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Five Digital Banking Initiatives for Second Half of 2020

Five Digital Banking Initiatives for Second Half of 2020

By: Brandon Dewitt As the calendar nears the midpoint of 2020 and banks continue adjusting to a new normal, it’s more important than ever to keep pace with planned initiatives.

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Virtual Card Transactions Value to Reach Over $5 Trillion by 2025, Says Juniper Research

Image Credit: Juniper A new report from Juniper Research found that the value of transactions processed by virtual cards will more than treble over the next 5 years; increasing from an anticipated $1.6 trillion in 2020. Virtual cards are temporary, random digital card numbers that replace core payment details for specific online transactions.

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Visualizing the Rise of Digital Payment Adoption

Visualizing the Rise of Digital Payment Adoption

Digital Payments: The Evolution of Currency Over the last decade, the digital payments landscape has undergone a structural shift. Consumer behaviors are changing—moving towards contactless and cashless transactions. Meanwhile, as the magnitude of COVID-19 grows, these trends have only accelerated.

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PayPal Enters Digital Space With Plans to Offer Direct Crypto Sales

PayPal Enters Digital Space With Plans to Offer Direct Crypto Sales

Recently, the crypto and FinTech spheres were set humming with reports that PayPal and its mobile payment service Venmo could potentially be making an entrance into the digital cash sphere by offering its users the ability to buy and sell cryptocurrencies.

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Industry

Wirecard’s U.S. Unit Bids for a New Owner as Rivals Sense an Opportunity to Win New Business

Wirecard’s U.S. Unit Bids for a New Owner as Rivals Sense an Opportunity to Win New Business

The fallout from the Wirecard AG financial scandal has hit the U.S. market as the processor’s North American unit announced late Monday it is seeking a buyer. Wirecard North America Inc., based in Conshohocken, Pa., said it has engaged an unnamed investment bank to assist in the transaction.

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Bank Profitability at Risk as Pandemic Slows Economy, OCC Says

Bank Profitability at Risk as Pandemic Slows Economy, OCC Says

Bank profitability is at risk as the decline in economic conditions, brought on by the coronavirus pandemic, will broadly affect bank earnings, credit quality, operations and capital, the Office of the Comptroller of the Currency (OCC) said in a report released Monday.

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20/20 Hindsight Will Help Payments Businesses Fast-track Digital Success

20/20 Hindsight Will Help Payments Businesses Fast-track Digital Success

The Paypers interviews Anders la Cour, Chief Executive Officer and co-founder of Banking Circle which recently published the first in a series of white papers looking at the impact of COVID-19 as part of a bigger picture of change for the payments industry Your latest white paper focuses on how payments businesses are re-evaluating the […]

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6 Ways the Coronavirus Has Changed Credit Unions

6 Ways the Coronavirus Has Changed Credit Unions

Credit unions have had to scramble to adjust to the fallout from the coronavirus as it became widespread in March. Employees at Jax Federal Credit Union now wear masks on the job to help protect against the coronavirus.

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Regional

Financial Inclusion: Mexico Is Missing a Move to Digital Banking

Financial Inclusion: Mexico Is Missing a Move to Digital Banking

When the history of the coronavirus’s impact on Latin America is written, it will highlight the acceleration that the virus had on the shift to digital banking and the subsequent economic impact of this.

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Fintechs (Not Banks) Could Reap Windfall From $800 Billion Opportunity in US Equity Market

Fintechs (Not Banks) Could Reap Windfall From $800 Billion Opportunity in US Equity Market

ADVERTISEMENT As the global pandemic alters life as we know it, accelerating the work-from-home culture, shifting priorities and creating soaring demand for Zoom conferencing, fintech solutions are quickly encroaching on banks — the Blockbuster Video to their Netflix.

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Coronavirus Boosts Online Banking, Payments Usage in the US

Coronavirus Boosts Online Banking, Payments Usage in the US

US bank branches are still shuttered amid the pandemic, but consumers are more likely to conduct their banking online, according to recent research. An April 2020 William Mills Agency survey conducted by The Harris Poll found that 73% of US adults were more likely to leverage digital banking and payments while social distancing.

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Americans Create New Economic Threat With Their Own Savings

Americans Create New Economic Threat With Their Own Savings

For example, Visa reported that credit card payment volumes plunged 31% through April 28. Visa said the only category of US payments volume that is growing is food and drugstores, along with Walmart, Costco and Target. Spending on everything else was down in April.

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Regulatory

The Case for One-time Passcodes: Is Your Digital Wallet Offering Maximized?

The Case for One-time Passcodes: Is Your Digital Wallet Offering Maximized?

Spurred by health concerns and the rapid shift from brick-and-mortar to online shopping, digital wallet usage has surged in the time of COVID-19.

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Credit Card Lending: Fair Is Foul and Foul Is Fair

Credit Card Lending: Fair Is Foul and Foul Is Fair

Act 1, Scene 1 of Shakespeare’s Macbeth comes to mind when considering the challenge of credit card lenders today, as three witches chant about the unclarity of what is good and evil. An article in today’s WSJ talks about how lenders “pulled back sharply on lending” because they can’t tell who is creditworthy anymore.

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Wirecard Files for Insolvency After Ex-CEO Arrested in $2 Billion Scandal

Wirecard Files for Insolvency After Ex-CEO Arrested in $2 Billion Scandal

Wirecard has filed for insolvency, just days after a $2 billion accounting scandal at the company burst into the open, crashing its stock and leading to the arrest of its former chief executive.

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Payment Companies Increase Efforts to Combat Coronavirus-Related Frauds

Payment Companies Increase Efforts to Combat Coronavirus-Related Frauds

The Financial Crimes Enforcement Network, a U.S. Treasury Department bureau focusing on combating illicit finance, alerted financial institutions to an increase in Covid-19-related scams in an advisory this week.

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