New York Attorney General Letitia James accused Citi of failing to protect fraud victims.In a lawsuit filed Tuesday (Jan. 30), the state’s top prosecutor alleged that the banking giant has no protections against account takeovers, misleads customers about their rights when their accounts are hacked, and unlawfully denies fraud victims reimbursements.“Banks are supposed to be the safest place to keep money, yet Citi’s negligence has allowed scammers to steal millions of dollars from hardworking people,” Jame ...

Walmart is expanding its use of augmented and virtual reality technology to include eyewear.The world’s largest retailer’s new offering, announced Tuesday (Jan. 30), comes at a time when consumers are seeking virtual reality (VR) experiences that mirror brick-and-mortar shopping.Walmart already uses augmented reality (AR) and VR to help its customers get a better, virtual, idea of how beauty, fashion and home items would look in the real world.Now, Walmart said it plans to expand this offering to help shopp ...

Apple shares reportedly dropped 2% after TF International Securities analyst Ming-Chi Kuo said the tech giant expects demand for iPhones to be lower in 2024.The analyst said Apple has lowered its shipments of key semiconductor components, suggesting that shipments of iPhones will drop by 10% to 15%, Bloomberg reported Tuesday (Jan. 30).Apple did not immediately reply to PYMNTS’ request for comment.Kuo wrote in a Tuesday post on Medium: “The iPhone faces structural challenges that will lead to a significant ...

Mastercard has launched an expanded payments partnership with Oklahoma’s BOK Financial.The collaboration, announced Tuesday (Jan. 30), makes Mastercard the exclusive payments network for BOK’s debit and commercial portfolios, and expands the company’s relationship with BOK’s TransFund processing businesses.“Both companies will build an innovative, inclusive, and sustainable future in banking, grounded in the shared values of advancing the communities they serve,” Mastercard said in a news release.According ...

UPS is cutting jobs and considering selling one of its businesses as shipping volumes decline.The shipping giant will eliminate 12,000 positions — chiefly full-time and part-time management roles and contract workers — in a bid to save $1,000,000, the company said during an earnings call Tuesday (Jan. 30).“2023 was a unique and, quite candidly, difficult and disappointing year,” said UPS CEO Carole Tomé. “We experienced declines in volume, revenue and operating profit and all three of our business segments. ...

PayPal Ventures invested in Mesh, an embedded finance platform for cryptocurrency transfers and payments.The funding was made almost entirely with PayPal USD and marks the first time PayPal Ventures has used PayPal’s in-house stablecoin for an investment, according to a Monday (Jan. 29) press release. (No dollar amounts were given).Founded in 2020, Mesh helps businesses integrate crypto transfers and payments directly into their platforms, saving users from having to switch between platforms.“As the world o ...

Dollar General is using artificial intelligence to optimize its fresh produce buying, as across the grocery industry, retailers are tapping automated solutions to improve their purchasing decisions and boost efficiency.The discount chain is expanding its use of AI from solution provider Shelf Engine, which offers demand forecasting capabilities and other inventory insights, to 3,000 stores by the end of the retailer’s 2023 fiscal year in early February, Progressive Grocer reported.“Adopting Shelf Engine’s A ...

Core View - BNY Mellon has launched a new cash management solution called Virtual Account-Based Solutions, designed to enhance clients' access and control over cash administration and reporting [1] Product Features - Virtual accounts are linked to physical accounts within the bank, enabling real-time reflection of incoming and outgoing payments with continuously updated transaction and balance history [1] - The solution offers flexibility by allowing clients to reflect desired account structures through virtual accounts instead of opening multiple physical accounts with different banks [1] - The solution supports automatic reconciliation of high volumes of incoming payments over USD wires and ACH networks, accurate identification of payment remitters, and reconciliation of receivables by client, business, invoice, etc [2] - It centralizes payment and collection functions across legal entities, supporting Payments on Behalf Of (POBO), Collections on Behalf Of (COBO), and In-House Bank structures [2] - The solution allows for the establishment of a hierarchy of virtual accounts exclusive to specific business units, properties, divisions, geographies, or purposes, providing a segregated view of cash and transactions [2] Industry Use Cases - The solution caters to various industry use cases, enabling financial institution clients to segregate physical Nostro accounts for end corporate clients to receive wires or ACH credits in the U S [3] - 54% of chief financial officers cite liquidity and cash management as a top challenge, highlighting the need for real-time visibility and control over banking accounts [3] Recent Developments - In October, BNY Mellon launched a White Labeling service for its LiquidityDirect platform, enabling financial institutions to offer their clients liquidity management solutions [3]

Citing a tough regulatory environment, Amazon has called off its $1.7 billion purchase of iRobot.The tech giant announced Monday (Jan. 29) that its agreement to purchase the robot vacuum maker — first signed in 2022 — “has no path to regulatory approval” in the European Union (EU) and was therefore being canceled by the two companies.“We’re disappointed that Amazon’s acquisition of iRobot could not proceed,” David Zapolsky, Amazon SVP and General Counsel, said in a news release, calling it the result of “un ...

Airbnb will add about 2% to its guest service fees when guests pay with a currency different from the one set by the host in their listing.This additional amount for cross-currency bookings will be added to guest service fees, beginning April 1, the online marketplace for lodging said in an “Airbnb service fees” article on its website.While most guest service fees are under 14.2% of the booking subtotal, those that include the additional amount for cross-currency bookings can be up to 16.5% of the booking s ...