PYMNTS

JANUARY 15, 2021

It also said the bank’s Check Cashing Group admitted that it failed to file thousands of suspicious activity reports (SARs) as well as thousands of Currency Transaction Reports (CTRs) from 2008 to 2014. financial system.”.

Banking 107

Banking Compliance Currencies Financial Systems 107

PYMNTS

JUNE 2, 2020

Brooks , Acting Comptroller of the Currency, said in a series of letters that some states’ long-term efforts to curb the coronavirus could lead to reduced real estate values and debt payments. The closures, Brooks said, were seemingly “indefinite” in some states, a press release from the Office of the Comptroller of the Currency (OCC) said.

Banking 52

Banking Currencies Financial Systems Numbers 52

PYMNTS

NOVEMBER 10, 2020

Many consumers move to new countries to pursue economic opportunities, but adjusting to these locations also requires learning the ins and outs of new financial systems — a transition that can be filled with friction. How Rayo Delivers Immigrant-Focused Financial Services. Consumers who move to the U.S.

Banking 86

Banking Compliance Currencies Financial Systems 86

VCFO

AUGUST 16, 2023

Money Laundering Prevalence and Practices When bad actors possess large sums of cash that they want to place into the financial system without raising flags, money laundering techniques such as “structuring” are used. As a result, they’re also more susceptible to impacts like those described above.

Compliance 87

Compliance Banking Risk Management Currencies 87

PYMNTS

MAY 11, 2020

Speaking at a virtual conference about the future of money, European Central Bank (ECB) executive board member Yves Mersch said a retail central bank digital currency (CBDC) is a game-changer. “A Some 76 percent of all transactions in the euro area are in cash, accounting for over 50 percent of the total value of all payments.

Retail 52

Retail Currencies Banking Financial Systems 52

PYMNTS

APRIL 9, 2020

Although SWIFT revealed plans for its account-to-account functionality last month, the announcement only began making headlines a few days ago. The technology aims to mix payment rails, with companies paying their invoices via card on the Billhop platform, and Billhop paying those vendors via direct deposit to their bank account.

B2B 83

B2B Invoicing Currencies Banking 83

PYMNTS

JULY 3, 2019

The co-creator of Facebook’s recently announced cryptocurrency, Libra , said the currency was created to help the unbanked population easily access the financial system, according to a Facebook post he wrote on Wednesday (July 3). owns and controls Calibra, it won’t see financial data from Calibra,” he wrote.

Financial Systems 43

Financial Systems Currencies Banking Financial Data 43

Spreadym

OCTOBER 20, 2023

A multi-currency account reporting refers to the financial reporting and tracking of transactions in multiple currencies within a single account or financial system. This involves converting the transaction amount to the account's base currency using the current exchange rate.

Currencies 52

Currencies Accounting Risk Management Compliance 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. And Risks.

Retail 40

Retail Currencies Banking Financial Systems 40

PYMNTS

JUNE 1, 2018

We’re not building a new currency,” the official told Bloomberg. Estonia , which is among the most tech-friendly countries in eastern Europe, had been a leader in potentially issuing a national cryptocurrency, but the plan was criticized by Draghi earlier in the year when he said the euro can be the only currency in the country. “No

Planning 49

Planning Currencies Financial Systems Banking 49

PYMNTS

OCTOBER 9, 2019

Crypto wallets will be considered bank accounts and will be subjected to rules like deposit insurance and cash flow. The “rules of engagement,” as the BoE calls them, shows that financial institutions are taking digital currencies like Libra seriously.

Banking 44

Banking Currencies Financial Systems Finance 44

PYMNTS

AUGUST 16, 2016

On the United Nation’s OnlineVolunteering.org website, the agency said it is looking for volunteers to help boost the adoption of the digital currency in Africa. We are looking for two tech geeks to help with research and training two staff members on how to use digital currencies (bitcoins) for fundraising.

Currencies 46

Currencies Education Financial Systems Economics 46

PYMNTS

DECEMBER 4, 2019

We founded this company to break down barriers to our financial system,” the company said in a blog post. “As As a result, we’re seeing changes across the industry: Other brokerages have dropped their commission fees, removing a needless barrier from the financial lives of millions.”.

Education 52

Education Currencies Financial Systems Startups 52

PYMNTS

MARCH 24, 2020

In 2019, Hong Kong issued about eight digital banking licenses to companies like Ant Financial, and a team-up of Tencent and Standard Chartered. ZA Bank’s offerings include a deposit account with an interest rate of 1 percent yearly, and competitive lending. HSBC, for its part, offers 0.001 percent on savings deposits.

Banking 54

Banking Currencies Financial Systems Accounting 54

Michigan CFO

JUNE 14, 2022

In the United States, a comptroller is a senior-level executive in charge of an organization’s accounting operations in the public sector. They all play vital roles in the financial industry, overseeing revenue estimation, accounting, tax collection, treasury, etc. Financial reports and records. Chart of Accounts.

General Ledger 40

General Ledger CFO Budgeting Accounts Payable 40

PYMNTS

FEBRUARY 14, 2017

According to a report by The Wall Street Journal , some of Bollywood’s biggest stars have been making public service announcements vowing to support the move away from cash ever since the government last year put a ban on high-denomination currency to fight corruption.

Currencies 40

Currencies Financial Systems Accounting Banking 40

PYMNTS

MAY 2, 2019

He noted that “new finance can unlock more sustainable and inclusive growth, provide consumers greater choice, [provide small business (SMB)] access to credit to grow — all of which ensures the financial system can become more resilient,” according to the publication. Also in the U.K.,

Banking 78

Banking Strategic Planning Currencies Financial Systems 78

PYMNTS

FEBRUARY 22, 2018

The deal enables Uphold to offer new digital ID/authentication capabilities and additional security solutions for Uphold members’ accounts. million partnership with former Ripple executive, Greg Kidd, to increase the company’s connectivity to financial systems. The acquisition follows Uphold’s announcement of a $57.5

Currencies 43

Currencies Financial Systems Leverage Securities 43

PYMNTS

JANUARY 10, 2017

India isn’t only trying to fight corruption with its move to take high-denomination currency out of the system; it is aiming to get rid of plastic money by 2020. In 30 seconds flat, we’ll all be doing our transactions by using our thumb.”. The government is gearing up to link that app to Aadhar, India’s unique identification program.

Currencies 52

Currencies Financial Systems Accounting Sales 52

PYMNTS

SEPTEMBER 30, 2019

The bank accounts? Well, they’re frozen, and it doesn’t really matter, because all the accounts have been drained right down to zero. Beyond the lures of money, there are other nation-states that may want access to a financial system, but for different reasons. Go to sleep one night, and all is well.

Nonprofit 65

Nonprofit Currencies Financial Systems Securities 65

PYMNTS

FEBRUARY 15, 2018

Bank was slapped with a $185 million civil penalty for what the Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of the Comptroller of the Currency (OCC) and the U.S. The bank was charged with failing to flag suspicious activity and inadequately reporting currency transactions. “

Banking 43

Banking Currencies Treasury Financial Systems 43

PYMNTS

OCTOBER 22, 2019

Facebook’s relationship with financial institutions could be threatened if it launches its cryptocurrency Libra without fully addressing concerns over money laundering, The Financial Times (FT) reported on Tuesday (Oct. The FPC will exercise current authoritative “tools” instead of adopting new rules.

Finance 42

Finance Currencies Financial Systems Banking 42

PYMNTS

OCTOBER 2, 2019

As has been reported , Mark Branson, CEO of Swiss financial supervisor FINMA said that Libra poses fewer concerns than do cryptocurrencies that trade and crypto firms that operate with no supervision. “I Since the June announcement of the crypto, the efforts have been designed to be backed one-to-one by a basket of currencies.

Currencies 49

Currencies Education Financial Systems Securities 49

PYMNTS

OCTOBER 14, 2016

This rogue group also voiced fears that bitcoin’s strong position in the market could be usurped by an alternative digital currency. A hacker group, Redhack, claimed to have accessed the email account of Turkey’s minister of energy and resources. ” Bitcoin Unlimited’s Jerry Chan attended and presented at both events.

Currencies 77

Currencies Banking Financial Systems Technology 77

PYMNTS

JANUARY 22, 2020

Equipment life cycle management and procurement platform SmartEquip recently announced that it will now enable B2B vendors on its portal to accept card payments through a collaboration with Currency. According to the announcement, nearly 60 percent of the UAE workforce does not participate in the country’s traditional financial system.

B2B 52

B2B Currencies Securities Education 52

PYMNTS

SEPTEMBER 14, 2017

By some accounts, the value of cross-border B2B payments could reach $3.68 Many merchants understand cross-border trade ventures come with risks, especially when dealing with partners in other countries that use different currencies and languages and conduct business using their own preferred financial systems.

Education 76

Education Healthcare Currencies Manufacturing 76

PYMNTS

JULY 2, 2019

In other news, Busan, South Korea’s second largest city, might launch its own cryptocurrency with BNK Busan Bank , a subsidiary of BNK Financial Group. According to Cointelegraph , the project would be in the form of stablecoin, a crypto pegged 1:1 to the local currency in the BNK Busan Bank account.

Currencies 40

Currencies Financial Systems Banking Securities 40

PYMNTS

JUNE 3, 2019

After all, people around the globe continue to go about their daily lives without the benefits of bank accounts, payment cards or reliable access to digital payment services. For “people without disposable income, there is no rationale for them to be included in traditional financial systems,” he added.

Currencies 75

Currencies Financial Systems eCommerce Accounting 75

PYMNTS

JUNE 9, 2017

When executives in the finance industry think of blockchain technology, its perception has shifted in the past few years in terms of how it could shape financial services — and therefore the economy — as a residual impact.

Financial Systems 68

Financial Systems Healthcare Technology Banking 68

PYMNTS

MARCH 10, 2017

Between the price fluctuations, the speculators, the investors, the periodic hacking of the exchanges — whether you love bitcoin and think it is payments’ greatest hope, or hate bitcoin and think it’s payments’ greatest hype — no one has ever once complained that the digital currency beat is boring. Federal Reserve Jerome H.

Retail 48

Retail Currencies Financial Systems Securities 48

PYMNTS

MARCH 13, 2017

Which kind of takes out an essential benefit of digital currency, as it some cases it is more expensive to use than Visa Inc. If not — bitcoin might be about to hard fork into two currencies. “We His group accounts for 15 percent of blockchain activity and is hugely influential in the community. “Say or PayPal Holdings Inc.

Currencies 48

Currencies Financial Systems Numbers Planning 48

PYMNTS

APRIL 10, 2017

Wells Fargo found yet more fraud problems in its organization; Amazon announced some hi-tech staffing expansions and bitcoin finally found a government with the will to recognize it as a currency. Additionally, the government of Australia set out to create accounting standards for bitcoin in November of last year, said CoinDesk.

Currencies 43

Currencies Accounting Standards Construction Auditing 43

PYMNTS

APRIL 7, 2017

As with other bitcoin payment processors, the POS system developed by bitFlyer will allow the store to accept the digital currency and immediately convert funds to yen. Additionally, the government of Australia set out to create accounting standards f or bitcoin in November of last year.

Accounting Standards 41

Accounting Standards Currencies Auditing Retail 41

PYMNTS

OCTOBER 1, 2019

I am much more nervous about projects which develop in a dark corner in the financial system somewhere, spread themselves out through cyberspace and one day are too big to be stopped,” Mark Branson, CEO of Swiss financial supervisor FINMA , said at a Bloomberg event in Zurich. It has the lofty aim of connecting the 1.7

Financial Systems 57

Financial Systems Banking Investments Accounting 57

PYMNTS

FEBRUARY 19, 2019

The average merger review time at the Office of the Comptroller of the Currency (OCC) declined between 2016 and 2018, too, reports in The Wall Street Journal said. That may be good news for banks, but some policymakers are concerned that industry consolidation is reducing access to financial services in rural areas.

Mergers and Acquisitions (M&A) 43

Mergers and Acquisitions (M&A) Banking Marketing Transportation 43

PYMNTS

NOVEMBER 28, 2016

Demonetization in India has financial institutions operating at full speed to exchange out discontinued bank notes but with some unexpectedly pleasant consequences. banks, meanwhile, have risen in financial stability regulators’ ranks for how much of a risk they pose to the global financial system should they fail.

Banking 46

Banking Concentration Financial Systems Leadership 46

PYMNTS

JANUARY 17, 2018

After all, crime is committed not just with guns, but also with currency, with funding from far-flung sources. Designing a robust defense can be specific to every customer’s account, branch and bank by detecting anomalies without hard coding. Sophisticated criminals need sophisticated defenses.

Currencies 41

Currencies Banking Technology Financial Systems 41