March, 2020

When the world stops, did you want to get off? #coronavirus

Chris Skinner

Woke up with a sore throat, stuffed nose and cough. OMG, have I got the coronavirus???? After President Trump’s ban on Europeans last night, the coronavirus madness continues.

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Juniper Research sees digital banking poised for growth

Mobile Payments Today

Digital banking is poised to take off as incumbent banks move much of their business to mobile channels to compete against a new generation of digital-only startups

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Startups seeing increased digital engagement during coronavirus crisis 

Bank Innovation

As the novel coronavirus continues to keep consumers inside their homes, startups that offer digital-only products are experiencing a wave of new customers and engagement. “The

What the rise of in-app payments means for banks

Accenture

The expectations of customers when it comes to payments have changed radically in recent years. Payments that are instant, invisible and free (IIF) have quickly become the norm, especially in certain segments of the market like airlines, fashion retail, hotels and online travel agents.

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.

How Lenders Can Prepare for The New SBA 7(a) Paycheck Protection Program

Abrigo

Key Takeaways Financial institutions hoping to help small businesses land an SBA 7(a) loan through the Paycheck Protection Program should act now to prepare for customers seeking help due to the coronavirus crisis.

More Trending

An open letter to banks on SMS Authentication

Mobile Payments Today

To protect against fraud, the banking industry needs to find alternative methods for authentication beyond SMS verification

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4 business challenges of COVID-19 and solutions to fight them  

Bank Innovation

While financial services companies large and small scramble to cope with the economic fallout of the coronavirus pandemic, there may be a silver lining to the gloom, according to Delos Advisors.

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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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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FATF Updated List of Jurisdictions with AML/CFT Deficiencies

Abrigo

Key Takeaways Albania, Barbados, Nicaragua among the countries added to the FATF watchlist. Trinidad and Tobago is removed from the FATF list. Iran and the DPRK are kept on the watchlist.

The end of cards and cash … just fifteen years late

Chris Skinner

I just received a report from Deloitte about credit and debit cards. It says the future is not so bright: “more payment choices, along with changing consumer preferences, are threatening the long-term viability of the credit card business model.” Damn. I said that fifteen years ago.

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Coronavirus outbreak raises questions about digital payments and cash

Mobile Payments Today

The coronavirus pandemic has raised a number of concerns about whether consumers would shift towards digital payments amid concerns about cash handling and interacting with large crowds in banks and retail centers

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Weekly Wrap: Coronavirus dislocation continues to rock fintech

Bank Innovation

In a week that saw the coronavirus pandemic amplify in the United States, the fintech sector continued to weather economic dislocation and uncertainty.

JPMorgan Chase closing 1,000 branches to help slow pandemic

American Banker

The biggest bank in the U.S. will temporarily close 20% of its branches, following recommendations by health experts. It said it would also operate its remaining branches at reduced hours. Regions Bank Branch network Coronavirus JPMorgan Chase Branch banking

French Court Says Bitcoin Is Money

PYMNTS

A French court has decided that bitcoin is money, the first time a court in France has issued such a ruling, according to a report from Les Echos Sunday (March 8). The decision came about following a clash between the Bitcoin marketplace Paymium and the crypto investment company BitSpread.

Abrigo Poll: Bankers Expecting a Recession for at Least 2 Quarters; Troubled Debt and Liquidity Top List of Concerns

Abrigo

Key Takeaways Three out of four bankers expect a recession will last at least two quarters Economic uncertainty has shifted questions regarding estimating the allowance for credit losses under CECL Managing troubled loans and liquidity top bankers' list of concerns.

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#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?

ATM industry looks to federal lifeline amid COVID-19

Mobile Payments Today

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

Can banks emerge stronger from the pandemic?

Bank Innovation

The Coronavirus pandemic is posing significant challenges to the banking sector, forcing financial services providers into contingency mode and already driving cost-cutting initiatives and branch closures. What damage will the coronavirus crisis create in banking?

The COVID-19 Bank Playbook

Banker to Banker

When we talk about unforeseen Black Swan events, the COVID-19 virus fits the profile.

Lyft Directs Drivers To Pursue Amazon Positions As Rides Decline

PYMNTS

While the coronavirus forces consumers to stay inside, Amazon is joining forces with Lyft to attract drivers for grocery and package deliveries.

Federal Reserve Suspends Exams for Banks Under $100 Billion

Abrigo

Key Takeaways The Fed will temporarily suspend exams for banks with less than $100 billion in assets. Banks over $100 billion in assets will have some exam activity deferred. The Fed extended time for existing remediation responses by 90 days.

Doing Digital: Presentation, Slides, Video, Transcript [FREE]

Chris Skinner

I don’t know how you guys are holding up, but I’m finding myself on lots of videoconferences, even delivering a keynote in Tokyo the other day from my home office in Poland. The event was recorded and so I thought I’d share the video and transcript with you.

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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

Digital dollars gain credence despite stimulus bill cut

Bank Innovation

While the proposal to distribute digital dollars was struck from the new $2.2 trillion stimulus bill designed to buoy the economy, the proposal alone could accelerate a more widespread adoption of a cryptocurrency. When Maxine Waters (D-Calif.),

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

Walmart Enacts No-Touch Protocols

PYMNTS

Walmart is enacting no-touch procedures so that customers can shop more safely during the coronavirus outbreak, according to a report by USA Today.

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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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.