Faster Worker Pay, Cloud Banking And WhatsApp Payments In Brazil Top This Week’s News

It’s the end of the work week, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have deep dives on faster worker pay as well as cloud banking and news on WhatsApp’s payment functionality in Brazil.

Top News

Wirecard’s End Appears To Begin In China

At least one lender is reportedly considering writing off approximately $90 million lent to Wirecard and wouldn’t extend the line. The Bank of China is one of over 12 commercial banks that lent to the German payment through a facility, and the move could present a mortal danger to Wirecard.

Visa Launches Advanced Identity Score To Help FIs Fight Application Fraud

Visa introduced its Advanced Identity Score on Monday (June 22), which was billed by the firm as a way to evaluate new credit card applications for risk in real-time regardless of brand.

Brazil Central Bank Cites Lack Of Competition In Shutting Down WhatsApp Payments

The central bank of Brazil has reportedly halted WhatsApp’s payment functionality in the nation, pointing to antitrust concerns.

Mastercard To Buy Financial Data Provider Finicity For $825M

Mastercard Inc. has inked a deal to purchase financial data access company Finicity for $825 million.

Visa’s SMB Hub Launches With 20 Partners Including PayPal, Yelp and Freshbooks

Visa has rolled out a digital resource for small and medium-sized businesses (SMBs) meant to help entrepreneurs grow their businesses and create more formidable client relationships.

Trackers And Reports

Westgate Resorts: Why Faster Worker Pay Is Key To Reopening

Allowing workers to get their earned pay the same day they ask for it can play an essential role in helping them make ends meet. PYMNTS explores why Westgate Resorts decided to provide flexible payment choices and why they are uniquely beneficial in the current socio-economic climate.

N26: Cloud Banking Core Key To Meeting Consumers’ Mobile Banking Needs

Financial institutions (FIs) must get ready to lead seamless and tailored relationships with a high volume of mobile-first consumers, which can be a challenging shift when many FIs depend on older technology. PYMNTS explores how N26, however, is using cloud technology to bring about flexibility on its digital banking platform.

Investec: What FIs Must Know About Open Banking And Gaining Consumer Trust

Over 10,000 FIs globally are looking into the use of open banking, but this broad implementation is encountering an acute lack of customer trust. PYMNTS talks with Investec about how banks can improve this lack of trust by securing the areas in which clients input their private data.

Fun, Cool and Otherwise Interesting

Blank Check Companies Set Sights On Unicorns

Bill Ackman, in one case, is aiming to raise $3 billion for an initial public offering (IPO) of his blank check company. It would be the biggest IPO of this kind of firm so far and illustrates the appeal of looking for acquisitions of some of the largest names on Wall Street.

The Negative Trickle Down Effect of COVID’s (Wealthy) Consumer Spending Pause

A pullback in spending in the pandemic age from the top down has had (and will have) a negative trickle-down impact on others who have considerably less income available.

Apple To Let Developers Challenge App Store Rules, Mum On Apple Pay During WWDC

Apple’s yearly Worldwide Developer Conference began Monday (June 22) with the tech company unveiling new developments for its ecosystem, which continues to grow. New software, in one case, is to come to iPads, Mac Computers, iPhones, Apple Watches and Apple TVs in the near future.

Ford Joins Private 5G Parade Of Car Companies

Ford and Vodafone is the newest team to unveil their own private 5G network concept. This week, Vodafone said it would put 5G connectivity into place in Ford’s new British E:PriME (Electrified Powertrain in Manufacturing Engineering) building in Essex.