Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
J.P. Morgan Chase wants to disrupt the fintech disruptors.
The company is rolling out free same-day deposits to customers of its WePay platform who have bank accounts with the firm, according to Bill Clerico, CEO of WePay. J.P. Morgan acquired the Silicon Valley-based start-up in December 2017.
"With other payment processors, when a small business is looking to get paid, it can take 24, 48, sometimes 72 hours over the weekend for that payment to hit," Clerico said in a telephone interview. "Because we are a bank [as well as a payments processor], we can deposit their credit-card proceeds the same day, including weekends, at no additional cost."
The feature, available to some users already and spreading to all of its platforms by year-end, eases a cash bottleneck faced by many businesses.
A restaurant, for instance, can receive credit-card payments for happy hour drinks later that day. Payments received by 5 p.m. Pacific Time on Sunday through Friday will be deposited to user accounts by 9:30 p.m., according to WePay. Payments made on Saturday will be posted by Sunday at 4 a.m.
It is, according to Clerico, a feature unique to Chase, which is the only major bank with a wholly owned payments business.
That could give it an edge as it faces fintech competitors including Stripe and Square, fast-growing companies that have taken the payments world by storm. These nimble firms have benefited as more commerce goes online, alarming the old guard.
Both companies say payments take one to two business days to complete and both charge fees for faster service. Stripe, for instance charges 1.5% to make an instant payment, according to its website.
Shares of Square dropped as much as 2.7% on Tuesday, while J.P. Morgan rose 0.81% at 11:40 a.m. in New York trading.
The payments landscape is in the throes of upheaval. There have been more than $75 billion worth of mergers announced this year as established players scale up to compete better with the upstarts.
And the new players aren't sitting still. Earlier this month, Stripe said it was launching a lending arm for small businesses. Square has applied for a license that would give it FDIC-backing on accounts.