PYMNTS

Satellite Internet Startup OneWeb Closes After SoftBank Fund Raise Fails

PYMNTS

OneWeb , which wanted to make internet access worldwide and widespread, has filed for bankruptcy and let most of its employees go after it couldn’t get any more funding, according to a press release.

Venmo, Square Cash Vie For Stimulus Funds Distribution

PYMNTS

Venmo and Cash App want to be considered as ways the U.S. government could deliver its stimulus funds to help the coronavirus-wrecked economy. The popular apps have seen widespread use in recent years, though the government thus far has not adopted either one for any official means.

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GrainChain Accelerates Farmer Payments With Blockchain

PYMNTS

GrainChain , the farming blockchain system for agriculture and farming business, has moved to the Symbiont network, Assembly, a change which the company anticipates will help expand its business, according to a press release.

COVID-19 Triggers Need For Cash As Lenders Tighten Reins

PYMNTS

As a potential recession lurks, FinTechs, traditional banks and other financial institutions (FIs) are tightening the reins on loans to small businesses and households with shaky credit, The Wall Street Journal reported Saturday (March 28).

Lyft Directs Drivers To Pursue Amazon Positions As Rides Decline

PYMNTS

While the coronavirus forces consumers to stay inside, Amazon is joining forces with Lyft to attract drivers for grocery and package deliveries.

Walmart Enacts No-Touch Protocols

PYMNTS

Walmart is enacting no-touch procedures so that customers can shop more safely during the coronavirus outbreak, according to a report by USA Today.

Open Banking Platfom Tink Acquires Eurobits

PYMNTS

European open banking platform Tink will now have more room to expand with the acquisition of Eurobits , which works in account aggregation technology, according to a press release.

Fintech Finastra Hit By Suspected Ransomware Attack

PYMNTS

Banking technology FinTech Finastra was hit with a security breach on Friday (March 20), and was forced to shutter key systems and send employees home, according to a report by KrebsonSecurity.

Omnichannel No Longer An Option For Retail

PYMNTS

Consumers shopping in droves via eCommerce channels is hardly a piece of breaking news — for the better part of a decade, that has been obvious to anyone watching the retail space.

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Walmart To Reward Workers With $550M In Bonuses Amid Coronavirus

PYMNTS

To honor staffers who are maintaining stocks of supplies on shelves as shoppers visit locations in droves, Walmart said it would pay almost $550 million in bonuses to hourly workers.

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US Retailers Confront Data Privacy Shifts

PYMNTS

While the advancement of open banking regulations may be seeing a small skip due to the spread of the coronavirus , many countries saw business and typical banking operations halted right after deciding upon new online privacy rules.

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Getting Stimulus Funds To Those Who Need Them — Without The Paper Check

PYMNTS

The stimulus bill designed to combat the economic ravages of COVID-19 is massive. Getting that aid into the hands of affected families — wracked by swelling unemployment numbers, and of course, an ongoing healthcare crisis — will be slow going.

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Retailers Win In Stimulus Bill

PYMNTS

Retail came up as a big, but very subtle, winner in the economic stimulus package passed by the Senate last night (March 25) in response to the coronavirus pandemic.

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New Data: What COVID-19 Is Doing To Main Street SMBs

PYMNTS

For most small businesses, the dawn of the new decade was filled with optimism for their futures. Consumer confidence was at an all-time high, and unemployment at an all-time low. Consumer spending was strong, as were their household balance sheets.

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Big Tech Should Waive Cloud Payments

PYMNTS

As the coronavirus continues to spread worldwide, technology companies are announcing a plea that cloud payments for startups should be waived, according to reports on Thursday (March 26). After payroll, cloud infrastructure is among the top expenses new businesses must confront.

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US Eases New Banking Rule On Reporting Bad Loans

PYMNTS

Bank regulators have rolled back the Jan. 1 accounting standard known as “current expected credit loss” (CECL) in an effort to bolster loans in the wake of the coronavirus, the Wall Street Journal reported on Friday (March 27).

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A Debit-Enabled Fix To In-Store Checkout Abandonment

PYMNTS

Debit cardholders often choose this payment method because it is more secure than carrying cash — which cannot be recovered if lost — and may safeguard them against spending more than they have, which is not the case with credit cards.

The Healthcare Innovation Opportunities Out Of The COVID-19 Crisis

PYMNTS

While it is often said that every dark cloud has a silver lining, that particular aphorism is difficult to appreciate when one is standing under said dark cloud in a deluge. And, by all accounts, the unfolding of the coronavirus outbreak in the U.S.

Accounts Receivable Looks Inward To Combat Late B2B Payments

PYMNTS

Growing awareness of the cash flow pain caused by late B2B payments has led to increased calls to incentivize, and in some cases even mandate that larger corporates accelerate their invoice payment processes when working with small suppliers.

Why Credit Union’s ‘Mature Trust Model’ Matters For Members

PYMNTS

As COVID-19, the disease caused by the coronavirus , ravages the economy, and millions of Americans shelter in place to figure out their next financial moves amid layoffs and volatile markets, credit unions (CUs) have a role to play — particularly in the battle against fraudsters who would prey upon CU members at this most vulnerable moment. To that end, Chief Information Officer Dave Stafford and Chief Information Security Officer David Bryant of PSCU , a credit union service organization, told PYMTNS that trust and collaboration are key among the efforts to protect consumers. As the pair noted to PYMNTS, the coronavirus pandemic has spurred a shift in how people think about — and address — their finances. They are likely living life, now more than ever, online. “As credit union members and consumers are transacting and doing more of their business in a digital environment, data privacy, and privacy in general, takes on a completely different flavor,” Stafford said. Against that backdrop, he said, it’s imperative that CU members trust that their chosen financial institution (FI) is handling their data properly, safeguarding that data, and sharing that data only under circumstances that allow that member to be serviced and offered complimentary products — as opposed to being solicited. “That’s a much more mature ‘trust model’ than perhaps we have relied on in the past,” Stafford said. And in crafting and promoting that mature model, said Stafford, CUs can offer tools members can use to service their own needs with speed and efficiency. He pointed to features that lend themselves well to banking on mobile devices. One example can be seen in setting up fraud alerts, which can be sent proactively to the member in case of a suspicious transaction. Those proactive measures — leveraging advanced technologies such as geo-location, which can ascertain whether users are in fact the ones using devices — can prevent the need for a call in to a call center and lag times. As more fraud shifts from card-present to card-not-present commerce, it’s been imperative to thwart attempts to impersonate consumers and assume control of their accounts. Bryant said end users want “assurances baked into products upfront,” and noted there has been an increasing embrace of two-factor authentication and for other protective measures that go far beyond user IDs and passwords. In detecting and preventing bad actors, in setting high standards of transaction controls, Stafford and Bryant said CUs have been increasingly embracing the Automated Cybersecurity Examination Tool that is in turn provided by the National Credit Union Administration. It’s a tool that can foster collaboration and data sharing among members — a positive dynamic, according to Bryant, that focuses on end benefits to consumers. As Bryant said, the tool offers a way for CUs to measure the effectiveness of their fraud programs. “It gives a credit union the ability to say from a maturity curve standpoint, ‘This is where our program would normally be… and where we need to be,’” he explained. He said FIs can gauge the controls set in place with a cybersecurity program, and to gauge real versus expected outcomes tied to those efforts. “There’s a good holistic view of what the entire cyber program looks like, as well as the ability to measure it against the tool everybody else measures,” said Bryant. CUs can examine their strengths and weaknesses against CUs of the same size and see how they compare. Security is also top of mind for CUs as amendments to California data privacy laws may effectively insulate these FIs from penalties tied to data breaches, owing to CUs’ non-profit status. Bryant said CUs are not waiting around to see where the legislation goes to make sure they are in compliance with it. Many executives in the CU ecosystem, he said, are already thinking about or have already implemented much of California’s privacy requirements. “We don’t require regulation to drive a good cybersecurity program,” he told PYMNTS. Credit Unions authentication Automated Cybersecurity Examination Tool Coronavirus COVID-19 credit unions CUs Cybersecurity data privacy Featured News fraud mobile banking National Credit Union Administration News PSCU Security

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Trump Seeks Up To $1,000 For Each American Impacted By Coronavirus

PYMNTS

President Donald Trump is reportedly discussing the possibility of sending Americans $1,000 checks to help with the economic hardships brought on by the coronavirus , according to a report by Reuters.

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How COVID-19 Has Changed The Residential Cleaning Business

PYMNTS

Cleanliness is on everyone’s minds these days, particularly as so many of us are working from home, learning from home, or quarantined at home as COVID-19, the disease caused by the coronavirus , continues to wend its way through the U.S.

Walmart Speeds Up Application Process In Hiring Drive Amid Coronavirus

PYMNTS

As it works to maintain a supply of products on its shelves and keep its checkouts manned over the COVID-19 pandemic, Walmart has brought on 25,000 new workers and provided thousands with offers in the inaugural week of a hiring drive.

New Instant Payment Networks Launch, From Aruba To Hungary

PYMNTS

Speed drives innovation, particularly in payments. In this week’s look at payment rails innovation, PYMNTS finds a slew of new markets around the world adopting entirely new payment networks that can support their demand for real-time transactions.

Santander Purchases Majority Stake In Mercury TFS With €30M Investment

PYMNTS

As part of its digital plans to speed up growth by purchasing shares in companies, Banco Santander is buying a majority stake in Mercury TFS.

IRS Could Take Months To Send Out Stimulus Checks

PYMNTS

As the U.S. reels from the coronavirus pandemic and people await relief checks from the government, former IRS officials say it could be months before anyone gets that much-needed money, Reuters reported on Thursday (March 26).

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French Court Says Bitcoin Is Money

PYMNTS

A French court has decided that bitcoin is money, the first time a court in France has issued such a ruling, according to a report from Les Echos Sunday (March 8). The decision came about following a clash between the Bitcoin marketplace Paymium and the crypto investment company BitSpread.

Shipping And Logistics: An Industry Jolted Into Digitization

PYMNTS

The coronavirus has turned entire industries on their heads, not least of all the shipping and logistics sector. Factory shutdowns and stay-at-home orders have disrupted manufacturing and production, with ramifications reverberating throughout global supply chains.

Quaranstreaming And The Future Of Social Commerce

PYMNTS

A good slogan is hard to write, as it needs to be brief, memorable (for good reason) and continuously evocative no matter how often it is used.

Baidu: AI Exceeds Human Natural Language Comprehension And Open Source Could Make It Even Better

PYMNTS

Every consumer has gone through at least one iteration in their commercial life of the clunky, junky product search. It starts with a basic idea of what one is looking for — but nothing as specific as say a SKU — entered into a search bar.

Steve Mnuchin: Stimulus Money Should Hit Within 3 Weeks

PYMNTS

As the coronavirus spreads throughout the United States, Treasury Secretary Steve Mnuchin told “ Face the Nation ” Sunday (March 29) that Americans should be receiving $1,200 stimulus money within the next three weeks.

How Opening Bank Data Can Transform SMB Lending

PYMNTS

Open banking’s impact on small- to medium-sized businesses (SMBs) continues to proliferate as traditional financial institutions (FIs) embrace the opportunity to unlock data for third-party platforms.

Airbnb Execs Take Less Pay, Sideline $800M Marketing Plans

PYMNTS

Airbnb is looking to pause its marketing campaigns as a way to save $800 million while the company’s executives slash half of their salaries, Reuters reported on Friday (March 27), citing sources.

RILA On How United States Retailers Are Responding To Changing Privacy Rules

PYMNTS

California Consumer Privacy Act (CCPA), Washington Privacy Act (WPA) and other new privacy and online transaction standards are changing how businesses interact with consumers’ data in the U.S.

Amazon Wants Employees To Transfer To Grocery Work Due To Demand Increase

PYMNTS

Amazon is looking to transfer employees to its grocery bagging division as the need for grocery delivery has risen sharply due to the coronavirus , according to a report by Reuters.

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