Less than a year after Amazon pulled out of a deal to build its second headquarters (HQ2) in Manhattan, it inked a lease for 335,000 square feet in the neighborhood to house more than 1,500 employees. Facebook is also reportedly in talks to lease 700,000 square feet in a nearby neighborhood. If that plan goes through, the social media platform, which has other real estate holdings in the city, would become one of its largest corporate tenants, which include JPMorgan Chase and Bank of America. Continue reading Amazon and Facebook to Lease More Space in Manhattan

PayPal Holdings’ Q1 earnings report revealed that 40 million people used its digital money transfer service Venmo in the last year, making it one of the most popular financial apps in the United States. Venmo is also growing dramatically in overall volume with the total number of payments made on its platform skyrocketing 73 percent to $21.3 billion in Q1 2019. Most Venmo transactions are between two people, with the company swallowing the processing fee. But PayPal prizes the app since a younger, more active cohort favors it. Continue reading PayPal Monetizing Venmo, Which Now Has 40 Million Users

As artificial intelligence-based tools become more widespread in the business industry, cloud service companies are debuting tools that explain the artificial intelligence algorithms they use to provide more transparency and assure users of their ethical behavior. That’s because regulated industries are demanding it. Capital One and Bank of America are just two such companies interested in using AI to improve detection of fraud, but want to know how the algorithms work before they implement such tools. Continue reading Accounting, Finance Industries Demand Explainable AI Tools

According to sources, Amazon is currently in discussions with JPMorgan Chase and other banks about creating a product similar to a checking account aimed at a younger demographic. These early stage talks may not result in anything tangible, and are not intended to turn Amazon into a bank. What the product would do is further integrate Amazon into its customers’ lives, from Whole Foods, Kindle, Alexa and its website. The new product would also potentially cut fees Amazon currently pays to banks and provide more customer data. Continue reading Amazon in Talks on Bank Product with JPMorgan, Capital One

Get ready for more ads to appear on Twitter. The social platform is introducing sponsored Moments, which will bring brand sponsorship to its Moments publisher feature. Sponsored Moments are collections of tweets that are purposely packaged around an event or theme, such as an awards show or sports championship. Brands can run promoted tweets inside the collection and add branding to the cover image. For example, Bank of America recently sponsored a collection of tweets from Bloomberg about the World Economic Forum in Davos, Switzerland. Continue reading Twitter Pursues Advertising Revenue With Sponsored Moments

Amazon currently is the dominant cloud computing service; according to Amazon Web Services chief executive officer Andy Jassy, the company has several times as much business as the industry’s next busiest 14 providers combined. In the No. 2 and No. 3 spots are, respectively, Microsoft and Google, and both of them attempt to leverage their strengths and exploit perceived weaknesses of AWS to boost their own market share. Both companies see some strengths in AWS — its self-service model, for example — as vulnerabilities. Continue reading Google, Microsoft Develop New Ways to Compete with AWS

Increasingly pervasive threats to cybersecurity have jumpstarted the cyberinsurance business to reach beyond technology companies, its core customers. Covering financial loss, including theft of data and ransomware, cyberinsurance is reportedly the fastest-growing coverage among U.S. companies; cyberinsurance firms provide competing tools to distinguish their offerings in the marketplace. Insurance is not in lieu of good security practices, but the idea of cyberinsurance is appealing even though it is largely untested. Continue reading As Threats to Cybersecurity Grow, So Does Cyberinsurance

Apple instituted a privacy technology, called differential privacy, that enables its software to understand users without spying on their activities. Now, Microsoft and Uber are also trying out the same technology. While differential privacy reportedly can keep data anonymous, experts warn that it’s becoming easier than ever to identify people from anonymous data sets. That includes biometrics; Citigroup has abandoned a project begun in 2015 to allow customers to scan their irises to access their accounts at an ATM. Continue reading Apple, Microsoft, Uber Turn to New Data Privacy Technology

Twitter won a bidding war to live-stream NFL games in a $10 million deal inked in April. Now, this Thursday, the social media company will stream the first such match-up of the 10-game deal, seen as an effort by chief executive Jack Dorsey to revive the company’s dwindling support from advertisers. Viewers can watch the live CBS feed on Twitter’s mobile app and website, with the added value of in-the-moment tweets. Bank of America and Budweiser are two companies that will also stream commercials during the game. Continue reading Twitter to Live-Stream ‘Thursday Night Football’ for First Time

J.P. Morgan Chase, Wells Fargo and other banks just introduced real-time person-to-person payments — something PayPal’s Venmo has done for years — to their five year-old joint effort clearXchange. Previously, clearXchange could take up to three days to transfer money. PayPal upped its game, by signing a deal with Visa to let Venmo and PayPal app users instantly access monies they receive. PayPal and the banks collect no fees on these transactions, which they regard as a gateway to other, paid services. Continue reading Banks Make Move to Real-Time Person-to-Person Payments

Apple is in talks with banks to develop a new payment service to allow an iPhone user to send money to another iPhone user, most likely bypassing Visa and MasterCard by working directly with banks. The talks are at an early stage and no one involved would comment on the evolution of the plan. But multiple sources confirm Apple’s talks with the country’s largest banks and that the company is serious about moving forward. Unknown is whether credit card companies are engaging Apple or waiting for the company to contact them. Continue reading Apple in Talks with Banks About New Money-Transfer System

With the introduction of credit cards with an embedded security chip, the banking and retailing industries are battling over issues of security, fraud and the cost of adoption. For years, European banks have issued credit cards with both the chip and a PIN; U.S. banks are foregoing the PIN and relying solely on the chip and an in-person signature. Retailers argue they are absorbing the high cost of adopting the chip technology and paying interchange fees, without reaping any of the benefits of lower fraud. Continue reading Retailers and Banks Battle Over Adoption of Chip Technology

In the wake of pay TV subscriber losses and a falloff in content stocks, industry news has recently focused on the impact of the Internet, mobile apps and streaming services on traditional television. Disney chief operating officer Tom Staggs, who most analysts believe will be the successor to CEO Bob Iger, defended the future of ESPN and the programming bundle at an industry conference in Beverly Hills on Thursday. Staggs also suggested that Wall Street had overreacted to recent changes in the business and should not be so quick to dismiss the current model. Continue reading Disney COO Defends the Programming Bundle as TV Evolves

At VidCon, YouTube chief executive Susan Wojcicki reached out to the video creator community with an array of enticements. That’s because, although YouTube may be the biggest player in user-generated content — including the properties that reach stratospheric views — the Google-owned company now has plenty of competition. Facebook, Periscope and Vine are just some of the platforms wooing video creators who have created successful properties, and YouTube unveiled efforts to keep these creators on its site. Continue reading YouTube Offers Incentives to Compete for Top Video Creators

Official FIDO certification for 31 products — from physical devices to login services — has been issued to 18 companies, marking the first certification under the new spec that aims to foster alternatives to password authentication and provide new opportunities for interoperating services. Systems compatible with FIDO can accept logins from any certified device, such as a fingerprint reader or voiceprint detector. Google’s all-purpose login service was certified as a universal two-factor server, and Yubico received certification for two USB security keys. Continue reading FIDO Certification is First Step for a World Without Passwords