Merchant

Two smaller banks with strikingly different roots — a startup financial institution in Irvine, Calif., and a century-old Missouri-based bank — are seeing similar trends emerge around demand for real-time payments.

Deposits have piled up, curtailing overdrafts and other fees. The trend could force lenders to find other ways to make money — or start cutting to the bone.

The about-face followed a swift backlash from affected employees, who earn more than $250,000 a year, according to people with knowledge of the situation.

The legislation would help institutions with less than $15 billion of assets avoid regulatory requirements resulting from participating in the small-business relief program.

The Memphis company is looking to take out more costs than initially planned due to the economic uncertainty brought on by the coronavirus pandemic.

With the COVID-19 pandemic creating unprecedented challenges for small businesses, American Express has increasingly targeted its investments in that niche.

There's going to be a strong emphasis on the creation of financial products underneath innovative, customer-centric innovation from big tech companies, says FIS' Raja Gopalakrishan.

Small and midsize merchants in North America continue to struggle with the effects of COVID-19 on their bottom lines, but those who have developed an online presence and made changes to in-store payments have found the process to be a vital step.

Several large mobile point of sale projects are hitting the market at once to reach financially troubled retailers, with JPMorgan Chase making use of a three-year-old acquisition to push back against the technology firms that have been gobbling up small-business clients.

FIS has added Walgreens as a rewards partner in Premium Payback, its payment card loyalty program for financial institutions using its banking services platform.