Fiserv agreed to pay the Federal Trade Commission more than $40 million to settle allegations that First Data Merchant Services, which Fiserv acquired in 2019, knowingly processed transactions tied to scams that bilked thousands of consumers, in violation of the FTC Act and the Telemarketing Sales Rule (TSR). Under a separate settlement agreement related to the same charges, Chi "Vincent" Ko, a former vice president of the company, agreed to pay over $270,000. In addition, an FTC attorney warned that other payment processing companies should consider themselves on notice that the FTC expects them to be vigilant against scammers using card processing networks to perpetrate fraud.
technology leaders convened on June 2 for FinTech Forward 2020, a virtual summit hFinancialosted by Board Studios Inc. Designed to showcase the future of financial technologies, the summit is an expansion of the FinTech Edge video podcast series, which highlights fintech innovation. The event featured fireside chats with app developers, device manufacturers, cybersecurity experts, payment processors and financial service specialists, stated Konstantinos Papakonstantinou, CEO at Board Studios, a full-service video content marketing company. FinTech Forward 2020 videos will be available to the public for a limited time at https://vimeo.com/boardstudios.
Payments industry leaders are predicting contactless payment methods will continue to scale in the wake of the coronavirus pandemic, according to Group Futurista. The media company hosted a June 3, 2020 webinar, titled Future of Contactless Payments Post COVID-19, in partnership with BBVA, Barclays, Banco De Portugal and Amazon. The futurecast included live panel discussions on Zoom with experts from around the world.
Futurecast participants cited research studies and data that indicate consumers and business owners are becoming more comfortable with near field communications, RFID, QR codes and other touchless payments schemes.
Good news out of Washington: Congress approved and the president signed legislation relaxing forgiveness requirements for the Paycheck Protection Program. The Paycheck Protection Flexibility Act, which became law on June 5, 2020, triples the amount of time small businesses have to disburse funds received under 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 legislation is seen as a major win for restaurants, which have been hard-hit by state-imposed stay-at-home orders and had struggled with the original forgiveness terms.
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