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Today In Payments: Senate Passes Bill To Extend PPP; Amex CFO Sounds Alarm Over Post-Lockdown Furloughs

Today in Payments

In today’s top news, the Senate passes an amendment to the Paycheck Protection Program, Amex CFO voices concern as large companies’ pledges to freeze job cuts end and PayPal boosts its investment in Tink.

Senate Passes Bill To Extend PPP For SMBs

The U.S. Senate passed a bill Tuesday (June 3) amending the way the Paycheck Protection Program (PPP) works, extending the time for small and medium-sized businesses (SMBs) to use the money from eight weeks to 24 weeks. It also gives business owners more flexibility on how much has to go toward payroll. It was passed by the House last week and will now go to the desk of President Donald Trump.

Amex CFO Sounds Alarm Over Post-Lockdown Furloughs

A top American Express executive sees trouble on the horizon for the economy as the effects of the COVID-19 recession continue to devastate. Chief Financial Officer Jeff Campbell said there could be additional economic woes as large companies’ pledges to avoid job cuts in 2020 run out.

PayPal Boosts Investment In Tink Open Banking Platform

PayPal has re-upped its stake in Tink with an investment of an undisclosed size that was part of a previously announced 90 million euro funding round. PayPal’s first investment in Tink, which enables FinTechs to access customers’ financial data, was in June 2019 and totaled $11.2 million.

SMBs May Be On the Hook for Losses Amid Social Unrest

Amid the social unrest dominating the country at the moment, will SMBs face crippling losses tied to looting? Landlords mandate that business tenants carry basic liability insurance, but small businesses may not have such coverage in place — which means, too, that they could face substantial losses even as the pandemic continues to ravage their top and bottom lines.

NEW REPORT: FinTech’s Role In Keeping Open Banking Secure

Open banking can unlock seamless payment experiences for legitimate customers, but also for money launderers as well. As a result, many financial institutions (FIs) are reluctant to offer application programming interface (APIs) until FinTechs can prove that their integrations won’t introduce new risk, says Andrew Davies, vice president of financial crime risk management at Fiserv. In this month’s AML/KYC Tracker, Davies explains how FinTechs can use artificial intelligence (AI)-powered behavioral analysis to put FIs at ease.

Exclusive Data: Twenty-Five Percent of Consumers Say Retail, Online Grocery Digital Shift Will Stick

In the 10 weeks since lockdown, 36 percent of consumers now shop online for retail purchases, 13 percent for groceries and 21 percent buy food from aggregators. Nearly 25 percent say those digital habits will stick, a $308 billion shift from physical to digital — if they do. Details in the latest PYMNTS study: The Great Reopening: Doubling Down On Digital edition, the tenth in our series.

Should Las Vegas Bet On Consumers Returning to Casinos?

Viva Las Vegas! Sin City’s casinos will begin reopening today with masked dealers, limits on capacity and plexiglass barriers at the gaming tables. Will tourists be eager to return to such an environment, and will workers feel safe enough to serve them? Here’s what we think.

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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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