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 into address verification, D2C shopping and Google’s transition to the SAP Ariba network.
Top News
Google Almost Done With Transition To SAP Ariba Network
Google’s move to the cloud-based services of SAP Ariba is scheduled to finish Aug. 24 following multiple phases that started last fall. The final phase is in regards to the Asia Pacific region.
Facebook Forms Facebook Financial To Ramp Up eCommerce, Payments Efforts
Facebook is rolling out its Facebook Financial group, which will go after online shopping and payments opportunities. The new organization will spearhead all of the payments projects of the firm.
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Visa: Forging A ‘Network Of Networks’ To Modernize B2B Payments
Visa and Billtrust are doubling down on network connectivity. The companies are casting a broader net of collaborators, with the announcement that their Business Payments Network (BPN) is growing to include support for ACH and wire transactions in addition to card payments.
The Clearing House On The Race for Real-Time Payments In The US
While the proposed FedNow system has a 2023-24 timeframe to implementation, a number of initiatives and use cases are being embraced right here and right now to move the needle on accelerating payments toward real-time ubiquity.
The initiatives include the efforts of The Clearing House (TCH) to link the core banking infrastructure of financial institutions to the Real-Time Payments (RTP) network.
What Overcoming Inertia Tells Us About The Future of Physical Retail
COVID-19 has been a force sufficiently formidable to break the inertia connected with conducting commerce mainly in the physical world and to enable the shift to a mostly digital-first way of life.
Trackers And Reports
Report: Address Verification APIs Fix eTailers’ Last-Mile Problem
The continuing coronavirus pandemic has made address accuracy more important, as an increasing number of consumers depend on eCommerce and become more impatient to finalize their transactions as well as get their merchandise.
PYMNTS explores why quick address and payment verification is key to the success of digital marketplaces amid COVID-19.
NEW DATA: The Six Reasons Why More Consumers Are Buying Directly From Brands
Consumers may be more willing than expected to go the extra mile to locate their favorite products. The use of digital direct-to-consumer (D2C) channels to buy consumer-packaged goods (CPG) has increased by 50.1 percent as of the start of the pandemic.
Fun, Cool and Otherwise Interesting
The Mystery Of What’s Next For TikTok
TikTok experienced exploding popularity amid COVID-19. The video-sharing app has now moved from a harmlessly entertaining distraction to a digital pariah eyed with suspicion.
Its looks like the app could be on its way out in the U.S. unless it can make a deal with Microsoft or another U.S. buyer for its American operations.
PYMNTS examines who could be a winner in purchasing the firm’s U.S. arm — and if a TikTok 2.0 would function as well as the current version that millions of U.S. teens know and love.
Fed Says America Needs Instant Payments As Soon As Possible
Fed Gov. Lael Brainard said in an Aug. 6 symposium showcasing the Fed’s approval of the FedNow system that the COVID-19 crisis has increased the need for instant payments.
What Uber And Lyft’s Court Loss Means For The Gig Economy’s Future
A judge in California ordered Lyft and Uber to stop classifying workers as independent contractors and start categorizing them as employees. The two companies have 10 days to follow the order without additional legal action. Both companies have asked for stays as they file appeals; however, the ruling could have large possible effects for the gig economy.
Instacart-Walmart Delivery Pact Heats Up Online Grocery Wars
Walmart has arrived at a partnership with Instacart to provide same-day delivery throughout a couple of select markets in the United States geared toward four pilots in California and Oklahoma.
