Mon.Mar 30, 2020

US Mall Owner Taubman Tells Tenants To Pay Up

PYMNTS

mall owner Taubman is telling tenants that their rent must be paid despite the inability to meet obligations, according to a CNBC report on Sunday (March 29).

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Lenders tighten underwriting standards; coronavirus death on Wall Street

American Banker

Banks and fintechs are not taking undue risks in lending to new customers; Jefferies CFO Peg Broadbent succumbs to the disease at age 56. Jefferies Servicing Federal Reserve Deposits Ginnie Mae Lending rules

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Omnichannel No Longer An Option For Retail

PYMNTS

Consumers shopping in droves via eCommerce channels is hardly a piece of breaking news — for the better part of a decade, that has been obvious to anyone watching the retail space.

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Linking Banking Career Aspirations with a Personal Finance Foundation

ABA Community Banking

Union Savings Bank pairs personal finance skills with its banking careers program for underrepresented communities. The post Linking Banking Career Aspirations with a Personal Finance Foundation appeared first on ABA Banking Journal.

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New Data: What COVID-19 Is Doing To Main Street SMBs

PYMNTS

For most small businesses, the dawn of the new decade was filled with optimism for their futures. Consumer confidence was at an all-time high, and unemployment at an all-time low. Consumer spending was strong, as were their household balance sheets.

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Debt Collection and COVID-19: What Past Crises Can Teach Us

FICO

Across many EMEA markets, debt collection has been focussed on driving the right outcome for the customer at the outset, rather than how soon and how quickly can cash be collected. With the COVID-19 pandemic this approach could not come any sooner for credit customers whose ability to pay is at risk.

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More Trending

For 73% of consumers account opening can 'make or break' their ties with digital services

The Paypers

A new report published by Trulioo has revealed that 73% of consumers claim that the account opening process can ‘make or break’ their relationship with digital services

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US Eases New Banking Rule On Reporting Bad Loans

PYMNTS

Bank regulators have rolled back the Jan. 1 accounting standard known as “current expected credit loss” (CECL) in an effort to bolster loans in the wake of the coronavirus, the Wall Street Journal reported on Friday (March 27).

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People's Bank of China rejoins global monetary easing wave

The Paypers

The People’s Bank of China (PBOC) has slushed the interest rate it charges on loans to banks by the biggest amount since 2015, according to CPI Financial

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A Debit-Enabled Fix To In-Store Checkout Abandonment

PYMNTS

Debit cardholders often choose this payment method because it is more secure than carrying cash — which cannot be recovered if lost — and may safeguard them against spending more than they have, which is not the case with credit cards.

Ecommerce in Denmark to reach EUR 21.45 bln in 2020

The Paypers

Ecommerce in Denmark is expected to be worth EUR 21.45 billion by the end of 2020, Ecommerce News Europe reports, representing an increase of 10%, compared to the status at the end of 2019

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The Healthcare Innovation Opportunities Out Of The COVID-19 Crisis

PYMNTS

While it is often said that every dark cloud has a silver lining, that particular aphorism is difficult to appreciate when one is standing under said dark cloud in a deluge. And, by all accounts, the unfolding of the coronavirus outbreak in the U.S.

Fast announces USD 20 mln Series A funding led by Stripe

The Paypers

Fast has announced a USD 20 million Series A funding round led by Stripe , with additional participation from existing investors Index Ventures and Susa Ventures

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Why Credit Union’s ‘Mature Trust Model’ Matters For Members

PYMNTS

As COVID-19, the disease caused by the coronavirus , ravages the economy, and millions of Americans shelter in place to figure out their next financial moves amid layoffs and volatile markets, credit unions (CUs) have a role to play — particularly in the battle against fraudsters who would prey upon CU members at this most vulnerable moment. To that end, Chief Information Officer Dave Stafford and Chief Information Security Officer David Bryant of PSCU , a credit union service organization, told PYMTNS that trust and collaboration are key among the efforts to protect consumers. As the pair noted to PYMNTS, the coronavirus pandemic has spurred a shift in how people think about — and address — their finances. They are likely living life, now more than ever, online. “As credit union members and consumers are transacting and doing more of their business in a digital environment, data privacy, and privacy in general, takes on a completely different flavor,” Stafford said. Against that backdrop, he said, it’s imperative that CU members trust that their chosen financial institution (FI) is handling their data properly, safeguarding that data, and sharing that data only under circumstances that allow that member to be serviced and offered complimentary products — as opposed to being solicited. “That’s a much more mature ‘trust model’ than perhaps we have relied on in the past,” Stafford said. And in crafting and promoting that mature model, said Stafford, CUs can offer tools members can use to service their own needs with speed and efficiency. He pointed to features that lend themselves well to banking on mobile devices. One example can be seen in setting up fraud alerts, which can be sent proactively to the member in case of a suspicious transaction. Those proactive measures — leveraging advanced technologies such as geo-location, which can ascertain whether users are in fact the ones using devices — can prevent the need for a call in to a call center and lag times. As more fraud shifts from card-present to card-not-present commerce, it’s been imperative to thwart attempts to impersonate consumers and assume control of their accounts. Bryant said end users want “assurances baked into products upfront,” and noted there has been an increasing embrace of two-factor authentication and for other protective measures that go far beyond user IDs and passwords. In detecting and preventing bad actors, in setting high standards of transaction controls, Stafford and Bryant said CUs have been increasingly embracing the Automated Cybersecurity Examination Tool that is in turn provided by the National Credit Union Administration. It’s a tool that can foster collaboration and data sharing among members — a positive dynamic, according to Bryant, that focuses on end benefits to consumers. As Bryant said, the tool offers a way for CUs to measure the effectiveness of their fraud programs. “It gives a credit union the ability to say from a maturity curve standpoint, ‘This is where our program would normally be… and where we need to be,’” he explained. He said FIs can gauge the controls set in place with a cybersecurity program, and to gauge real versus expected outcomes tied to those efforts. “There’s a good holistic view of what the entire cyber program looks like, as well as the ability to measure it against the tool everybody else measures,” said Bryant. CUs can examine their strengths and weaknesses against CUs of the same size and see how they compare. Security is also top of mind for CUs as amendments to California data privacy laws may effectively insulate these FIs from penalties tied to data breaches, owing to CUs’ non-profit status. Bryant said CUs are not waiting around to see where the legislation goes to make sure they are in compliance with it. Many executives in the CU ecosystem, he said, are already thinking about or have already implemented much of California’s privacy requirements. “We don’t require regulation to drive a good cybersecurity program,” he told PYMNTS. Credit Unions authentication Automated Cybersecurity Examination Tool Coronavirus COVID-19 credit unions CUs Cybersecurity data privacy Featured News fraud mobile banking National Credit Union Administration News PSCU Security

Tools 151

Delivery Hero launches no-contact delivery and cashless payments

The Paypers

Delivery Hero, an online food ordering and delivery marketplace, has launched no-contact delivery and cashless payments for orders across risk zone markets

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Airbnb Execs Take Less Pay, Sideline $800M Marketing Plans

PYMNTS

Airbnb is looking to pause its marketing campaigns as a way to save $800 million while the company’s executives slash half of their salaries, Reuters reported on Friday (March 27), citing sources.

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Qatar Central Bank launches mobile payment system

The Paypers

The Qatar Central Bank (QCB) has launched the 'Qatar Mobile Payment System' (QMP), which provides a new and safe method for immediate electronic payment

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RILA On How United States Retailers Are Responding To Changing Privacy Rules

PYMNTS

California Consumer Privacy Act (CCPA), Washington Privacy Act (WPA) and other new privacy and online transaction standards are changing how businesses interact with consumers’ data in the U.S.

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Compulynx makes available its ecommerce platform for free

The Paypers

Software developer CompuLynx has invited retailers to sell products on its ecommerce platform free of charge for the next three months

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Regulatory and compliance concerns make Mastercard leave Libra Association

The Paypers

Mastercard has pulled out of the Facebook-led Libra project after developing concerns over its business model and compliance

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The FIDO Alliance welcomes PrivyID as the first Indonesian member

The Paypers

Indonesia-based legally-binding digital signature and trusted digital identity solution provider PrivyID has officially become a member of the FIDO Alliance

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Lumenvox, OneVault team up for voice authentication and fraud prevention ecosystem

The Paypers

The South African remote biometric authentication specialist OneVault has partnered with speech processing and authentication technology provider Lumenvox

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Ecommerce giant JD.com aims to surpass its rival Alibaba

The Paypers

China-based ecommerce company JD.com has panned to become the tech platform of choice for US customers in a cloud computing market dominated by Alibaba

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