Today In Payments: PNC Advances $11.6B BBVA Purchase Deal; US Economic Forecasts Grim Amid Escalating COVID-19
In today’s top news, PNC will acquire BBVA’s U.S. unit for $11.6 billion, and the economy is facing greater challenges as COVID-19 cases continue to rise. Plus, Mastercard announced a new Account-to-Account service to its Track Business Payment Service.
The second-biggest banking deal in the U.S. since the Great Recession is moving forward for $11.6 billion, following weeks of talks. The all-cash deal gives PNC the U.S. unit of Spain-headquartered BBVA. The new combined bank will be the fifth-largest retail bank in the country.
Fears of economic freefall are mounting as the U.S. continues to post an alarming increase in the number of new COVID-19 cases without word of any additional government stimulus. The accelerating cases are triggering further reductions in business operating hours and new commercial lockdowns.
Mastercard has added a new Account-to-Account (A2A) service to its Track Business Payment Service to help businesses exchange data more efficiently and perform payments across multiple rails. The A2A service will support data exchanges and allow for payments automation without having to share sensitive data information, giving businesses greater control over their payments information.
Delivery platform DoorDash filed its prospectus for an initial public offering (IPO) for a New York Stock Exchange listing on Friday (Nov. 13) after posting a strong profit. The company has over 1 million workers servicing more than 18 million customers.
The news of a COVID-19 vaccine on Nov. 9 was widely regarded as a bright light at the end of a very long, dark coronavirus tunnel. But a new PYMNTS study of 2,800 U.S. adults shows that fewer than 40 percent of people say they’ll get the vaccine. Karen Webster says it’s time for policymakers and payments innovators to get creative — and educate and incent consumers — if we really want to put the coronavirus in our rearview.
Consumers and microbusinesses value payments speed, but many with access to instant disbursements aren’t even aware it exists. In The Disbursements Satisfaction Playbook, PYMNTS analyzes how firms can bridge the perception gap between the use and availability of instant payments.
Antitrust suits. Perhaps outright bans on mergers. Regulators and lawmakers are sharpening their gaze on mergers in tech, very broadly defined, which means innovation may become a casualty — and to the consumers’ detriment. Here’s what might be on the horizon.