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Tech firms have used payments to jump ahead of banks




For too long lately, especially when it comes to the topic of payments, the banking industry has been late to the proverbial digital innovation table.

As a result, non-traditional competitors such as Venmo and PayPal were able to enter the space and capitalized on this lack of innovation. In particular innovation centered around the payments processes and experiences.

Financial institutions and their technology providers should have taken the lead and introduced these processes and experiences to consumers beforehand. When easier, more convenient and innovative offerings emerged, consumers were left wondering why their own bank or credit union was not able to offer that same kind of consumer-focused experience and why they needed to go outside of their banking relationship to get it.

Whatever the reason may be for falling behind, the bottom line is financial institutions continue to run the risk of losing ground to fintech players that are challenging the status quo.

Community-focused banks and credit unions now more than ever are looking to shape the industry, rather than continually being shaped by it. They know they want to innovate, yet they have been left with the feeling that no one is listening or working to help them.

These financial institutions want a say in how products are put together and how they function to help better serve customers or members. They realize they need to innovate to remain competitive, however they have struggled because of the burden of legacy systems and technologies they carry.

Instead of them propelling change in the industry, these smaller FIs find themselves in a game of catch-up, which is only putting them at a further disadvantage. When their customers or members use another option outside of the FI, the relationship they have worked so hard to gain is further diminished.

Today’s consumers rightfully expect their bank or credit union to provide tools and services like those of other industries. Their innovative experiences with industries like retail, non-traditional financial tools, entertainment, and dining have shown them how they can expect to be served, especially in a digital format.

Companies like Amazon, Apple, PayPal Netflix, Uber and others have made it so easy to transact that consumers are left wondering why their bank or credit union cannot provide them with the same kind of seamless and tailored experiences.

Many financial institutions find themselves scrambling to remain relevant. This gap in financial services can be bridged when banks and credit unions team up with innovative and industry-focused technology vendors to better connect consumer expectations with the FI’s offerings.



Protect yourself while processing PPP forgiveness applications




Banks have a vested interest in helping their borrowers complete the Payment Protection Program (“PPP”) forgiveness application.  We, at LQD Business Finance, have not spoken to a single banker that wants to keep a loan on their books at 1% for 2-5 years.

The problem is, unlike the loan application which was fairly straightforward, this forgiveness application is an intimidating document with complex calculations, voluminous documentation request, and ambiguous at best terminology that will take significant time and resources to process for each borrower.

Some banks are sending manual spreadsheets to borrowers and planning to have their relationship managers (“RMs”) help the borrowers through the process.  This will cause the banks to lose thousands of hours of their RMs time processing forgiveness loans instead which will translate to millions of dollars in internal costs.

There are some service providers out there providing “calculators” which often rely on the borrower to do all the heavy lifting and are really nothing more than a web form that puts the numbers on the SBA form.  Additionally, most of these providers are technology companies and not lenders unlike LQD Business Finance, a tech-enabled commercial lender, who is.  They do not appreciate the intricacies of small businesses and their financials the way LQD Business Finance and the banks do.

To address all this complexity, LQD Business Finance has created the LQD PPP Forgiveness Platform that utilizes data integration and automation to deliver increased efficiency and accuracy at a very affordable price. We will white label a portal with your bank name and with our end-to-end solution that uses data integration and automation with your borrower’s to:
1.    Collect required data and documentation
2.    Perform all the required payroll, FTE, and expense calculations
3.    Perform an audit risk assessment with secondary QC verification
4.    Generate a completed application for the borrower
5.    Provide a cloud-based backup folder containing all required data and verification documents

LQD Business Finance is offering a free and premium option of the LQD PPP Forgiveness Platform With the free option, PPP Lenders can track their entire portfolio in a dynamic web-based dashboard. For each loan, lenders are able to see the completed components of the application and the submission date of each application. Lenders can also search and filter on any of the fields in the dashboard. The premium service adds advanced analytics, allows lenders to batch download documents, and includes our audit protection program for all borrowers.

Finally, included in our premium offering is audit protection meaning if your borrower is audited by the SBA one of our licensed CPAs will defend the audit on your borrower’s behalf at no additional cost.

LQD Business Finance is not just a software or technology company. As a leading fintech lender, LQD Business Finance has five years’ experience dealing with small business borrowers and solving for the numerous reporting and documentation challenges surrounding small business lending. With the LQD PPP Forgiveness Platform, you can add value to your borrower’s, save bank time and resources, and rest assured these loans will be forgiven to the fullest extent possible and defended under audit.

LQD Business Finance is offering live demos of the PPP Forgiveness Platform.

Author: John Stanfield 


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Finance Magnates London Summit & Virtual Agenda Take Shape




FMLS will be here before you know it, offering our most diverse agenda to date across both the traditional and virtual events. London Summit is where the world’s major financial institutions stay on top of the latest developments, products, and solutions that help shape the future of finance.

This year will for the first time feature a virtual component that will take place on October 22, 2020. The event will provide a unique opportunity ahead of the FMLS to connect with leading products and service providers.

The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation

FMVS is designed and curated as the online add-on to the physical London Summit. The Virtual show serves as a prelude to the flagship summit while offering additional advantages to exhibitors, sponsors, and participants.

New look, new agenda

As is the case each year, FMLS attracts the industry’s most talented personnel and biggest names under one roof. This year’s focus will feature both cutting-edge and insightful content, covering the most pertinent and critical subject areas in financial services & fintech.

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Both the physical and virtual show underscore four dedicated content tracks, bringing leading experts on stage to discuss the latest trends and best practices in their respective specialized fields.

Both events will feature an emphasis on Retail and Institutional Trading, Digital Assets and Blockchain, Fintech, and Payments tracks. Additionally both FMVS and FMLS will include the following sessions:

FMVS Agenda Highlights

  • Trading Business Amid Volatility Boom and Economic Gloom
  • State of the Crypto Nation
  • Fintech for Good in the Post-Covid Economy
  • Riding the Liquidity Wave in 2020
  • The DeFI Debate
  • Fintech’s Moment to Shine
  • Payments Revolution and the Online Trading Sector
  • Marketing in the Era of New Norm
  • Where is the Alpha, IBs and Affiliates in Retail FX
  • Fintech Startups – The Must Know

FMLS Agenda Highlights

  • Industry Leaders Panel – Key Insights from the Frontline
  • The Crypto Ecosystem Influencer Roundtable
  • Regulation Reconsidered: The Acronyms You Need to Know
  • The World of Emerging Payments in 2020
  • The Digital Assets Backbone: Cryptocurrency Exchanges
  • Trading Technology in Focus
  • Challenger Banks: The Accelerating Revolution
  • Payments Catch-Up: Avoiding Friction, Reducing Pain Points
  • Millennials in Fintech: Behavior, Investment, Values

Don’t miss this unique opportunity to make the most out of your FMLS experience! Any inquiries and branding opportunities can be directed to

Additionally, if you would like to tell us what kind of topics you’d like to see at our shows or want to become a speaker, then reach out to



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XBRL: IASB on digital reporting, less in non-financials, LEI taxonomy finalised




Here is our pick of the 3 most important XBRL news stories this week.

1 IASB member discusses benefits and costs of digital reporting

On 7 July 2020, IASB member Ann Tarca delivered a speech at the virtual annual conference of the Accounting & Finance Association of Australia and New Zealand (AFAANZ). She discussed digital reporting and included questions for practitioners, standard-setters and researchers.

As the owner of International Accounting Standards, the IASB is among the primary stakeholders and pioneers in digital reporting, thanks to its IFRS taxonomy. Its perspective counts!

2 Less is more in non-financial reporting

In the area of corporations’ non-financial reporting the problem remains that, although in the year 2020 we have reached a common ground on the fact that sustainability is a value worth preserving, there is no rate, no metric, no price nor cost attached to it, which arguably creates chaos for private and public actors alike. The fact that sustainability cannot be accounted for in a consistent way is the essence of the problem. Assuming that the chaotic framework for non-financial reporting is part of the problem, we argue that fixing that framework must be part of the solution.

When it comes to mainstreaming sustainability and ESG investing, the old adage counts that you cannot manage what you cannot measure. Hence stratification and standardisation of metrics is instrumental in achieving that aspirational goal. 

3 LEI taxonomy finalised

In reporting, the only thing likely to create more confusion than having two standards covering one field, is having two XBRL taxonomies representing the same standard. Computers are terribly literal machines and won’t understand, for example, that Japan.LEI and Mexico.LEI are referencing the same thing.

From the general to the specific, we are ending on an utterly technical note: The Legal Entity Identifier (LEI), the “global social security number for corporations”, finally has its unambiguous taxonomy. Celebrations!



Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.

 We have a self-imposed constraint of 3 news stories each week because we serve busy senior leaders in Fintech who need just enough information to get on with their job.

 For context on XBRL please read this introduction to our XBRL Week in 2016 and read articles tagged XBRL in our archives. 

 New readers can read 3 free articles.  To  become a member with full access to all that Daily Fintech offers,  the cost is just USD 143 a year (= USD 0.39 per day or USD 2.75 per week). For less than one cup of coffee you get a week full of caffeine for the mind.


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