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.
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.
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 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.
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.
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.
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.
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.