Consumers sour on travel rewards cards, APIs and drug discounting’s $8B problem, Creating a digital-first consumer in 12 weeks

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June 29, 2020

Merchants Guide To Navigating Global Payment Regulations

A Merchant's How-To For Managing The Contactless Payments Surge And SCA Requirements

The pandemic has accelerated consumer preferences for contactless payments, leaving merchants scrambling to process higher volumes while remaining compliant with rules for strong customer authentication (SCA). In the latest Merchants Guide To Navigating Global Payment Regulations, Maha El Dimachki, head of payments for the U.K. Financial Conduct Authority, discusses how new open banking strategies are being drafted to help merchants adapt to these changing payment realities.

 

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Monday Conversation

APIs And Fixing Drug Discounting’s $8 Billion-A-Year Problem

Drug manufacturers lose billions of dollars annually because non-primary drug discounting is anything but transparent or efficient. But Kalderos’ Jeremy Docken tells Karen Webster that the real loser is society given the lack of a platform model that can align far-flung stakeholders' interests with real-time pricing analytics to keep pharma pricing models in check. Here’s why – and $100 million in non-compliant drug discounts they have already found.

 

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Financial Literacy

Zogo: How A 21-Year-Old Duke University Grad Is Reinventing Financial Literary

What do gift cards, pineapples and a boring bank presentation to high school undergrads about financial fundamentals have in common? The inspiration as well as the pillars for a brand new financial literacy platform that counts 50,000 members and 1 million modules downloaded — with credit unions clamoring to license its platform — all in the space of a few short months. Zogo’s founder, brand new Duke University grad Bolun Li, takes Karen Webster inside the platform — and what’s next.

 

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Pay Card Compliance

ADP: Pandemic Prompts Firms To Replace Checks With Pay Cards

Plenty of companies still pay employees with paper checks, but the pandemic is making that hard to do. Laura Valdespino, director of compliance solutions at payroll processing giant ADP, tells PYMNTS that there’s no one around in many offices to mail out checks, while employees don’t want to touch checks or go to the bank to deposit them. Valdespino said she thinks that will prompt many companies to finally switch to pay cards.

 

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Accounting Fraud

Wirecard, Enron And Warning Signs Across Two Decades

Two decades separate the 2001 collapse of Enron and the recent insolvency of Wirecard, but both firms’ stories (and flameouts) have similar trajectories. The warning signs were also similar before each company’s insolvency — perhaps pointing to guideposts that market watchers should look for before the next corporate accounting debacle hits.

 

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COVID-19 New Digital Consumers eBook

New Report: How A Global Pandemic Created A Digital-First Customer In Twelve Weeks

Nearly every two weeks over the last 12 weeks, PYMNTS has surveyed more than 14,000 consumers to understand the impact of the global pandemic on how they work, shop, buy food, travel and spend their leisure time. Here’s the story of how the global pandemic created a digital-first customer in 12 weeks and why that matters for thinking about what’s next.

 

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