PYMNTS

AUGUST 14, 2020

A week after details of the Federal Reserve’s instant payment initiative emerged, news came via Bloomberg that the central bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. And even before the BIS findings, in March, members of U.S.

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PYMNTS

APRIL 14, 2020

One of China’s state-owned banks has a mobile test app that supports the country’s central bank digital currency, according to a CoinDesk report. Screenshots of an app developed by the Agricultural Bank of China (ABC) for mobile phones was spotted on WeChat Tuesday (April 14).

Currencies 79

Currencies Banking Accounting 79

PYMNTS

DECEMBER 26, 2019

The Central Bank of the Bahamas is planning to start a rollout of its new digital currency on Friday (Dec. Called Project Sand Dollar, the name of the currency will also be the sand dollar, according to a press release. The intent is to start a fully-fledged central bank digital currency (CBDC). 27) in Exuma.

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Currencies Banking Retail Accounting 83

PYMNTS

JUNE 10, 2020

The Bank of Ghana continues to consider the creation of a digital currency, GhanaWeb reported. Dr. Maxwell Opoku-Afari, the bank’s first deputy governor, reportedly said during a digital workshop that the bank remains steadfast in facilitating innovation and piloting ideas like a central bank cryptocurrency.

Currencies 53

Currencies Accounting Banking Retail 53

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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Accounting Problem Solving Compliance Communication 94

PYMNTS

MAY 29, 2019

A European Central Bank ( ECB ) official is throwing his support towards wholesale central bank digital currencies (CBDCs). While a retail CBDC would be available for the general public, wholesale would serve a limited circle, primarily banks. And while the Bank of Lithuania sees potential in CBDCs, it is “cautious.” “For

Currencies 76

Currencies Banking Retail Accounting 76

PYMNTS

SEPTEMBER 21, 2020

As China prepares to debut digital currency, JD.com Inc., one of the biggest eCommerce businesses in China, has partnered with the central bank to advance the technology. CoinTelegraph.com reported the retailer has entered into a partnership with the Digital Currency Research Institute of the People’s Bank of China (PBoC).

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Currencies Banking eCommerce Planning 56

PYMNTS

OCTOBER 9, 2020

In terms of collaboration, as noted in this space, the Federal Reserve is working in collaboration with seven other central banks and the Bank for International Settlements (BIS) to bring together a framework that would smooth the path to digital currency issuance. The Federal Reserve Bank has been exploring a digital currency.

Currencies 70

Currencies Banking Retail Securities 70

PYMNTS

MAY 27, 2020

The movement toward digital currencies may be a bit of an arms race of sorts, for now. But the question arises: Once they’ve been created and backed by central banks, what do you do with them once you have them? He pointed to the concept of synthetic central bank digital currencies ( CBDC ).

Currencies 57

Currencies Banking Retail Accounting 57

PYMNTS

JUNE 17, 2020

A growing number of nations are looking to develop digital versions of their currencies, and now there might be regional initiatives taking shape to target the U.S. The publication said China would back the new digital currency with a basket consisting of the Chinese yuan, Japanese yen, Hong Kong dollar and the South Korean won.

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Currencies Banking Accounting Numbers 89

CFO News

MARCH 27, 2024

Indian lenders and Russia's Gazprombank are in early-stage discussions to establish correspondent banking services for cross-border payments and trade support. Gazprombank aims to expand its operations in India and has engaged with Indian bankers to explore strengthening banking ties.

Banking 52

Banking Compliance Currencies Accounting 52

PYMNTS

JULY 10, 2019

The European Central Bank (ECB) opened up about cryptocurrency and said it wouldn’t recognize it as an actual currency, according to reports. The bank also said it didn’t have any plans to put bitcoin into its reserves. The statement underpins the bank’s ongoing icy stance on cryptocurrency in general.

Currencies 61

Currencies Banking Investments Accounting 61

Future CFO

OCTOBER 17, 2023

The China Securities Regulatory Commission (CSRC) ordered domestic brokerages’ overseas units to stop opening new stock accounts for onshore investors to stem capital outflows that have pushed the yuan to a 16-year low. The post Chinese securities regulator stops brokerages from opening overseas accounts appeared first on FutureCFO.

Securities 52

Securities Accounting Currencies Banking 52

PYMNTS

JANUARY 20, 2020

Add Australia to the list of countries with central banks looking to bring fiat currencies into the digital realm — with some conditions attached. A CBDC would be denominated in the sovereign currency, and convertible at par with other forms of money.”. . … The language is interesting — and noteworthy. The Rewards.

Currencies 87

Currencies Retail Banking Financial Systems 87

PYMNTS

SEPTEMBER 21, 2020

The Office of the Comptroller of the Currency (OCC) released a letter that explained the authority of federal savings associations and national banks to keep “reserves” for clients who are issuers of stablecoins in some cases, according to a Monday (Sept. Acting Comptroller of the Currency Brian P. 21) press release.

Currencies 68

Currencies Banking Education Accounting 68

PYMNTS

JULY 1, 2019

The government in Zimbabwe has said it will allow citizens of the country to withdraw amounts up to $1,000 from foreign currency accounts, in a move to help while the country shifts to new currency to fight rampant hyperinflation and unemployment. The Governor of the Central Bank John Mangudya said there is a total of $1.3

Currencies 46

Currencies Accounting Economics Banking 46

PYMNTS

JUNE 15, 2020

Korea’s central bank has rolled out a legal advisory group to look at potential challenges to bring a central bank digital currency (CBDC) to fruition, The Korea Times reported. The panel’s start is a portion of the first stage for the Bank of Korea’s (BOK) plan to create a CBDC.

Currencies 64

Currencies Banking Finance Accounting 64

PYMNTS

FEBRUARY 16, 2019

Bitwage, a FinTech that enables professionals to be paid in bitcoin and other currency from their employers, is rolling out a new service for freelancers to more seamlessly be paid, regardless of which freelance platform they use.

Accounting 71

Accounting Banking Currencies B2B 71

PYMNTS

OCTOBER 29, 2020

The Bank of Canada is progressing in its plans for a national digital currency, moving past proof of concepts to “executable” plans, according to Reuters. Currencies move across borders, and so we certainly wouldn’t want to be surprised by some other country,” he said in the report. “It percent fee tacked on to all purchases.

Currencies 63

Currencies Banking Planning Investments 63

PYMNTS

SEPTEMBER 21, 2018

Switzerland is reportedly exploring ways to make it easier for blockchain companies to open corporate bank accounts as the government moves to prevent those innovators from leaving the country. There are 530 blockchain startup companies based in Switzerland’s Crypto Valley, and there are 250 banks in the country.

Accounting 74

Accounting Banking Startups Currencies 74

PYMNTS

JUNE 24, 2020

Scammers will many times ask for payment to an individual or firm into many or continuously changing bank accounts. In other news, the oldest central bank globally, Riksbank of Sweden, has examined the feasibility of central bank digital currencies (CBDC) and found the pros and cons between different models, CoinDesk reported.

Currencies 67

Currencies Banking Investments Economics 67

https://trustedcfosolutions.com/feed/

FEBRUARY 3, 2023

Accounting is one area that multi-entity businesses should approach differently than those with singular locations. Their financial operations are more complex, as each location or brand’s transactions, currency, and decentralized payables need to be accessible to the parent company. What is Sage Intacct?

Accounting 52

Accounting Currencies Financial Reporting Banking 52

Future CFO

DECEMBER 16, 2021

CFOs must be aware of cases and risks of digital currencies as 20% of large organisations will use them by 2024, said Gartner recently. Gartner recommends that organisations first clarify specific use cases for digital currencies before evaluating appropriate IT stacks to incorporate them within the enterprise.

Currencies 52

Currencies Auditing CFO Leverage 52

PYMNTS

OCTOBER 10, 2019

FinTech Paysend is launching a new service for corporates to access integrated banking and payment services, the result of a collaboration with open banking software company Crassula. For banks, Paysend Connect supports access to Crassula’s open banking technology to augment their own offerings to business customers.

Accounting 53

Accounting Banking Currencies Investments 53

PYMNTS

JUNE 1, 2020

million to settle a class action lawsuit regarding its decision in 2018 to start considering digital currency buys as cash advances, which brought about increased fees, Reuters reported. In other news, Travala.com , the digital currency travel platform, saw a 45.8 Morgan Chase will pay $2.5

Currencies 52

Currencies Banking Numbers Accounting 52

PYMNTS

JANUARY 6, 2021

Thus far, the numbers do not bear out a massive uptake of a business model, that for the stakeholders, is essentially free (There are roughly 38 banks signed on and 5 million users of CoDi, as measured in late 2020). Banks generate more business by enabling payments for merchants. Solving For The Chicken And Egg Problem.

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Banking Planning Accounting Currencies 145

PYMNTS

DECEMBER 3, 2020

Today in B2B payments, Visa embraces the USDC digital currency for corporate payments. Plus, Basware enhances its accounts payable (AP) offering, CardUp eases commercial card adoption, Kofax adds new AP features and the Federal Reserve eyes bank lending. Visa Teams With Circle on USDC Digital Currency Corporate Card.

Currencies 60

Currencies B2B Accounts Payable Invoicing 60

PYMNTS

JANUARY 18, 2021

March 17, 2021, is the last day users can request an account payout, the note stated. dollar will remain strong on the international stage and won’t be surpassed by bitcoin anytime soon, although it could be a veritable reserve currency, CoinDesk reported. How am I supposed to run a lawful business if I can’t get a bank account?”

Currencies 63

Currencies Accounting Banking Numbers 63

PYMNTS

MAY 29, 2019

trading partners, only nine need further scrutiny because of their currency practices. Reuters reported that the account surplus threshold is now 2 percent of GDP, down from 3 percent. Reuters noted that report in October didn’t name China or any trading partner as a currency manipulator. trade deficit.

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Currencies Treasury Accounting Banking 75

PYMNTS

AUGUST 30, 2020

One of the four largest Chinese banks swiftly disabled its new soft launch for a digital yuan wallet after its quiet rollout got mass attention, according to CoinDesk. Users of the China Construction Bank (CCB) began to notice the digital wallet feature, added suddenly and without fanfare to the mobile app.

Banking 95

Banking Construction Currencies Retail 95

PYMNTS

DECEMBER 4, 2019

Japan’s MUFG Bank has confirmed a joint venture with human resources company Recruit Holdings, according to CoinDesk reports Wednesday (Dec. 4), with separate reports noting that the collaboration aims to deploy a digital currency for B2B payments. No other decision has been made in this regard at this time.”.

Currencies 52

Currencies B2B Banking Economics 52

Future CFO

MAY 10, 2021

Alibaba affiliate Ant Group is participating in China’s digital currency trial, according to a report by China Securities Journal. MYbank — an online bank in which Ant has a 30% stake — allows some users to link their accounts with China’s digital yuan app, the media report says.

Currencies 40

Currencies Banking Securities Accounting 40

PYMNTS

JUNE 18, 2019

Instead of intercepting SMS messages to bypass 2FA protection on users’ accounts and transactions, these malicious apps take the OTP from notifications appearing on the compromised device’s display. Russia’s central bank might one day launch its own digital currency.

Currencies 53

Currencies Banking Numbers Technology 53

PYMNTS

SEPTEMBER 29, 2020

Blanco , director of the Financial Crimes Enforcement Network ( FinCEN ), said banks need to be wary of risks with cryptocurrency, according to remarks planned to be given at the ACAMS AML (anti-money laundering) virtual conference on Tuesday (Sept. Blanco said the organization is looking at mitigating risks with virtual currencies.

Banking 103

Banking Currencies Accounting Planning 103

PYMNTS

FEBRUARY 5, 2020

The former Bank of France (BoF) governor Christian Noyer said that a centralized, global eCurrency is still a least a decade away. Facebook’s Libra and the rise of other digital coin currency has central banks looking into launching their own, but privacy issues and overall monetary policy are causing regulators to tread carefully.

Currencies 56

Currencies Banking Accounting Technology 56

PYMNTS

APRIL 29, 2020

But proponents of the technology argue that crypto is not only here to stay, but it will one day become a vital part of the overall payments and financial services ecosystem — so it’s essential that these companies receive adequate banking services today to prepare for the future. Conflicting Needs. As Karalevi?ius

Banking 113

Banking Compliance Currencies B2B 113

PYMNTS

SEPTEMBER 28, 2018

To allow ATM operators and acquirers to use Dynamic Currency Conversion (DCC) around the world, Visa is growing its Visa/Plus ATM services and updating its rules. The changes will become effective in mid-April of next year, Vending Times reported.

Currencies 74

Currencies CFO Numbers Accounting 74