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Audit of early 2020 unemployment payments reveals $4-billion of potential fraud

The inspector general says the audit revealed potential fraud.

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Posted at 3:00 PM, Feb 24, 2021

and last updated 2021-02-24 15:00:48-05

WASHINGTON, D.C- — The U.S. inspector general says an audit that looked at all state’s distribution of unemployment insurance claims during the pandemic has been completed.

Officials say between March and October of 2020, they’ve discovered more than $5.4-billion dollars in unemployment benefits that could be linked to fraud.

It includes paying people that were using the social security numbers of people that have died, and federal inmates and state prisoners who aren’t eligible for benefits. It also includes paying people who filed with their social security number in multiple states and claims filed with socials that came from suspicious e-mail accounts.

That total doesn’t include the rest of 2020 or 2021 so officials say the amount of potential fraud is even larger.

The inspector general says officials in charge of employment and training at state workforce agencies establish effective controls to mitigate fraud and work with Congress to come up with legislation that requires state workforce agencies to cross-match high-risk areas.

Copyright 2021 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Source: https://www.abcactionnews.com/news/local-news/audit-of-early-2020-unemployment-payments-reveals-4-billion-of-potential-fraud

Payments

Priority Technology Holdings, Inc. Partners with Wix to Bolster Payments Infrastructure Platform with a Comprehensive Online Presence

ALPHARETTA, Ga., Nov. 4, 2021 /PRNewswire/ — Priority Technology Holdings, Inc. (NASDAQ: PRTH) (‘Priority’), a leading payments technology compan…

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ALPHARETTA, Ga., Nov. 4, 2021 /PRNewswire/ — Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority”), a leading payments technology company helping customers collect, store, and send money, and Wix (Nasdaq: WIX), a leading global SaaS platform to create, manage and grow an online presence, today announced the Priority MX Gateway will be integrated into the Wix platform.

Merchants using Priority’s payment infrastructure will be able to leverage the Wix platform to create and manage a fully customizable and comprehensive online presence. They can also leverage the Wix eCommerce platform to grow their revenues and manage key online workflows such as invoicing, subscription solutions, and the integrated Priority MX Gateway for payments. As part of the partnership, Priority’s MX Connect, a single system of record that provides frictionless merchant onboarding, client services, automation and detailed reporting capabilities, will be available to all U.S.-based Wix users.

“As we continue to build momentum towards fulfilling our mission as the payments powerhouse, the partnership with Wix will deliver our merchants and reselling partners solutions to help them reach new and existing customers and drive revenue,” said Tom Priore, Chairman and Chief Executive Officer of Priority. “Our collaboration with Wix brings together two companies of similar mindsets, both laser-focused on the SMB community across all client verticals and serving merchant needs in real time. These businesses need a payments partner, not just a processor and we help them accelerate cashflow. Wix is a critical front-end of this revenue funnel to drive results for the business. That’s why this partnership is so impactful for today’s business owners and why we are so excited to bring it to our customers.”

“We are a user-first company and always want to listen to the needs of our customers. This partnership with Priority brings together a solution that businesses need and combines our ability to create an online presence with exceptional payment processing services,” said Yaniv Vakrat, Chief Business Officer at Wix. “Just as Priority is a leader in merchant services for U.S. business owners, Wix is the technology layer for creating and growing a digital presence and multi-channel commerce; this alliance is proof that catering to our users is in our DNA.”

Priority facilitates payments for more than 250,000 merchants. All of Priority’s independent sales organizations (“ISOs”), financial institutions, wholesale ISOs, and independent software vendors will have access to the Wix solution.

About Priority Technology Holdings, Inc.
Priority is a payments powerhouse driving the convergence of payments and banking. The company has built a single platform to collect, store, and send money that operates at scale. We help our customers take and make payments while managing business and consumer operating accounts to monetize payment networks. Our tailored, agile technology powers high-value, payments products bolstered by our industry-leading personalized support. Additional information can be found at www.PRTH.com.

Cision View original content:https://www.prnewswire.com/news-releases/priority-technology-holdings-inc-partners-with-wix-to-bolster-payments-infrastructure-platform-with-a-comprehensive-online-presence-301416343.html

SOURCE Priority Technology Holdings, Inc.

Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.

About Priority Technology Holdings, Inc.
Priority is a payments powerhouse driving the convergence of payments and banking. The company has built a single platform to collect, store, and send money that operates at scale. We help our customers take and make payments while managing business and consumer operating accounts to monetize payment networks. Our tailored, agile technology powers high-value, payments products bolstered by our industry-leading personalized support. Additional information can be found at www.PRTH.com.

Source: https://markets.businessinsider.com/news/stocks/priority-technology-holdings-inc-partners-with-wix-to-bolster-payments-infrastructure-platform-with-a-comprehensive-online-presence-1030936569?op=1

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Payments

Deutsche Bank AG Has $2.78 Million Stake in Shift4 Payments, Inc. (NYSE:FOUR)

Deutsche Bank AG trimmed its position in Shift4 Payments, Inc. (NYSE:FOUR) by 24.3% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 29,712 shares of the company’s stock after selling 9,519 shares during the period. Deutsche Bank AG’s holdings in Shift4 Payments were worth $2,784,000 as of […]

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Posted by on Oct 12th, 2021

Shift4 Payments logoDeutsche Bank AG trimmed its position in Shift4 Payments, Inc. (NYSE:FOUR) by 24.3% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 29,712 shares of the company’s stock after selling 9,519 shares during the period. Deutsche Bank AG’s holdings in Shift4 Payments were worth $2,784,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of FOUR. Alliancebernstein L.P. raised its stake in shares of Shift4 Payments by 2.9% in the 2nd quarter. Alliancebernstein L.P. now owns 2,718,272 shares of the company’s stock valued at $254,756,000 after purchasing an additional 77,207 shares during the period. BlackRock Inc. increased its position in Shift4 Payments by 53.2% during the first quarter. BlackRock Inc. now owns 2,344,456 shares of the company’s stock worth $192,268,000 after buying an additional 814,160 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Shift4 Payments by 3.9% during the first quarter. Ameriprise Financial Inc. now owns 1,849,612 shares of the company’s stock worth $151,687,000 after acquiring an additional 69,466 shares during the period. Southpoint Capital Advisors LP boosted its holdings in shares of Shift4 Payments by 7.5% during the first quarter. Southpoint Capital Advisors LP now owns 1,520,000 shares of the company’s stock worth $124,655,000 after acquiring an additional 106,574 shares during the period. Finally, Waddell & Reed Financial Inc. boosted its stake in shares of Shift4 Payments by 41.2% in the first quarter. Waddell & Reed Financial Inc. now owns 1,425,484 shares of the company’s stock valued at $116,904,000 after buying an additional 416,278 shares during the period. Institutional investors and hedge funds own 56.37% of the company’s stock.

Shares of NYSE:FOUR opened at $68.10 on Tuesday. The company has a fifty day moving average of $82.51 and a 200-day moving average of $89.34. The company has a market capitalization of $5.65 billion, a PE ratio of -70.21 and a beta of 2.35. The company has a debt-to-equity ratio of 2.50, a quick ratio of 5.42 and a current ratio of 5.43. Shift4 Payments, Inc. has a 52-week low of $47.05 and a 52-week high of $104.11.

Shift4 Payments (NYSE:FOUR) last announced its quarterly earnings results on Thursday, August 5th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.05. The company had revenue of $351.00 million during the quarter, compared to the consensus estimate of $313.76 million. Shift4 Payments had a negative net margin of 4.63% and a negative return on equity of 6.30%. The company’s revenue for the quarter was up 147.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.03) earnings per share. On average, equities analysts forecast that Shift4 Payments, Inc. will post 0.23 EPS for the current fiscal year.

Several brokerages recently issued reports on FOUR. Royal Bank of Canada boosted their price target on Shift4 Payments from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday, August 6th. Credit Suisse Group boosted their price target on Shift4 Payments from $85.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, August 6th. Finally, Zacks Investment Research downgraded shares of Shift4 Payments from a “buy” rating to a “hold” rating in a research report on Wednesday, September 15th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $90.30.

In related news, CFO Bradley Herring sold 2,000 shares of the stock in a transaction on Monday, August 9th. The stock was sold at an average price of $89.30, for a total value of $178,600.00. Following the completion of the sale, the chief financial officer now directly owns 28,849 shares in the company, valued at $2,576,215.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jordan Frankel sold 5,000 shares of the stock in a transaction on Thursday, July 15th. The shares were sold at an average price of $91.94, for a total value of $459,700.00. The disclosure for this sale can be found here. Insiders have sold 4,257,000 shares of company stock valued at $356,575,800 over the last quarter. Company insiders own 12.20% of the company’s stock.

Shift4 Payments Profile

Shift4 Payments, Inc (NYSE FOUR) provides integrated payment processing and technology solutions in the United States. Its payments platform provides omni-channel card acceptance and processing solutions, including end-to-end payment processing for various payment types; merchant acquiring; proprietary omni-channel gateway; complementary software integrations; integrated and mobile point-of-sale (POS) solutions; security and risk management solutions; and reporting and analytical tools, as well as tokenization, risk management/underwriting, payment device and chargeback management, fraud prevention, and gift card solutions.

See Also: How are the companies in the S&P 500 selected?

Want to see what other hedge funds are holding FOUR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shift4 Payments, Inc. (NYSE:FOUR).

Institutional Ownership by Quarter for Shift4 Payments (NYSE:FOUR)

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In related news, CFO Bradley Herring sold 2,000 shares of the stock in a transaction on Monday, August 9th. The stock was sold at an average price of $89.30, for a total value of $178,600.00. Following the completion of the sale, the chief financial officer now directly owns 28,849 shares in the company, valued at $2,576,215.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jordan Frankel sold 5,000 shares of the stock in a transaction on Thursday, July 15th. The shares were sold at an average price of $91.94, for a total value of $459,700.00. The disclosure for this sale can be found here. Insiders have sold 4,257,000 shares of company stock valued at $356,575,800 over the last quarter. Company insiders own 12.20% of the company’s stock.

Source: https://www.americanbankingnews.com/2021/10/12/deutsche-bank-ag-has-2-78-million-stake-in-shift4-payments-inc-nysefour.html

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Payments

Square enables contactless payments with new Cash App Pay

Digital payments firm Square has introduced a new contactless payment method, dubbed Cash App Pay, for both sellers and consumers.

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Digital payments firm Square has introduced a new contactless payment method, dubbed Cash App Pay, for both sellers and consumers.

The new method is a software integration of the company’s Seller and Cash App ecosystems.

It enables sellers to accept online as well as in-person contactless payments. Meanwhile, consumers can make transactions using their Cash App account at participating Square sellers.

Users can scan the QR code of a seller at checkout or click a button on their mobile device for fast and secure payments.

In addition, sellers can leverage over 70 million annual transacting active customers of Cash App. This can lower checkout friction for consumers while improving their experience, Square noted.

Square lead of Seller business Alyssa Henry said: “Cash App Pay enables us to offer a simple and mobile-friendly way for businesses to reach customers across online and in-person, bringing accessibility and flexibility to every transaction.

“We look forward to deepening the integrations between Square’s Seller and Cash App ecosystems that will continue to offer enhanced experiences for businesses and customers alike.”

The latest contactless method expands Square’s omnichannel commerce offerings for merchants.

With the increasing use of contactless and QR code-based payments, Square sellers and also Cash App customers prefer using Cash App Pay, the company added.

Square lead of Cash App business Brian Grassadonia said: “The option to checkout online or in-store with Cash App has been a frequent request amongst our customer base.

“With the launch of Cash App Pay at Square merchants, we’re excited to introduce this new, seamless checkout experience to consumers across the United States.”

Merchants using the new method can manage receipts, reconciliation and settlements in their Square system. It is available as a software update and no technical integration or new hardware is needed.

Last month, Square agreed to acquire Australian ‘Buy Now Pay Later’ (BNPL) fintech Afterpay in an all-stock deal valued at approximately $29bn (A$39bn).

Square lead of Seller business Alyssa Henry said: “Cash App Pay enables us to offer a simple and mobile-friendly way for businesses to reach customers across online and in-person, bringing accessibility and flexibility to every transaction.

Source: https://www.electronicpaymentsinternational.com/news/square-cash-app-pay/

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