Merchant

Business continuity plans should be used constantly, not just when the crisis is at its peak, says the New York Fed’s head of financial services.

The payments company is buying Finicity, which powers platforms for Rocket Mortgage and others; the small N.J.-based lender to fintechs is the fourth largest PPP provider.

To truly bridge the gap for moving small-dollar transactions to mobile and contactless, vast areas of the retail industry will need to adapt to accept cashless transactions.

Whether they take the form of a mobile wallet or a touch-free credit card, contactless payments are poised to take off as consumers — wary of using terminals and ATMs or handing cards back and forth — change their habits.

Banks are beginning to emphasize soft skills to help employees make “human” connections with customers in an environment of reduced face-to-face contact.

The Paycheck Protection Program put a premium on speed in processing and funding loans.

A global health crisis. Economic free fall. A reckoning over racism and inequality. We will not be the same after this — and neither will banking.

Challengers like Joust, Lili and NorthOne that offer banking services to freelancers and small-business owners are getting record levels of new customers as the traditional workforce thins.

Participation in the Main Street Lending Program for midsize companies is partly about public service, but the core business rationale is building "a banking relationship that continues on for some time," the Boston Fed chief says.

Square has begun holding onto a portion of some sellers’ payments, demonstrating how liquidity shortages challenge the recovery for both businesses and the companies that process their payments.