Page 10 - GS20602
P. 10
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.
10