Sat.Mar 14, 2020 - Fri.Mar 20, 2020

#Coronavirus, cash and the breakup of the Eurozone

Chris Skinner

I’m sitting staring at the wall. It’s been a long time now since being in a face-to-face meeting, conference or catching a flight. I’m staring at the wall. Thinking. Thinking. Thinking … what’s the meaning of all this? What’s the meaning of life? What’s the meaning of money?

Banks limit lobby access, waive fees amid COVID-19

Mobile Payments Today

Banks across the U.S. are limiting lobby hours and encouraging mobile banking in response to the COVID-19 outbreak. Many banks continue to offer fee waivers and penalty reductions for customers that need to access funds early

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Bankers seek defined role in disbursing emergency SBA loans

American Banker

Lenders are rallying around a bill from Sen. Rubio that would give them access to another $50 billion under the 7(a) program. It could face obstacles in the House, where a bill favors direct lending by the Small Business Administration. SBA Coronavirus Small business lending Community banks

Fintech Finastra Hit By Suspected Ransomware Attack

PYMNTS

Banking technology FinTech Finastra was hit with a security breach on Friday (March 20), and was forced to shutter key systems and send employees home, according to a report by KrebsonSecurity.

Did you take the world for granted?

Chris Skinner

It’s very strange times. I’ve taken travel for granted. For years, I’ve been used to open borders, easy connectivity and access to airports. The internet then fuelled that ease of movement and connectivity.

Restaurants slash mobile ordering fees as America takes shelter

Mobile Payments Today

As restaurants across the United States shutter dine-in locations and switch to carry-out and delivery-only options, many fast casuals are discounting or totally waiving delivery fees in an effort to not only help keep their businesses alive but to do also make it easier for Americans to access foo

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Walmart To Reward Workers With $550M In Bonuses Amid Coronavirus

PYMNTS

To honor staffers who are maintaining stocks of supplies on shelves as shoppers visit locations in droves, Walmart said it would pay almost $550 million in bonuses to hourly workers.

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The rush to digitalisation post-pandemic

Chris Skinner

I’m getting a lot of people asking questions about what I think the coronavirus will mean long-term in the financial markets, so I’ve tried to jump forward to look back. Obviously, the big thing about a pandemic is that people are being told to stop meeting each other.

Banks step up to assist customers amid COVID-19

Mobile Payments Today

The banking industry is providing increased flexibility to retail and small business customers as the coronavirus puts enormous financial pressure on communities

Digital-only financial institutions avoid leveraging pandemic fears 

Bank Innovation

The novel coronavirus may be closing bank branches nationwide, but some digital-only financial institutions are trying not to exploit consumer fears.

Trump Seeks Up To $1,000 For Each American Impacted By Coronavirus

PYMNTS

President Donald Trump is reportedly discussing the possibility of sending Americans $1,000 checks to help with the economic hardships brought on by the coronavirus , according to a report by Reuters.

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The Finanser’s Week: 9th March 2020 – 15th March 2020

Chris Skinner

The main blog headlines are … “Are you willing to take the risk of investing in b t?” “Are Are you willing to take the risk of investing in b t?” Interesting headline. It’s not mine btw. It’s a question from a leading banker.

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Mitigating Mobile Fraud with Secure Subscriber Enrollment

Mobile Payments Today

To streamline the enrollment process, while reducing the potential for fraud, GIACT released a new white paper, Mitigating Mobile Network Fraud with Secure Subscriber Enrollment , detailing the best practices in secure digital enrollment

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Survey: Pandemic could spark lasting shift to digital channels

Bank Innovation

The push for digital products from banks amid growing social distancing measures may persist long after the COVID-19 pandemic ends, according to early survey results from INV Fintech, Bank Innovation’s sister banking innovation services platform.

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New Instant Payment Networks Launch, From Aruba To Hungary

PYMNTS

Speed drives innovation, particularly in payments. In this week’s look at payment rails innovation, PYMNTS finds a slew of new markets around the world adopting entirely new payment networks that can support their demand for real-time transactions.

The politics of pandemics

Chris Skinner

I was a little distraught over the weekend. With absolutely no warning, the Polish government closed the country’s borders. All flights and train travel banned. No inbound access at all, unless you are Polish or could provide Polish residency.

Following COVID-19: How the virus is affecting the mobile payments industry

Mobile Payments Today

Mobile Payments Today is doing its best to provide news and updates regarding how the coronavirus is affecting the payments industry. We'll update this story with the lastest headlines

New Kabbage platform aims to bolster small businesses during pandemic

Bank Innovation

Small business lender Kabbage is creating a way for companies to drive revenue while social distancing through an online gift card platform launched today.

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Baidu: AI Exceeds Human Natural Language Comprehension And Open Source Could Make It Even Better

PYMNTS

Every consumer has gone through at least one iteration in their commercial life of the clunky, junky product search. It starts with a basic idea of what one is looking for — but nothing as specific as say a SKU — entered into a search bar.

Things worth reading: 19th March 2020

Chris Skinner

Things we’re reading today include … U.S. regulator proposes path for non-banks to gain deposit license Coronavirus: Pound plunges to its lowest level in over 30 years Cardless in the coronavirus crisis The Federal Reserve can’t save us.

Trump administration to halt foreclosures as pandemic worsens

American Banker

The temporary foreclosure moratorium on loans backed by HUD, Fannie Mae and Freddie Mac comes after lawmakers and housing advocates had pushed for steps to avoid consumers getting booted from their homes. Senate Banking Committee Donald Trump FHFA Foreclosures Coronavirus FHA Sherrod Brown HUD

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Chase to temporarily close 20% of branches due to pandemic 

Bank Innovation

JPMorgan Chase told its employees today it will be closing about 20% of its branches starting tomorrow. A Chase spokesperson told Bank Innovation the move would “help us protect our employees as we provide essential services to our customers and the communities we serve.”

How Opening Bank Data Can Transform SMB Lending

PYMNTS

Open banking’s impact on small- to medium-sized businesses (SMBs) continues to proliferate as traditional financial institutions (FIs) embrace the opportunity to unlock data for third-party platforms.

Things worth reading: 17th March 2020

Chris Skinner

Things we’re reading today include … BoE’s guv Andrew Bailey has to prove he knows what’s what Climate change: The rich are to blame, international study finds The Federal Reserve acts again, as market turmoil continues Quotes from Federal Reserve Chair Powell’s press conference Big U.S.

Return of the TDR: How to Prepare for Coronavirus-Related Loan Restructurings

Abrigo

Key Takeaways For the first time in more than a decade, bankers may be dealing with large numbers of TDRs due to the coronavirus crisis. The FDIC recently reiterated that financial institutions should determine whether loans affected by COVID-19 should be reported as TDRs.

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Survey: Coronavirus and the State of Banking Innovation

Bank Innovation

The coronavirus pandemic is already having deep ripple effects across the economy and within the banking and fintech ecosystems. Customer needs for truly digital propositions are now more relevant than ever.

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Bitcoin Daily: Rhode Island’s Blockchain Act Aims For Crypto Rules Too; Rapper Akon Details Crypto Plans

PYMNTS

Rapper Akon is launching the cryptocurrency, Akoin, that he says will financially power “Akon City” in West Africa. His whitepaper indicates that Akoins will work as “atomic swaps” between cryptocurrencies, fiat currencies, and mobile phone credits on the Akoin network.

Our world is just a fiction

Chris Skinner

For a while, I presented the idea that our world is a fiction. It is a fiction based upon beliefs. We have shared beliefs. We believe the world is the way the world is. But the world isn’t this way. Borders. Borders don’t exist. We – humans – created borders.

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Coronavirus – Cybercriminals Strike in Times of Fear

Abrigo

Key Takeaways. There has been an uptick in phishing scams in Europe and North America related to the coronavirus. Assets available on the dark web include a real-time heatmap of COVID-19 cases. Educate your employees and stakeholders to stay protected.

Banks promote digital channels as pandemic keeps customers from branches  

Bank Innovation

As social distancing becomes the new normal and quarantine measures spike during the coronavirus pandemic, banks of all sizes are promoting their digital channels to customers. “We