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In a renewed show of support for blockchain technology , American Express General Manager of Corporate Payments Carlos Carriedo has suggested that its pilot tests with partner Ripple to enable real-time cross-border corporate payments have been a success. Reports in Invest In Blockchain on Tuesday (Dec. 11) said Carriedo spoke at the Wings of Change Europe conference and emphasized American Express’ interest in blockchain technology. “Blockchain is absolutely an option we’re
Software subscriptions are the life of every SaaS business. But most SaaS companies I have spoken with are incorrectly recording their most important revenue stream. That is subscription revenue and the corresponding deferred revenue balance. And I don’t blame you. Often, your accounting is outsourced to a bookkeeper or accountant. Your bookkeeper compiles your financial […].
Not to ruin your holiday spirit, but let’s start this story with the cold and brutal truth: One of the largest risks that payments and commerce operators face in 2019 is being called to account by government officials, regulators or media about a failure to secure their organizations from cyberattacks. The past year brought a significantly increased focus on the security and privacy of online data, with not only consumers paying more attention to the issue but (much more importantly) lawmakers h
Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te
So far this year (and there’s still one more day), Verizon reported that there have been 2,216 confirmed data breaches across 65 countries. Even more disturbing, perhaps, is that 68 percent of those breaches took months for the breached companies to discover. If that’s not disturbing enough, 28 percent of those incidents were perpetuated by insiders.
The Central Bank of the Russian Federation (CBR) announced that it has revoked the licenses of five Russian foreign exchange (FX) trading companies. According to a statement on the bank’s website, the decision was made due to “the repeated violations of the requirements of the Russian legislation on securities within one year.”. The five companies — Forex Club, Alpari Forex, Trust Forex, InstaForex and TeleTrade — will see their licenses expire on Jan. 27, and must stop all operat
The Central Bank of the Russian Federation (CBR) announced that it has revoked the licenses of five Russian foreign exchange (FX) trading companies. According to a statement on the bank’s website, the decision was made due to “the repeated violations of the requirements of the Russian legislation on securities within one year.”. The five companies — Forex Club, Alpari Forex, Trust Forex, InstaForex and TeleTrade — will see their licenses expire on Jan. 27, and must stop all operat
Google Payment Lithuania, a unit of Alphabet’s Google, was granted an electronic money institution license by The Board of the Bank of Lithuania. Finextra , citing Google, reported that with the license Google can issue and redeem electronic money and provide payment services. “The end of this year reflects our efforts and experience of the past few years in actively developing a FinTech-conducive ecosystem in Lithuania.
In life, change is the only constant, so why should it be different for payments? From cash to digital, from plastic cards to mobile wallets, from cash registers at the front of restaurants to tablets brought to tables (redefining the concept of “dine and dash”) — the way we pay shifts along with the availability of technology, and tech shifts as commerce demands new features.
Financial institutions are in the midst of becoming more mobile, with many of those legacy operations opting to — or at least considering — working more closely with FinTech providers to upgrade services, retain customers and acquire new ones. The debut of 5G promises to add another tool that can aid such efforts. As that mobile technology get closer to mainstream introduction, the potential 5G ecosystem for FinTech and mobile banking is gaining clarity.
Ripple, the blockchain company that owns XRP, the digital currency, has joined forces with NEM, Fetch.AI, and EMURGO/Cardano to create a new association that represents the interest of blockchain and cryptocurrency business in Europe. According to a report in The Next Web , the group, dubbed Blockchain for Europe, says its the first unified voice for the industry in Europe.
Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i
Uber, gearing up to launch an initial public offering (IPO) in the first quarter of 2019, is offering to settle with drivers who have been fighting the ride-hailing company via individual arbitration. According to a report in TechCrunch , citing law firm Lichten & Liss-Riordan, Uber has as part of the settlement tentatively offered to pay 11 cents for each mile Uber drivers drove.
Amazon , Apple and Google are among the large tech companies that are throwing their support behind the creation of a real-time payments network in the U.S. led by the Federal Reserve. According to a report in the American Banker citing a letter submitted by a trade group representing Amazon, Apple, Google, PayPal , Square , Stripe and Intuit , they all expressed their support for the Fed being in charge of the development of a system that can connect all the banks and credit unions in the U.S
The “Twelve Days of Christmas” is a holiday classic, though some of us at PYMNTS still don’t understand why anyone would want to take a partridge away from what seems like a pleasant existence in a pear tree. But in hopes of hopping on the holiday bandwagon — and providing data-backed insight in the hottest payment trends for 2019 — allow us to offer this list of a dozen ways that consumers (and some businesses) are paying now, methods that promise to play big roles in 2019.
Facebook , the beleaguered social media giant that is facing intense scrutiny into its business practices, could be on the hook for a multibillion dollar fine, reported CNN. According to the report citing the Irish Data Protection Commission, Facebook is under investigation by the regulator over allegations it failed to protect the privacy of its users.
Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.
Blockchain seemed to be stuck in pilot phase in 2017, but in 2018, the financial services industry finally saw a stronger flow of real-world, working blockchain applications — many of which targeted pain points in B2B payments, including the time and lack of transparency in cross-border transactions. Industry heavyweights like Mastercard and American Express have taken steps in recent months to explore the use of blockchain in commercial payments.
Instacart will have to conquer the grocery-delivery business without the help of Amazon. That’s one take on the news Thursday (Dec. 13) that Instacart has begun the process of winding down deliveries to customers of Amazon-owned Whole Foods. That wasn’t perhaps the most surprising news, given how Amazon keeps taking control of more logistical and delivery operations — an effort that many observers expect will eventually include the eCommerce operator competing head-to-head with UPS and FedEx.
Use of alternative finance (AltFin) sources among small business (SMB) owners is on the rise, but still has a long way to go before it poses a legitimate threat to traditional banks’ market dominance. Mercator Advisory Group data released earlier this year found that 27 percent of small businesses in the U.S. have already used an alternative lending platform, particularly among younger entrepreneurs.
New technology continues to change the way consumers order and pay for quick-service restaurant (QSR) food: Kiosks and online ordering, among other experiences, let consumers ditch the counter for faster and higher-tech alternatives. But these restaurants are not innovating all that fast — even with all sorts of new technologies hitting the market. According to the PYMNTS Restaurant Readiness Index , the average technological implementation score is far from perfect at 38.7 out of 100.
In the climb from contributor to leader, the rules quietly change. If you’re aiming for the summit, the air gets thinner—and what got you here won’t be enough to get you to the top (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level.
Shoppers had new opportunities to buy groceries without having to walk through the aisles of their local supermarkets or wait in line at checkout counters this year, as grocers rolled out digital innovations in shopping and payments. This year, retailers from Kroger to Whole Foods Market brought new offerings ranging from cashierless checkout to personal shopping services to their stores.
SWIFT announced Wednesday (Dec. 12) that the company’s Chief Executive Officer Gottfried Leibbrandt has informed the board that he plans to leave the company at the end of June. In a press release, SWIFT noted that Leibbrandt has been in his job for seven years and played an important role in ensuring SWIFT remained on sound financial footing, improved upon SWIFT’s risk and security functions and oversaw the overhaul of technology at the company.
With retailers struggling to get compliant with the Payment Card Industry Data Security Standard , qualified security assessors are going to be in more demand and can offer tokenization as one way of achieving compliance. That’s according to TokenEx , which recently hosted a webinar to help retailers better understand tokenization. In a press release, TokenEx pointed to a new analysis by SecurityScorecard that shows the alarming rate at which retailers aren’t prepared.
One of the largest banks in Spain, Banco Bilbao Vizcaya Argentaria (BBVA), has completed a $170 million (€150 million) loan with Porsche Holding using blockchain technology, according to a report. Although the bank has completed blockchain loans before, it’s never done it with a non-Spanish customer, until now. One of the bank’s previous blockchain loans was completed with state-owned and -operated national electrical grid operator Red Eléctrica de España (REE) for $150 million in November.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
State Farm announced that it is testing out blockchain technology to streamline the subrogation process for auto claims. Subrogation is the last part of the claims process, where an insurance company recovers costs it paid to its customer for damages from the at-fault party. State Farm explained it is working with a partner in the insurance industry to test the blockchain solution against existing processes.
Will the New Year bring an increase in cyberattacks? According to one security expert, the answer is, unfortunately, yes. According to Robert Ackerman, Jr., founder and managing director of cybersecurity venture firm AllegisCyber , and co-founder of DataTribe , a cybersecurity startup in Washington, D.C., companies should expect to see a rise in breaches in 2019, “as chronically improving malware will be deployed more aggressively on more fronts.” Those cyberattacks cost companies i
The online retail market hit $186.13 billion during the third quarter, with Alibaba in the dominant position. According to a report in The Drum, Alibaba’s Tmall controlled 59.5 percent of the market share in China during the third quarter. In second place was eCommerce rival JD.com, which The Drum reported ended the third quarter with an online market share of 25.8 percent.
The French Data Protection Authority said Thursday (Dec. 20) that it fined Uber $460,000 over its 2016 data breach that exposed the data on 57 million customers and drivers across the world. Uber paid hackers to hide the breach for about a year before it was disclosed. According to a report in Moneycontrol.com , the French Data Protection Authority said the data breach could have been prevented by implementing “certain elementary security measures.” The French government joins a grow
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
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