Why credit unions need to emphasize digital convenience and utility

first_imgIn our weekly newsletter, we shared a short PR blurb about how Sound Credit Union recently completed a Zelle® integration. Sound Credit Union is well over $1b in assets, which raised several questions:Are other leading credit unions also late to the peer-to-peer (P2P) payments game?Is P2P capability on the 2021 roadmap for smaller credit unions?How is this even newsworthy?Well, we know the answer to the last question. Difficult cores, cantankerous online banking providers, and integration woes make P2P technology a real pain. But convenient utilities like Zelle® are increasingly necessary for credit unions…Unless you like losing market share to fintechs and big banks! continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

German basic pension raises questions of financial sustainability

first_img“We have never been able to afford the basic pension,” the spokesperson said, adding that funds for the measure are based on EU financial transaction tax that will never exist.A national debate has erupted yet again after, on May 15, the German parliament reviewed in the first reading a draft law for the introduction of the Grundrente for long-term insurance in the statutory pension, based on a gorvernment proposal.The coalition partners, consisting of the SPD, CDU and CSU parties, included the basic pension in a contract to support Angela Merkel’s government in 2018, reviewed last November, but still a source of doubts on essential points.The SPD originally required that the income would not play a role to assess whether a person had the right to a basic pension, while the Union (CDU/CSU) asked to take into account not only their income but also their entire financial situation.The pension expert for the CDU/CSU parliamentary group, Peter Weiß, now believes that a basic pension will start in 2021, but one condition, he said, is a solid financing concept.The government intends to present various financing models, including a European financial transaction tax, but “we lack a binding, clear statement of where and when this money is available. This is a basic requirement for the Union. The financial concept must also be in place if we give the final consultation (on the law) in the parliament,” he explained.Under the new scheme, additional pension will be paid to anyone who has at least 33 years of contributions to the statutory pension insurance based on periods of employment, child-rearing or care work.The basic pension is calculated in steps, from 33 to 35 years of contribution to ensure that also below 35 years additional payment is provided, according to the legislator.The Grundrente is guaranteed after assessing that single earners own a maximum monthly income of €1,250, or €15,000 per year, and €1,950 per month (€ 23,400 per year), for married couples or partners.The parliamentary commission labour and social affairs” will hold a hearing on the draft law on May 25. The Deutsche Rentenversicherung (DRV), the administrator of the state pension scheme, has submitted a series of proposals to streamline the financial and bureaucratic processes to grant a basic pension.In a statement, the DRV had considered an “enormous challenge” assessing the requirements for granting a pension. For the first time, pensions must be retrospectively examined and, if necessary, insurance biographies upgraded.The authority foresees July 2021 as the earliest date possible for the payment of the additional pensions because the IT architecture has to be adjusted in a highly complex pension system, and the 26 million already existing pensions can only be processed by the end of 2022.The DRV thinks it is possible that the basic pension is financed with taxes, but “parameters” for financing the measure in the new rules have not been determined exactly.An increase of the federal subsidy may not be sufficient in the long run to cover the additional expenses for pension insurances.The DRV, therefore, supports a reimbursement scheme that would also take into account additional administrative and procedural costs. Reimbursements are made, for example, by the federal government in the context of the Claim and Benefit Transfer Act (AAÜG) or by the Federal Employment Agency for reduction of earning capacity.The spokesperson for Gesamtmetall said: “The basic pension creates new injustices. Everyone involved would be well advised to forego the basic pension.”To read the digital edition of IPE’s latest magazine click here. The introduction of a basic pension in Germany – or Grundrente – has been raising pressing questions over its long-term financial sustainability.“Pension policy decisions will cost money for decades to come and the basic pension will not help against old-age poverty,” a spokesperson for Gesamtmetall, the organisation representing companies in the metal and electrical engineering sector, told IPE.According to Gesamtmetall, the costs to provide a basic pension are “enormous”, with €400m in administrative expenses to calculate in 2021 alone for a pension insurance pot of €1.3bn.A total of around 1.3 million people will benefit from the basic pension from 2021, including 70% of women.last_img read more

EPL: Liverpool can win title without playing another game this term

first_img The Reds are 25 points clear of champions Manchester City in second, having lost one and drawn one in 29 matches all campaign. Loading… Liverpool are well on their way to winning a first Premier League title this season.Advertisement Time is quickly running out for the Citizens, who have 10 games left to play this season, and need to win all of them to stand any chance of toppling Liverpool.Last time out City were beaten 2-0 by rivals Manchester United, while Liverpool ran out 2-1 winners over relegation-threatened Bournemouth at Anfield.Liverpool will likely win the league later this month or early April, but they could in theory secure the title before kicking another ball this season.Manchester City play twice in the Premier League before Liverpool’s next match against Merseyside rivals Everton on Monday, March 16.Should the Citizens lose against Arsenal and then Burnley, they will not be able to accrue enough points from their final eight games to catch the Reds.It is highly unlikely that Pep Guardiola’s side will slip up three games on the trot and lose to both Arsenal and Burnley.Liverpool are well on their way to winning a first Premier League title this season.Read Also: UCL: Henderson, Robertson boost for Liverpool against Atletico MadridBut it is a possible scenario, and one Liverpool fans will be considering, especially as City appear to have now turned their full attention to winning the Champions League.City beat Real Madrid 2-1 in the first leg of their Champions League last-16 clash last month. They face Los Blancos in the return leg at the Etihad on Tuesday, March 17.FacebookTwitterWhatsAppEmail分享 Promoted ContentThe Very Last Bitcoin Will Be Mined Around 2140. Read More7 Ways To Understand Your Girlfriend BetterCouples Who Celebrated Their Union In A Unique, Unforgettable Way10 Risky Jobs Some Women DoEveryone Was Stunned To See How Little Anakin Looks TodayBest & Worst Celebrity Endorsed Games Ever MadeWhat Happens When You Eat Eggs Every Single Day?5 Of The World’s Most Unique Theme Parks9 Facts You Should Know Before Getting A Tattoo10 TV Characters Who Were Destined To Become IconicTop 10 Most Iconic Characters On TVBirds Enjoy Living In A Gallery Space Created For Themlast_img read more

Football braced for financial impact from coronavirus outbreak

first_imgDomestic club football across much of Europe has been halted completely due to the coronavirus pandemic, with Germany following France, England and Scotland in suspending their competitions on Friday, while UEFA has postponed Champions League and Europa League games due to be played next week. Football has been suspended in many European leagues due to the coronavirus outbreak, and the economic impact could be considerable for clubs Numerous countries had been initially planning to carry on playing matches behind closed doors, following the example of several Champions League and Europa League games this midweek, but that was not to everyone’s liking. “My opinion is that all competitions should be suspended. In China they have been more responsible than they have been in Europe,” said Andre Villas-Boas, the coach of French club Marseille who previously worked in China, where more than 3,000 people have been killed by the virus. However, there is also an economic reality, with clubs dependent on income from ticketing and matchday hospitality, as well as from TV deals for broadcasting matches. “At the end of the day, it’s about financing professional football,” Bayern Munich chairman Karl-Heinz Rummenigge warned when asked if it might be better to stop playing football in Germany for the rest of the season. “If payments due from broadcasters don’t come in, a lot of small and mid-size clubs will have liquidity problems.” – ‘Serious implications’ – According to a study by Spanish radio station Cope, La Liga clubs would lose a combined total of over 600 million euros ($665m; 536 million pounds) in income from television and ticketing if no more matches were played this season. The impact on certain clubs could therefore be extremely serious, and the knock-on effects considerable in a country where almost 200,000 people have employment related to football, and where the sport represents 1.4 percent of GDP, according to La Liga. In England, Premier League clubs who have profited from huge television deals should be able to handle a few weeks without matches, but the effects will immediately be felt elsewhere, with games in the Football League, the three divisions below the top flight, postponed as well as in the Women’s Super League. “For the rest of football, it’s quite different (to the Premier League) as they rely on gate receipts and commercial activities, with a very small part coming from the media,” Peter Coates, the chairman of second-tier side Stoke City, told the BBC. “This will have serious financial implications, with some clubs possibly running out of money.” Loading… TV companies who have paid big money for the rights to show football now have no live action to offer paying subscribers In a country like Scotland, where there are no big broadcast deals to offer a safety net, the situation could quickly become dire. Ominously, Scottish Professional Football League chief executive Neil Doncaster has warned clubs “to examine their insurance arrangements in case of matches being affected.” While nobody could realistically have seen such a scenario coming, the next few weeks will at least be a test of how well run many clubs around Europe are. – TV companies forced to adjust – Postponing matches by a few weeks is preferable to carrying on playing games behind closed doors precisely because money from broadcasters will eventually come in along with revenue from ticketing, sponsors and hospitality. However, there are still major concerns. “The real immediate problem is cash flow because none of that will come in for at least a month. That is where we will see which clubs are well run and have a healthy economic model,” pointed out Jean-Pierre Caillot, the president of French Ligue 1 outfit Reims.center_img Promoted ContentIs This The Most Delicious Food In The World?Who’s The Best Car Manufacturer Of All Time?Laugh, Cry, Or Just Relax With The Best Series Streaming On HBOPortuguese Street Artist Creates Hyper-Realistic 3D Graffiti10 Risky Jobs Some Women DoA Hurricane Can Be As Powerful As 10 Atomic Bombs6 Most Unforgettable Bridges In The World10 Stunning Asian Actresses No Man Can ResistFascinating Ceilings From Different Countries8 Superfoods For Growing Hair Back And Stimulating Its Growth5 Of The World’s Most Unique Theme ParksThis Guy Photoshopped Himself Into Celeb Pics And It’s Hysterical Read Also: Five more Serie A players test positive for coronavirus In the meantime, TV companies who have paid vast sums for those broadcast deals now have no live games to offer their paying subscribers. Across Europe, they will have to adjust accordingly in the coming days and weeks. “They support the decision, we are in an exceptional situation and the broadcasters understand,” said Didier Quillot, the Director General of the French League, of their broadcast partners, Canal Plus and beIN Sports. They, along with clubs across the continent, must now sit tight and hope that action being taken by governments around Europe proves effective at slowing the outbreak and allows football to resume again soon, in front of crowds. FacebookTwitterWhatsAppEmail分享 last_img read more

Jamaica-bound karters arrive ready for action

first_img(By Stephan Sookram in Jamaica, compliments of Fly Jamaica, Nexus Machinery and GT Motorsports) THE Guyanese team for this weekend’s Double Trouble karting event at the Palisadoes Go-Kart facility in Kingston Jamaica arrived ready and raring for action.The six-member karting team includes the Ten Pow siblings in Justin and Jeremy, Matthew Phang, Mikhail Persaud, Rayden Persaud and Elan Rahaman. They were upbeat yesterday morning upon arriving in the Reggae Isle.They are accompanied by parents and coaches on their maiden karting voyage to Jamaica and their first order of business was to check out the battlefield, located less than five minutes from the airport.While significantly larger than the GT motorsport facilities, the Jamaican circuit features a more demanding layout and more corners.Stefan Jeffrey points out possible braking zones to one of the young Guyanese karters. (Stephan Sookram photo)However, the youngsters aren’t fazed by the circuit, having completed firstly a track walk of the 1200m facility which features 14 corners all providing their own degree of difficulty.After some late afternoon practice, Phang, who will be competing in the Senior Rotax class, disclosed the side’s readiness for tomorrow’s qualifying.To Chronicle Sport, he said, “I think I can get down to the times of the seniors once I fix my handling. I missed my mark about three or four times in several corners.”Rayden, Elan and Mikhail who compete in the Junior Rotax class were also optimistic having run their sessions late in the afternoon.The young duo of Jeremy and Justin Ten Pow, who will run in the Mini and Macro Max classes also benefited from yesterday‘s session.Qualification today begins at 10:00hrs and runs until 13:00hrs, after which practice sessions will take place.Chief among the sponsors that made the event possible were Fly Jamaica who facilitated the travel of the team to Jamaica and other sponsors in Pure Racing, Cyril’s Taxi, BM Soat and GT Motorsports.last_img read more

Future of Indian chess looks promising: Viswanathan Anand

first_img LIVE TV Five-time world champion Viswanathan Anand on Thursday said that the future of Indian chess “looks promising” and some players will soon break into the top 10 of the FIDE ratings. Anand, currently at the 15th spot at the FIDE rankings, picked the likes of Pentala Harikrishna and Vidit Gujarathi as the players expected to be among the top-10 in the coming years.READ | Lewis Hamilton Refutes Rumours About Him Crashing Valentino Rossi’s MotoGP Bike Last Updated: 12th December, 2019 17:35 IST Future Of Indian Chess Looks Promising: Viswanathan Anand Five-time world champion Viswanathan Anand on Thursday said that the future of Indian chess “looks promising” and some players will soon break into the top 10 Written By Press Trust Of India “I would say Hari (P Harikrishna), Vidit (Gujrati), Surya (Sekar Ganguly), Sasi (K Sasikiran) (as the players of the future). Sooner or later somebody from India will break into top 10. Things are looking promising for India as we have a lot of talent,” Anand told PTI here during an interaction.”Players like Praggu (R Praggnanandhaa, who recently won a tournament in London), Nihal Sarin, D Gukesh, Raunak Sadhwani and there are more. Things are looking good for Indian chess,” he added. “It is a project that has been floating for a long time but a couple of years ago we suddenly thought the 50th birthday was a convenient deadline and we aim for that. That also forced us to concentrate and finish the book,” he said.”I feel it was time to tell my story. And the way we selected it was not so much like an autobiography as to pick out the most significant moments in my life. The ones that I remember the most, that had the most impact on my way of thinking. Extract life lessons from them and present them.”It is a journey through my career and world of chess, the things that I learnt, the struggles that I faced.” First Published: 12th December, 2019 17:35 ISTcenter_img READ | Anthony Rendon Net Worth, Salary And Contract Details With Los Angeles AngelsThe book also contains references to his mother (Susila Viswanathan) who was responsible for him taking up chess. On his rivalry with the legendary Russians Garry Kasparov and Anatoly Karpov, Anand said the book has a fair mention of it and both had helped him learn a lot. “I have written about the rivalries with them, how I experienced them, how I won through them. I learnt a lot from them also.” Recalling a particular incident, Anand spoke about how Karpov came 45 minutes late for a game and the manner in which he reacted to it.  “That’s an interesting chapter and people would find it interesting too,” he said. On the use of computers in chess, he said, “When I started playing chess, computers had nothing to do with chess. Now they have almost everything to do with chess.”Asked what keeps him going for so long at the highest level, Anand simply said it was because he liked playing chess.   On the possibility of taking up coaching once he calls it quit, the five-time world champion said he has not thought much about his future. “I don’t know. I am not thinking too much about that. I might do some mentoring.  This year I have a full calendar so that’s my full focus.”READ | Would Love To Shoot In Both 10m And 25m Events At Olympics: Manu Bhaker COMMENT WATCH US LIVE SUBSCRIBE TO US Anand, who turned 50 on Wednesday, said competition among the world’s elite has become really tough and few players have been able to hold on to their positions. He agreed that the gap between world number one Magnus Carlsen of Norway and the rest of the players was a “big” one, but said players like Fabiano Caruana (2nd in FIDE rating) and China’s Ding Liren (3rd) were doing well in recent times. “At the moment, the gap between Carlsen and others is a big one. (Fabiano) Caruana and Ding (Liren) are doing incredibly well as well in recent times.”READ | Tom Brady’s Exit Fueled By Speculation; 5 Potential MLB Teams For Patriots QBAsked why Carlsen was so special, Anand said, “He is able to basically execute his skills. He has a lot of talent to begin with and puts in a lot of hard work. He is very good at learning new things.” Anand spoke at length about his book ‘Mind Master’ penned along with sports writer Susan Ninan, which is slated to be launched in the city on Friday. FOLLOW USlast_img read more