As omnichannel retail becomes pivotal for success in the long haul, merchants in cities big and small are harnessing eCommerce. Square has seen merchants transition to the web in weeks — or even days in some instances, the company said in its Rise of eCommerce report. In the report, Square said Albuquerque, New Mexico saw the largest rise in … Continue reading Square: Albuquerque Sees Biggest Increase In Online Sellers Continue Reading
The stunning demise of Germany’s Wirecard AG could lead to a revamp of some of the rules governing the international payments sector, which has seen rapid growth in recent years, though a key player says it is still too early to say. Agustin Carstens, general manager of the Bank for International Settlements (BIS), said Tuesday … Continue reading BIS: Wirecard Debacle Could Trigger Revamp Of Payment Regulations Continue Reading
Goldman Sachs has an idea for Capitol Hill to cut the daily growth rate of COVID-19 cases and help the economy: mandatory face masks. “We find that face masks are associated with significantly better coronavirus outcomes,” Jan Hatzius, Goldman’s chief economist, wrote in a note to clients, CNBC reported. Not only that, but Hatzius said his research … Continue reading Goldman Sachs: Face Mask Mandate Would Cut Infections, Help Economy Continue Reading
COVID-19 and the shutdowns enacted to combat the virus deprived the world’s workers of the equivalent of 480 million 40-hour-a-week jobs during the past three months, the United Nations-affiliated International Labour Organization reported today. The job impact is worse than the organization’s forecasters predicted in May. “This reflects the worsening situation in many parts of the world in recent … Continue reading Labor Agency Finds COVID-19 Took Bigger Toll On Jobs Than Forecast Continue Reading
The United Kingdom’s regulatory authority said Wirecard AG was correcting issues raised by the $2.1 billion accounting scandal, but restrictions on the collapsed German payments company will stay, Reuters reported. “We cannot lift the restrictions without reassuring ourselves that the firm has been able to satisfy all our concerns, for example that all clients’ money is … Continue reading UK Financial Watchdog Says Wirecard Cooperative But Assets To Stay Frozen Continue Reading
The coronavirus pandemic and its boost to online commerce has provided a major lift to Stripe, the San Francisco-based startup whose software provides the backbone for eCommerce networks around the world. Now Stripe, whose platform enables companies around the world to accept payments, is rolling out a pair of new products and changes aimed at helping customers … Continue reading Stripe Rolls Out New Products Amid Accelerated eCommerce Shift Continue Reading
Skandinaviska Enskilda Banken (SEB) has been fined $107 million by regulators for failing to identify money laundering risk in its Baltic operations. Sweden’s banks have been in hot water about their Baltic operations The Swedish Financial Supervisory Authority (FSA) announced the penalty last week. It charges SEB, the second largest bank in Sweden, with failing … Continue reading SEB fined $107m by regulator for Baltic AML failures Continue Reading
HSBC wants to double the bank’s number of mobile users by 2022 in a bid to generate more revenue per customer, Bloomberg reports. “All the industry is going to struggle for a while,” says HSBC exec The aim follows plans it laid out to drastically reduce its branch-focused services. This will see $4.5 billion in … Continue reading HSBC wants to double mobile users by 2022 Continue Reading
In today’s top news, Germany’s deputy finance minister wants to restructure accounting firm regulations, and consumers are turning away from travel rewards cards. Plus, the Federal Deposit Insurance Corp. (FDIC) is looking to modernize bank reporting. Wirecard Forces ‘Radical’ Reboot Of German Accounting Regs As the fallout from Wirecard’s troubles unfold, Germany’s deputy finance minister … Continue reading Today In Payments: Wirecard Forces German Accounting Regs Reboot; Consumers Sour On Travel Rewards Cards Continue Reading
Two years in, there’s no easy lifting for companies looking to comply with the General Data Protection Regulation (GDPR), which governs how data gets transferred outside of the European Union. The European Commission said in a report this month that while GDPR is “an overall success,” further actions are needed — especially among small to mid-sized companies … Continue reading EU Says GDPR A Success; Consumers Still Fear Open Banking Security Continue Reading