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9Spokes Launches Cashflow Product for Financial Institutions Serving SMBs
Global data platform 9Spokes has launched a new product designed to give small- medium-sized businesses (SMBs) automated, predictive cashflow management and forecasting capabilities. The new Cashflow product is designed for integration within financial organizations’ digital platforms and is now available to financial institutions and FinTech firms globally, the company said...
Recent High-Profile Cyber Breaches Highlight Need for Fault-Tolerant Security
What do Rite Aid, Disney, and Squarespace all have in common?. The fact that, in just the past few days, they each reported cyber breaches resulting in the theft of sensitive information. Rite Aid announced Monday (July 15) that in June, an unknown third party “impersonated a company employee to...
JTL’s eCommerce Solutions to Integrate With Mollie’s Payment Services
JTL-Software and Mollie have partnered to provide enhanced payment options to the merchants using JTL’s eCommerce solutions. Mollie’s payment services will be integrated into JTL’s eCommerce solutions to provide both online and offline payment solutions, including the ability to processes transactions directly in the JTL enterprise resource planning (ERP) system, the companies said in a Monday (July 15) press release.
Amazon Prime Day Sales Outpace 2023 Event in First Hours
The first hours of Amazon’s Prime Day reportedly saw sales outpacing those of last year’s event. During the first seven hours of the event on Tuesday (July 16), sales were up almost 12%, Bloomberg reported Tuesday, citing data from Momentum Commerce, which manages Amazon sales on behalf of brands and generates about $7 billion in annual sales on the platform.
AI Lays Foundation for Construction’s Financial Transformation
In the world of construction, where hammers meet spreadsheets, a new tool is emerging from the digital realm: artificial intelligence (AI). As builders grapple with razor-thin margins and complex cash flows, AI offers to reshape the industry’s financial landscape, one algorithm at a time. This week, Adaptive, a FinTech...
Credit Card Retail Payments Fall by 18% Amid Budget Pressures
As consumers continue to face financial pressures, many are shifting away from credit payments for retail purchases, instead playing it safe with debit. A PYMNTS Intelligence study in April for the Last Transaction Report series surveyed 1,730 United States consumers who bought non-grocery retail items in 30 days before being surveyed. The findings examined how shoppers paid for these items and compared the trends with consumers’ past preferences.
Temenos and Visa Partner to Provide Money Movement Solution to Banks
Banking software company Temenos has teamed up with Visa to provide the money movement solution Visa Direct to banks. Visa Direct will be integrated with Temenos Payments Hub and made available to banks via Temenos Exchange, the company’s ecosystem of partner solutions, the companies said in a Tuesday (July 16) press release.
Mango Reaches New Heights With Buzzy Collaborations and Click-and-Mortar™ Focus
As clothing shoppers increasingly seek of-the-moment relevance and omnichannel accessibility, Mango is growing its reach by seizing on attention-grabbing short-term launches and connected technologies. The company reported Monday (July 15) its highest-yet revenue in the first half of this year, reaching over 1.5 billion euros (about $1.6 billion), a 6.3%...
Trump Running Mate J.D. Vance’s Antitrust Views Divide Business Leaders
It is an election year — and political uncertainty is top of mind for businesses. With the news Monday (July 15) that presidential candidate Donald Trump has picked Senator J.D. Vance (R-OH), a former lawyer and venture capitalist, as his running mate, the potential implications of the Republican party’s 2024 ticket across the business and regulatory landscape is top-of-mind for firms.
Docyt Adds ‘AI Bookkeeper’ to Small Business Financial Management Platform
Docyt has added an “AI bookkeeper” called GARY to its digital back-office solutions for small and medium-sized businesses (SMBs). GARY is built on the Docyt AI software-as-a-service (SaaS) financial management platform that integrates expense management, revenue accounting, industry vertical reporting and financial reporting of key performance indicators (KPIs), the company said in a Tuesday (July 16) press release.
PNC: Commercial Real Estate Drives 8% Rise in Net Loan Charge-Offs
PNC Financial Services Group saw expected increases in total nonperforming loans and net loan charge-offs in the second quarter. The increases were primarily due to high commercial nonperforming loans and higher commercial real estate (CRE) net loan charge-offs, the bank said in a Tuesday (July 16) earnings release. “The credit...
Loop and ReBound Team for Simplified Retail Returns
Returns technology providers Loop and ReBound say they are joining forces. The collaboration, announced Tuesday (July 16), lets retailers using the Loop platform access ReBound’s omnichannel returns management services. The integration allows Loop users to use ReBound’s global logistics offering, which includes return shipments, advanced local processing and consolidation.
Bank of America: Consumers Still Have Borrowing Power Left on Their Credit Cards
For Bank of America, digital channels have represented avenues of continued growth, making inroads with credit card spending in particular. According to management, there’s still room left for consumers to keep spending on those cards. The company said in a second-quarter 2024 earnings release that 53% of its consumer...
IRS Warns Tax Pros of ‘Barrage’ of Phishing Scams
The IRS is warning tax professionals of a rise in scams designed to steal taxpayer information. The tax agency and its “Security Summit” partners — a group of state tax agencies and private tax industry organizations — said Tuesday (July 16) they are seeing a “steady stream” of phishing scams and cloud-based schemes.
Save A Lot VP: Consumers Cross-Shop to Stretch Grocery Budgets
Amid ongoing inflation and economic challenges, grocery shoppers are recalibrating their budgeting behaviors to make ends meet. Katie Kobus, vice president of marketing at Save A Lot, a grocery banner wholesaler with 760 stores across 32 states, spoke with PYMNTS to provide an in-depth look at how their customers are navigating financial pressures and the strategies the company employs to meet these evolving needs.
US Agencies Warn Financial Institutions About Mexico-Based Timeshare Fraud Schemes
Federal agencies are warning financial institutions about timeshare fraud schemes associated with Mexico-based transnational criminal organizations. The Financial Crimes Enforcement Network (FinCEN), jointly with the Department of Treasury’s Office of Foreign Assets Control (OFAC) and the FBI, released a notice on the topic Tuesday (July 16). In addition, OFAC...
OpenTable and Visa Launch Restaurant Reservation Partnership
Restaurant tech company OpenTable says it has launched a collaboration with Visa. The partnership, announced Tuesday (July 16) and dubbed the “OpenTable & Visa Dining Collection,” is designed to offer eligible Visa cardholders “exclusive access to sought-after restaurant reservations and events” at restaurants across North America.
From Eye Scans to Drug Design, AI Takes on Healthcare
Artificial intelligence is making waves across the medical field, with new studies showing promise in predicting eye treatment complications, analyzing heart MRIs, and even designing RNA-based drugs. While specialized healthcare AI models demonstrate potential, research also cautions against relying on general-purpose AI chatbots for clinical decision-making, highlighting the need for...
Big-Ticket Retail Sales Take Hit in June
A flat June reading for retail sales can be a tossup in terms of getting a sense of how the consumer is faring. The data released Tuesday (July 16) may have come in better than expected — economists had been looking for a month-over-month decline of 0.3% — but digging into the numbers reveals some pullback on big-ticket items. Other categories of discretionary spending got a lift — particularly online.
FIS Launches Small Business Lending Solution for Banks
FIS launched a solution designed to help banks source, underwrite and fund loans to small- to medium-sized businesses (SMBs). The new SMB Digital Lending solution was created in partnership with small business financial solutions technology platform Lendio, FIS said in a Tuesday (July 16) press release. “By partnering with Lendio,...
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