Coronavirus

The coronavirus pandemic has forced some branches to close, but demand for in-person advice remains strong.

Fintechs must have the ability to adapt if they're to survive the crisis and thrive afterward, Daumantas Barauskas of Genome says.

The coronavirus outbreak initially looked like it might torpedo U.K.-based Paysafe’s plan to expand in the U.S. in 2020. But several months into the pandemic, the payments conglomerate sees ways it can grow by helping bruised small businesses retool operations.

Many sellers are ditching the loans to avoid the cumbersome forgiveness process. For others, the Paycheck Protection Program was never a strategic fit.

“We do not yet know when we’ll return to a more traditional operating model,” a company spokesperson said.

The owner of The Shuckery in Petaluma, Calif., says she was unable to get a Paycheck Protection Program loan until she responded to an email from the delivery service and BlueVine.

The Federal Reserve Racial and Economic Equity Act would direct the Fed to consider racial inequality in employment, income and access to affordable credit when making monetary policy and in its regulation and supervision of banks.

A new report from Access Softek showed at least one in five members are likely to reduce their branch visits once the pandemic ends, though the risk of consumers leaving their credit union entirely may have declined.

The prepaid card company benefited from payments that were designed to offset the pandemic’s impact on U.S. consumers.

Consumers are reluctant to take on additional debt in the wake of the coronavirus, cutting into credit unions' revenue streams. That could spur more institutions to roll out rewards programs to promote debit card usage.

It’s likely that our dependence on digital channels will have become the norm, which means that security protocols like EMV 3-D Secure should also become part of the new status quo, says Entersekt's Simon Armstrong.

The point of sale terminal industry was already under pressure to go digital before the coronavirus pandemic made this transition much more crucial to its survival.

The global pandemic and stalled trade negotiations have discouraged farmers and ranchers from taking on more debt and made banks uneasy about extending more credit.

Western Union confirmed yet again that for a payments company to survive the coronavirus pandemic, it needed to enter the crisis with a strong footing in digital payments.

Besides reauthorizing the Paycheck Protection Program, Congress should upgrade the loan forgiveness process, offer businesses the chance to take out a second loan and ensure the pricing satisfies lenders, bankers say.

Most consumers globally have changed the way they pay to avoid coronavirus risk, and almost half say they’re using cash less often since the pandemic began, according to a study from Visa.

KeyBank, Regions and others are using self-service portals, robotic processing automation and virtual assistants to digitize the collections process and make it more humane in anticipation of rising delinquencies.

Community bank earnings are usually easy to understand, but loan deferrals and modifications as well as the complexities of the Paycheck Protection Program are skewing financial statements.

Over 90% of loans from CUs in the Empire State are eligible for forgiveness using the $150,000 threshold.

Payment processor Elavon purchased Sage Pay four months ago, completing the acquisition on March 11. Two days later, Elavon's entire workforce was operating remotely as the coronavirus forced it into lockdown.