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NewsBriefs






        Following are excerpts from news stories recently posted under Breaking Industry News on our   ment processors and financial service
        home page. For links to these and other full news stories, please visit  www.greensheet.com/  specialists, stated Konstantinos Papa-
        breakingnews.php?flag=previous_breaking_news.                              konstantinou, CEO at Board Studios,
                                                                                   a full-service video content market-
                                                                                   ing  company.  FinTech  Forward  2020
                                                                                   videos will be available to the public
                                                                                   for a limited time at https://vimeo.com/
                                                                                   boardstudios.
        TC slams Fiserv over fraud involving First Data                            Virtual futurecast explores

        Fiserv agreed to pay the Federal Trade Commission more than $40 million to   contactless future
        settle allegations that First Data Merchant Services, which Fiserv acquired in   Payments industry leaders are pre-
        2019, knowingly processed transactions tied to scams that bilked thousands of
        consumers, in violation of the FTC Act and the Telemarketing Sales Rule (TSR).   dicting contactless payment methods
                                                                                   will continue to scale in the wake of
        Under a separate settlement agreement related to the same charges, Chi "Vin-
        cent" Ko, a former vice president of the company, agreed to pay over $270,000.   the coronavirus pandemic, according
                                                                                   to Group Futurista. The media com-
        In addition, an FTC attorney warned that other payment processing companies
        should consider themselves on notice that the FTC expects them to be vigilant   pany hosted a June 3, 2020 webinar,
                                                                                   titled  Future of Contactless Payments
        against scammers using card processing networks to perpetrate fraud.
                                                                                   Post COVID-19, in partnership with
        FinTech Forward 2020 celebrates the digital future                         BBVA,  Barclays,  Banco  De  Portugal
                                                                                   and Amazon. The futurecast includ-
         technology leaders convened on June 2 for FinTech Forward 2020, a virtual   ed live panel discussions on Zoom
        summit hFinancialosted by Board Studios Inc. Designed to showcase the future   with experts from around the world.
        of financial technologies, the summit is an expansion of the FinTech Edge video   Futurecast  participants  cited  re-
        podcast series, which highlights fintech innovation. The event featured fireside   search studies and data that indicate
        chats with app developers, device manufacturers, cybersecurity experts, pay-  consumers and business owners are
                                                                                   becoming more comfortable with
                                                                                   near field communications, RFID, QR
                                                                                   codes and other touchless payments
                                                                                   schemes.
             REIMAGINE THE ART OF                             USAEPAY.COM          PPP borrowers get more time

             TRANSACTION                                                           to spend, repay funds

                                                                                   Good news out of Washington: Con-
                                                                     M
                                                            E-COMMERCE
                                                                     MOBILEOBILE
                                                       RETAIL
                                                                                   gress approved and the president
                                                                                   signed legislation relaxing forgive-
                                                                                   ness requirements for the Paycheck
                                                                                   Protection Program. The Paycheck
                                                                                   Protection Flexibility Act, which be-
                                                                                   came law on June 5, 2020, triples the
                                                                                   amount of time small businesses
                                                                                   have to disburse funds received un-
                                                                                   der the program and reduces the
                                                                                   share of funds that must be spent on
                                                                                   payroll to qualify for forgiveness of
                                                                                   a  loan.  The  legislation  also  extends
                                                                                   the required time frame for repaying
                                                                                   PPP loans that are not forgiven from
                                                                                   two to five years for new borrowers.
                                                                                   Existing PPP loan recipients can also
                                                                                   extend the repayment period if their
                                                                                   lenders agree. Passage of the new leg-
                                                                                   islation is seen as a major win for res-
                                                                                   taurants, which have been hard-hit
                                                                                   by state-imposed stay-at-home orders
                                                                                   and had struggled with the original
                                                                                   forgiveness terms.


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