Future CFO

FEBRUARY 24, 2021

China, Hong Kong, Thailand, and the UAE will test central bank digital currencies in cross-border payments, according to a recent statement by the Hong Kong Monetary Authority (HKMA). The post China, HK, Thailand and UAE to test digital currency transactions appeared first on FutureCFO.

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Currencies Foreign Exchange Compliance Banking 40

PYMNTS

OCTOBER 5, 2020

Banks Oppose Idea Of Possible Big Tech Banking Charters. House committee started to look at the idea of letting firms like Facebook or Amazon get charters to run as banks. The banking industry, however, is against the idea. “We Last week, a U.S.

Banking 91

Banking Compliance Advertising Tax Planning 91

PYMNTS

DECEMBER 18, 2018

Now comes a comic book contribution to one of the most vexing and vital issues of modern payments and commerce — fraud prevention and ID compliance. 18) that is has released a free comic and coloring book entitled “ The Adventures of ID Man and Compliance Kid.”. Compliance, too, could become a juicer in the near future.

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Compliance Education Securities Currencies 61

PYMNTS

OCTOBER 18, 2018

In July, reports in the Financial Times said Switzerland is working to open the nation’s traditional corporate banking market to cryptocurrency companies finding it difficult to get banked, thanks to fears over anti-money laundering (AML) violations and other compliance issues. “Time is pressing,” he said.

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Banking Planning Currencies Startups 85

CFO Simplified

OCTOBER 10, 2023

And certainly, the banking environment has changed dramatically. The personal banker at large banks is a figment of our imagination, and community banks have picked up the mantle of personalized service. Changing banks is a real pain. First of all, many business owners are nervous talking to their bank.

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Banking Cash Flow Forecasting Forecasting Treasury 52

PYMNTS

OCTOBER 29, 2020

percent by 2021, according to a statement from the World Bank Thursday (Oct. The World Bank will continue working with partners and countries to keep the remittance lifeline flowing, and to help sustain human capital development.”. Last year, migrants sent $548 billion in remittances, a record high, the statement noted.

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Banking Compliance Forecasting Currencies 91

PYMNTS

DECEMBER 26, 2018

Wall Street firm, was fined $10 million by the Financial Industry Regulatory Authority (FINRA) for compliance failures. According to a report in Reuters , citing FINRA and Morgan Stanley, the firm agreed to pay $10 million after FINRA contended it had lapses in compliance for more than five years from January of 2001 until April of 2016.

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PYMNTS

DECEMBER 10, 2020

Bank of America (BofA) is introducing a cross-border payment tracker and expanding SWIFT gpi to support more than 140 currencies, accessible through the integrated CashPro platform. Customers can make payments via Bank of America’s SWIFT gpi solution. The tool is aimed at improving speed, security, transparency and compliance.

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Foreign Exchange Banking Treasury Compliance 104

PYMNTS

NOVEMBER 7, 2016

4) it inked a partnership with Banque Régionale de Marchés (BRM) to provide a digital currency in the West African Economic and Monetary Union (WAEMU). The company noted that the digital currency is a high security digital instrument that can be used in all mobile money and eMoney wallets. ECurrency Mint announced Friday (Nov.

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Currencies Compliance Securities Economics 73

PYMNTS

SEPTEMBER 24, 2020

Between the Office of the Comptroller of the Currency clearing the way for financial institutions (FIs) to embrace stablecoin, and The Clearing House's latest real-time payments (RTP) push, new payment rails continue to gain traction. OCC Clears Banks For Stablecoin. According to Acting Comptroller of the Currency Brian P.

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B2B Banking Currencies Treasury 75

PYMNTS

MAY 23, 2017

The Euro Banking Association (EBA) announced Monday (May 22) that it issued a new information paper looking at benefits and uses cases of digital currencies for international payments and correspondent banking practices.

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Currencies Banking B2C Compliance 40

PYMNTS

FEBRUARY 28, 2020

As such, B2B FinTech firms continue to embrace collaboration and data integration between each other, particularly as the financial services world at large continues its migration toward unlocking data in an Open Banking framework. Going Further With Open Banking. Cichy said he sees the opposite happening today, though.

Accounts Payable 83

Accounts Payable Banking Invoicing B2B 83

CFO Talks

APRIL 5, 2023

He notes, “During the time when Zimbabwe dollarised, we were actually using a lot of currencies. South African firms’ focus on compliance, but only a little else. Now, they are back, they’re applying for a new bank account because they have just won a tender.”

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Accounting Problem Solving Compliance Communication 94

PYMNTS

MARCH 24, 2017

The tricks of the trade may have been limited to cash once upon a time, but now there is an ecosystem in place that allows things to happen beyond the realms of physical currency and transactions. Compliance is also becoming an enterprise-wide endeavor, and compliance officers must adopt a global mindset.

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Compliance Currencies Technology Banking 62

PYMNTS

OCTOBER 23, 2018

Bank of America Merrill Lynch (BofA Merrill) is introducing a new solution for other financial institutions (FIs) in the interbank payment system to automate foreign exchange (FX) conversion. The solution is supported across 89 countries and can make conversion in 41 currencies, the bank noted.

Foreign Exchange 76

Foreign Exchange Banking Currencies Compliance 76

PYMNTS

NOVEMBER 17, 2020

The digital currency reached a high of approximately $17,860 on Tuesday (Nov. Digital currency enthusiasts have been witnessing bitcoin rise all year, and a number of them are targeting the December 2017 high of nearly $20,000.

Currencies 63

Currencies Banking Compliance Numbers 63

CFO News Room

FEBRUARY 3, 2022

Budget 2022’s announcements on manufacturing, sustainability, electronics, digital currency, innovation and startups with technology as the cornerstone are expected to give a fillip to the tech industry. An expert committee to look into compliance & tax framework and thematic funds with government capital has been welcomed by investors.

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Budgeting Startups Currencies Manufacturing 130

PYMNTS

MARCH 30, 2020

Bank regulators have rolled back the Jan. National bank regulators — The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency — are all on board with using the “new methodology for measuring counterparty credit risk in derivatives transactions.”.

Accounting Standards 66

Accounting Standards Banking Credit Risk Compliance 66

PYMNTS

NOVEMBER 10, 2020

Immigrants must quickly establish local bank accounts in their host countries so they can easily receive payroll, and many also seek seamless, cost-effective ways to send money back home. It also looks at the role of Banking-as-a-Service (BaaS) solutions in powering FIs’ and FinTechs’ efforts to cater to expatriates and immigrant workers.

Banking 86

Banking Compliance Currencies Financial Systems 86

PYMNTS

NOVEMBER 6, 2020

has sought a national bank charter from the Office of the Controller of the Currency (OCC), which will let it meet “promises of efficiency, affordability and financial inclusion,” according to a Friday (Nov. For banks and other financial institutions, the tide is shifting toward an embrace of blockchain for handling transactions.

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Banking Compliance Currencies Leverage 65

PYMNTS

NOVEMBER 13, 2020

But it was a Banking-as-a-Service company that led the roundup this time, with one startup looking to expand into Credit Cards-as-a-Service with its latest investment. Osome connects small and medium-sized businesses to a digital business assistant app to automate accounting, payroll and tax compliance workflows. and Hong Kong.

B2B 91

B2B Banking Foreign Exchange Startups 91

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

NOVEMBER 23, 2020

Blockchain and a bank charter might do much to boost financial inclusion. Figure Pay, he said, is not built on traditional banking structures but “is a blockchain rail and a digital wallet that we think is infinitely more cost-efficient.”.

Banking 86

Banking Leverage Compliance Technology 86

PYMNTS

APRIL 3, 2018

Small business (SMB) banking is in need of an overhaul. Between the threat of FinTechs and small business owners’ increasing willingness to switch banking providers, financial institutions are waking up to the demand for better SMB services. That means risks for innovators (and banks) — but a massive opportunity too.

Banking 70

Banking Currencies Compliance B2B 70

PYMNTS

DECEMBER 3, 2019

Banks no longer have to submit a suspicious activity report (SAR) just because a business is growing or cultivating hemp. The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), FinCEN , the OCC and the Conference of State Bank Supervisors participated in issuing the definitions and guidelines.

Banking 55

Banking Compliance Currencies Accounting 55

PYMNTS

AUGUST 16, 2020

China’s Ministry of Commerce is moving forward with its plan for a digital currency, according to a report by The Wall Street Journal (WSJ). The bill originally set out to distinguish digital assets from securities.

Currencies 134

Currencies Compliance Securities Planning 134

PYMNTS

NOVEMBER 25, 2020

The age of digital currencies might be fully upon us, but key questions swirl about how to issue and regulate cryptos – especially stablecoins. Regulators and lawmakers, however, can latch onto digital currency efforts as they must monitor and also supervise such stablecoins. In a paper that debuted Tuesday (Nov. The Value Of CBDC .

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Currencies Economics Banking Compliance 92

PYMNTS

NOVEMBER 6, 2019

Bank of America has teamed with IBM and its regulatory compliance arm, Promontory Financial Group, to create a cloud computing platform that has privacy, security and regulatory banking compliance protocols built in, according to a report by American Banker.

Banking 40

Banking Compliance Currencies Securities 40

PYMNTS

JULY 26, 2017

Treasury’s Office of the Comptroller of the Currency (OCC) has again released its report on top risks facing banks, with its Spring 2017 analysis warning FIs that threats are coming from all angles. The federal banking system is, and should be, a source of strength for the nation and its economy. Shifts in Lending Practices.

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Banking Compliance Currencies Concentration 46

PYMNTS

MARCH 4, 2020

Bank , with a $450,000 civil penalty for his negligence in failing to intercept breaches of the Bank Secrecy Act (BSA), FinCEN announced on Wednesday (March 4). . Bank had in place erroneously capped the number of alerts, which hindered law enforcement’s ability to spot suspicious activity. The OCC also warned U.S.

Banking 52

Banking Compliance Currencies Numbers 52

PYMNTS

JULY 13, 2016

The advent of the cloud — with its ability to be flexible and changeable at a moment’s notice, helping enterprises track the cash flow cycle as they branch out into new locales — means that tracking currencies has become a much more intuitive process. Customers run the gamut from traditional FX players to challenger banks.

Currencies 40

Currencies B2B Treasury Invoicing 40

PYMNTS

NOVEMBER 2, 2020

During phase one, VASPs will have to demonstrate their compliance with these standards, according to the release. The financial ministry expects to kick off phase two, regarding licensing requirements, in June 2021, the release stated.

Banking 64

Banking Risk Management Compliance Currencies 64

PYMNTS

OCTOBER 14, 2020

21 landmark announcement that allowed national banks and federal savings associations to hold certain crypto assets for the first time. “We dollar ) are seen as a way to generate yield off of idle assets at a time when bank rates for cash are effectively zero. This in the wake of the OCC’s Sept. Establishing Trust And Confidence.

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Treasury Currencies Benchmarking Cash Management 129

PYMNTS

FEBRUARY 26, 2020

Cross-border payments are a fragmented space with disparate standards, service levels, and compliance and reporting regulations varying from country to country. These infrastructures and processes form the backbone of the global correspondent banking model. However, at the moment, not all financial institutions are using the standard.

Compliance 104

Compliance Currencies Construction Banking 104

PYMNTS

JANUARY 12, 2021

These days, with the emergence of the cloud, open banking and application programming interfaces (APIs, the moniker “as-a-Service” applies to pretty much any business function that is now able to be outsourced to a third party. Morgan (Onyx is a new J.P.

B2B 104

B2B Compliance Currencies Technology 104

VCFO

AUGUST 16, 2023

In 2020, banks worldwide were fined $10.4B To avoid such fines, banks are erring further on the side of caution – so much so that it’s affecting legitimate businesses and individual account holders. Actions banks are taking range from requiring customers to submit additional information to, in some cases, freezing or closing accounts.

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Compliance Banking Risk Management Currencies 87

PYMNTS

JUNE 18, 2020

More than 40 different FinTechs, digital currency companies and nonprofits are teaming up to launch a universal payment ID in a bid to make transferring money akin to sending an email. We are excited to facilitate borderless, frictionless instant transactions for free for users.”.

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Nonprofit Compliance Currencies Finance 98