Today in the payments news roundup, American Express is rolling out a new Pay with Bank Transfer product to U.K. consumers. Also, Microsoft has launched a new tool to aid businesses in managing their brands online called Dynamics 365 Commerce. And the CEO and founder of MyPayrollHR, the New York-based payroll company, was arrested and charged in a $70 million bank fraud scheme.
American Express is looking to launch a new real-time product that will let United Kingdom consumers pay for goods and services online. Its Pay with Bank Transfer will be offered in the fourth quarter to U.K. bank account holders even if they are not American Express cardmembers.
New Microsoft Tool Lets Merchants Create Product Web Pages
Microsoft has rolled out a new tool to aid businesses in managing their brands online. The Dynamics 365 Commerce product lets brands make product pages and provides space for customer interaction such as ratings and reviews. Designed to complement the company’s other eCommerce offerings, it allows brands to view analytics and stay in touch with customers.
Silicon Valley Investors Seek IPO Funding Substitute
Attorneys and investors from Silicon Valley are reportedly pressing for an initial public offering (IPO) alternative to help new businesses raise funds. With an expansion of the Direct Listing Process (DLP) that both Slack and Spotify utilized, entrepreneurs would be able to step up funding while sidestepping the standard IPO.
MyPayrollHR Founder Faces $70M Fraud Charge
MyPayrollHR’s CEO and founder was arrested and charged on Monday (Sept. 23) in a $70 million bank fraud scheme that left hundreds of small businesses across the nation scrambling. Michael Mann, 49, allegedly obtained millions in bank loans and lines of credit over the last decade that he reportedly diverted to bogus firms.
Serving Mobile P2P Payments to the Gen X Crowd
As Generation X and baby boomer consumers are becoming more smartphone-equipped, they are seeking fast P2P mobile payments. However, small banks can struggle to develop such services and keep them secure. Kristy Brandon, Comerica Bank’s senior vice president of eBanking, explains how real-time risk scoring and other tools can help keep rapid, mobile payments safe and keep Gen X bank customers coming back.
Fundbox CEO: How to Fix the ‘Net Terms’ Economy
The B2B finance and invoice settlement system is broken for all but the largest buyers, who can essentially set their own terms and pay when they want. In a new PYMNTS discussion, Eyal Shinar, CEO at Fundbox, told Karen Webster that’s an approximately $3.1 trillion problem, according to PYMNTS research – and, of course, it presents a big opportunity.
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