Friday , November 27, 2020

Sour Ratings for Some Payments Companies and other Digital Transactions News briefs from 4/30/20

  • Citing the risk to their businesses from the coronavirus pandemic, securities rating agency Fitch Ratings revised its outlook to negative for seven publicly traded consumer-finance companies, including American Express Co.Discover Financial Services, and Synchrony Financial.
  • Main Event Entertainment Inc. issued a notification indicating malware collected data from cards used on point-of-sale devices for food-and-beverage and entertainment activities at certain locations over various lengths of time between July 19, 2019, and March 16. The company has removed the malware and enhanced its security routines.
  • The “best available scientific evidence” shows handling cash during the Covid-19 pandemic carries little risk as long as proper procedures are followed—“the same precautions that are recommended in handling plastic cards or mobile phones,” says the Consumer Choice Payment Coalition, a lobbying group mostly composed of ATM and other cash-dependent industry companies and trade groups. The Consumer Federation of America also is a member.
  • PayRent, an online rent-collection service, announced an affiliate program with the American Apartment Owner’s Association.
  • Independent sales organization Kore Payments opened an office in Chicago’s Loop, expanding from its previous sole location in Wisconsin.
  • Unattended payments provider USA Technologies Inc. postponed its April 30 annual shareholder meeting until May 21 in order to update and distribute proxy materials. The revised proxy will reflect the company’s recent agreement to slate eight director nominees proposed by its largest shareholder, Hudson Executive Capital, as well as two incumbent USAT directors, one of whom is current CEO Donald Layden. The meeting will be virtual because of Covid-19.
  • Payment-technology provider Repay Holdings Corp. appointed Jacob Moore executive vice president of corporate development, responsible for acquisitions and strategy.
  • Cash withdrawals in the United Kingdom are down 60% from a year ago, but the average value of a withdrawal is up 26% to £82 ($94), according to the BBC, citing data from the U.K.’s Link ATM network.
  • Payments-technology specialist Galileo Financial Technologies Inc. expanded into Latin America with a Mastercard certification in Mexico. Klar, a so-called challenger bank in Mexico, has contracted with Galileo to provide services in that country. Social Finance Inc. agreed earlier this month to acquire Galileo for $1.2 billion.
  • Processor Fidelity National Information Services Inc. (FIS) said fintech Bambu will use FIS’s Modern Banking Platform to bring mobile-banking services to unbanked consumers.

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