about the importance of getting technology, security, operating models and governance right when navigating the Open Banking journey. An equally crucial factor is the activation of the ecosystem. Open Banking requires and depends on partnerships—from suppliers to business collaborators and from vendors to customers. Banks have…. The post Open Banking—where partnerships are required appeared first on Accenture Banking Blog.

Account takeover fraud growth signals wider need for biometrics

Payments Source

Identity fraud holds no prisoners when it comes to payments. If a fraudster gets hold of a consumer's credentials, everything from mobile wallets, to a checking account, savings account or P2P account is in jeopardy of takeover. Personally identifiable information Payment fraud Biometrics Credit cards

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The Best Sales Forecasting Models for Weathering Your Goals

Every sales forecasting model has a different strength and predictability method. It’s recommended to test out which one is best for your team. This way, you’ll be able to further enhance – and optimize – your newly-developed pipeline. Your future sales forecast? Sunny skies (and success) are just ahead!

Experts Tell Congress It?s Time To Create A ?Digital Dollar?

PYMNTS

Trillions of dollars in federal COVID-19 stimulus payments are being disbursed through paper checks, prepaid debit cards and direct deposit

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FinTech needs more men!

Chris Skinner

I was recently asked to respond to the idea that men are not supporting diversity enough. It was for a blog update by Darren Franks on his website talentinthecloud.io. Of course, I said yes. Here’s the result … FinTech needs more men! Yes, you read this right, the FinTech sector … The post FinTech needs more men! appeared first on Chris Skinner's blog.

Tokenizing Everything, even People. Are you ready?

Daily Fintech

We are a the dawn of a new age, with tokens. From art to buildings, to the way we invest in assets, tokenization is changing everything. The new “token economy” promises to change how we create and distribute value. Asset tokenization is disrupting finance and several other industries, breaking up ownership into fractional stakes that can be owned by multiple parties. This new ecosystem is already taking us in directions we can’t even imagine.

Coronavirus' compressed cycle requires more fintech collaboration

Payments Source

As innovation proceeds faster than expected, small firms will need to work with larger firms to meet the new demand, sayd DealRockit's David Carmell. Fintech B-to-B payments Coronavirus Payment processing

The Empowered Consumer

When it comes to working with the empowered consumer, AI has the power to help your business thrive by leveraging your own data to better understand your customers. Read our ebook, The Empowered Consumer, to learn more about how AI can help you connect with your customers.

TikTok?s Data Privacy Policies Draw Eyes Of EU Authorities

PYMNTS

TikTok , the popular Chinese short-form mobile video app, is facing more scrutiny over its privacy policies, Bloomberg reported. The EU’s investigative unit will form a task force to examine TikTok’s activities across the 27-nation bloc following a request from a lawmaker concerned about its data collection and its security and privacy risks. EU authorities can fine companies for violations under the General Data Protection Regulation (GDPR).

The Finanser’s Week: 1st June 2020 – 7th June 2020

Chris Skinner

The main blog headlines are … No one changes behaviour … unless forced to I see lots of surveys and research about the use of technology in finance. Things like 47 percent of consumers are interested in biometric payments or 80 percent of consumers would use mobile payments. Then you … The post The Finanser’s Week: 1st June 2020 – 7th June 2020 appeared first on Chris Skinner's blog. Blog Index Grid Reading

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Ten highlights from Mainnet2020 by Messari

Daily Fintech

I had the pleasure to attend some sessions from the Mainnet 2020 event last week. Ryan Selkis `s guitar playing as an alternative signal to wrap up the talk or the panel, was one of my favorites. Efi Pylarinou is the founder of Efi Pylarinou Adv is ory and a Fintech /Blockchain influencer – No.3 influencer in the finance sector by Refinitiv Global Social Media 2019. Messari , looks like a data, news, research business in the cryptocurrency, blockchain space.

Fintech collaborations focus on fixing pandemic-struck supply chains

Payments Source

The coronavirus dealt a double blow to procurement, cutting off both goods and money. Banks and e-commerce firms are relying on partnerships to tweak payment tools to rescue the market. Fintech Online payments Digital payments B-to-B payments Alibaba Coronavirus

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B2B Pocket Playbook: End-to-End Guide to Sales Enablement

Sales enablement is the strategic process of providing sales teams with the content, guidance, and mentorship needed to engage targeted buyers. It’s all about equipping sales professionals with the tools they need to put their best-selling foot forward. And if sales teams want to continuously sell better -- and faster -- their sales enablement process must have a game-winning strategy. It's time for you to start selling smarter - and hitting your sales number - with the best B2B database in the market. Get started today.

TranSwap, Currencycloud Partner For More Flexibility In B2B X-Border Pay

PYMNTS

Singapore-based cross border-payments platform TranSwap will partner with Currencycloud , which provides B2B embedded cross-border solutions, to let businesses collect and hold numerous currencies in the U.S., U.K., EU and other countries, a press release states.

Things worth reading: 10th June 2020

Chris Skinner

Things we’re reading today include … UK banks approve £35bn in state-backed loans amid heavy demand Exclusive: Banks to Berlin – Loosen coronavirus cash rules for firms Turkey joins settlement house Euroclear after 8-year talks Pompeo chides HSBC for ‘corporate kowtow’ to Beijing Amanda Staveley exaggerated role in Barclays rescue, … The post Things worth reading: 10th June 2020 appeared first on Chris Skinner's blog. Reading

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Q1 2020: US credit card issuer snapshot

Accenture

Key themes In Q1 2020, the impacts of COVID-19 on issuer earnings were still relatively mild in terms of portfolio growth and losses. However, charge-off reserves spiked due to expected future losses, which caused negative returns for most issuers. YoY growth in receivables for Q1 2020 was modest at 1.9%, and below the 4% YoY…. The post Q1 2020: US credit card issuer snapshot appeared first on Accenture Banking Blog. Payments Credit Card Issuer Snapshot Credit Cards Payments Navigator

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Ensuring AML Programs Minimize Personal Liability

Abrigo

Key Takeaways The recent case where a former top risk officer was fined reminds financial institution executives and BSA professionals of the personal liability tied to implementing and maintaining effective AML programs. The former Chief Operational Risk Officer was fined for insufficient action on AML program deficiencies and staffing issues. Adequately staffed and risk-focused AML resources with good documentation are critical. The recent $450,000 fine of U.S.

Data Science Fails: Building AI You Can Trust

The new DataRobot whitepaper, Data Science Fails: Building AI You Can Trust, outlines eight important lessons that organizations must understand to follow best data science practices and ensure that AI is being implemented successfully.

LG Teams With Korean Food Delivery Platform To Make Robot Waiters

PYMNTS

If restaurants, bars and cafes come roaring back after months of being shuttered worldwide, LG Electronics could be one of the big winners. The South Korean global electronics company headquartered in Seoul has partnered with online food delivery platform operator Woowa Brothers and the Korea Institute for Robot Industry Advancement (KIRIA), an incubator for robot startups, to develop robot waiters, LG announced Friday (June 12). “LG,

Things worth reading: 11th June 2020

Chris Skinner

Things we’re reading today include … ECB prepares ‘bad bank’ plan for wave of coronavirus toxic debt The Looming Bank Collapse Goldman Sachs employees to start returning to U.S. offices from June 22 Goldman Sachs closes Marcus account to new UK savers Mike Pompeo criticises HSBC for ‘corporate kowtow’ to … The post Things worth reading: 11th June 2020 appeared first on Chris Skinner's blog. Reading

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Should Last Week’s Jobs Report Change Banks’ Outlook For Lending?

Banker to Banker

Last Friday’s economic data indicated that U.S. nonfarm payrolls rose by 2.5 million in May, compared with expectations for a decline of 7.5 million. In April, nonfarm payroll fell by 20.7 million in the largest single-month drop in records dating back to 1939.

Benefits of Leveraging Technology for Document Preparation

Abrigo

Banks and credit unions closed their lobbies and branches amid shelter-in-place orders in response to the coronavirus pandemic. Financial institutions that had already made the shift towards digital offerings found themselves with a distinct advantage to serve their customers and members. Technology has enabled financial institutions to operate more quickly and efficiently, creating a better experience for customers.

Pressure Points: How to Ensure Your B2B Pipeline Passes Inspection

This eBook highlights best practices for developing a pipeline management process that helps sales leaders and their team C.L.O.S.E (you’ll see what we mean in this eBook) more revenue through data-driven prospecting, stage analysis, and subsequent sales enablement.