Merchant

First Bank in New Jersey, Northeast Bank in Maine and others have warmed to the idea of using software to streamline Paycheck Protection Program lending so that employees can be more hands-on with customers.

The pace of forgiveness for Paycheck Protection Program loans is expected to accelerate when the Small Business Administration issues guidance on additional steps meant to streamline the process.

The Small Business Administration will allow lenders with less than $1 billion of assets to process applications in two days. The portal will open to all lenders on Tuesday.

In the pandemic age, banks are getting creative in a bid to keep affluent customers.

Walgreens is collaborating with Synchrony to roll out a cobranded credit card with an eye on the convergence of digital tools for spending and health care.

Synchrony wasn’t unscathed by the pandemic — consumer spending slowed during the first half of the year — but its mix of private-label and cobranded cards for everyday items suffered far less than other issuers' cards that emphasized luxury and travel.

Walmart's fintech venture with Ribbit Capital allows it to influence more technological developments in the retail industry.

Several community banks said they didn't have enough time to review the Paycheck Protection Program's application forms, forcing them to sit out Monday's reopening. The SBA is not saying when more lenders will be allowed to access its portal.

In a bid to expand contactless card acceptance, Mastercard is testing its Cloud Tap on Phone tech with Napa, Calif.-based IT services provider Computer Engineering Group (CEG).

The fees banks charge to merchants have skyrocketed because people are making more purchases using their credit cards during the pandemic. Lawmakers can cap these fees before they further eat into retailers' profits.