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Today In Payments: Marcus Reports $12B Boost In Deposits; Alphabet To Decelerate Pace Of Hiring

Today In Payments

In today’s top news, Goldman Sachs reported a $12 billion boost in Marcus deposits with a $72 billion tally at the end of the quarter, while Walmart is hoping that consumers will get its Walmart MoneyCard. Also, Alphabet plans to slow down the pace of hiring.

Goldman’s Marcus At $72B In Deposits

Goldman Sachs registered earnings that, like the other large names in banking, showed the company took reserves amid a worsening macro environment. Goldman’s Marcus registered a $12 billion boost in deposits, and the tally was $72 billion at the quarter’s conclusion.

Walmart To Customers: Get Stimulus Check Deposited In MoneyCard Account

Walmart is hoping consumers will sign up for its Walmart MoneyCard to make a direct deposit account for the government stimulus payments being delivered this week, promoting fast access and waived fees. The retail company said the process would be easy, safe and affordable.

Grab CEO: Diversification, Liquidity Will Drive Business Survival

The CEO of Grab, Singapore’s ride-hailing unicorn, said business is off; however, the company’s diversified offerings and liquidity will aid it in working through the pandemic. Grab CEO Anthony Tan said per reports, “We are fortunate to have ample liquidity to tide us through, whether it’s a 12-month recession or 36-month recession.”

Google Will Reduce New Hires Until 2021

Alphabet, the parent company of Google, intends to decelerate the pace of hiring because of the economic slowdown brought about by the COVID-19 pandemic.

CEO Sundar Pichai said in a memo to staff that beyond decelerating new hires it is putting cost-cutting measures into place and will be “recalibrating the focus and pace of our investments in areas like data centers and machines, and nonbusiness essential marketing and travel” per a report.

Main Street USA: 58 Percent Of Main Street SMB Retailers Say They May Not Survive The Pandemic

PYMNTS research suggests that the average small and medium-sized business (SMB) expects to run out of cash two months before the end of the pandemic — even with government assistance. And just one-third of all SMBs have applied for loans with the Small Business Administration (SBA) as of April 6, even though two-thirds of them feel they could run out of cash prior to the end of the pandemic.

The Spice House On A Recipe For Secure, Cross Border AP

Consumers under quarantine are discovering home cooking and the power of spices. The ingredients, however, only arrive at their door after traveling via complex supply chains, and the spice purveyors that bring these products to consumers have to have robust accounts payable (AP) strategies.

In a feature story, Charlie Mayer, CEO of The Spice House, discusses AP automation tools that can assist firms in managing their numerous different payment flows while preventing manual errors.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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