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Although generally available in the consumer market for about a decade, the electronic payment model of buy-now-pay-later (BNPL) is finally bearing fruit for micro, small and midsize enterprises (MSMEs) by avoiding interest payments on corporate credit cards, reducing paperwork, facilitating quicker transactions, and improving liquidity management.
If both participants have smartphones and cryptocurrency accounts, you can send dollars across borders in a matter of seconds for almost nothing. We need some regulatory safeguards to make sure that if you say theres a dollar on-chain, theres also a dollar in the bank account to back that up, or its equivalent in assets.
If both participants have smartphones and cryptocurrency accounts, you can send dollars across borders in a matter of seconds for almost nothing. We need some regulatory safeguards to make sure that if you say theres a dollar on-chain, theres also a dollar in the bank account to back that up, or its equivalent in assets.
This shift has been so acute that small business cloud accounting firm Xero is even petitioning the Oxford English Dictionary to change the definition of “accountant” to one that includes the word “advise.” Changing Demand. That demand for human talent, by the way, hasn’t decreased.
There are a lot of moving parts in B2B payments that are keeping corporatefinance executives busy as they work to modernize and optimize their operations. In 2020, many of the biggest pain points in B2B payments were revealed, particularly when transactions move across border. But it's an end-to-end workflow.".
IKB Deutsche Industriebank AG , which works in lending and public loans, will work with Hypoport subsidiary and corporatefinance platform fundingport on corporatefinance improvements, according to a press release. Corporatefinance has shifted during the pandemic.
Corporatefinance teams were not simply tasked with finding ways to continue operations in a remote work environment as a result of the coronavirus crisis. Finance and accounting workflows lend themselves well to these three pillars, he said, and Fitzmaurice agreed. “It The Biggest Pain Points, Revealed.
As the peaks and valleys of blockchain hype continue to rise and fall, more doubt has surfaced over the future of distributed ledger technology, particularly in the area of B2B payments. Analysts point to the challenges associated with adoption and implementation of blockchain-powered B2B payment solutions as a key hurdle for the technology.
There are three new features — Intelligent Collections, Intelligent Vendor Management and Intelligent Planning — which are intended to remove time-wasting steps and friction and improve cash flow for corporatefinance teams, the release stated.
Prophix is another company that recently rolled out its own addition to the B2B virtual assistant space, having launched its Virtual Financial Analyst for middle-market finance departments. But there’s another benefit in how virtual assistant technology can impact corporatefinance, Ajmera explained. Balancing Risks.
Accounts receivable (AR) is a function that spreads across multiple tasks of an enterprise, from corporatefinance to sales teams and vendor relationship management initiatives. As B2B payments in the U.S. Yet AR has widely been viewed as a friction-filled manual task that doesn’t add value to the organization.
The corporatefinance space is in flux, but how it’s changing depends on the market in which you stand. PYMNTS takes a quick trip across the globe to explore business finance trends in the U.K., 40% of Singapore SMEs don’t have access to a bank loan , despite accounting for 47 percent of the nation’s GDP.
This week’s B2B Venture Capital roundup shows FIs are placing funding with their FinTech partners, too, including Nationwide and HSBC U.K., investing money in B2B FinTechs disrupting their industries. In total, more than $732 million was raised by B2B FinTechs this week. 10x Future Technologies. Betterworks.
In B2B payments and corporatefinance, it wasn’t only bank-FinTech collaboration that made headlines in 2018. Here are some of the biggest stories of B2B payments collaboration from 2018. Last June, the company announced a partnership with B2B eCommerce platform Handshake to further that initiative.
Companies must not only integrate solutions that can connect to their customers’ operations (for instance, a B2B supplier could gain a competitive edge if they were able to automatically provide a customer with remittance data following payment), but work to ensure financial technologies are interconnected.
Today in B2B payments, lenders land SMB relief support in U.S. Plus, Contour completes blockchain trade finance transaction, Liberis raises funding for SME financing, Pakistan eyes digitizing supply chains, and Ripple faces SEC charges. pandemic aid package. Pandemic Aid Package Provides Relief For Lenders To Help SMBs.
With more than $200 million in venture capital funding landing with B2B FinTechs this week, investors had their eyes set on a variety of pain points in corporatefinance. Small business finserv was a popular target this week, with startups securing funding for their SMB banking, lending and accounting tools. ScaleFactor.
Wirex , which providers consumers with an account to store both fiat and cryptocurrency, recently stepped into the corporatefinance space with the launch of its business account. Co-Founder Dmitry Lazarichev explained to PYMNTS why the company remains confident in cryptocurrency’s potential for corporate payments.
Corporateaccounting standards are changing, with the Financial Accounting Standards Board adopting new standards in ways companies report on leases, hedging and other financial activity. A recent report from CFO.com shed light on another factor driving accounting and financial transparency within corporate America.
A research firm has discovered that the number of material accounting mistakes made by U.S. For many, the mistakes were discovered when corporatefinance teams were changing accounting paperwork to comply with the new U.S. tax law and revenue accounting rules. public companies has gone up this year.
Separate research last month also examined how corporatefinance expects are bracing for this digital disruption. Finance professionals spoke with Gartner, Inc. ” B2B payments is another area of corporatefinance that some analysts expect blockchain to disrupt in a major way. ”
The ability for finance and accounting teams to capture transaction data across payment channels remains a challenge as information is stored across various portals. Yet the reality is that the reconciliation process is rarely ever straightforward.
What businesses may often miss in their growth trajectories, however, is the importance of focusing on back-office operations, particularly when it comes to finance and payments. The possibilities are seemingly endless, particularly as the consumer payments world ushers in new technologies for the B2B space.
The competition is heating up between payment technologies in accounts payable, with ACH and virtual cards seeing significant pushes in the B2B payments space to combat the dreaded paper check. There has been a surge in B2B payments technologies in recent years in an effort to pull businesses, especially smaller firms, off of paper.
Accounts payable (AP) and accounts receivable (AR) personnel could no longer be in the office to handle paper, giving rise to the discussion of migrating away from physical invoices and other documents in favor of digital, automated solutions.
Fraud never sleeps, and the corporatefinance department cannot afford to stay behind on the ever-changing strategies of fraudsters. According to researchers, hackers infiltrate the email accounts of employees within a B2B supplier’s finance departments, including accounts receivable and procurement.
Before that, the B2B and B2C legislation had already introduced a similar prohibition, but financial services had been (partially) exempted. This leaves the question as to what extent contracts on financial services (international corporate lending in particular) are now caught by the general prohibition on unfair terms in the new Civil Code.
Yet, just as SMBs can be too small to be considered corporate, high-net-worth individuals can have financial service needs that are too big to fit into the traditional consumer financial management range of products offered to the Average Joe. “There is a specific need for these families,” she told PYMNTS in a recent interview.
In a 2017 report from job hunting site Indeed , researchers found that “small business accountant” was nowhere to be found in the top-10 job positions sought after by most small business employers. “Bookkeeping is the low-value work performed by accounting firms,” he said.
This week's B2B Data Digest looks at the latest figures behind such fraud targeting corporatefinance teams. While much of the focus of B2B fraud typically lands on external actors, concerns about PPP fraud may raise awareness of some bad actors within the enterprise looking to steal money via loan fraud or other types of scams.
Corporates have growing expectations for faster, more efficient and more secure B2B payments — whether their money is moving from one business unit to another or one country to another. As businesses continue this shift, it is no longer safe to assume that corporates are not interested in faster payments.
Steve Troy, CEO of AeroFund Financial, says that’s a trend permeating many components of corporatefinance today: Businesses don’t just need better tools – they need, in some cases, an entirely new way to manage finances. That could mean new payments rails to automated accounts payable solutions. In the U.S.,
But the scheme faced some of its harshest attacks yet at the hands of the CorporateFinance Network, a U.K. accountancy group specializing in providing advisory services to small and medium-sized businesses (SMBs). Reports in Accountancy Daily on Monday (April 29) said the CorporateFinance Network is calling on U.K.
The enterprise resource planning ( ERP ) system has been a staple of corporatefinance operations for years, acting as a central repository of data and a hub to initiate a range of processes, from accounting to procurement. But the ERP of today doesn’t look like it used to. The ERP’s Role in a FinTech World.
B2B payments is at the center of efforts to innovate by FinTechs, banks and others, but corporates’ business-to-business payment processes remain complex, erroneous and a deterrent to growth. Finance experts in some of the U.K.’s Yet this research clearly shows current processes for B2B transactions are letting them down.”.
Financial technology innovation has opened the doors to massive transformation of corporatefinance departments. While flashy corporate FinTech is exciting, innovation efforts have rarely focused on a mainstay of corporatefinance teams: the financial close process, a crucial, but continually outdated function.
Banks and businesses alike are heading toward the 11th hour of changes in accounting standards, which will have a major impact on how companies report financial metrics and performance. Experts say the move will not go unnoticed when the accounting standards begin to take effect for public companies in 2021.
This week, the largest funding round went to a B2B startup developing autonomous trucking technology to boost fleet efficiency, with other rounds landing at small business bookkeeping, workforce communications, and IBAN fraud mitigation startups for a combined $236 million-plus landing at B2B startups.
This week's B2B Digest looks at how corporatefinance scams come in all shapes and sizes, from employee expense fraud to invoice falsification. Researchers discovered a "spillover effect," in which reports of corporate fraud were linked to an increase in local theft and robbery reports. "It
With market volatility and economic pressure higher than it has been in more than a decade, the ways businesses manage and account for their money is inevitably included in that wave of operational change. That means significant implications for the ways accountants and auditors operate both within an enterprise and externally from it.
percent equity interest in Hangzhou Zeshi Investment Partners, which will enable China Lending to launch its new supply chain financing services in the near future, including financing products design, related corporatefinancing solutions, investments and asset management, and more. trillion in 2017.
Demand for corporatefinance helped propel China’s banks to new lending records in November, according to news from Reuters on Monday (Dec. That figure surpassed analysts’ expectations, especially considering China’s efforts to reduce risk tied to a surge in corporate debt. Chinese banks provided $169.27 billion yuan.
In corporatefinance, automation changed the game. Accountants and other financial professionals once tasked with manual processes and number-crunching were freed up to focus on more strategic initiatives. Robotics process automation (RPA) is a recent favorite among some B2B FinTechs.
However, the technology isn’t reserved for only the largest players in the markets: Small businesses (SMBs) and their accountants have emerged as key proponents of the tool, especially as anxieties wane over the possibility that AI could replace the need for human bookkeepers. What’s Holding Adoption Back. ”
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