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Today In Payments: JPMorgan Acquires Stake In Brazil’s C6 Bank; EU Plans To Accelerate Open Banking

In today’s top news, J.P. Morgan has acquired a 40 percent stake in C6 Bank, a Brazilian digital bank, and the European Banking Authority outlined plans to support open banking adoption. Plus, Facebook closed above a $1 trillion market cap Monday (June 28).

J.P. Morgan Acquires 40 Pct Stake In Brazilian Digital Bank, C6 Bank

J.P. Morgan will take a 40 percent ownership stake in Brazil’s digital bank C6 Bank, which provides tools like multicurrency, checking and savings accounts, debit and credit cards, lending and investment products. Brazil has seen a surge in digital banking in recent years, thanks in part to regulatory reform and modernizing of infrastructure.

EU Oversight Group Outlines Plans To Accelerate Open Banking

A new report from the Euro Banking Association outlines key digital readiness characteristics that financial institutions (FIs) need to follow in order to successfully navigate the transition to open banking and, ultimately, faster eCommerce.

Facebook Hits $1 Trillion Market Cap

Facebook has closed above $1 trillion in the market for the first time ever, hours after it was announced that a court had dismissed the FTC’s antitrust suit against the tech giant. Facebook is the fifth company after Apple, Microsoft, Amazon and Google parent Alphabet to reach the milestone.

Binance Users Shut Off From UK Faster Payments Network

Binance customers using U.K.-based payment system, Faster Payments, have been suspended from withdrawing and depositing currency. The news comes just three days after the U.K. Financial Conduct Authority (FCA) banned the cryptocurrency exchange from operating in Britain.

Study: Local Loyalty Programs Turn Good Intentions Into Foot Traffic For UK Small Businesses

U.K. consumers see shopping local as key to both supporting the economy and saving the environment, yet many local High Street businesses struggle to get them in the door. In the new Making Loyalty Work For Small Businesses Playbook, PYMNTS surveyed 1,115 U.K. consumers to learn how offering personalized loyalty programs can help engage new High Street shoppers.

SMBs Smash ‘Spend Management’ Silos To Get Big Picture View Of Spend

Small to medium-sized businesses (SMBs) have something in common with large scale corporates: far flung internal operations mask the complete picture of where the money goes. Thejo Kote, founder and CEO of Airbase, tells PYMNTS that online spend management platforms help SMBs smash the data silos — and get visibility and control — of company spend.

Domino’s, PF Chang’s Adapt To Make Off-Premise Stick In Post-COVID Future

The digital ordering boom may have started in response to COVID-19 concerns, but it looks like it’s here to stay. Now, major restaurant chains are making big changes to win customers’ off-premise loyalty.

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