Today In Payments: Citigroup’s $900M Error Caused By Software Update; Facebook Rolls Out In-App Marketplace

In today’s top news, Citigroup’s $900 million “clerical error” occurred during a software update, and Facebook introduced a new marketplace in its Facebook shop app. Plus, lenders ask homeowners to certify that they won’t seek forbearance.

Report: Citigroup’s $900M Error Caused by Software Installation

Citigroup Inc. has discovered that a software update led to its nearly $1 billion “clerical error” earlier this month, which has resulted in four lawsuits involving as many as 16 companies.

Facebook Rolls Out In-App Marketplace in Facebook Shop

Facebook has introduced a new place to browse in Facebook Shop, designed to make it easier for customers to find items from businesses they love, discover new ones and make purchases in one place.

Lenders Ask Homebuyers to Certify They Won't Seek Forbearance

Mortgage lenders, seeking to keep losses low, are asking homebuyers if they plan to seek forbearance due to the current economic crisis. Borrowers were informed that they won't be able to skip a payment until the government backs their loan.

Ant Group Files for IPO, Reports $3B in Half-Year Profits

Ant Group has filed for an initial public offering (IPO) of stock that could be the largest in history, after reporting a net profit of $3 billion for the first half of 2020.

Truist CIO: Overcoming Roadblocks to Faster Payments

COVID-19 has accelerated the need for financial institutions (FIs) to quickly deploy faster payments across a variety of use cases, says Bryce Elliott, chief information officer at Truist Bank. In this month’s FI’s Guide To Modernizing Digital Payments, Elliott offers new insight on how FIs can move faster to their faster payments future.

How AI Helps Visa ‘Step in’ (Smartly) When Issuers Go Offline

Visa announced today that its Smarter Stand-In Processing (Smarter STIP) leverages artificial intelligence (AI) to help the network act as a "backup" processor to accept or decline authorizations when issuers go offline. Gourab Basu, vice president of global network processing at Visa, tells PYMNTS how deep learning keeps card (and card-not-present) transactions flowing.

For China, Digital Yuan Sprinting Toward Olympics?

In further evidence that China is pushing its CBDC efforts, the PBOC is reportedly seeking to make digital currency available at the 2022 Winter Olympics.



Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border. Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.