Sat.Apr 04, 2020 - Fri.Apr 10, 2020

Things worth reading: 8th April 2020

Chris Skinner

Things we’re reading today include … Have the banks played a blinder? Donald Trump ‘lost $1bn in a month’ from coronavirus lockdown WeWork sues SoftBank after withdrawal of $3bn deal U.S.

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Pay By Text

Mobile Payments Today

Get Paid Faster with Pay by Text Payments

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Will COVID-19 burst fintech’s funding bubble? 

Bank Innovation

Fintechs will likely have a tough time securing funding as the coronavirus pandemic continues to shake up the U.S. economy, prompting investors to tighten purse strings.

Is it Too Late to Automate? How to Get Started with PPP Lending

Abrigo

Key Takeaways There will likely be a second wave of additional funds for small business aid. CFIs can still take advantage of the program and begin automating PPP loans in 48 hours. Automation is key to streamlining PPP loans and getting capital into the hands of small business owners quickly.

What happened to capitalism?

Chris Skinner

I’ve spent my life in an economy that focuses upon money, greed, growth and profit … what was that all about? We are suddenly living in a world where everyone is being told to stay home and do nothing … and get paid for it. Well, if you’re in a … The post What happened to capitalism?

Creating Consumer Centric and Compliant Payment Solutions in the Text Channel

Mobile Payments Today

This White Paper helps navigate the regulatory environment to offer text solutions

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SBA Paycheck Protection Program: BSA Requirements Still Apply

Abrigo

Key Takeaways BSA requirements still apply to Paycheck Protection Program loans. Provide a BSA refresher course to your lending staff. While these loans are 100% guaranteed by the SBA, fraud is still a concern.

How JPMorgan Chase, BBVA, ING, DBS and CMB are doing digital

Chris Skinner

Today is the day that Doing Digital, my newest book, is finally live on Amazon and all good book stores. It’s the result of two years primary and secondary research and, to pay it its due, has been featured in many interviews with me recently.

Maintain Business Continuity with Digital Payment SolutionsFor

Mobile Payments Today

Does your business have an effective business continuity plan to deal with a crisis

Banks retool customer service in the scramble for PPP loans 

Bank Innovation

Banks are feeling the pressure of small businesses nationwide applying for Paycheck Protection Program loans.

After opening-day fiasco, SBA upgrades lender portal with Amazon assist

American Banker

The agency overhauled its system for the Paycheck Protection Program on Wednesday. Lenders hope it addresses the access issues and a crash that bedeviled the effort’s first week. SBA Fintech Coronavirus Small business lending Community banks

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Things worth reading: 7th April 2020

Chris Skinner

Things we’re reading today include … How is your bank helping customers impacted by the Coronavirus pandemic? Allstate to return $600 million in auto premiums as coronavirus cuts driving Fed says it will provide financing against new U.S.

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An Overview of a Fully Integrated Payment Solution from a Mission Oriented, Value Driven Payment Processor

Mobile Payments Today

Simplify how you bill and collect payments. Any method, anytime, anywhere

Better.com profits from low interest rates and recent layoffs

Bank Innovation

Laid-off hospitality workers can start new careers as loan officers with Better.com. The digital mortgage lender plans to hire 1,000 new employees this year and is targeting hospitality workers who have lost their jobs due to the COVID-19 crisis.?

I Can’t Connect to E-Tran – What Now?

Abrigo

Key Takeaways Friday's rollout of the PPP program was met with confusion, frustration, and glitches. E-Tran has been the subject of many frustrations. New lenders must follow a two-stage process to set up access to E-Tran.

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Things worth reading: 6th April 2020

Chris Skinner

Things we’re reading today include … Banks welcome Chancellor’s revamp of coronavirus loan scheme CEO of Santander says bank is taking measures to limit coronavirus impact Are banks making a profit from the coronavirus crisis?

Demand for real-time payments rises amid COVID-19 pressure

Mobile Payments Today

The economic fallout of COVID-19 has increased demand for real-time payments by small business and consumers as revenue sources begin to dry up and consumers and businesses face deadlines for bill payment and essential goods

SBA loan platforms could be fintech’s ‘big moment’  

Bank Innovation

A handful of fintech providers are bringing SBA Paycheck Protection Program loan platforms to market, a move that could be the industry’s moment to shine. The real opportunity here is going to be the administration of loans,” said CB Insights senior research analyst Arieh Levi. “If

SoFi To Buy Galileo Financial Technologies In $1.2B Deal

PYMNTS

In a deal valued at over a $1 billion, SoFi said it has inked a definitive deal to buy Galileo Financial Technologies. The online personal finance firm will pay total purchase consideration of $1.2 billion composed of shares and cash, according to an announcement.

The ugly, the bad and the good

Chris Skinner

It’s interesting that governments around the world have announced huge stimulus packages to protect workers, small businesses and life in general. Trillions of dollars. Great. The reality is that no one is getting it. You see these announcements and try to get hold of the bank to get the stimulus.

The global economy’s challenges and the impact on Australia

Accenture

As a global business working with numerous local and international clients, it’s little surprise that Accenture has a keen interest in world events and, from my side in particular, their possible impact on Australia.

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Chase virtual sessions up 5x since COVID-19 outbreak 

Bank Innovation

JPMorgan Chase has executed almost 150,000 concurrent virtual sessions in the past few weeks which, according to CEO Jamie Dimon, is nearly five times the usual number of such sessions as before the COVID-19 crisis. “We

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SBA Struggling To Meet Demand For Relief Loans

PYMNTS

An old computer system and too few employees are making it hard for the Small Business Administration (SBA) to meet the high demand for coronavirus relief loans, according to a report in the New York Times on Tuesday (April 7).

The Finanser’s Week: 30th March 2020 – 5th April 2020

Chris Skinner

The main blog headlines are … Are the big banks failing the people? I wouldn’t usually blog on a Saturday, but these are exceptional times and these are exceptional ideas. I’ve already seen some incredible innovation from start-ups looking to help those in need.

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US banking market finally primed to embrace contactless payments

Accenture

More than five years after the launch of Apple Pay and four-plus years after the US POS liability shift for EMV, the US market finally appears set to fully embrace contactless payments.

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Wells Fargo says Fed cap is limiting small-business relief

Bank Innovation

Wells Fargo & Co. said it can’t fully meet demand from small businesses rushing to participate in a U.S. relief program because of constraints imposed by the Federal Reserve on the bank’s growth. The company has capacity to lend $10 billion to small-business clients under the $349 billion U.S.

New Data: 95 Pct. Of Consumers Don’t Use Mobile Wallets For In-Store Purchases

PYMNTS

Among its many profound impacts, the COVID-19 pandemic has dramatically altered how consumers shop. Even before large-scale stay-at-home policies went into effect, most consumers sought to limit direct contact with people and objects as much as possible when they went out.

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Are the big banks failing the people?

Chris Skinner

I wouldn’t usually blog on a Saturday, but these are exceptional times and these are exceptional ideas. I’ve already seen some incredible innovation from start-ups looking to help those in need.

9 Vital Tips For Banks To Improve PPP Performance

Banker to Banker

We have often characterized banks as being “manufacturers of credit.” Like any manufacturing process, banks need to produce a product, in our case loans, to meet the customer’s demand.

Banking app Dave ‘on the hunt’ for remote work opportunities

Bank Innovation

Banking platform Dave is increasing its integrations with remote work employers as the coronavirus pandemic keeps consumers home, resulting in a hard-hit gig economy and freelance workforce.

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