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How Banks and Big Tech Use AI to Modernize Workflows
Unlocking operational leverage is the name of the game for today’s businesses. In the face of ongoing macroeconomic uncertainty, controlling for what is controllable while making the most of available resources is emerging as a way to capture growth. For instance, Amazon is equipping its finance teams with generative...
FleetUp and RoadFlex Create Integrated Fleet Expense Management Solution
FleetUp and RoadFlex have integrated their solutions to automate fleet expense management and fuel management, from data collection to reporting. Together, their fleet management solutions help fleet owners and administrators streamline their operations, the companies said in a Tuesday (July 2) press release. “By integrating our fleet management platform with...
Mashreq Launches API-Enabled Instant Payments for Corporate Clients in UAE
Mashreq has launched a new application programming interface (API)-enabled instant payment solution for its corporate and institutional clients in the United Arab Emirates (UAE). This new offering is integrated with the Central Bank of the UAE’s (CBUAE) Aani or Instant Payments Platform (IPP), facilitating low-value payments for corporates in real...
PrimeRx Intros Online Marketplace for Pharmacies
Pharmacy management solutions firm PrimeRx has debuted PrimeRx MARKET, an online marketplace for pharmacies. “Formerly known as Trxade, PrimeRx MARKET represents a significant expansion in PrimeRx’s commitment to enhancing the operational efficiency and cost-effectiveness of pharmacies nationwide,” the company said in a news release Tuesday (July 2). MARKET...
Adobe Commerce Adopts Klarna’s BNPL Services
Adobe Commerce merchants can now offer their customers Klarna’s buy now, pay later (BNPL) services and other flexible payment options. The partnership will help these merchants meet the growing demand for BNPL, the companies said in a Tuesday (July 2) press release. “Klarna’s global footprint enables Adobe Commerce merchants...
Dem Senators to Synapse: Let Customers Access Deposits
Four Democratic U.S. Senators have a message for bankrupt FinTech Synapse:. Let your customers get access to their deposits. The four senators — Senate Banking Committee chair Sherrod Brown of Ohio, Ron Wyden of Oregon, Tammy Baldwin of Wisconsin and Pennsylvania’s John Fetterman — wrote to the company’s owners and FinTech partners Monday (July 1), calling on them to restore customers’ access to their funds.
Uber to Add Boat Options in European Tourist Destinations
At a growing number of tourist destinations in Europe, getting an Uber may mean hopping onboard a boat. The ride-hailing firm is rolling out several Uber Boat options this summer, Uber said in a Tuesday (July 2) press release. In Ibiza, the company will launch Uber Yacht in August. The...
New Fed Data Indicates Wages Won’t Offset Inflation Anytime Soon
Since the start of the pandemic, PYMNTS Intelligence has tracked the real impact of inflation, as real wages, adjusted for price increases, have failed to keep pace with sticker shock. Coming into 2024, PYMNTS found that 85% of consumers said increases in their paychecks had not matched the pace of...
How to Ride the B2B Payments Innovation Wave
B2B payments power trillions of dollars in annual payments flows. Much of those flows are handled via checks and other traditional processes that are riddled with pain points, redundancies and sunk time and costs. All these factors can lead to longer DSO (days sales outstanding), adversely affecting firms’ financial health....
Singapore Bank DBS Forges Stablecoin Custody Pact With Paxos
Singapore’s DBS Bank is reportedly set to begin a custody service for stablecoin reserves. It’s part of a collaboration between the city-state’s largest lender and a local unit of cryptocurrency issuer Paxos Trust, Bloomberg News reported Tuesday (July 2), with the partnership also including cash management services.
BIS: Central Banks See Opportunities and Challenges From AI
Artificial intelligence is poised to transform the financial sector and broader economy, creating opportunities and risks that central banks must navigate carefully, according to a top official at the Bank for International Settlements. In a Sunday (June 30) speech at the BIS annual meeting, Hyun Song Shin, economic adviser and...
Nexi Enables Bancomat Pay Transactions on Amazon’s Italian eCommerce Site
Customers of Amazon’s Italian eCommerce site will be able to make purchases with Bancomat Pay, following the retailer’s new partnership with Nexi. In the collaboration between the two companies, Amazon.it will use Nexi’s platform to enable customers to make purchases with this additional payment option, Nexi said in a Tuesday (July 2) press release.
HSBC Scales Back Hiring Amid Cost-Cutting Efforts
European banking giant HSBC is reportedly slowing hiring and asking investment bankers to reduce expenses. It’s part of an effort by CEO Noel Quinn to reduce costs as banks around the world anticipate interest rate cuts, Bloomberg reported Tuesday (July 2). HSBC is in some cases not filling open...
Aggregators Expand SNAP EBT Acceptance to Woo Paycheck-to-Paycheck Shoppers
As aggregators compete to win the spending of financially struggling consumers, more players in the space are expanding their acceptance of Supplemental Nutrition Assistance Program (SNAP) Electronic Benefits Transfer (EBT) payments. Target-owned same-day delivery aggregator Shipt, for instance, recently said it has begun accepting these benefits on its marketplace, reaching...
Apple Reportedly Loses Chinese Market Share Despite Discounts
Apple’s aggressive discounting campaign in China apparently did not prevent it from losing market share. The tech giant ended May with 11% of the Chinese smartphone market, even as iPhone sales climbed 0.9% year over year, Seeking Alpha reported Monday (July 1), citing findings from investment firm UBS. “We...
Revolut Revenues Jump 95% With Addition of 12 Million Customers
Revolut’s revenues jumped 95% last year as it continues to pursue a British banking license. The London-based FinTech released its 2023 annual report Tuesday (July 2), showing the company’s revenues reaching $2.2 billion in 2023, up from $1.1 billion in 2022. In addition, Revolut’s profit before tax was...
3-D Secure Makes Payments Better for Merchants, Shoppers, Worse for Fraudsters
Success in today’s hyper-connected digital landscape boils down to two things: security and convenience. And the success of digital payments and eCommerce in the 21st century also rests on those two pillars. “Digital commerce is booming, it’s a nonstop train … and there’s a lot of things to consider...
How Supplier-Friendly Card Solutions Improve Business Cash Flow
Innovation is coming to the B2B space, providing businesses with streamlined and efficient payment solutions. Increasingly, these innovative B2B payment solutions are having a positive impact across both sides of the transaction. Take, for example, the evolution of B2B card issuing. “We are really at the beginning of the chapter...
Physical Cards Hold the Keys to a Passwordless Future
It’s a problem that has dogged chief information and security officers at companies big and small: You have to fight fraud at all costs, and just as importantly, you need to make sure the payments experience goes off with minimal friction. It’s a tension that has not escaped the...
Update: Judge in Mastercard and Visa Settlement Case Posts 88-Page Opinion
After three days of sparse quotes and speculation, the New York Eastern District court judge presiding over the latest chapter in the proposed credit card swipe fee settlement between Visa, Mastercard and millions of merchants has posted her 88-page opinion. The opinion comes almost a week after U.S, District Judge...
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Online coverage of payments news and top industry trends. Insight and reporting on payments, commerce, FinTech and innovation.
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