Today in the payments news roundup, FinTech startup Brex is launching a business cash management account to take the place of traditional business bank accounts. Also, Saga, a financial company geared to individuals over 50, has linked up with Goldman Sachs consumer bank Marcus to offer two new savings accounts. And Uber is rolling out an Uber Works app that will help people looking for shift work to connect with firms looking for temps.
Brex is rolling out a business cash management account to take the place of traditional business bank accounts. Brex Co-Founder and Co-CEO Henrique Dubugras said in a press release, “Even before customers think about credit cards, they need a place to store their business capital. Brex Cash delivers just that — with an unmatched combination of ease of use, superior rewards, no fees and higher returns.”
The Malaysia Competition Commission (MyCC) ruled that Singapore-based Grab is in violation of competition rules and is mulling fining the firm $20.5 million. MyCC decided that Grab used its marketplace position to thwart any rivals. Beyond the fine, the regulator will reportedly charge the company $3,500 daily until it rectifies the situation.
Uber is launching an Uber Works app that will help people looking for shift work to connect with firms looking for temps. The app is in testing in Chicago and will show available shifts that companies are aiming to use temporary workers to fill. A company spokesperson said, according to reports, “Uber Works has a business dashboard and we connect directly with businesses, including restaurants and others, to assist them with filling empty shifts.”
Saga has linked up with Goldman Sachs consumer bank Marcus to offer two new savings accounts. According to reports, both companies made a deal to become “long-term savings partners” beginning in June. Goldman reportedly wants to keep expanding retail offerings and raising revenue, while Saga wants to become more competitive in regards to savings offerings.
Taco Bell is among the major restaurant brands that has teamed with delivery service provider Grubhub to reach customers. And, beyond its delivery efforts, the quick-service restaurant (QSR) is rolling out self-ordering digital kiosks to its restaurants nationwide.
In a feature story, Taco Bell Senior Director of IT Rafik Hanna explains how these solutions fit with the omnichannel ambitions of the company, while letting customers “own their ordering experience” and access one that is more personalized.
The rivalry between cybercriminals and the fraud and security teams at banks, which are tasked with stopping their attacks, is incredibly lopsided. The fraud and security teams have to get it right all of the time to keep their position of trust, but the cybercrime gang only has to get it right once — one crack and they are in.
Johan Gerber, executive vice president of security and cyber innovation at Mastercard, told Karen Webster that cybercriminals are working 24/7 hammering away at those systems until a crack makes itself known. And Gerber noted that the attacks are going to keep on coming.
Cyberattacks hit financial services firms 300 times more often than firms in other industries per the Boston Consulting Group. That reality is why Mastercard rolled out Threat Scan, a new global service for its banking partners, designed to proactively identify potential vulnerabilities in their authorization systems.