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Today In Payments: Senate Approves Five-Week Extension For PPP; Document: Wirecard Depended Upon Few Clients

Today in Payments

In today’s top news, the Senate extended the PPP application deadline by five weeks, and an internal document reveals a small client base brought in over 50 percent of Wirecard’s sales. Plus, Brazil’s antitrust regulator said it will reverse its decision to suspend the WhatsApp-Cielo partnership.

Senate Approves Five-Week Extension For PPP

Just as the application deadline was set to expire on the Paycheck Protection Program (PPP) at midnight Tuesday (June 30), the U.S. Senate extended the popular measure for five more weeks. To date, $130 billion is still unclaimed from the Small Business Association’s forgivable loan program to assist companies endure the COVID-19 pandemic.

Internal Doc: Half Of Wirecard’s Sales Came From Just 100 Clients

A summary of Wirecard’s customers in 2017 suggests that just 100 clients represented over 50 percent of its real sales, the Financial Times reported, citing an internal spreadsheet.

Brazil Regulator Lifts Suspension Of WhatsApp’s Pair-Up With Cielo

Cade, the Brazilian antitrust watchdog, announced it would reverse its decision to suspend the WhatsApp payment services partnership between Facebook and Brazilian card operator Cielo. According to Cade, the decision was made because preliminary information from both Cielo and Facebook indicated that they would not infringe on peoples’ choices and wouldn’t limit other deals with rival companies.

Visa, Careem Team On Digital Payments In Middle East, N. Africa

Careem, the Dubai-based ride-hailing company, has entered into a partnership with Visa to expand digital payments across the Middle East and North Africa. Visa will integrate into the Careem Pay Super App which will provide Careem drivers, known as Careem captains, access to payments and funds.

U.S. Bank: How Legacy Systems Impede Open Banking Adoption

B2B payments are often complicated by incompatible systems that delay transactions and add additional fees. Embracing open banking can help, but many financial institutions have core systems that weren’t designed to support APIs, says Gareth Gaston, executive vice president at U.S. Bank. In this month’s B2B API Tracker, PYMNTS speaks with Gaston about how legacy systems have impeded open banking — and what it will take for banks to embrace APIs and accelerate B2B payments.

NEW DATA: The Five Subscription Features That Could Keep Millions From Clicking ‘Cancel’

Staying home 24/7 has consumers turning to subscription services for both entertainment and their day-to-day needs. While that’s a great opportunity for providers, it also presents a challenge — 27.4 million consumers are looking to cancel their subscriptions because of friction and cost concerns. In the latest Subscription Commerce Conversion Index, PYMNTS reveals the five key features that can help companies keep subscribers loyal despite today’s challenging economic times.

OCC: Banks Face Higher Compliance Risks Amid Pandemic

The Office of the Comptroller of the Currency (OCC) said in a report that it will examine how the coronavirus is impacting compliance by financial institutions. The virus has spurred a flurry of bank activity across relief programs like the Paycheck Protection Program (PPP), forcing firms to handle more interactions even as some have less staff due to layoffs or reassignments.

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New PYMNTS Study: Subscription Commerce Conversion Index – July 2020 

Staying home 24/7 has consumers turning to subscription services for both entertainment and their day-to-day needs. While that’s a great opportunity for providers, it also presents a challenge — 27.4 million consumers are looking to cancel their subscriptions because of friction and cost concerns. In the latest Subscription Commerce Conversion Index, PYMNTS reveals the five key features that can help companies keep subscribers loyal despite today’s challenging economic times.

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