PYMNTS

NOVEMBER 26, 2020

Financial services trade groups are on Citigroup 's side in the case of the $900 million the bank accidentally sent to creditors last August, Bloomberg reported Wednesday (Nov. 25). So far, Citi has managed to get back around $390 million from the creditors. But the trade groups say Citi needs the other $500 million back, too. The case involved creditors for Revlon, some of whom who were expecting a periodic interest payment and others were involved in disputes with the cosmetics company.

Groups 173

Groups Management Report Payments 173

PYMNTS

NOVEMBER 25, 2020

Winter’s here and the time is right … for staying home and ordering veggie tacos. “One trend that is unlikely to fade this winter is the surge in online and mobile ordering as customers seek to dine in the comfort of their homes. Investing in digital channels and delivery partnerships are a significant way for quick-service restaurants (QSRs) to retain customers and keep their doors open,” according to PYMNTS’ November/December 2020 Order to Eat Tracker® done in collaboration with Paytronix.

Survey 211

Survey Study Online Mobile 211

PYMNTS

NOVEMBER 25, 2020

A joint outlook from J.D. Power and LMC Automotive forecasts that new vehicle retail sales for November 2020 will drop slightly from the same month the prior year, according to a Wednesday (Nov. 25) press release. Retail sales for new automobiles are forecast to be 1.04 million units, which represents a 0.7 percent fall in contrast to November of last year when adjusted for selling days.

Retail 142

Retail Comparison Analytics Examples 142

PYMNTS

NOVEMBER 25, 2020

While predictions of increased spending are appearing more frequently since news of various COVID-19 vaccines has broken, PYMNTS data shows that consumers are still cautious, conservative and digital-first when it comes to holiday 2020. According to an exclusive consumer survey, 27 percent of shoppers expect to spend less money than they did in 2019.

Online 176

Online Cards Retail Data 176

PYMNTS

OCTOBER 19, 2020

Silicon Valley checkout-free, autonomous retail startup AiFi has secured a new round of funding, bringing its total raised to $30 million, the company said in a press release on Monday (Oct. 19). AiFi, which was founded four years ago, said the investors include Qualcomm Ventures , existing investors Cervin Ventures and TransLink Capital, new investor Plum Alley and others.

Retail 226

Retail Security Texas California 226

PYMNTS

OCTOBER 16, 2020

An approximate $2.2 billion all-stock merger deal between First Citizens and CIT Group will result in the creation of the 19 th biggest U.S. bank, with over $100 billion in assets, the companies announced on Friday (Oct. 16). The boards of directors at both companies voted unanimously for the agreement, which gives First Citizens stockholders about 61 percent ownership and CIT stockholders 39 percent of the combined company.

Groups 220

Groups South Carolina North Carolina Raleigh 220

PYMNTS

OCTOBER 16, 2020

It was a busy week for commerce and payments, as consumers are harnessing connected devices for digital-first shopping and firms are looking to harness tools to speed up business-to-business (B2B) disbursements and payments. The PYMNTS Weekender is here to catch you up on the latest news at the end of another busy work week. We have deep dives on connected devices, instant payments and what the digital shift means for customer expectations of card issuers.

Payments 239

Payments San Francisco Fintech Tools 239

PYMNTS

OCTOBER 16, 2020

The House Select Subcommittee on the Coronavirus Crisis found the U.S. Treasury Department encouraged banks to prioritize existing customers applying for PPP loans — allegedly at the expense of underserved communities and SMBs. But it could be the case that “going with who you know” was a way to get loans processed more quickly, speed funding and short-circuit fraud.

Fraud 161

Fraud Lending Community Report 161

PYMNTS

SEPTEMBER 9, 2020

Fiserv Inc. , the Wisconsin-based FinTech, has joined the trend to offer a buy now, pay later ( BNPL ) option for purchases with interest-free installment payments. “Fiserv is building differentiated payment experiences that are designed to help our clients create more commerce,” said Mark Hennin , Fiserv’s senior vice president. The expansion of BNPL payment options is growing.

Wisconsin 168

Wisconsin Atlanta Trends Retail 168

PYMNTS

SEPTEMBER 9, 2020

Berkshire Hathaway plans to invest more than $570 million in cloud data company Snowflake , which has filed for an initial public offering (IPO) of stock. The deal comes as the pandemic has boosted the stock prices of cloud computing companies. The Financial Times reported that Snowflake’s updated IPO filing valued the company at $23.7 billion. The plan is for Warren Buffet’s Berkshire Hathaway to buy $250 million in shares direct from the company at the time of its IPO.

Data 187

Data Report Company Technology 187

PYMNTS

SEPTEMBER 9, 2020

Pet owners now have a new way to get their animals' food delivered to their front porch. PetSmart and DoorDash are linking up to deliver the goods straight to Fido. In a press release, PetSmart said it would offer delivery service from more than 1,400 of its store locations nationwide. The company will accomplish that through DoorDash Drive, which offers “direct delivery for any business.”.

United States 131

United States Retail Training Online 131

PYMNTS

SEPTEMBER 9, 2020

High-flying Walmart is set to launch a pilot project that will have the retailer’s goods delivered by drones. Walmart said in a press release that the test program will be ready for takeoff on Wednesday (Sept. 9) in Fayetteville, North Carolina with the aid of Flytrex , which delivers goods with drones. The deliveries will carry “select grocery and household essential items from Walmart stores using Flytrex’s automated drones," the release notes.

North Carolina 164

North Carolina Company Technology Innovation 164

PYMNTS

SEPTEMBER 9, 2020

Deel has notched a $30 million Series B investment headed up by Spark Capital, whose General Partner Yasmin Razavi is joining the company’s board, according to a Wednesday (Sept. 9) company announcement. Deel said its aim is to take down the barriers of workforces gathered in specific physical areas, enabling companies to hire any person in any location, according to the post.

Compliance 141

Compliance Capital Conference Video 141

PYMNTS

JULY 24, 2020

Synthetic identity fraud is costing companies heavily, with $14.7 billion lost to this type of crime in 2018 alone. This is a particularly subtle and nefarious kind of attack, in which bad actors create fake identities using real details stolen from different consumers. The result is a persona that often holds up against financial institutions’ (FIs’) traditional verification methods.

Fraud 183

Fraud Report Analysis Security 183

PYMNTS

JULY 22, 2020

Goldman Sachs has predicted that online shopping will expand by 19 percent each year during the next three years to come, which marks a rise from its past forecast of 16 percent. The firm said the acceleration was mainly fueled by quicker growth in the United States, Brazil, Western Europe and a good share of APAC, according to the Monday (July 20) report.

United States 260

United States Retail Maine Online 260

PYMNTS

JULY 22, 2020

“People want to be able to pay however they want, including with cards, digital wallets, alternative payment methods and rewards points. Giving customers choice can drive sales and loyalty.”. It’s hard to argue with the statistics on payments preference. It’s even harder when those stats are provided by industry titan PayPal. They make a powerful point about choice.

Study 243

Study Online Payments Examples 243

PYMNTS

JULY 21, 2020

Open banking is appealing to financial institutions (FIs) and regulators in many markets, even as the pandemic sweeps across the world. The European Union’s financial authorities are monitoring how the pandemic may be affecting banks’ and FinTechs’ compliance with rules such as the General Data Protection Regulation (GDPR) and the revised Payment Services Directive (PSD2), for example.

Mobile 229

Mobile Report America Regulation 229

PYMNTS

JULY 21, 2020

Crypto boosters have spent the better part of the past decade promoting the idea that great fiat-currency disruptions are coming care of blockchain and literally hundreds of thousands of variations of cryptocurrency circulating in the world today. Crypto enthusiasts proclaim that you can front the best-known players like bitcoin or the most obscure blockchain-backed currencies circulating the world and tap into the future of money.

cryptocurrency 318

cryptocurrency blockchain Bitcoin Examples 318

PYMNTS

JULY 21, 2020

Cybercrime is a constant concern for banks, credit unions and other financial institutions (FIs), with more than 25 percent of all malware attacks targeting the financial industry specifically. Compromised credit card fraud increased 212 percent year over year in 2019, while customer credential leaks increased 129 percent during the same period. Many of these fraud and cybercrime attempts are the result of fraudsters working together, either selling each other data or sharing techniques to break

Fraud 167

Fraud United States Cards Industry 167

PYMNTS

JULY 21, 2020

In a deal expected to create the world’s largest online classifieds company, eBay Inc. has agreed to sell its ad division to Adevinta ASA, the Norwegian online marketplace, for $9.2 billion, the companies announced Tuesday (July 21). The combined companies will solidify 20 markets containing 1 billion people and is likely to attract 3 billion monthly visits, the companies said.

San Jose 130

San Jose Online Branding National 130

PYMNTS

JULY 21, 2020

A panel established to grow the United Kingdom’s (UK) financial technology (FinTech) sector plans a review of the industry to identify opportunities for growth, the government announced Tuesday (July 21). “The UK is one of the leading places in the world to start and grow a FinTech firm, and I am determined to ensure this continues,” said John Glen, the nation’s Economic Secretary to the Treasury, in a statement.

Fintech 174

Fintech Ohio Financial Technology Innovation 174

PYMNTS

JULY 20, 2020

After a boardroom battle in which one side wanted eBay to get back to its roots, the company was rewarded Monday (July 20) by word that it’s close to selling its classified ad business to Norway’s Adevinta for $9 billion. What should eBay do next as a company once the sale closes? First, eBay will continue to maintain a minority stake in the classified ad business, according to several reports.

Company 174

Company Maine Analysis Mobile 174

PYMNTS

JULY 20, 2020

The President Donald Trump administration has shot down propositions to continue the $600-a-week jobless benefits that have buoyed Americans as unemployment reached record highs due to the pandemic, according to the Financial Times (FT). The decision is now a point of contention in the continuing talks about another stimulus bill to continue aid during the pandemic.

Taxes 263

Taxes Report 263

PYMNTS

JULY 20, 2020

IBM ‘s revenue fell 5.4 percent in the second quarter due to the reduced spending on computer equipment during the pandemic in lieu of going digital on the cloud, Financial Times (FT) reported. Areas like applications development, transactions processing and consulting saw dramatic drop-offs, which caused the company to lose ground, FT reported.

Company 170

Company Report System Technology 170

PYMNTS

JUNE 16, 2020

JCPenney may have a suitor. Reports circulating Tuesday (June 16) have Authentic Brands teaming with mall landlords Simon Property Group and Brookfield Properties teaming up to purchase the troubled retailer, which filed for bankruptcy on May 15. JCP has until July 14 to file a bankruptcy exit plan, and this deal could be the bailout it’s looking for.

Branding 196

Branding Retail Groups Report 196

PYMNTS

JUNE 15, 2020

To say that last week was an active week of news in the restaurant world would be an understatement. First the much-anticipated Uber-Grubhub deal went up in smoke under the threat of antitrust pushback (and, their CEO said, a better deal from a rival), then European food-delivery service Just Eat Takeaway.com struck a $7.3 billion deal hours later to merge Grubhub into its growing global brand.

Operations 204

Operations Branding Retail Technology 204

PYMNTS

JUNE 15, 2020

Everyone in a modern society needs to know how to read, so America spends an awful lot of time, treasure and talent developing literacy curricula for kids. We take a similar attitude when it comes basic math and science — but when it comes to financial literacy, only 21 states require financial education, Dr. Annamaria Lusardi recently told Karen Webster.

Fintech 258

Fintech America Washington Tools 258

PYMNTS

JUNE 15, 2020

The COVID-19 pandemic is creating a surge in demand for personal protective equipment (PPE) like face masks and gloves. Such items keep essential workers as well as the public safe from contracting or spreading the virus, and countries around the world have been scrambling to secure enough of these products. Many non-PPE manufacturers have stepped in to help address the shortage, with major automobile producers, backpack manufacturers and even individuals with 3D printers shifting their operatio

United States 161

United States Report Operations Examples 161

PYMNTS

JUNE 15, 2020

There is an out-and-out frenzy to capitalize on the pandemic-fueled digital shift that gave consumers few options for accessing products and services over the last twelve weeks. Miss this shift and miss it now, and pundits say it probably won’t be long before you’re just another piece of roadkill on the highway of companies who couldn’t adjust with the times and changing consumer and business demand.

Innovation 214

Innovation Mobile Capital Operations 214

PYMNTS

JUNE 15, 2020

The owner of TikTok , the Chinese video sharing social network, is expanding into financial services with the family that owns OCBC Bank , the global financial services corporation headquartered in Singapore. ByteDance is negotiating with the Lee business family, as the technology group seeks to add banking to its portfolio, sources told the Financial Times (FT).

Groups 268

Groups Video Digital Banking Apple 268

PYMNTS

MAY 5, 2020

London-based FinTech Revolut is planning to tap the $500 million it got from investors to acquire competing technology firms suffering from the impact of the global coronavirus pandemic. Revolut Founder and CEO Nikolay Storonsky told the Financial Times in a Tuesday (May 5) report that his business has “a real opportunity” to use the pandemic to its advantage.

Fintech 175

Fintech Cards cryptocurrency Capital 175

PYMNTS

MAY 5, 2020

Digital lending marketplace BitX Funding , which matches business owners and non-bank lenders, is aiming to help Amazon third-party (3P) sellers grow. The company has brought in more than $50 million in financing for small companies throughout the country since 2013 by “breaking down the barriers of traditional banking,” according to an announcement.

Lending 159

Lending Online Tools Capital 159

PYMNTS

MAY 5, 2020

Policymakers, economists and epidemiologists have been modeling the cost/benefit of reopening the economy , and consumers have been making their own calculations. In retail, Macy’s and Simon Property Group are heading up the list of reopenings. And in health, COVID-19 is showing the vulnerability of some parts of the healthcare system. All this, Today in Data.

System 130

System Texas Retail Data 130

PYMNTS

MAY 4, 2020

Advances in technology are making consumer transactions seemingly more secure, but cybercriminals are still finding sophisticated ways to beat systems and commit financial fraud. A 2018 study on payment fraud mitigation reported that 75 percent of financial institutions (FIs) experienced fraud losses. Three common forms of fraud that can threaten credit unions (CUs) are check fraud, card fraud and automated clearing house (ACH) fraud, and fraudsters often deploy phishing emails to deceive and d

Analytics 141

Analytics Data Security San Diego 141

PYMNTS

MAY 4, 2020

The coronavirus has spurred a seismic shift in commerce, moving shopping into the digital realm. . Consumers are buying anything (and seemingly everything) and conducting all manner of everyday business online because that is their only option. . In an interview with Karen Webster, Scott Galit, CEO of Payoneer , said the impact will continue to be global in scope and deeply felt across all avenues of commerce — giving new rise to cross-border commerce. .

Online 256

Online Regional Retail Meeting 256

PYMNTS

MARCH 31, 2020

Cash flow is king for independent farmers operating with thin margins and wide exposure to a variety of risks, from economic downturns to inclement weather. But the process of getting paid from corporate customers like elevators — companies that procure bulk field crops — is neither fast nor straightforward. There are risks on all sides of a B2B transaction in the agriculture industry.

blockchain 187

blockchain Security Payments Operations 187

PYMNTS

MARCH 31, 2020

Devising open banking laws that adequately respond to shifting privacy needs and satisfy both businesses and consumers is difficult. U.S. legislators in several states are either drafting, voting on or have passed requirements to tackle online data’s and transactions’ importance, but these laws often do not integrate well with those passed in neighboring states.

Regulation 154

Regulation Data US Washington 154