The information you need to start your day, from PaymentsSource and around the web:
Pandemic's toll on cash
Nordstrom is planning its reopening strategy following coronavirus lockdowns and is heavily leaning on online ordering and pickup and removing cash as an option at checkout.
The retail chain has about 380 stores, and will reopen in phases, reports
Nordstrom will also stop accepting cash. The coronavirus has drawn more attention to the
Activating Google
FIS has added Google Pay to its Hosted Payments Page for online merchants, allowing these stores to quickly "turn on" the payment app to speed online checkouts. Consumers can complete checkout by using biometric authentication or entering their Google account password.
The technology comes from Worldpay, which
FIS is positioning the Google Pay addition as a coronavirus move, saying the boost to online shopping has made reducing checkout friction and cutting cart abandonment more important.
Standard complaint
The European Central Bank and Swift are squabbling over a delay to data standards tied to international digital payments.
The ECB is asking Swift to address migration risks for European banks due to the move of the ISO 20022 standard deadline from November 2021 to the end of 2022, reports
The ECB claims the delay complicates other digital migrations tied to the standard, such as messaging protocols. It also says Swift did not consult with the ECB when Swift made its decision to delay that standard in March.
Tight deadline
The Netherlands' central bank has given some crypto companies until May 18 to register or shut down, part of the country's efforts to tighten money laundering laws.
Crypto companies that only do business with crypto companies do not have to register, reports
Dutch crypto firms have complained about the rule, saying the regulations are too strict and the timeframe too tight — and could force small companies to close.
From the web
TECHCRUNCH | Tue May 5, 2020
First Dollar, a healthcare savings platform, launched out of stealth today with a $5 million seed round led by Next Coast Ventures. Using First Dollar, a customer can see where they can get the most savings on certain medical products.
THE BUSINESS TIMES | Wed May 6, 2020
FINTECH startup Nium on Wednesday announced that it has raised a new round of equity funding, joined by new investors Visa and BRI Ventures, the corporate venture arm of Bank BRI of Indonesia.
TECHCRUNCH | Wed May 5, 2020
Banked, a London-based fintech using open banking to enable account-to-account payments at checkout (and beyond), has raised £2.35 million in further seed funding.
More from PaymentsSource
With the coronavirus pandemic forcing far more e-commerce transactions — and thus, more spending on cards instead of cash — loyalty and rewards are vital to creating lasting consumer habits.
A merchant’s payment provider can play a decisive role in determining whether the merchant is able to ensure business continuity during force majeure events, says Credorax’s Igal Rotem.
German challenger bank N26 has drawn a fresh $100 million investment, signaling a flow of capital to firms with a longtime focus on automated transaction rails.
American Express will delay the EMV fraud liability shift due to complications from the coronavirus, following reports that Visa has made a similar concession.
Discover Financial Services said Thomas Maheras will serve as its chairman after the death of Lawrence Weinbach.
Marriott International Inc. raised $920 million in cash through deals with co-branded credit card companies as it rides out the pause in travel due to the coronavirus.
Contactless growth in the U.S. has slowed but is expected to rise in 2020 considering an unprecedented economic environment.
The coronavirus pandemic didn’t break the government’s technology, but it has exposed the many ways in which government systems were already broken.
