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Chime Acquires Salt Labs, Launches Business Unit Focused on Employers
Chime has acquired Salt Labs to accelerate Chime’s growth through the employer channel. The resources of Salt Labs, an enterprise technology company whose flagship product is an employee rewards benefit, will help draw new members to Chime’s banking services platform, the companies said in a Wednesday (June 26) press release.
Block Says Bitcoin Holdings Allow It to Study Technology’s Potential
One motivation for Block’s investment in bitcoin is to learn about the technology and how to use it. The company invests 10% of its gross profit from bitcoin products each month into buying more bitcoin; allocates less than 3% of its resources to bitcoin-linked projects; and holds bitcoin on its own balance sheet, Bloomberg reported Thursday (June 27).
Publix Debuts Virtual Care Services via WellSync
Grocery chain Publix is the latest company to bring healthcare to the retail space. The company’s customers can now access virtual care services through digital healthcare firm WellSync, according to a Tuesday (June 25) press release. After filling out an online health questionnaire, customers can seek care from licensed...
Two-Thirds of Financially Stressed Consumers Revolve Their Credit Card Balances Each Month
As consumers look for ways to make ends meet, many of those who do not have a financial safety net are forced to carry their credit card balances over to future bills. “The Credit Card Use Deep Dive Edition” of the PYMNTS Intelligence series “New Reality Check: The Paycheck-to-Paycheck Report” draws from a survey of more than 3,200 United States consumers, aiming to better understand their financial lifestyles and to gain insight into how they use credit cards to manage their cash flows to get by.
This Week in B2B: Digital Innovation, Data-Driven Insights, FinTech Partnerships
Interoperability is viewed by many to be the holy grail of business-to-business (B2B) innovation. By enabling systems to work together seamlessly, businesses can reduce costs, improve accuracy, enhance security, and foster better relationships with their partners. Businesses want flexible and customizable workflows, and providers are working to make it happen....
FlexPoint Launches Automated Billing Partnership With Pax8
Automated billing and payment solution provider FlexPoint launched a collaboration with cloud commerce marketplace Pax8. The partnership brings FlexPoint’s financial platform to the Pax8 Marketplace, according to a Thursday (June 27) press release. FlexPoint’s offerings are designed to streamline billing operations, enhance cash flow, and automate financial processes for...
Medius Debuts AI-Powered Accounts Payable Tools
Accounts payable (AP) management firm Medius has introduced a pair of artificial intelligence (AI)-powered offerings. Medius Copilot is an AI assistant embedded within the company’s AP automation application, designed to assist invoice approvers, especially those who are not AP experts, according to a Thursday (June 27) press release. “Medius...
Report: Teenagers in Wealthy Nations Lag in Financial Literacy
A new report says teens in more prosperous countries are lacking in financial literacy. While more than two-thirds of students routinely use financial products and services, levels of financial literacy are too low to make sure they can avoid financial risks, the Organization for Economic Cooperation and Development (OECD) said Thursday (June 27).
Walgreens Considers Closing 25% of Stores Amid Consumer Price Sensitivity
Challenges in the retail environment and the pharmacy industry have led Walgreens Boots Alliance to consider closing as many as 25% of its U.S. retail stores. These Walgreens stores do not contribute to the firm’s adjusted operating income, and the company expects that a “significant portion” of these underperforming stores will be closed over the next three years, Walgreens Boots Alliance CEO Tim Wentworth said Thursday (June 27) during the company’s quarterly earnings call.
Velera Launches Project Management Platform for Credit Unions
Credit union service organization Velera is rolling out a new onboarding and project management platform. Formerly known as PSCU/Co-op Solutions, Velera said in a Thursday (June 27) news release that the new platform offers credit unions more transparency and better collaboration and lays a foundation for future generative artificial intelligence integration.
Amazon Merges Clinic and Amazon One Medical Into Single Brand
Amazon’s pay-per-visit telehealth service and its One Medical program are now a single brand. The company announced Thursday (June 27) that Amazon Clinic, introduced in 2022, was being renamed Amazon One Medical Pay-per-visit. With that name change comes some others: customers now have the choice of paying for each...
Insured Unemployment Number Reaches Highest Level Since 2021
The number of people receiving unemployment benefits reached its highest level in over two years. The insured unemployment number for the week ended June 15 was 1,839,000, which was 18,000 higher than the previous week’s revised figure of 1,821,000, the Department of Labor (DOL) said in a Thursday (June 27) press release. The figure for the previous week was revised down by 7,000, per the release.
AI Surge Drives Tech Industry Growth for Micron, Alibaba and Perplexity
The artificial intelligence (AI) boom is reshaping the tech landscape, with industry giants and startups reporting significant gains and attracting major investments. Memory chip maker Micron Technology announced robust quarterly results fueled by AI demand, while eCommerce giant Alibaba.com rolled out AI tools to empower small businesses globally. Meanwhile, AI-powered search startup Perplexity caught the eye of SoftBank’s Vision Fund, potentially securing a multi-million-dollar investment at a $3 billion valuation. These developments underscore AI’s growing influence across various tech sectors, from hardware infrastructure to eCommerce and information retrieval.
OpenAI Unveils Content Deal With Time Magazine
OpenAI and Time announced a multi-year content partnership. The tie-up will give OpenAI access to Time’s current and past content from its 101-year-old archive, allowing the tech firm to cite the publication as a source of information in response to user queries on ChatGPT, according to a Thursday (June 27) news release.
Sezzle Expands Rewards Program to Canada After Success in US
Buy now, pay later (BNPL) firm Sezzle has expanded Payments Streaks, a program that rewards users for consistently making timely payments, to Canada, with the exception of Quebec. This move follows the successful launch of the program in the United States in May, the company said in a Thursday (June...
Consumer Spending Revised Lower as Paycheck-to-Paycheck Households Struggle
The third estimate of how gross domestic product (GDP) fared in the first quarter showed — at least in the headline number — there was a slight boost from previous estimates. The Bureau of Economic Analysis’ final reading noted that first quarter GDP was 1.4% higher, on an...
Dust Raises $16 Million to Help Companies Deploy AI Assistants
Generative artificial intelligence (AI) firm Dust has raised $16 million in additional funding to expand its platform that helps companies deploy AI assistants for internal use cases. The firm will use the new funding, which was led by Sequoia Capital, to add to its team and accelerate its product development...
Evolve Confirms Ransomware Hack as Challenges Grow at FinTech Partner Bank
It’s been a bad month for Evolve Bank & Trust, and it’s only getting worse. Following a “cease and desist” order issued to the bank on June 14, the Arkansas-based lender on Wednesday (June 26) publicly confirmed the news that a ransomware gang had hacked the bank and was posting customer data on the dark web.
Neiman Marcus Reports Data Breach Affecting 64,472 Customers
Neiman Marcus reported a data breach that affected 64,472 customers. The incident occurred on April 14 and was discovered on May 24, the retailer said in a data breach notification filed with the Office of the Maine Attorney General. The company’s filing identified the incident as “external system breach (hacking).”...
Data: Consumers Are Using Digital Wallets for More Than Payments — Here’s How
Consumers’ use of digital wallets is evolving beyond just making purchases, and younger generations are showing the way forward. The PYMNTS Intelligence report “Digital Wallets Beyond Financial Transactions: A Global Perspective,” created in collaboration with Google Wallet, drew from a survey of more than 12,000 consumers across the United States, the United Kingdom, Brazil, France and Germany. The study examined how consumers use their digital wallets beyond making payments and how they intend to use them in the future.
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