Categories: Digital Banking

Today In Digital-First Banking: NYMBUS Appoints Bank Tech Veteran To CEO Role; JPMorgan Bolsters SMB Payment Fraud Protection

In today’s top news in digital-first banking, NYMBUS has appointed a banking tech veteran to its chief executive position, while J.P.Morgan Chase is strengthening its payment fraud protection for small to medium-sized businesses (SMBs). Plus, Ant Bank has launched banking services in Hong Kong.

NYMBUS Names Bank Tech Veteran to Top Post

NYMBUS has said that banking tech veteran Jeffery Kendall will be the organization’s new chief executive. He will succeed Founder Scott Killoh, who will stay on board as executive chairman. NYMBUS said in a news release that Kendall is “an experienced leader” in digital technology and possesses “a proven track record” of leadership at high-growth firms.

JPMorgan Ups Payment Fraud Protection for SMBs

J.P.Morgan Chase is bolstering its payment fraud protection offerings to assist SMBs in countering fraud and scam attempts. The financial institution is putting into place a new self-service “fraud hub” that will allow SMBs to set notifications for atypically big payments. It already has a system in which clients can call and seek payment controls, but the new offering will augment that.

Ant Group Debuts Virtual Bank in Hong Kong Weeks After Filing IPO

Ant Bank, the virtual banking arm of Ant Group, has rolled out banking services in Hong Kong. The Hong Kong Monetary Authority (HKMA) gave the green light to Ant Bank’s application for a virtual banking license. It was reportedly among eight such recipients. Ant Bank will team with AlipayHK to let users integrate banking services.

QuickBooks, Amazon to Provide Automatic Purchase Reconciliation

Intuit has unveiled a new connection between its QuickBooks technology and Amazon Business to let small companies automate purchase reconciliation. Amazon Business purchases will be automatically integrated into QuickBooks through the connection, and information will be updated multiple times daily. The idea is to decrease the need for manual entry and assist those who own companies to better understand how their business expenditures are classified.

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The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.