![\"\"](\"https://www.pymnts.com/wp-content/uploads/2024/09/FinTech-IPO-list-0906.jpg\")
The payments industry in the United Kingdom is reportedly advocating for changes to fraud-reimbursement rules that are set to be enacted Oct. 7.
\nDespite changes announced by the Payment Systems Regulator (PSR) Wednesday (Sept. 4), the industry is pushing for further amendments to these rules, Bloomberg reported Friday (Sept. 6).
\nThe Payments Association wrote to City Minister Tulip Siddiq on Friday, urging for the maximum reimbursement for victims of authorized push payment (APP) fraud to be reduced to 30,000 British pounds (about $39,000), according to the report. The association said this amount would still cover 95% of fraud cases.
\nThe request came after the PSR announced its plan to lower the cap on reimbursements to 85,000 pounds (about $111,600) from 415,000 pounds (about $545,000), following lobbying from the payments industry and feedback from government officials, the report said. The regulator said the new cap would cover over 99% of claims by volume.
\nAPP fraud involves victims being tricked into sending money to criminals. Last year alone, this type of fraud led to 460 million pounds (about $604 million) in losses, the report said, citing research by trade group UK Finance.
\nThe industry is also calling for Big Tech companies to share the liability of fraud losses, per the report. Many banks argue that more than 60% of reported scams in the U.K. originate from sites like Instagram. They say social media and tech companies should have the same financial incentives to control fraud as traditional financial institutions.
\nUnder current rules, Big Tech firms like Instagram parent Meta Platforms are outside the PSR’s jurisdiction, according to the report.
\nHowever, the Labour Party, which recently took over the U.K. government, has plans to include Big Tech in the battle against APP fraud, the report said. In a document seen by Bloomberg News, Labour called for Big Tech companies to tackle fraud and reimburse victims.
\nThe implementation of the new fraud-reimbursement rules has proven challenging for many financial firms, the report said. Less than 500 firms have been onboarded onto the Pay.UK system, which is responsible for setting up the communication infrastructure for reimbursements. This means that approximately two-thirds of payments firms are not yet part of the system. However, the firms that have joined represent 95% of fraud volume.
\nTo gather additional responses from banks and payments firms, the PSR has initiated a two-week consultation that will run until Sept. 18, per the report. The regulator plans to announce its final plan by the end of September.
\nThe post UK Payments Industry Seeks Further Reduction of Fraud-Reimbursement Cap appeared first on PYMNTS.com.
\n", "content_text": "The payments industry in the United Kingdom is reportedly advocating for changes to fraud-reimbursement rules that are set to be enacted Oct. 7.\nDespite changes announced by the Payment Systems Regulator (PSR) Wednesday (Sept. 4), the industry is pushing for further amendments to these rules, Bloomberg reported Friday (Sept. 6).\nThe Payments Association wrote to City Minister Tulip Siddiq on Friday, urging for the maximum reimbursement for victims of authorized push payment (APP) fraud to be reduced to 30,000 British pounds (about $39,000), according to the report. The association said this amount would still cover 95% of fraud cases.\nThe request came after the PSR announced its plan to lower the cap on reimbursements to 85,000 pounds (about $111,600) from 415,000 pounds (about $545,000), following lobbying from the payments industry and feedback from government officials, the report said. The regulator said the new cap would cover over 99% of claims by volume.\nAPP fraud involves victims being tricked into sending money to criminals. Last year alone, this type of fraud led to 460 million pounds (about $604 million) in losses, the report said, citing research by trade group UK Finance.\nThe industry is also calling for Big Tech companies to share the liability of fraud losses, per the report. Many banks argue that more than 60% of reported scams in the U.K. originate from sites like Instagram. They say social media and tech companies should have the same financial incentives to control fraud as traditional financial institutions.\nUnder current rules, Big Tech firms like Instagram parent Meta Platforms are outside the PSR’s jurisdiction, according to the report.\nHowever, the Labour Party, which recently took over the U.K. government, has plans to include Big Tech in the battle against APP fraud, the report said. In a document seen by Bloomberg News, Labour called for Big Tech companies to tackle fraud and reimburse victims.\nThe implementation of the new fraud-reimbursement rules has proven challenging for many financial firms, the report said. Less than 500 firms have been onboarded onto the Pay.UK system, which is responsible for setting up the communication infrastructure for reimbursements. This means that approximately two-thirds of payments firms are not yet part of the system. However, the firms that have joined represent 95% of fraud volume.\nTo gather additional responses from banks and payments firms, the PSR has initiated a two-week consultation that will run until Sept. 18, per the report. The regulator plans to announce its final plan by the end of September.\nThe post UK Payments Industry Seeks Further Reduction of Fraud-Reimbursement Cap appeared first on PYMNTS.com.", "date_published": "2024-09-06T15:17:04-04:00", "date_modified": "2024-09-06T15:17:04-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/United-Kingdom-UK.jpg", "tags": [ "banking", "Banks", "Big Tech", "fraud", "international", "News", "Payment Systems Regulator", "PSR", "PYMNTS News", "regulations", "scams", "Security", "uk", "What's Hot", "Regulation" ] }, { "id": "https://www.pymnts.com/?p=2095262", "url": "https://www.pymnts.com/news/ecommerce/2024/etsys-new-search-tools-aim-to-elevate-quality-listings-and-enhance-seller-success/", "title": "Etsy\u2019s New Search Tools Aim to Elevate Quality Listings and Enhance Seller Success", "content_html": "As the digital marketplace grows, Etsy has been enhancing its search and discovery tools to spotlight high-quality listings. With 100 million items available, Etsy focuses on featuring its best offerings from its sellers to buyers.
\nIn an interview with PYMNTS, Nick Daniel, Etsy\u2019s chief product officer, explains the company\u2019s recent efforts are designed to incorporate listing quality into their visibility on the platform.
\n\u201cSince earlier this year, we\u2019ve been working on new ways to incorporate the quality of a listing into where it shows up on Etsy \u2014 in places like search and recommendations,\u201d Daniel said, noting factors such as listing details, photo quality and customer service records.
\nDaniel emphasized Etsy\u2019s commitment to enhancing the browsing experience
\n\u201cWe are optimizing our search results to showcase a broader range of items from more sellers,\u201d he said. \u201cWe also want to make it easier and more fun to explore the incredible breadth and depth our marketplace has to offer. This is particularly helpful when customers don\u2019t know exactly what they\u2019re looking for and want to browse a wider set of options in various styles.\u201d
\nThis diversification strategy has opened new opportunities for sellers, as Daniel noted, \u201cserving up a broader array of listings has led to approximately 70% of shops on Etsy having more visibility in search.\u201d
\nAccording to Daniel, the refinement of search algorithms involves a range of factors to determine where listings appear.
\n\u201cWhen shoppers are searching on Etsy, it\u2019s important that they can easily find high-quality listings from shops that have a track record of good customer service,\u201d he explained. \u201cMaking these listings easier to find helps build trust with shoppers so they come back to shop on Etsy again and again.\u201d
\nPositive trends have emerged since the implementation of these updates.
\n\u201cWe\u2019ve seen an increase in the number of 4- and 5-star reviews sitewide, while also seeing a decline in the rate at which buyers request refunds, both of which indicate shoppers are happier with their experiences on Etsy,\u201d Daniel said.
\nThe revamped search features come at a time when Etsy is looking to recoup the number of consumers shopping on the platform \u2014 its second-quarter earnings showed a dip in sales as retail spending continues to navigate the uncertain economy.
\nConsumers, overall, are being more selective about purchases, and PYMNTS Intelligence data shows they often trade down to less expensive options, especially those consumers who live paycheck to paycheck.
\nEnhancing the search experience for consumers and providing tools to sellers to better craft listings may help Etsy reach those shoppers.
\nDaniel said the introduction of the Etsy Search Visibility Page was a key development designed to enhance transparency for sellers.
\n\u201cWe\u2019re excited to announce the new Etsy Search Visibility Page in Shop Manager, giving our sellers more insights and recommendations into how they appear in search than ever before,\u201d he said. \u201cWe\u2019ve heard from sellers consistently over the years that they want more transparency into what goes into Etsy search to help optimize listings and make more sales.\u201d
\nThe Search Visibility Page was developed in response to repeated seller requests for greater clarity on search algorithms. The page offers actionable tips to help sellers improve their search rankings, focusing on elements such as listing image quality, return policies, message response times and shipping prices.
\nThe page is intended to empower sellers with the tools needed to enhance their listings and, by extension, their search visibility.
\n\u201cAs sellers make changes to their listings, they\u2019ll have the ability to track improvements in real time,\u201d Daniel said. This feature aims to facilitate a more proactive approach to optimizing listings and improving the overall shopping experience on Etsy.
\nThe Search Visibility Page provides detailed insights into various aspects of seller performance. For example, Etsy will notify sellers monthly if they meet customer service standards and how this affects their search visibility.
\n\u201cSellers can also keep track of daily progress on the customer service stats page,\u201d Daniel said. \u201cConsistently going above and beyond for customers could also help our sellers be recategorized as a Star Seller, which serves as a further trust signal to buyers and can drive increased conversion. We want to make sure high-quality listings with clear information stand out so that buyers feel confident in making a purchase.\u201d
\nThe post Etsy\u2019s New Search Tools Aim to Elevate Quality Listings and Enhance Seller Success appeared first on PYMNTS.com.
\n", "content_text": "As the digital marketplace grows, Etsy has been enhancing its search and discovery tools to spotlight high-quality listings. With 100 million items available, Etsy focuses on featuring its best offerings from its sellers to buyers.\nIn an interview with PYMNTS, Nick Daniel, Etsy\u2019s chief product officer, explains the company\u2019s recent efforts are designed to incorporate listing quality into their visibility on the platform.\n\u201cSince earlier this year, we\u2019ve been working on new ways to incorporate the quality of a listing into where it shows up on Etsy \u2014 in places like search and recommendations,\u201d Daniel said, noting factors such as listing details, photo quality and customer service records.\nRamping Up the Consumer Experience\nDaniel emphasized Etsy\u2019s commitment to enhancing the browsing experience\n\u201cWe are optimizing our search results to showcase a broader range of items from more sellers,\u201d he said. \u201cWe also want to make it easier and more fun to explore the incredible breadth and depth our marketplace has to offer. This is particularly helpful when customers don\u2019t know exactly what they\u2019re looking for and want to browse a wider set of options in various styles.\u201d\nThis diversification strategy has opened new opportunities for sellers, as Daniel noted, \u201cserving up a broader array of listings has led to approximately 70% of shops on Etsy having more visibility in search.\u201d\nAccording to Daniel, the refinement of search algorithms involves a range of factors to determine where listings appear.\n\u201cWhen shoppers are searching on Etsy, it\u2019s important that they can easily find high-quality listings from shops that have a track record of good customer service,\u201d he explained. \u201cMaking these listings easier to find helps build trust with shoppers so they come back to shop on Etsy again and again.\u201d\nPositive trends have emerged since the implementation of these updates.\n\u201cWe\u2019ve seen an increase in the number of 4- and 5-star reviews sitewide, while also seeing a decline in the rate at which buyers request refunds, both of which indicate shoppers are happier with their experiences on Etsy,\u201d Daniel said.\nThe revamped search features come at a time when Etsy is looking to recoup the number of consumers shopping on the platform \u2014 its second-quarter earnings showed a dip in sales as retail spending continues to navigate the uncertain economy.\nConsumers, overall, are being more selective about purchases, and PYMNTS Intelligence data shows they often trade down to less expensive options, especially those consumers who live paycheck to paycheck.\nEnhancing the search experience for consumers and providing tools to sellers to better craft listings may help Etsy reach those shoppers.\nNew Seller Tools\nDaniel said the introduction of the Etsy Search Visibility Page was a key development designed to enhance transparency for sellers.\n\u201cWe\u2019re excited to announce the new Etsy Search Visibility Page in Shop Manager, giving our sellers more insights and recommendations into how they appear in search than ever before,\u201d he said. \u201cWe\u2019ve heard from sellers consistently over the years that they want more transparency into what goes into Etsy search to help optimize listings and make more sales.\u201d\nThe Search Visibility Page was developed in response to repeated seller requests for greater clarity on search algorithms. The page offers actionable tips to help sellers improve their search rankings, focusing on elements such as listing image quality, return policies, message response times and shipping prices.\nThe page is intended to empower sellers with the tools needed to enhance their listings and, by extension, their search visibility.\n\u201cAs sellers make changes to their listings, they\u2019ll have the ability to track improvements in real time,\u201d Daniel said. This feature aims to facilitate a more proactive approach to optimizing listings and improving the overall shopping experience on Etsy.\nThe Search Visibility Page provides detailed insights into various aspects of seller performance. For example, Etsy will notify sellers monthly if they meet customer service standards and how this affects their search visibility.\n\u201cSellers can also keep track of daily progress on the customer service stats page,\u201d Daniel said. \u201cConsistently going above and beyond for customers could also help our sellers be recategorized as a Star Seller, which serves as a further trust signal to buyers and can drive increased conversion. We want to make sure high-quality listings with clear information stand out so that buyers feel confident in making a purchase.\u201d\nThe post Etsy\u2019s New Search Tools Aim to Elevate Quality Listings and Enhance Seller Success appeared first on PYMNTS.com.", "date_published": "2024-09-06T13:23:49-04:00", "date_modified": "2024-09-06T13:23:49-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/03/Etsy.jpg", "tags": [ "Connected Economy", "digital transformation", "eCommerce", "Etsy", "News", "Nicholas Daniel", "Nick Daniel", "online shopping", "Product Discovery", "PYMNTS News", "Retail", "shopping" ] }, { "id": "https://www.pymnts.com/?p=2095123", "url": "https://www.pymnts.com/news/retail/2024/walmart-launches-traveling-tour-to-promote-fashion-products-and-services/", "title": "Walmart Launches Traveling Tour to Promote Fashion Products and Services", "content_html": "Walmart has launched a traveling tour that will promote the fashion products and services the retailer offers in stores and online.
\nThe Walmart Style Tour, which will be held at 40 events across the United States in September and October, offers styling tips, color analysis and giveaways, the retailer said in a Friday (Sept. 6) press release.
\nThe first event on the tour started Friday at the Taste of Chicago, according to the release.
\n\u201cWe\u2019re constantly looking for new ways to meet our customers where they are and add value to their lives,\u201d Kim Tunick, group director, brand experiences and partnerships at Walmart, said in the release. \u201cThe Walmart Style Tour is the first time we are creating this kind of experience for fashion and can\u2019t wait to bring it to communities across the country at events we know our customers are already planning to attend.\u201d
\nAt each stop on the tour, the retailer will display a selection of Walmart Finds shoppable by QR code, deliver styling tips from experts, provide a free color analysis, and offer personalized giveaways like lipsticks, totesand candles, according to the release.
\n\u201cThe Walmart Style Tour is designed to shorten the distance between inspiration and commerce, making it easier than ever to discover and shop fall fashion on Walmart.com, the Walmart app and Walmart stores,\u201d the retailer said in the release.
\nWalmart has launched websites that feature the schedule of the Walmart Style Tour and the products that will be featured at the events.
\nOnline fashion rental service Rent the Runway (RTR) is also focusing on in-person events. RTR executives said Thursday (Sept. 5) during the company\u2019s quarterly earnings call that a significant part of RTR\u2019s strategy involves reenergizing its in-person presence, including a Southeast roadshow and mobile tour this fall.
\n\u201cIn real-life events, we\u2019ve seen hundreds of women standing around the block to get into events,\u201d RTR CEO Jennifer Hyman said during the call. \u201cReigniting everything around marketing will not only drive higher org traffic, but higher customer engagement.\u201d
\nMedia companies, too, are launching in-person experiences to cater to consumers who are looking to attend events, PYMNTS reported in June.
\nThe post Walmart Launches Traveling Tour to Promote Fashion Products and Services appeared first on PYMNTS.com.
\n", "content_text": "Walmart has launched a traveling tour that will promote the fashion products and services the retailer offers in stores and online.\nThe Walmart Style Tour, which will be held at 40 events across the United States in September and October, offers styling tips, color analysis and giveaways, the retailer said in a Friday (Sept. 6) press release.\nThe first event on the tour started Friday at the Taste of Chicago, according to the release.\n\u201cWe\u2019re constantly looking for new ways to meet our customers where they are and add value to their lives,\u201d Kim Tunick, group director, brand experiences and partnerships at Walmart, said in the release. \u201cThe Walmart Style Tour is the first time we are creating this kind of experience for fashion and can\u2019t wait to bring it to communities across the country at events we know our customers are already planning to attend.\u201d\nAt each stop on the tour, the retailer will display a selection of Walmart Finds shoppable by QR code, deliver styling tips from experts, provide a free color analysis, and offer personalized giveaways like lipsticks, totesand candles, according to the release.\n\u201cThe Walmart Style Tour is designed to shorten the distance between inspiration and commerce, making it easier than ever to discover and shop fall fashion on Walmart.com, the Walmart app and Walmart stores,\u201d the retailer said in the release.\nWalmart has launched websites that feature the schedule of the Walmart Style Tour and the products that will be featured at the events.\nOnline fashion rental service Rent the Runway (RTR) is also focusing on in-person events. RTR executives said Thursday (Sept. 5) during the company\u2019s quarterly earnings call that a significant part of RTR\u2019s strategy involves reenergizing its in-person presence, including a Southeast roadshow and mobile tour this fall.\n\u201cIn real-life events, we\u2019ve seen hundreds of women standing around the block to get into events,\u201d RTR CEO Jennifer Hyman said during the call. \u201cReigniting everything around marketing will not only drive higher org traffic, but higher customer engagement.\u201d\nMedia companies, too, are launching in-person experiences to cater to consumers who are looking to attend events, PYMNTS reported in June.\nThe post Walmart Launches Traveling Tour to Promote Fashion Products and Services appeared first on PYMNTS.com.", "date_published": "2024-09-06T10:15:42-04:00", "date_modified": "2024-09-06T10:15:42-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Walmart-tour-fashion.png", "tags": [ "apparel", "fashion", "News", "PYMNTS News", "Retail", "walmart", "Walmart Style Tour", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2094677", "url": "https://www.pymnts.com/news/retail/2024/amazon-counters-walmarts-grocery-lead-with-third-party-delivery-play/", "title": "Amazon Counters Walmart\u2019s Grocery Lead With Third-Party Delivery Play", "content_html": "As Amazon looks to shrink Walmart\u2019s lead in food, the eCommerce giant is expanding its presence in third-party grocery delivery.
\nConsumers in the Seattle area can now order same-day grocery delivery from local merchant Metropolitan Market on Amazon\u2019s marketplace, Chain Store Age reported. Additionally, the online marketplace is also expanding its existing grocery delivery partnership with Weis Markets to six additional locations.
\n\u201cBy teaming up with well-loved grocers like Metropolitan Market, we\u2019re offering our customers in the greater Seattle area even more selection, value and convenience as they shop for their favorite foods online,\u201d said Christian Seitel, Amazon\u2019s head of U.S. grocery partnerships, per the report. \u201cWe look forward to expanding our two-hour delivery window offering to more Metropolitan Market and Weis Markets locations in the future.\u201d
\nThe eCommerce company\u2019s partnership with Weis Markets kicked off last November in addition to similar deals with other grocery merchants. Plus, Amazon had already been offering third-party same-day grocery delivery options in the United Kingdom before that.
\nThe move comes as Amazon looks to grow its presence in grocery \u2014 the one retail category in which it trails behind competitor Walmart by a wide margin. The most recent edition of PYMNTS Intelligence\u2019s Whole Paycheck Report, \u201cWalmart Holds Grocery Lead Over Amazon Despite Overall Share Declines,\u201d estimated the two companies\u2019 market shares in various retail categories using years of their earnings reports in conjunction with national data from the U.S. Census Bureau and Bureau of Economic Analysis. The results revealed that as of the second quarter, Walmart captured a share of consumer grocery spending seven times the size of Amazon\u2019s, at 20% and 2.7%, respectively.
\nAs Amazon ramps up its efforts to close the gap with Walmart in the grocery sector, its expanded third-party delivery partnerships with popular local merchants such as Metropolitan Market and Weis Markets mark a step toward growing its presence in the category. Capitalizing on these grocers\u2019 existing followings, the marketplace could gain more market share.
\nWalmart, too, is focused on growing its grocery business. The report revealed that the retail giant\u2019s share has been inching upward in recent years. Now, the company is relying on its low grocery prices, difficult for rivals to compete with, to draw consumers into its stores and get them to spend on food. The retailer shared on its most recent earnings call how it is using price reductions to drive engagement.
\n\u201cWalmart U.S. food prices were slightly inflated as we exit Q2, but down 30 basis points versus Q1,\u201d CEO Doug McMillon said. \u201cIn Walmart U.S., we have more than 7,200 rollbacks across categories. Customers from all income levels are looking for value, and we have it.\u201d
\nThese rollbacks come as PYMNTS Intelligence research found that consumers across generations are highly price-motivated when choosing where to shop. A survey of more than 3,600 United States consumers for the Generation Zillennial report revealed that Generation Z individuals and millennials are roughly twice as likely to choose retail merchants based on price than brand loyalty. Plus, Generation X consumers and baby boomers and seniors are roughly three times as likely to do so.
\nThe post Amazon Counters Walmart\u2019s Grocery Lead With Third-Party Delivery Play appeared first on PYMNTS.com.
\n", "content_text": "As Amazon looks to shrink Walmart\u2019s lead in food, the eCommerce giant is expanding its presence in third-party grocery delivery.\nConsumers in the Seattle area can now order same-day grocery delivery from local merchant Metropolitan Market on Amazon\u2019s marketplace, Chain Store Age reported. Additionally, the online marketplace is also expanding its existing grocery delivery partnership with Weis Markets to six additional locations.\n\u201cBy teaming up with well-loved grocers like Metropolitan Market, we\u2019re offering our customers in the greater Seattle area even more selection, value and convenience as they shop for their favorite foods online,\u201d said Christian Seitel, Amazon\u2019s head of U.S. grocery partnerships, per the report. \u201cWe look forward to expanding our two-hour delivery window offering to more Metropolitan Market and Weis Markets locations in the future.\u201d\nThe eCommerce company\u2019s partnership with Weis Markets kicked off last November in addition to similar deals with other grocery merchants. Plus, Amazon had already been offering third-party same-day grocery delivery options in the United Kingdom before that.\nThe move comes as Amazon looks to grow its presence in grocery \u2014 the one retail category in which it trails behind competitor Walmart by a wide margin. The most recent edition of PYMNTS Intelligence\u2019s Whole Paycheck Report, \u201cWalmart Holds Grocery Lead Over Amazon Despite Overall Share Declines,\u201d estimated the two companies\u2019 market shares in various retail categories using years of their earnings reports in conjunction with national data from the U.S. Census Bureau and Bureau of Economic Analysis. The results revealed that as of the second quarter, Walmart captured a share of consumer grocery spending seven times the size of Amazon\u2019s, at 20% and 2.7%, respectively.\nAs Amazon ramps up its efforts to close the gap with Walmart in the grocery sector, its expanded third-party delivery partnerships with popular local merchants such as Metropolitan Market and Weis Markets mark a step toward growing its presence in the category. Capitalizing on these grocers\u2019 existing followings, the marketplace could gain more market share.\nWalmart, too, is focused on growing its grocery business. The report revealed that the retail giant\u2019s share has been inching upward in recent years. Now, the company is relying on its low grocery prices, difficult for rivals to compete with, to draw consumers into its stores and get them to spend on food. The retailer shared on its most recent earnings call how it is using price reductions to drive engagement.\n\u201cWalmart U.S. food prices were slightly inflated as we exit Q2, but down 30 basis points versus Q1,\u201d CEO Doug McMillon said. \u201cIn Walmart U.S., we have more than 7,200 rollbacks across categories. Customers from all income levels are looking for value, and we have it.\u201d\nThese rollbacks come as PYMNTS Intelligence research found that consumers across generations are highly price-motivated when choosing where to shop. A survey of more than 3,600 United States consumers for the Generation Zillennial report revealed that Generation Z individuals and millennials are roughly twice as likely to choose retail merchants based on price than brand loyalty. Plus, Generation X consumers and baby boomers and seniors are roughly three times as likely to do so.\nThe post Amazon Counters Walmart\u2019s Grocery Lead With Third-Party Delivery Play appeared first on PYMNTS.com.", "date_published": "2024-09-06T04:01:51-04:00", "date_modified": "2024-09-05T20:51:48-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/grocery-delivery.jpg", "tags": [ "Amazon", "delivery", "ecommerce", "Featured News", "food and beverage", "grocery", "Metropolitan Market", "News", "partnerships", "PYMNTS News", "Retail", "walmart", "weis markets" ] }, { "id": "https://www.pymnts.com/?p=2094918", "url": "https://www.pymnts.com/news/ipo/2024/lending-platforms-results-mixed-ahead-of-rate-cuts-fintech-ipo-index-slips-3/", "title": "Lending Platforms Results Mixed Ahead Of Rate Cuts; FinTech IPO Index Slips 3%", "content_html": "The just-completed shortened trading week heralds the beginning of Fall, and September\u2019s here.
\nSeptember stands out as the month that will herald the first rate cut by the Federal Reserve after years of hiking interest rates.\u00a0 At least, that\u2019s what the conventional wisdom says.
\nFor the FinTech IPO Index, specifically for the platforms within that group, lower interest rates should conceivably spur demand for loans and various forms of credit.\u00a0 Conversely, lower interest rates levied on those loans would impact various earnings metrics.\u00a0
\nRight now, and as seen in the chart below, only a handful of our names have posted positive returns since their debuts as publicly traded entities.
\nThe impacts of a rate cut \u2014 or perhaps even rate cuts, plural \u2014 might not be felt for some time, and earnings season won\u2019t be here for another three months.\u00a0 But the platforms, with a spate of partnerships, some corporate finance announcements, and some headlines in the buy now, pay later realm, held sway.
\nShares of Katapult sank 17.7% through the past five sessions, followed by Upstart, which lost 15%.\u00a0 In a release late last week,\u00a0 Fibre Federal Credit Union, a Washington-based credit union with over 118,000 members and over $1.6 billion in assets, announced a new partnership with Upstart to provide personal loans to new and existing members.\u00a0Fibre started on the Upstart Referral Network in December 2022.\u00a0\u00a0 In the current relationship, qualified personal loan applicants on Upstart.com who meet Fibre Federal\u2019s credit policies will receive tailored offers as they move into\u00a0 Fibre Federal-branded experience to complete the online member application and closing process.
\nOportun, which lost 7%, announced\u00a0the offering of $223.25 million of fixed-rate asset-backed notes secured by a pool of unsecured and secured installment loans.
\nThe BNPL names helped offset some of the losses that were noted above.\u00a0 Sezzle, as we reported, \u00a0plans to have WebBank serve as its exclusive bank to originate and finance products offered through the Sezzle platform, including its Pay-in-2 and Pay-in-4 products.
\nThe two companies entered into a strategic partnership program by executing a loan and receivables sale agreement and marketing and servicing agreement last week. \u00a0\u00a0Subject to completion of confirmatory testing and procedures, the program is expected to launch in September, according to SEC filings.
\nUnder the agreement, WebBank will also serve as the exclusive issuer of all Sezzle subscription products and of Sezzle card products, per the filing.
\nAffirm shares stood out here, having helped lead the FinTech IPO Index to higher last week. Earnings late last week noted that in the words of CEO Max Levchin, interest rate cuts might boost demand for BNPL. Shares soared 25%. \u201cThe most exciting thing about reductions at that fund rate is we\u2019ll just have more active users, \u2026 we\u2019ll have more repeat users, because we\u2019ll be able to approve more people,\u201d Levchin said.\u00a0 Earnings results show that 40% of all Affirm transactions in fiscal year 2024 came from consumers transacting quarterly or more often, a stark increase from just 10% in fiscal year 2021, according to the company\u2019s letter to shareholders. The average transactions per active consumer reached 4.9 in Q4 2024.
\nElsewhere, and still within the platform space, Robinhood announced that it now offers stock lending for British customers, part of the platform\u2019s ongoing U.K. expansion.\u00a0 As detailed this week, the offering lets customers lend out any fully paid stock in their portfolio, with Robinhood taking care of finding interested borrowers.\u00a0 This past week, shares slipped 3.5%.
\nOnce shares are loaned out, the company said, customers can use the app dashboard to track earnings, see their positions and enable or disable lending. Stocks are backed by cash collateral at a third-party bank for additional protection, Robinhood added.
\n
The post Lending Platforms Results Mixed Ahead Of Rate Cuts; FinTech IPO Index Slips 3% appeared first on PYMNTS.com.
\n", "content_text": "The just-completed shortened trading week heralds the beginning of Fall, and September\u2019s here. \nSeptember stands out as the month that will herald the first rate cut by the Federal Reserve after years of hiking interest rates.\u00a0 At least, that\u2019s what the conventional wisdom says.\nFor the FinTech IPO Index, specifically for the platforms within that group, lower interest rates should conceivably spur demand for loans and various forms of credit.\u00a0 Conversely, lower interest rates levied on those loans would impact various earnings metrics.\u00a0 \nRight now, and as seen in the chart below, only a handful of our names have posted positive returns since their debuts as publicly traded entities.\nThe impacts of a rate cut \u2014 or perhaps even rate cuts, plural \u2014 might not be felt for some time, and earnings season won\u2019t be here for another three months.\u00a0 But the platforms, with a spate of partnerships, some corporate finance announcements, and some headlines in the buy now, pay later realm, held sway.\nShares of Katapult sank 17.7% through the past five sessions, followed by Upstart, which lost 15%.\u00a0 In a release late last week,\u00a0 Fibre Federal Credit Union, a Washington-based credit union with over 118,000 members and over $1.6 billion in assets, announced a new partnership with Upstart to provide personal loans to new and existing members.\u00a0Fibre started on the Upstart Referral Network in December 2022.\u00a0\u00a0 In the current relationship, qualified personal loan applicants on Upstart.com who meet Fibre Federal\u2019s credit policies will receive tailored offers as they move into\u00a0 Fibre Federal-branded experience to complete the online member application and closing process.\nOportun, which lost 7%, announced\u00a0the offering of $223.25 million of fixed-rate asset-backed notes secured by a pool of unsecured and secured installment loans.\nSezzle Taps WeBank\nThe BNPL names helped offset some of the losses that were noted above.\u00a0 Sezzle, as we reported, \u00a0plans to have WebBank serve as its exclusive bank to originate and finance products offered through the Sezzle platform, including its Pay-in-2 and Pay-in-4 products.\nThe two companies entered into a strategic partnership program by executing a loan and receivables sale agreement and marketing and servicing agreement last week. \u00a0\u00a0Subject to completion of confirmatory testing and procedures, the program is expected to launch in September, according to SEC filings.\nUnder the agreement, WebBank will also serve as the exclusive issuer of all Sezzle subscription products and of Sezzle card products, per the filing.\nAffirm shares stood out here, having helped lead the FinTech IPO Index to higher last week. Earnings late last week noted that in the words of CEO Max Levchin, interest rate cuts might boost demand for BNPL. Shares soared 25%. \u201cThe most exciting thing about reductions at that fund rate is we\u2019ll just have more active users, \u2026 we\u2019ll have more repeat users, because we\u2019ll be able to approve more people,\u201d Levchin said.\u00a0 Earnings results show that 40% of all Affirm transactions in fiscal year 2024 came from consumers transacting quarterly or more often, a stark increase from just 10% in fiscal year 2021, according to the company\u2019s letter to shareholders. The average transactions per active consumer reached 4.9 in Q4 2024.\nElsewhere, and still within the platform space, Robinhood announced that it now offers stock lending for British customers, part of the platform\u2019s ongoing U.K. expansion.\u00a0 As detailed this week, the offering lets customers lend out any fully paid stock in their portfolio, with Robinhood taking care of finding interested borrowers.\u00a0 This past week, shares slipped 3.5%.\nOnce shares are loaned out, the company said, customers can use the app dashboard to track earnings, see their positions and enable or disable lending. Stocks are backed by cash collateral at a third-party bank for additional protection, Robinhood added.\n\nThe post Lending Platforms Results Mixed Ahead Of Rate Cuts; FinTech IPO Index Slips 3% appeared first on PYMNTS.com.", "date_published": "2024-09-06T04:00:31-04:00", "date_modified": "2024-09-05T21:16:46-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/fintech-ipo-0905.jpg", "tags": [ "Affirm", "BNPL", "buy now pay later", "Connected Economy", "Featured News", "FinTech IPO", "IPO", "News", "PYMNTS News", "Robinhood", "sezzle" ] }, { "id": "https://www.pymnts.com/?p=2094840", "url": "https://www.pymnts.com/news/faster-payments/2024/70percent-us-consumers-stressed-personal-finances/", "title": "70% of US Consumers Feel Stressed About Personal Finances", "content_html": "In today\u2019s competitive job market, traditional benefits like retirement plans and paid time off are falling short as workers demand immediate access to their earnings. Rising financial pressures and living costs are driving this shift, pushing employers to adapt or risk losing top talent.
\nA PYMNTS Intelligence report, \u201cNo-Wait Wages: Leveraging Instant Payments to Boost Employee Satisfaction,\u201d created in collaboration with The Clearing House,\u00a0highlights how instant payroll solutions are becoming essential in addressing the growing demand for financial flexibility.
\nWorkers today are grappling with increased financial pressure, driving a new urgency for on-demand pay. According to the report, 83% of workers desire more frequent pay schedules, a significant shift from the traditional biweekly or semimonthly pay periods.
\nThe push for instant payroll is driven by inflation and a 24% increase in average spending per person, which has strained many workers\u2019 budgets. This financial burden often pushes workers toward high-interest payday loans, worsening their debt. Instant payroll addresses this by giving employees timely access to their earnings, helping them manage expenses and avoid costly loans.
\n![\"instant](\"https://www.pymnts.com/wp-content/uploads/2024/09/Instant-wage-access.png\")
For younger workers, the need for real-time access to earnings is even more critical. About 70% of Americans report feeling stressed about their personal finances, with 75% of adults aged 18-34 expressing significant financial anxiety. Among Generation Z, 79% of hourly workers admit they frequently lack sufficient funds to cover their bills on time.
\nAccording to the report, workers are willing to pay for\u00a0real-time payroll, but employers seeking to create a healthy working environment should offer this benefit for free. As demand for real-time payroll increases, many companies are adopting these solutions, but some workers are already using costly third-party services with annual interest rates up to 330%.
\nCompanies like DailyPay, which recently raised $175 million and partners with major employers such as Hilton and Target, show that integrating earned wage access (EWA) platforms can improve hiring and retention. For employers, investing in in-house real-time payroll solutions offers a strategic advantage in boosting employee satisfaction and loyalty.
\nProviding employees with instant access to their wages can significantly boost job satisfaction and retention. Consider that 78% of consumers express high satisfaction with instant payouts, although only 36% currently receive their disbursements this way. Fee-free instant payments have been shown to increase satisfaction by 11% and nearly double the likelihood of employee loyalty.
\nFor businesses facing staffing challenges, the impact of offering no-fee instant payroll can be profound. Forty-six percent of small to medium-sized businesses (SMBs) struggle with staffing shortages, and 42% report difficulties with employee retention.
\nIn such an environment, implementing real-time payroll can provide a competitive edge. Not only does it address the growing demand for financial flexibility, but it also improves employee morale and reduces turnover. As businesses navigate a tight labor market, the ability to offer instant, fee-free payroll could become a crucial factor in attracting and retaining talent.
\nAs employee expectations evolve, the demand for instant payroll reflects broader changes in financial needs. Workers seek flexibility and immediate access to their earnings, compelling employers to adapt. Real-time payroll solutions help address these financial pressures, enhancing job satisfaction and retention.
\nThe post 70% of US Consumers Feel Stressed About Personal Finances appeared first on PYMNTS.com.
\n", "content_text": "In today\u2019s competitive job market, traditional benefits like retirement plans and paid time off are falling short as workers demand immediate access to their earnings. Rising financial pressures and living costs are driving this shift, pushing employers to adapt or risk losing top talent.\nA PYMNTS Intelligence report, \u201cNo-Wait Wages: Leveraging Instant Payments to Boost Employee Satisfaction,\u201d created in collaboration with The Clearing House,\u00a0highlights how instant payroll solutions are becoming essential in addressing the growing demand for financial flexibility.\nThe Urgent Need for Real-Time Pay\nWorkers today are grappling with increased financial pressure, driving a new urgency for on-demand pay. According to the report, 83% of workers desire more frequent pay schedules, a significant shift from the traditional biweekly or semimonthly pay periods.\nThe push for instant payroll is driven by inflation and a 24% increase in average spending per person, which has strained many workers\u2019 budgets. This financial burden often pushes workers toward high-interest payday loans, worsening their debt. Instant payroll addresses this by giving employees timely access to their earnings, helping them manage expenses and avoid costly loans.\nCompanies Embrace Instant Payroll Solutions\n\nFor younger workers, the need for real-time access to earnings is even more critical. About 70% of Americans report feeling stressed about their personal finances, with 75% of adults aged 18-34 expressing significant financial anxiety. Among Generation Z, 79% of hourly workers admit they frequently lack sufficient funds to cover their bills on time.\nAccording to the report, workers are willing to pay for\u00a0real-time payroll, but employers seeking to create a healthy working environment should offer this benefit for free. As demand for real-time payroll increases, many companies are adopting these solutions, but some workers are already using costly third-party services with annual interest rates up to 330%.\nCompanies like DailyPay, which recently raised $175 million and partners with major employers such as Hilton and Target, show that integrating earned wage access (EWA) platforms can improve hiring and retention. For employers, investing in in-house real-time payroll solutions offers a strategic advantage in boosting employee satisfaction and loyalty.\nRetention and Satisfaction: The Benefits of No-Fee Payroll\nProviding employees with instant access to their wages can significantly boost job satisfaction and retention. Consider that 78% of consumers express high satisfaction with instant payouts, although only 36% currently receive their disbursements this way. Fee-free instant payments have been shown to increase satisfaction by 11% and nearly double the likelihood of employee loyalty.\nFor businesses facing staffing challenges, the impact of offering no-fee instant payroll can be profound. Forty-six percent of small to medium-sized businesses (SMBs) struggle with staffing shortages, and 42% report difficulties with employee retention.\nIn such an environment, implementing real-time payroll can provide a competitive edge. Not only does it address the growing demand for financial flexibility, but it also improves employee morale and reduces turnover. As businesses navigate a tight labor market, the ability to offer instant, fee-free payroll could become a crucial factor in attracting and retaining talent.\nAs employee expectations evolve, the demand for instant payroll reflects broader changes in financial needs. Workers seek flexibility and immediate access to their earnings, compelling employers to adapt. Real-time payroll solutions help address these financial pressures, enhancing job satisfaction and retention.\nThe post 70% of US Consumers Feel Stressed About Personal Finances appeared first on PYMNTS.com.", "date_published": "2024-09-06T04:00:20-04:00", "date_modified": "2024-09-05T18:32:52-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/personal-finances-earned-wage-access-instant-payments.jpg", "tags": [ "earned wage access", "Faster Payments", "Featured News", "Income", "instant payments", "News", "payments", "PYMNTS Intelligence", "PYMNTS News", "real time payments", "salary" ] }, { "id": "https://www.pymnts.com/?p=2094904", "url": "https://www.pymnts.com/news/investment-tracker/2024/sedric-raises-18-5-million-for-ai-powered-compliance-platform-for-financial-institutions/", "title": "Sedric Raises $18.5 Million for AI-Powered Compliance Platform for Financial Institutions", "content_html": "Sedric AI has raised $18.5 million in a Series A funding round to continue developing and promoting its artificial intelligence (AI)-powered compliance platform for financial institutions.
\nThe company will use the new funding to grow its AI lab in Tel Aviv and to expand its global go-to-market teams, according to a Thursday (Sept. 5)\u00a0press release.
\n\u201cFor financial institutions, compliance and growth can be seen as two competing priorities,\u201d\u00a0Nir Laznik, co-founder and CEO of Sedric, said in the release. \u201cWith our compliance LLM [large language model], we turn risk into a growth opportunity. Enterprises now have an opportunity to implement a proven, bank-ready solution that is successfully operational and already widely adopted across the financial services industry.\u201d
\nSedric\u2019s platform helps financial institutions meet the expectations of regulators at a time when there is growing attention being paid to generative AI, the opportunity it presents for financial institutions to expand their product offerings, and the potential compliance risk that comes with this and other new tech, according to the release.
\nThe platform helps compliance officers gain a holistic view of their customer touchpoints across multiple channels, flag deviations from their compliance policies and guidelines, and quickly take corrective actions, the release said.
\nSedric has a growing base of customers in the United States and Europe and has increased its revenue fivefold over the last 12 months, per the release.
\nThe company\u2019s latest funding round was led by\u00a0Foundation Capital.
\nCharles Moldow, general partner at Foundation Capital, said in the release that Laznik, Sedric Co-founder and Chief Technology Officer\u00a0Eyal Peleg\u00a0and the Sedric team have developed \u201ca forward-looking solution that is 100 times more effective, faster and efficient compared to traditional methods.\u201d
\nIn another recent development in the compliance space,\u00a0Norm Ai\u00a0said in June that it raised $27 million in a Series A funding round to expand its AI-powered\u00a0regulatory compliance platform for businesses.
\n\u201cWe are now at an inflection point in AI capabilities that, when properly harnessed, unlock massive improvements in regulatory compliance workflows across the economy,\u201d Norm Ai Founder and CEO\u00a0John Nay said at the time in a press release.
\nThe post Sedric Raises $18.5 Million for AI-Powered Compliance Platform for Financial Institutions appeared first on PYMNTS.com.
\n", "content_text": "Sedric AI has raised $18.5 million in a Series A funding round to continue developing and promoting its artificial intelligence (AI)-powered compliance platform for financial institutions.\nThe company will use the new funding to grow its AI lab in Tel Aviv and to expand its global go-to-market teams, according to a Thursday (Sept. 5)\u00a0press release.\n\u201cFor financial institutions, compliance and growth can be seen as two competing priorities,\u201d\u00a0Nir Laznik, co-founder and CEO of Sedric, said in the release. \u201cWith our compliance LLM [large language model], we turn risk into a growth opportunity. Enterprises now have an opportunity to implement a proven, bank-ready solution that is successfully operational and already widely adopted across the financial services industry.\u201d\nSedric\u2019s platform helps financial institutions meet the expectations of regulators at a time when there is growing attention being paid to generative AI, the opportunity it presents for financial institutions to expand their product offerings, and the potential compliance risk that comes with this and other new tech, according to the release.\nThe platform helps compliance officers gain a holistic view of their customer touchpoints across multiple channels, flag deviations from their compliance policies and guidelines, and quickly take corrective actions, the release said.\nSedric has a growing base of customers in the United States and Europe and has increased its revenue fivefold over the last 12 months, per the release.\nThe company\u2019s latest funding round was led by\u00a0Foundation Capital.\nCharles Moldow, general partner at Foundation Capital, said in the release that Laznik, Sedric Co-founder and Chief Technology Officer\u00a0Eyal Peleg\u00a0and the Sedric team have developed \u201ca forward-looking solution that is 100 times more effective, faster and efficient compared to traditional methods.\u201d\nIn another recent development in the compliance space,\u00a0Norm Ai\u00a0said in June that it raised $27 million in a Series A funding round to expand its AI-powered\u00a0regulatory compliance platform for businesses.\n\u201cWe are now at an inflection point in AI capabilities that, when properly harnessed, unlock massive improvements in regulatory compliance workflows across the economy,\u201d Norm Ai Founder and CEO\u00a0John Nay said at the time in a press release.\nThe post Sedric Raises $18.5 Million for AI-Powered Compliance Platform for Financial Institutions appeared first on PYMNTS.com.", "date_published": "2024-09-05T20:48:12-04:00", "date_modified": "2024-09-05T20:48:12-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Sedric-AI-investments-funding-compliance.jpg", "tags": [ "AI funding", "AI investments", "artificial intelligence", "compliance", "financial institutions", "funding", "Investments", "large language models", "LLMs", "News", "PYMNTS News", "Sedric", "Sedric AI", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2094896", "url": "https://www.pymnts.com/news/investment-tracker/2024/drip-secures-113-million-to-grow-digital-trade-finance-platform/", "title": "Drip Secures $113 Million to Grow Digital Trade Finance Platform", "content_html": "Drip Capital has secured $113 million in new funding to develop new products and to accelerate the growth of its digital platform for trade finance.
\nThe company has quadrupled its revenue and doubled its customer base over the past two years, despite rising interest rates that challenged the global trade sector during that time, Drip Capital Co-founder and CEO\u00a0Pushkar Mukewar said in a Thursday (Sept. 5)\u00a0press release.
\n\u201cDespite these challenges, Drip has emerged as the preferred trade finance platform for SMBs [small- t0 medium-sized businesses] in the U.S. and India,\u201d Mukewar said. \u201cWe\u2019ve achieved cash profitability and expanded our business during this period.\u201d
\nWith new investors joining the company\u2019s existing investors and debt partners, Drip Capital is \u201cready to drive our next phase of growth,\u201d Mukewar added.
\nDrip Capital currently collaborates with more than 9,000 sellers and buyers in more than 100 countries, helping SMBs manage their cash flows and working capital, according to the release. In the past eight years, the company has financed over $6 billion in trade transactions.
\nThe company uses artificial intelligence (AI) to help assess credit risk, streamline operations\u00a0and enhance customer experiences, the release said. It will continue to invest in that technology.
\nDrip has also expanded the range of services it offers SMBs by integrating foreign exchange and risk analytics solutions with its core trade financing products, per\u00a0the release.
\nThe company\u2019s investors include\u00a0GMO Payment Gateway and\u00a0Sumitomo Mitsui Banking Corp. (SMBC), according to the release.
\n\u201cDrip\u2019s innovative and comprehensive solutions in digital trade finance are transforming how SMBs engage in trade,\u201d GMO Payment Gateway Executive Vice President\u00a0Ryu Muramatsu said in the release.
\nKeiji Matsunaga, general manager of digital strategy department at SMBC, said in the release: \u201cWe are excited to contribute to the growth of society and market, by encouraging Japan-India corridor activities via this collaboration.\u201d
\nDrip seized upon the increased digitization of trade-related data records by using technology and data to calibrate and price the risk involved in brokering\u00a0cross-border transactions, Mukewar told PYMNTS CEO Karen Webster in an interview posted in 2021.
\n\u201cAnother very important aspect of our product is looking not just at traditional financial metrics, but also leveraging electronic trade data to be able to really assess the risk of every transaction which we finance,\u201d Mukewar said.
\nThe post Drip Secures $113 Million to Grow Digital Trade Finance Platform appeared first on PYMNTS.com.
\n", "content_text": "Drip Capital has secured $113 million in new funding to develop new products and to accelerate the growth of its digital platform for trade finance.\nThe company has quadrupled its revenue and doubled its customer base over the past two years, despite rising interest rates that challenged the global trade sector during that time, Drip Capital Co-founder and CEO\u00a0Pushkar Mukewar said in a Thursday (Sept. 5)\u00a0press release.\n\u201cDespite these challenges, Drip has emerged as the preferred trade finance platform for SMBs [small- t0 medium-sized businesses] in the U.S. and India,\u201d Mukewar said. \u201cWe\u2019ve achieved cash profitability and expanded our business during this period.\u201d\nWith new investors joining the company\u2019s existing investors and debt partners, Drip Capital is \u201cready to drive our next phase of growth,\u201d Mukewar added.\nDrip Capital currently collaborates with more than 9,000 sellers and buyers in more than 100 countries, helping SMBs manage their cash flows and working capital, according to the release. In the past eight years, the company has financed over $6 billion in trade transactions.\nThe company uses artificial intelligence (AI) to help assess credit risk, streamline operations\u00a0and enhance customer experiences, the release said. It will continue to invest in that technology.\nDrip has also expanded the range of services it offers SMBs by integrating foreign exchange and risk analytics solutions with its core trade financing products, per\u00a0the release.\nThe company\u2019s investors include\u00a0GMO Payment Gateway and\u00a0Sumitomo Mitsui Banking Corp. (SMBC), according to the release.\n\u201cDrip\u2019s innovative and comprehensive solutions in digital trade finance are transforming how SMBs engage in trade,\u201d GMO Payment Gateway Executive Vice President\u00a0Ryu Muramatsu said in the release.\nKeiji Matsunaga, general manager of digital strategy department at SMBC, said in the release: \u201cWe are excited to contribute to the growth of society and market, by encouraging Japan-India corridor activities via this collaboration.\u201d\nDrip seized upon the increased digitization of trade-related data records by using technology and data to calibrate and price the risk involved in brokering\u00a0cross-border transactions, Mukewar told PYMNTS CEO Karen Webster in an interview posted in 2021.\n\u201cAnother very important aspect of our product is looking not just at traditional financial metrics, but also leveraging electronic trade data to be able to really assess the risk of every transaction which we finance,\u201d Mukewar said.\nThe post Drip Secures $113 Million to Grow Digital Trade Finance Platform appeared first on PYMNTS.com.", "date_published": "2024-09-05T20:12:27-04:00", "date_modified": "2024-09-05T20:12:27-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Drip-Capital-investments.jpg", "tags": [ "cross-border commerce", "Drip Capital", "funding", "Investments", "News", "PYMNTS News", "small businesses", "SMBs", "Trade finance", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2094889", "url": "https://www.pymnts.com/news/investment-tracker/2024/thoma-bravo-becomes-giant-tech-investor-steers-clear-of-blockchain/", "title": "Thoma Bravo Becomes Giant Tech Investor, Steers Clear of Blockchain", "content_html": "Thoma Bravo Founder and Managing Partner\u00a0Orlando Bravo said Thursday (Sept. 5) that while blockchain technology has promise, he and his firm are steering clear of\u00a0companies and products in that space.
\nBravo said this about three years after his private equity investment firm helped lead a $900 million investment in cryptocurrency exchange\u00a0FTX, which later went bankrupt and whose founder, Sam Bankman-Fried, is now in prison, CNBC\u00a0reported Thursday.
\n\u201cPersonally, I\u2019m\u00a0a believer in blockchain. I think it\u2019s\u00a0a powerful way of doing many things and for many use cases, and I\u2019ve\u00a0always believed that,\u201d Bravo told CNBC\u2019s \u201cSquawk on the Street\u201d Thursday. \u201cFrom an investment standpoint, after you make a mistake, you kind of move on.\u201d
\nOther than that failed investment, Thoma Bravo has become a giant investor in the tech industry, according to the report.
\nThe company has orchestrated acquisitions of\u00a0Proofpoint,\u00a0RealPage,\u00a0Anaplan and\u00a0Coupa; made exits with the sales of\u00a0Imperva\u00a0and\u00a0Barracuda Networks; and returned about $13 billion to its investors in 2023, per the report.
\nThoma Bravo sold Imperva, a\u00a0cybersecurity firm, to French multinational\u00a0Thales in July 2023 for $3.6 billion after acquiring the firm in 2018 in a deal valued at $2.1 billion.
\nThales Chairman\u00a0and CEO\u00a0Patrice Caine said at the time in a press release: \u201cWith this acquisition, we are seizing a unique opportunity to accelerate our cybersecurity capabilities and are taking an important step\u00a0towards our ambition to build a world-class global cybersecurity integrated player, providing a comprehensive portfolio of products and services. We have tremendous respect for Imperva\u2019s innovative application and data security offerings.\u201d
\nThoma Bravo bought Coupa, a business\u00a0spend management firm, in December 2022 for $8 billion, making Coupa a privately held company.
\nHolden Spaht, a managing partner at Thoma Bravo, said at the time in a press release: \u201cCoupa has created and led the large and growing business spend management category. We\u2019ve followed the company\u2019s success for many years and have been impressed by its consistent track record of delivering high levels of value for its global customer base.\u201d
\nThe terms of the Coupa\u00a0deal reflected underlying demand for this niche corner of cost savings, PYMNTS reported in December 2022.
\nThe post Thoma Bravo Becomes Giant Tech Investor, Steers Clear of Blockchain appeared first on PYMNTS.com.
\n", "content_text": "Thoma Bravo Founder and Managing Partner\u00a0Orlando Bravo said Thursday (Sept. 5) that while blockchain technology has promise, he and his firm are steering clear of\u00a0companies and products in that space.\nBravo said this about three years after his private equity investment firm helped lead a $900 million investment in cryptocurrency exchange\u00a0FTX, which later went bankrupt and whose founder, Sam Bankman-Fried, is now in prison, CNBC\u00a0reported Thursday.\n\u201cPersonally, I\u2019m\u00a0a believer in blockchain. I think it\u2019s\u00a0a powerful way of doing many things and for many use cases, and I\u2019ve\u00a0always believed that,\u201d Bravo told CNBC\u2019s \u201cSquawk on the Street\u201d Thursday. \u201cFrom an investment standpoint, after you make a mistake, you kind of move on.\u201d\nOther than that failed investment, Thoma Bravo has become a giant investor in the tech industry, according to the report.\nThe company has orchestrated acquisitions of\u00a0Proofpoint,\u00a0RealPage,\u00a0Anaplan and\u00a0Coupa; made exits with the sales of\u00a0Imperva\u00a0and\u00a0Barracuda Networks; and returned about $13 billion to its investors in 2023, per the report.\nThoma Bravo sold Imperva, a\u00a0cybersecurity firm, to French multinational\u00a0Thales in July 2023 for $3.6 billion after acquiring the firm in 2018 in a deal valued at $2.1 billion.\nThales Chairman\u00a0and CEO\u00a0Patrice Caine said at the time in a press release: \u201cWith this acquisition, we are seizing a unique opportunity to accelerate our cybersecurity capabilities and are taking an important step\u00a0towards our ambition to build a world-class global cybersecurity integrated player, providing a comprehensive portfolio of products and services. We have tremendous respect for Imperva\u2019s innovative application and data security offerings.\u201d\nThoma Bravo bought Coupa, a business\u00a0spend management firm, in December 2022 for $8 billion, making Coupa a privately held company.\nHolden Spaht, a managing partner at Thoma Bravo, said at the time in a press release: \u201cCoupa has created and led the large and growing business spend management category. We\u2019ve followed the company\u2019s success for many years and have been impressed by its consistent track record of delivering high levels of value for its global customer base.\u201d\nThe terms of the Coupa\u00a0deal reflected underlying demand for this niche corner of cost savings, PYMNTS reported in December 2022.\nThe post Thoma Bravo Becomes Giant Tech Investor, Steers Clear of Blockchain appeared first on PYMNTS.com.", "date_published": "2024-09-05T19:53:00-04:00", "date_modified": "2024-09-05T19:53:00-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Thoma-Bravo-investments.jpg", "tags": [ "Bitcoin", "Blockchain", "Cryptocurrency", "decentralized finance", "DeFi", "FTX", "Investments", "News", "Orlando Bravo", "PYMNTS News", "Sam Bankman-Fried", "SBF", "Thoma Bravo", "Web3", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2094799", "url": "https://www.pymnts.com/news/loyalty-and-rewards-news/2024/dot-launches-inquiry-into-rewards-programs-of-4-airlines/", "title": "DOT Launches Inquiry Into Rewards Programs of 4 Airlines", "content_html": "The\u00a0Department of Transportation (DOT) has launched an inquiry into the rewards programs of the four largest U.S. airlines, saying it aims to protect customers from practices that are potentially unfair, deceptive or anticompetitive.
\nTransportation Secretary\u00a0Pete Buttigieg sent\u00a0letters\u00a0to\u00a0American Airlines,\u00a0Delta Air Lines,\u00a0Southwest Airlines and\u00a0United Airlines ordering them to provide information about their rewards programs, practices and policies, the DOT said in a Thursday (Sept. 5)\u00a0press release.
\nThe letters request information and documents relating to devaluation of earned rewards, hidden and dynamic pricing, extra fees and reduction in competition and choice, according to the release.
\nButtigieg said in the release that rewards programs bring real value to consumers and that Americans view their rewards points balances as part of their savings.
\n\u201cBut unlike a traditional savings account, these rewards are controlled by a company that can unilaterally change their value,\u201d Buttigieg said in the release. \u201cOur goal is to ensure consumers are getting the value that was promised to them, which means validating that these programs are transparent and fair.\u201d
\nConsumer Financial Protection Bureau (CFPB) Director\u00a0Rohit Chopra said in a Thursday\u00a0statement that the DOT\u2019s inquiry is a key step to prevent \u201cdeceptive devaluation tactics that can plague these alternative currencies held by tens of millions of families.\u201d
\n\u201cAirline valuations are increasingly driven by their points programs and lucrative partnerships with credit card companies, and Americans are paying high interest rates and fees to participate in these programs \u2014 yet these tempting points and rewards programs are often depreciated or changed with little notice,\u201d Chopra said in his statement.
\nReached for comment by PYMNTS, Southwest Airlines provided a statement saying its\u00a0Rapid Rewards program helps millions of customers meet their personal travel needs.
\n\u201cAt Southwest, we take great pride in our award-winning Rapid Rewards program, which includes flexible travel policies and unmatched availability of reward seats,\u201d the statement said. \u201cOur commitment to providing customers with Rapid Rewards points that never expire, regardless of how they\u2019re earned, has led us to have double the industry average of seats booked with points.\u201d
\nDelta Air Lines said in a statement emailed to PYMNTS that it received the DOT\u2019s inquiry and will respond accordingly.
\n\u201cOur members\u2019 loyalty means everything to us, and providing a meaningful rewards experience is the top priority within Delta\u2019s\u00a0SkyMiles program,\u201d the statement said.
\nAmerican Airlines and United Airlines referred PYMNTS to the trade association\u00a0Airlines for America (A4A) for comment.
\nA4A said in a statement emailed to PYMNTS that consumers have choice when selecting an airline, carriers want to reward travelers for their return business, and loyalty programs are a way for carriers to say \u201cthank you\u201d to travelers.
\n\u201cMillions of people enjoy being a part of various loyalty programs, which allow them to accumulate rewards to apply toward travel or other benefits,\u201d the A4A statement said. \u201cU.S. carriers are transparent about these programs, and policymakers should ensure that consumers can continue to be offered these important benefits.\u201d
\nIt was reported in December that the DOT was closely examining the frequent flyer programs of major U.S. airlines, aiming to identify potential deceptive or unfair practices.
\nThe post DOT Launches Inquiry Into Rewards Programs of 4 Airlines appeared first on PYMNTS.com.
\n", "content_text": "The\u00a0Department of Transportation (DOT) has launched an inquiry into the rewards programs of the four largest U.S. airlines, saying it aims to protect customers from practices that are potentially unfair, deceptive or anticompetitive.\nTransportation Secretary\u00a0Pete Buttigieg sent\u00a0letters\u00a0to\u00a0American Airlines,\u00a0Delta Air Lines,\u00a0Southwest Airlines and\u00a0United Airlines ordering them to provide information about their rewards programs, practices and policies, the DOT said in a Thursday (Sept. 5)\u00a0press release.\nThe letters request information and documents relating to devaluation of earned rewards, hidden and dynamic pricing, extra fees and reduction in competition and choice, according to the release.\nButtigieg said in the release that rewards programs bring real value to consumers and that Americans view their rewards points balances as part of their savings.\n\u201cBut unlike a traditional savings account, these rewards are controlled by a company that can unilaterally change their value,\u201d Buttigieg said in the release. \u201cOur goal is to ensure consumers are getting the value that was promised to them, which means validating that these programs are transparent and fair.\u201d\nConsumer Financial Protection Bureau (CFPB) Director\u00a0Rohit Chopra said in a Thursday\u00a0statement that the DOT\u2019s inquiry is a key step to prevent \u201cdeceptive devaluation tactics that can plague these alternative currencies held by tens of millions of families.\u201d\n\u201cAirline valuations are increasingly driven by their points programs and lucrative partnerships with credit card companies, and Americans are paying high interest rates and fees to participate in these programs \u2014 yet these tempting points and rewards programs are often depreciated or changed with little notice,\u201d Chopra said in his statement.\nReached for comment by PYMNTS, Southwest Airlines provided a statement saying its\u00a0Rapid Rewards program helps millions of customers meet their personal travel needs.\n\u201cAt Southwest, we take great pride in our award-winning Rapid Rewards program, which includes flexible travel policies and unmatched availability of reward seats,\u201d the statement said. \u201cOur commitment to providing customers with Rapid Rewards points that never expire, regardless of how they\u2019re earned, has led us to have double the industry average of seats booked with points.\u201d\nDelta Air Lines said in a statement emailed to PYMNTS that it received the DOT\u2019s inquiry and will respond accordingly.\n\u201cOur members\u2019 loyalty means everything to us, and providing a meaningful rewards experience is the top priority within Delta\u2019s\u00a0SkyMiles program,\u201d the statement said.\nAmerican Airlines and United Airlines referred PYMNTS to the trade association\u00a0Airlines for America (A4A) for comment.\nA4A said in a statement emailed to PYMNTS that consumers have choice when selecting an airline, carriers want to reward travelers for their return business, and loyalty programs are a way for carriers to say \u201cthank you\u201d to travelers.\n\u201cMillions of people enjoy being a part of various loyalty programs, which allow them to accumulate rewards to apply toward travel or other benefits,\u201d the A4A statement said. \u201cU.S. carriers are transparent about these programs, and policymakers should ensure that consumers can continue to be offered these important benefits.\u201d\nIt was reported in December that the DOT was closely examining the frequent flyer programs of major U.S. airlines, aiming to identify potential deceptive or unfair practices.\nThe post DOT Launches Inquiry Into Rewards Programs of 4 Airlines appeared first on PYMNTS.com.", "date_published": "2024-09-05T17:53:16-04:00", "date_modified": "2024-09-05T17:53:16-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Airlines-rewards-travel-Department-of-Transportation.jpg", "tags": [ "airlines", "American Airlines", "credit", "Delta Air Lines", "Department of Transportation", "dot", "loyalty", "News", "PYMNTS News", "Rewards", "Southwest Airlines", "travel", "travel points", "travel programs", "United Airlines", "What's Hot", "Loyalty & Rewards" ] } ] }