COVID-19, Digital Payments and the Future of Cash
Payments Dive
JULY 28, 2020
The COVID-19 pandemic has accelerated the use of digital payments and moved the debate over a cashless society to a near-term consideration
July, 2020
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When the banks closed, no-one cared
Chris Skinner
JULY 29, 2020
A great headline posted in The Financial Times the other day: When the banks closed in Wuhan, nobody cared The Financial Times article makes clear how advanced the Chinese economy is today. For several months this year, banks across Hubei province, an area home to 60 million people, shut their … The post When the banks closed, no-one cared appeared first on Chris Skinner's blog.
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Trending Sources
Bank Of China Advises Country’s Banks To Avoid SWIFT Messaging
PYMNTS
JULY 29, 2020
With the economic and political battles between the U.S. and China heating to a boil, one of China’s top banks is urging financial institutions (FIs) to cut their use of the SWIFT financial messaging network for cross-border transactions. The bank’s messaging applies to Hong Kong and Macau as well. With U.S. sanctions against China looming, state lenders there have reportedly been developing contingency plans.
No longer an alternative: The approaching future of local payments
Payments Dive
JULY 7, 2020
The rapid integration of the global payments market means that local payment methods will no longer be seen as an alternative payment method for multi-national payment processors and merchants, but the norm.
Back to Basics with Reconciliations
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Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.
How EMV has grown beyond the chip on a card
Payments Source
JULY 8, 2020
The role of EMVCo — which is often seen as an extension of the card brands that deals only with chip-based EMV plastic cards— has come into sharper focus.
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Future-proofing the branch network beyond COVID-19
Accenture
JULY 16, 2020
In the first six months of 2020, the global COVID-19 crisis rapidly accelerated the evolution of the branch-network footprint. It’s time now for banks to consider future-proofing their networks for a post-pandemic world. Both the role and shape of branches are changing rapidly. In order for banks to cope—and to create a future-proof network—it is….
Am I wrong about Hong Kong?
Chris Skinner
JULY 6, 2020
I got an amazing reply to my post yesterday. I cannot say from whom – that’s part of the thing – but it’s such a good reply, I’m sharing it here. For me, it shows how the internet has changed the world – I can write a blog from Poland, … The post Am I wrong about Hong Kong? appeared first on Chris Skinner's blog.
US Treasury Tells Banks To Treat Hemp Businesses Like Any Other
PYMNTS
JULY 5, 2020
The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other businesses. In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S. Treasury Department’s financial crime division, the agency said the new guidance is in response to questions related to Bank Secrecy Act/Anti-Money Laundering regulatory requirements for hemp-related business customers.
QR codes get a new life as COVID-19 recovery spurs contactless payments
Payments Dive
JULY 10, 2020
The rapid demand for safe, contactless merchant payments has led to renewed interest in QR codes, a payment technology that historically dominated Asian markets, but lagged NFC use in the U.S.
How a Managed Services Partner Can Reduce the Friction in Your RDC Program
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Treasury teams at community banks face an ongoing challenge of delivering frictionless customer experiences as they support treasury products – especially RDC. This infographic focuses on the efficiencies community banks gain when partnering with a proven managed services provider. You’ll see the advantages you can gain when a managed services partner leverages online tools, skilled customer and technical support personnel, and fulfillment and logistics capabilities to streamline RDC fulfillment
How a fintech born from the 2008 recession is navigating the pandemic
Payments Source
JULY 27, 2020
Bill Clerico created WePay during the last financial crisis, and sees a similar opportunity now. The coronavirus pandemic is affecting different markets in vastly different ways, and easing the flow of capital is just one way to provide help.
Pulling Private Dependencies with Cloud Manager
Perficient
JULY 15, 2020
For customer’s using Adobe Managed Services, Cloud Manager has become the de facto system for deploying code to their Adobe Experience Manager environments. Among Cloud Manager’s many deficiencies is the inability to fetch artifacts from private remote repositories. The good news is there’s a workaround for internet-facing artifact repositories.
â??There will be more of a distinction made between banks and non-banksâ??
Bobsguide
JULY 14, 2020
When auditors KPMG discovered a €1.9bn black hole in the accounts of German payments giant Wirecard last month, shockwaves were sent across the financial world. The ongoing scandal has raised questions for many, not least accounting firm Ernst & Young, whose previous audit had failed to.
Digital Banking for the Poor
Chris Skinner
JULY 13, 2020
I have a few friends around the world that I pick up on, and The World Bank and CGAP are amongst that crew. Therefore, when I saw that Peter Zetterli, senior financial sector specialist with CGAP, was blogging about financial inclusion I couldn’t but help reach out to him and … The post Digital Banking for the Poor appeared first on Chris Skinner's blog.
Budget Playbook for Commercial Lenders — Bank and Credit Union Edition
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Amid market uncertainty, banks and credit unions are faced with critical decisions about the future of their commercial lending. With fluctuating interest rates and rising competition from non-bank lenders, it's critical to allocate your 2025 budget strategically to optimize lending operations. Our Budget Playbook for Commercial Lenders delivers key strategies to help you navigate these challenges, ensuring your institution is well-positioned for the coming year.
How Payments Is Powering The Travel Industry’s Return
PYMNTS
JULY 3, 2020
The global pandemic has left no industry unscathed, but the travel business has the unfortunate distinction of being the sector that was slammed first and hardest, Colin Smyth , head of travel at payments platform Flywire , told Karen Webster in a recent conversation. “They took [that] punch in the stomach first, and they’ve had to rebuild, thinking about the ways they can survive until the industry opens back up again,” Smyth said.
Retail Recalibration: The need for agile and flexible payment solutions
Payments Dive
JULY 14, 2020
As the COVID-19 pandemic has rapidly changed the e-commerce landscape, online sellers need to make sure they are offering a wide range of payment options that cater to the needs of their customers.
Can EU banks unite against Visa and Mastercard?
Payments Source
JULY 2, 2020
More than a dozen large European banks plan to launch a payment system that would rival U.S. payment companies and technology firms, an idea that hasn’t worked in the past but may have a better chance given the current global health, economic and political crises.
Going Beyond Recovery: Virtual Event for Healthcare Providers on August 11
Perficient
JULY 29, 2020
If you could turn back time, before COVID-19, what would you do differently? How would you ready your health system? Or what do you wish that you’d known or put into place? Come join us for an exclusive virtual event for healthcare providers, featuring top industry experts from Salesforce, Perficient and The Chartis Group, on Tuesday, August 11.
Is Your Current Card Platform Holding You Back?
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Have you ever felt the pain and loss of a client suddenly going silent, leaving you questioning everything? Ghosting can cause heartbreak; in business, it drains resources, and emotionally, it shatters your confidence. A modern credit card program can give you the tools to deliver the digital-first experiences your customer’s demand. Our eBook, “5 Signs Your Credit Card Offering Needs an Upgrade,” will help you identify key indicators that your current card platform may be holding you back and w
Volcker Rule change inspires tepid optimism
Bobsguide
JULY 2, 2020
As the US startup community celebrates the recent Volcker Rule reform, some worry the change could impair the banking system as it recovers from recent market volatility. Sankar Krishnan, executive vice president and industry head, banking and capital markets at Capgemini, is.
McKinsey on digital transformation in banking (free research)
Chris Skinner
JULY 1, 2020
McKinsey I only just stumbled across this 124 page report from McKinsey. I know we can critique consulting frims, but sometimes they do produce something interesting, apart from auditing. In the case of McKinsey, building on yesterday’s free research from Deloitte, this report is all about digital transformation and replacing … The post McKinsey on digital transformation in banking (free research) appeared first on Chris Skinner's blog.
Why SMBs Need To Focus On Product Innovation And Adopt A Digital Business Model
PYMNTS
JULY 14, 2020
The acceleration of [digital sales] growth can be explained almost entirely by an influx of first-time buyers.”. When consumers fled to online shopping options in Q2, many businesses weren’t set up for digital-first commerce, but quickly figured it out. There’s a cautious optimism now as SMBs, in particular, discover that going digital itself has gotten easier.
QR codes get a new life as COVID-19 recover spurs contactless payments
Payments Dive
JULY 10, 2020
The rapid demand for safe, contactless merchant payments has led to renewed interest in QR codes, a payment technology that historically dominated Asian markets, but lagged NFC use in the U.S.
Top 3 Banking Secrets to Stay Relevant with Gen Z Consumers
Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert
In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.
Open banking trends show which tech will outlast the pandemic
Payments Source
JULY 1, 2020
An obscure-sounding statistic gives a fresh look at how dramatic the move to digital finance has been the past few months — and how permanent the move will be.
St. Louis Colleagues Rank Perficient a Top Workplace in 2020
Perficient
JULY 30, 2020
Perficient is a Top Place to Work in St. Louis. We’ve done it again! Perficient is proud to continue our tradition as a 2020 Top Workplace in St. Louis ! The St. Louis Post-Dispatch released the annual list with Perficient being named as one of St. Louis’ best midsize companies to work for. “I am thrilled that our employees in Missouri have once again recognized Perficient as a 2020 Top Workplace in the annual St.
Pandemic accelerates adoption of contactless payments
Bobsguide
JULY 3, 2020
The spread of the coronavirus and governments’ subsequent reaction has led to a surge in the adoption in contactless payment methods such as card and mobile payments. A report released by consumer research firm Dynata, surveyed 1000 people is 11 different countries found a universal uptick.
Neobanks: are they really challenging?
Chris Skinner
JULY 9, 2020
In surfing this week, I found a great article on my friend Amit Goel‘s website GoMedici.com. The company has just completed a deep dive into the world of challenger banks or, as they term them, neobanks. The time for neobanks is now. Here’s their summary of thinking: Neobanking 2.0: Global … The post Neobanks: are they really challenging?
Breaking New Ground: Managing Innovation Fatigue With Effective Automation
Speaker: Gary Dmitriev
Our upcoming webinar aims to demystify the process of selecting and implementing automation tools for financial institutes. This session will provide your roadmap for vetting potential solutions, focusing on due diligence, vendor assessments, and aligning technology with strategic goals. We’ll also address the critical issue of innovation fatigue, offering tips on maintaining enthusiasm and momentum for new initiatives.
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