RBC settles software accounting violation charges with regulators
CFO Dive
NOVEMBER 3, 2023
The Royal Bank of Canada’s $6 million SEC penalty comes as FASB is updating U.S. guidance for tracking software costs for the first time in decades.
4 accounting takeaways from this week’s FASB congressional hearing
CFO Dive
DECEMBER 14, 2023
Lawmakers pressed FASB and PCAOB leaders to explain how they’re approaching regulations in the wake of the recent bank and crypto crises.
Accounting 
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Trending Sources
EY to audit 51 lakh microfinance accounts of Bandhan Bank
CFO News
FEBRUARY 13, 2024
Bandhan Bank managing director Chandra Shekhar Ghosh has denied about any irregularity in those accounts and evergreening of loans.
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The 8 Best Guaranteed Interest Investment Accounts
CFO News Room
FEBRUARY 2, 2023
Investing in a guaranteed interest account is a great way to secure your money, as there is very little risk. Guaranteed interest accounts provide reliable, consistent returns and can be used for short-term savings or to supplement other investments in your portfolio. Guaranteed interest accounts offer a stable rate of return.
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Everything You Need to Know About Crypto
Speaker: Ryan McInerny, CAMS, FRM, MSBA - Principal, Product Strategy
May 18th, 2023 at 9:30 am PDT, 12:30 pm EDT, 5:30 pm BST
State-owned 'bad bank' acquires three accounts
CFO News
OCTOBER 19, 2023
India's state-owned 'bad bank,' National Asset Reconstruction Company Ltd (NARCL), has acquired three more accounts in the past two weeks, including Dharani Sugars and Chemicals, SPML Infra, and Parenteral Drugs. The finance ministry has urged NARCL to expedite the acquisition process.
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Webinar: Bank Fee Management Webinar Series: Bank Account Management and Structures
Strategic Treasurer
MARCH 20, 2023
Bank Fee Management Webinar Series: Bank Account Management and Structures May 16 and 17 Register Now Dates / Times Tuesday, May 16, 2023 11:00 AM – 11:30 AM EDT Wednesday, May 17, 2023 2:00 PM – 2:30 PM EDT Where This is an online event Speakers Jason Campbell, Strategic Treasurer Craig Jeffery, Strategic Treasurer Hosted By 0.6
Accounting 52
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UN Blockchain Expert Says Digital Cash Could Replace Bank Accounts
PYMNTS
JUNE 8, 2020
United Nations global blockchain expert Massimo Buonomo has foreseen a future where digital currencies could replace low-interest bank accounts, Coindesk reports. In addition, Buonomo said digital currencies, especially central bank digital currencies (CBDC) may eventually be able to replace all bank accounts.
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Large international banks ask many Indian HNIs to close accounts
CFO News
DECEMBER 28, 2023
Two British banks, a Swiss lender, and an Emirates institution severed ties with over two dozen Indians in the last two months. These individuals had initially opened accounts under the RBI's Liberalised Remittance Scheme (LRS), allowing up to $250,000 annual investment.
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Reconcile That Account! (Not Just Your Checking Account…)
CFO Simplified
OCTOBER 24, 2022
As a business owner, you must understand the importance of reconciling your accounts—and no, not just your checking accounts! Do you know what accounts you need to be reconciling regularly? Do You Know What Business Accounts You Must Reconcile? Your Checking Account Isn’t the Only Important Account!
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The evolution of accounting
Future CFO
JANUARY 22, 2024
The accounting industry is undergoing profound transformation due to rapid technological advancements across all sectors in the market. Changes from manual record-keeping to sophisticated software solutions has undeniably shifted the accounting landscape, bringing in an era of heightened efficiency and accuracy.
Accounting 52
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Nonprofit Accounting Cleanup: How to Deal with a Mess
The Charity CFO
MARCH 6, 2024
The conversation today has a very simple focus, 5 red flags that your nonprofit accounting needs improvement, even when it may not be recognized. Red Flag #1: Bank Account Reconciliation Whether the business is accrual or cash basis, it does not matter. Consider it like an internal audit and a necessity. Get the free guide!
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Introducing Bank Feeds
FISPAN
JUNE 23, 2023
Bank feeds are a game-changer in financial workflows, offering seamless integration between accounting software and bank accounts.
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Open Banking Deepens Its SMB Accounting, Lending Presence
PYMNTS
FEBRUARY 20, 2020
As Open Banking spreads further into the small business (SMB) financial services market, accounting and lending platforms are taking advantage. bank sets its data sharing rules for FinTech firms. Simply Completes First Open Banking Funding. Plus, a major U.S. JPMorgan Sets FinTech Data Deadline. As the U.S. As the U.S.
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FASB targets new cash flow statement rules for banks
CFO Dive
NOVEMBER 13, 2023
The latest new accounting requirements under development will, at least initially, only apply to financial institutions.
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Post Supreme Court ruling, banks turn wary of declaring accounts as 'wilful default'
CFO News
AUGUST 7, 2023
Indian banks have refrained from declaring overdue loan accounts as fraud as the Supreme Court’s decisions make it obligatory for lenders to provide borrowers an opportunity to represent themselves before naming accounts as fraud. The lenders have made provisions instead of declaring accounts as wilful defaults.
Accounting 52
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Bank Single Gateway for efficient connectivity
Simply Treasury
AUGUST 3, 2022
Automated bank connectivity through a single secure channel has become essential to reduce costs, facilitate on-boarding by banks, secure transactions, speed up and automate reconciliations and reduce staff workload. A “Bank Single Gateway” is no longer a "plus", but a "must" that every fund servicer or fund should have.
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Monzo’s Business Banking Account Offering Goes Live
PYMNTS
MARCH 17, 2020
challenger bank Monzo has launched business bank accounts this week after a year-long trial period in which 2,500 customers got early access, according to a TechCrunch report. There will also be invoicing tools within the app and the ability to have multiple user accounts on the same app. 1 brand in the U.K.
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Apple Opens High Interest Savings Accounts
Global Finance
MAY 3, 2023
After disrupting most of the tech and digital world over the past few decades, Apple is now turning to the banking sector. The Cupertino, California-based iPhone maker recently teamed up with Goldman Sachs to launch a high-yield savings account, promising.
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BBVA Teams With Google Pay To Offer Digital Bank Accounts
PYMNTS
AUGUST 3, 2020
BBVA USA is collaborating with Google to offer consumers a digital bank account through Google Pay. The Alabama-based bank holding company said the partnership is key to its strategy? of growing the bank throughout the U.S. insured digital account will be built on BBVA’s infrastructure and powered by Google Pay.
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Banks' fraud account classification faces legal challenges: No personal hearings, potential court battles ahead
CFO News
OCTOBER 5, 2023
Banks in India will not provide a personal hearing to companies before classifying them as 'fraud' accounts, but will re-evaluate the decision if legally challenged.
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ClearBank Introduces Multi-Currency Bank Accounts
PYMNTS
SEPTEMBER 17, 2020
Cloud-based clearing bank ClearBank has begun offering multi-currency bank accounts using an API, according to a press release. Beginning in the fourth quarter this year, the bank will allow users to access over 30 multi-currency accounts. ClearBank's capabilities make it doable for Oxbury Bank to loop into U.K.-based
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J&K Bank auditors raise red flags in FY23 accounts over employee stock transaction
CFO News
MAY 8, 2023
The J&K Bank’s auditors said its employees availed loans from the bank to purchase the shares, but that was in violation of the Reserve Bank of India’s directions.
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Banks pause fraud classification of accounts, await clarity on SC order
CFO News
MAY 10, 2023
Experts said since NPAs are low and further accretion of NPA is also declining so not declaring some accounts as fraud would not significantly impact banks' numbers.
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Accounting in Zimbabwe is “very very different”
CFO Talks
APRIL 5, 2023
Written by Leigh Schaler In a recent interview on the CFOTalks podcast, Zebediah Marewangepo a Senior Business Consultant at Taxdirect, shared his insights on the accounting profession in Zimbabwe and South Africa. but somewhere along the line I ended up doing accountancy and I then finished college in 1994.
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Regional Banks Guide Corporates To Future-Proof Accounts Payable
PYMNTS
JULY 3, 2020
Accounts payable (AP) teams and other financial functions of the enterprise were some of the hardest hit by the disruption caused by the global pandemic. Collaborating with FinTechs is a valuable strategy for banks, noted Sigovitch. ” Offering the Right Tools.
What does revision in banks’ investment classification norms imply for banking?
CFO News
SEPTEMBER 14, 2023
The revised accounting norms for investment portfolio, which are effective from April 1, 2024, and are in line with the global financial reporting standards, are expected to enhance the quality of banks' financial reporting, as well as improve disclosures, say experts.
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Royal Bank Of Canada Rolls Out Digital ID Verification For Account Opening
PYMNTS
APRIL 21, 2020
The Royal Bank of Canada (RBC) is one such FI that recently rolled out digital government identity verification capabilities, allowing customers to verify their identities using its RBC mobile app. The technology is available at bank branches and remotely via mobile and its website. and 34 other countries. and 34 other countries.
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Fractional CFOs and Remote Accounting Teams
CFO Simplified
JULY 24, 2022
How Does a Fractional CFO Work with a Remote Accounting Team? But even with all of those changes, the accounting function has remained essentially the same. So, in a remote environment, which we’re all used to by now, how does a fractional CFO work with a remote accounting team? Managing a Remote Accounting Team.
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Paytm Payments Bank CEO Surinder Chawla resigns
CFO News
APRIL 9, 2024
India's Paytm informed the exchanges that Surinder Chawla had resigned as the chief executive officer of its banking unit Paytm Payments Bank "on account of personal reasons" This comes almost a month after the entity stopped basic banking services under instructions from the Reserve Bank of India.
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Stimulus Round Two: Two-Thirds Of Payments Reach Bank Accounts
PYMNTS
JANUARY 5, 2021
The problems from last spring's rollout are likely to reoccur in some ways, including households that have changed bank accounts, payments going to former spouses by mistake and some simply not getting the full amount of the payments, according to WSJ. 5), according to WSJ.
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Receipt Bank Buys Xavier To Boost Accounting Services
PYMNTS
JUNE 15, 2020
Digital accounting platform Receipt Bank has acquired analytics firm Xavier to help boost services for accountants and bookkeepers, according to a press release. The move comes in the wake of Receipt Bank’s Series C funding round, which raised $73 million in January.
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From Russian funds with love: Plan mooted to tap rupee balance in special accounts
CFO News
APRIL 24, 2024
Russian financial institutions have been negotiating with the Reserve Bank of India (RBI) to use the rupees in special accounts in India for investment in stocks and securities. Currently, 10 Russian institutions, including its largest lender, have registered as foreign portfolio investors (FPIs) with Sebi.
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Borrowers must be accorded hearing before declaration of bank account as fraud: SC
CFO News
MARCH 27, 2023
The Supreme Court on Monday said a borrower must be accorded a hearing before an account is classified as "fraud" and a reasoned order must follow if such an action is taken. The decision classifying the borrower account as fraudulent must be followed by a reasoned order, it said.
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Taking India’s Account Aggregators – And Open Banking – Into Account
PYMNTS
JANUARY 22, 2020
Will India prove to be a model for open banking ? As for the mechanics: An “account aggregator” system is being created by banks, and will be regulated and licensed by the central bank. Banks and other financial firms, in turn, must be verified by the reserve bank.
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Digital Banking Service One Combines Accounts
PYMNTS
MARCH 17, 2020
One , a new digital banking service in the U.S., It combines credit and debit into one account, “making it seamless to save, spend and borrow money.”. Traditional banks cater mostly to affluent customers and new digital banks target younger individuals with simpler financial needs,” said Harris.
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Three Years On, Open Banking Broadens For Business Banking
PYMNTS
JANUARY 26, 2021
marked its third anniversary of adopting its open banking framework, making it the leading market to drive the concept of unlocking customers’ bank account data for integration with third-party solution providers. where there is no open banking regulatory mandate. HashCash Brings Blockchain Tech To Unnamed Bank.
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Plaid Woos Banks With New Instant Account Update Feature
PYMNTS
SEPTEMBER 1, 2020
Plaid is doubling down on its push to connect banks to FinTechs and their customers with a new, instant account update feature. With that offering, banks and other financial institutions (FIs) can build out their own APIs, making it far easier to connect with FinTech app developers and firms and their growing legion of users.
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HSBC Geneva leak: ITAT says data is old, bank balance can't be taxed
CFO News
APRIL 21, 2024
In a decision that could have a bearing on other `HSBC account’ cases, a tax tribunal last week has ruled that the I-T department cannot go back 16 years to reopen old matters to tax the ‘peak balance’ lying in such bank accounts.
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BankMobile Is One Of Six New FIs To Offer Smart Digital Bank Accounts Via Google Pay
PYMNTS
AUGUST 3, 2020
banks and credit unions (CUs) have signed on to offer checking and savings accounts through Google Pay. We are thrilled to be collaborating with Google to offer our student customers enhanced digital bank accounts,” Luvleen Sidhu , BankMobile’s co-founder and CEO, said on Monday (Aug. Six additional U.S.
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Wells Fargo To Offer Bank Accounts With Capped Overdraft Fees
PYMNTS
MARCH 3, 2020
debuted the concept of two new bank accounts that set limits on the amount of fees that can be charged to customers. One account will limit overdraft fees to once per month and will come with checks, while the other type of account will have no overdraft fees and will not come with checks, Bloomberg reported.
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Memo Bank Launches Interest-Bearing Account For Businesses
PYMNTS
SEPTEMBER 30, 2020
Paris-based business bank Memo Bank is offering a new product three months after obtaining its full banking license, the company said on Wednesday (Sept. percent and apply to deposits of up to $117,000 or $134,000," the bank's news release states. The bank announced in June that it planned to go public following a $22.5
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Embracing AI in Finance and Accounting: Balancing Risk and Innovation
CFO Leadership
OCTOBER 10, 2023
AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals. However, they still have a place in corporate finance and accounting.
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Ernst & Young Under Scrutiny Over Wirecard Accounting Practices
PYMNTS
JUNE 26, 2020
Ernst & Young ( EY ), the global accounting firm hired to verify Wirecard’s financials, failed to request crucial information from a Singapore bank where the German payment processor claimed it had up to 1 billion euros ($1.1 The big question for me is what on earth did EY do when they signed off the accounts?”
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