Payments

Consumer spending has improved as state lockdown orders are lifted but many continue to hold off on taking trips and entertainment activities.

Decentralizing staff makes strong internal controls even more important, Josh Cyphers and Derek Halpern of Nvoicepay write.

James Freis took charge of Wirecard AG on Friday and the question he faces on Monday is what, if anything, he will be able to salvage of the payment company.

Big banks will need to show how well they can withstand three different scenarios before they can pay dividends; the German payments company is still looking for $2 billion of missing funds.

The move to digital providers could mean cheaper cash transfers for a demographic that has been hard hit by this pandemic, with both senders and receivers being financially affected.

By adding direct debit from bank accounts as a payment option, YayPay feels it is in a far better position to help the accounts receivable departments of U.S. businesses expand international growth.

Remitly and TransferWise are benefiting from consumers' shift to digital payments and a turn toward banking services as global remittance volumes drop.

Merchants prevailed in a long-running legal battle with Visa and Mastercard in the U.K. over whether interchange fees the payment card networks charged for years in Britain were anticompetitive, which could increase scrutiny on U.S. card interchange rates.

Even where there have been innovations in the B2B payments space, often it has not accounted for the needs of both sides of the B2B transaction, and thus, adoption has been slowed, says Billtrust's Nick Babinsky.

Speaking during the CUSO's virtual Member Forum, PSCU CEO Chuck Fagan noted that some data shows the economy may be beginning to rebound from the coronavirus, but some sectors are still struggling.