Today In Payments: EU Ruling Limits Personal Data Transfer To US; Airbnb Revives Plan To Go Public

In today’s top news, EU’s top court will limit companies’ ability to transfer personal data to the U.S., and Airbnb said it will revive its IPO plans. Plus, Goldman Sachs reported strong second-quarter earnings.

EU Ruling Limits Personal Data Transfer to US

The European Court of Justice has ruled that companies will face restrictions on storing information about European Union (EU) residents on U.S. servers. The top court of the 28-nation bloc ruled the transfer of personal data to platforms in the U.S. puts Europeans at risk of American government surveillance without a right to challenge it.

Airbnb Revives Plans to Go Public With Management Shakeup

Airbnb will revive plans to launch an initial public offering (IPO) this year, the company announced in an email to employees, while also informing them that Greg Geeley, president of Airbnb’s Homes business, has left the company.

Goldman’s Consumer Deposits Increase by $20B in Q2

Goldman Sachs reported that consumer deposits grew by a record $20 billion to $92 billion during the second quarter, as the bank continued to expand its digital consumer platforms.

SoFi User Base Triples Since January

SoFi’s daily trading volumes have surged since the beginning of this year, while its user base has dramatically risen, SoFi CEO Anthony Noto said in a televised interview. Noto also spoke of the company’s aim to get a national bank charter, calling it “critical strategically” for the business.

Can Mobile Solve a City’s Transit Payment Challenges?

With countries around the world reopening their borders, consumers are eager to travel — but want to do so in a germ-free, contactless way. That can be a problem when one city’s transit system accepts cards while another city’s system runs on cash and tokens. In this month’s Payments Orchestration Playbook, David Block-Schachter, chief business officer at Transit, explains how mobile-enabled transit fare payments can solve the issue for consumers traveling across borders.

VillageMD CEO: How the Walgreens Partnership Can Fix What’s Broken in Primary Healthcare

VillageMD recently cut a deal to open as many as 700 clinics in Walgreens stores around the country. Tim Barry, VillageMD’s co-founder and CEO, tells Karen Webster that’s part of the plan to make primary medical care more accessible to the 20 percent of Americans whose chronic conditions account for 85 percent of U.S. healthcare spending.

Bank of America Adds $4B to Reserves Even as COVID Boosts Mobile and Digital Users

Bank Of America built up an extra $4 billion in reserves during the second quarter to cover any future credit losses, even though the number of customers using the firm’s mobile and digital platforms grew during the second quarter.