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UK Competition Regulator Eyes Amazon, What Treasurers Want From Bank APIs and more

PYMNTS.com What’s next in payments and commerce

  • Bank Of America Boasts $22B In Bailout Loans
    by PYMNTS on April 4, 2020 at 12:55 am

    It was a phenomenal Friday (April 3) for Bank of America. The Charlotte-based global lender told CNBC that 85,000 customers have applied for $22.2 billion in loans since online applications became available starting at 8:45 a.m. to help small businesses survive the downturn from COVID-19. Bank of America boasted that it was the first major financial

  • FinCEN Reminds FIs To Beware During COVID-19 Crisis
    by PYMNTS on April 3, 2020 at 10:58 pm

    Three weeks after the Financial Crimes Enforcement Network (FinCEN) issued guidance to financial institutions (FIs) on COVID-19, the division of the U.S. Department of the Treasury is reminding lenders to be on the lookout for fraud as the coronavirus grips the nation. The agency, whose mission is to safeguard the financial system, said compliance with

  • Coronavirus Update: Inditex Factories Make Medical Supplies; FedEx Reduces Chief Executive’s Pay
    by PYMNTS on April 3, 2020 at 10:25 pm

    Inditex, the owner of brands such as Massimo Dutti and Zara, is having its clothing manufacturing facilities in Spain produce medical supplies, while its logistics hub has almost arrived at a stop, Reuters reported. The firm said it had shuttered 3,785 retail shops around the globe for a time. Merchants worldwide have needed to shutter stores

  • JPMorgan Now Taking Applications For Paycheck Protection Program
    by PYMNTS on April 3, 2020 at 10:17 pm

    JPMorgan, one of the nation’s largest lenders, started accepting applications for loans from the federal government’s Paycheck Protection Program (PPP) on Friday (April 3), according to Reuters. The news service said the announcement was posted on the bank’s website. This development is a change from JPMorgan’s previous note in an email on Thursday (April 2)

  • UK Expands Non-Payment Protection For Exporters
    by PYMNTS on April 3, 2020 at 9:54 pm

    To protect exporters from the risk of not receiving payment if clients can’t pay their debts, the U.K. is growing the purview of its export insurance policy. The country joins other nations that have offered supply chain insurance support, The New York Times reported. A government department, UK Export Finance, has grown the program to

  • Amazon To Postpone Prime Day Amid COVID-19
    by PYMNTS on April 3, 2020 at 9:52 pm

    Amid the coronavirus, Amazon is delaying its Prime Day summer shopping event to August at the soonest and foresees a possible $100 million impact from extra devices it could possibly now have to offer at a reduced price. The retailer started the promotional event in 2015 to encourage sales during the quiet summer shopping season

  • FIS Connects With Lenders On COVID-19 Relief For Small Businesses
    by PYMNTS on April 3, 2020 at 9:28 pm

    Florida-based FinTech FIS is helping lenders provide Small Business Administration (SBA) loans under the coronavirus stimulus package, the company announced Friday (April 3). The Payroll Protection Program, a section of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress last week, authorizes lenders to provide up to $349 billion in funds to U.S. small

  • Sweden Joins ECB’s Real-Time Payments Platform
    by PYMNTS on April 3, 2020 at 8:07 pm

    Sweden is the latest country to join the European Central Bank’s (ECB) instant payments platform in an effort to ease electronic payments. The agreement allows the ECB to offer Sweden access to the Eurosystem’s TARGET Instant Payment Settlement (TIPS) in Swedish currency to support the nation’s instant payment service, the agency announced on Friday (April

  • COVID-19 Cash Flow, Grocery Payments, Lyft Driver ‘Referrals’ Top This Week’s News
    by PYMNTS on April 3, 2020 at 8:00 pm

    It’s the end of the workweek, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have deep dives into COVID-19 cash flow challenges and grocery shopping payments, as well as a report on Lyft driver “referrals.” Top News Lyft’s Driver ‘Referrals’ Show Limits

  • Uber Eats Lets Diners Help Eateries Via Contribute Button Amid COVID-19
    by PYMNTS on April 3, 2020 at 7:38 pm

    To let diners assist their favorite eateries amid the COVID-19 pandemic, Uber Eats is putting an in-app donate button into place. The food delivery company also intends to match each contribution to the Restaurant Employee Relief Fund for a maximum of $3 million, with another $2 million going toward the effort, The Verge reported. Uber says all of the

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