December, 2018

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Amex Touts Success In Ripple Cross-Border Payments Pilot

PYMNTS

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

B2B 97
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How to Properly Record Deferred Revenue in SaaS

The SaaS CFO

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 […].

CFO 90
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Investing Lessons from Bill Browder

CFA Institute

Bill Browder’s message to security analysts is stark: The truly outstanding practitioner is a solitary creature who works in a depopulated landscape, where they just might stumble across real opportunity.

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What An Alleged NSA Hack Reveals About Payments Cybersecurity

PYMNTS

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

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Planning Your Restaurants Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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2018 Data Breaches: The List No One Wanted To Make

PYMNTS

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.

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Google Gets EU eMoney License

PYMNTS

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.

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2018: The Year Of Evolution In Payments’ Revolution

PYMNTS

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.

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How 5G Will Shake Up Banking and FinTech?

PYMNTS

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.

Banking 84
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Ripple Forms Blockchain For Europe Association With Other Players

PYMNTS

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.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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Uber Seeks Driver Lawsuit Settlement Before IPO

PYMNTS

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.

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Big Tech Companies Throw Support Behind Fed Creating Real-Time Payments Network

PYMNTS

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

Banking 83
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Facebook Data Breach Fines Could Top $1B

PYMNTS

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.

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Blockchain Tech Disrupts The Corporate Payments Status Quo

PYMNTS

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.

B2B 80
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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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How Open Banking Opens Doors For Alternative SMB Lenders

PYMNTS

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.

Banking 78
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Five Ways QSRs Are Driving Digital Innovation

PYMNTS

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.

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2018 Recap: The Year In Grocery Innovations

PYMNTS

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.

Retail 77
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SWIFT CEO To Step Down In June

PYMNTS

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.

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Accounting Software and ERP Readiness Guide

In this white paper, we explore the factors to consider in deciding whether the time is right for your Company to consider a new ERP or accounting software, the total cost of ownership and plans necessary to make the potential leap to these systems.

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Report: 91 Pct Of Retailers Aren’t PCI Compliant

PYMNTS

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.

Retail 77
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BBVA, Porsche Complete $170 Million Loan With Blockchain

PYMNTS

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.

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2019 To See Increase In Nation-State Cyberattacks, Ransomware

PYMNTS

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

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Uber Faces Fine From France For 2016 Data Breach

PYMNTS

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

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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Why Consumers Will Shrug Off The Marriott Breach

PYMNTS

In 1954, mathematician L.J. Savage published research about how consumers process information when making decisions. Dubbed the sure-thing principle , Savage’s work showed that consumers consider a variety of inputs when making decisions. They also mentally bucket – and then disregard – inputs that may be important, but not important enough to change their minds about something they really want to do.

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Hackers Can Unlock Phones Via 3D Printing

PYMNTS

There’s a new method hackers can use to break into someone’s smartphone: create a 3D-print life-size replica of the owner’s head. To show how the method can work, Forbes reporter Thomas Brewster had a 3D print of his own head created at Backface in Birmingham, U.K. He then used his real-life head to set up facial recognition on five phones, including the iPhone X and four Android devices: an LG G7 ThinQ, a Samsung S9, a Samsung Note 8 and a OnePlus 6.

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Cross-Border Payments Need More Than Bank-FinTech Collaboration

PYMNTS

When PYMNTS asked cross-border payments experts at the end of last year what they thought the driving trend would be for the industry in 2018, the consensus was all about collaboration , particularly between banks and FinTech firms. Throughout the year, that prediction has manifested into reality, as more traditional financial institutions (FIs) turn toward FinTech innovators to address the biggest pain points of the legacy correspondent banking system.

Banking 77
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Morgan Stanley Takes Steps To Make FinTech Partnering Easier

PYMNTS

Morgan Stanley wants to make it easier to acquire new tech from startups as well as pick up the pace of collaboration amid concerns from FinTechs that partnering with big banks can be slow and expensive. According to a report in Reuters citing Shawn Melamed, Morgan Stanley’s head of technology business development and innovation office, Melamed said the company is streamlining documentation and expanding the instances where executives can look at new products in an effort to improve partn

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PowerPoint Best Practices for Creating Stellar Presentations

Mastering data visualization in PowerPoint will help accelerate your career because it positions you as someone who can present data that drives business decisions forward. think-cell's PowerPoint Best Practices eBook was created specifically for professionals aiming to master the art and science of data-driven storytelling. What’s inside: Practical Insights: Uncover valuable tips for crafting engaging and persuasive presentations.

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The Security Threat Of Bank-FinTech Collaboration

PYMNTS

When the data of 15 million T-Mobile customers was stolen in 2015, the mobile firm’s CEO immediately went into damage control mode. John Legere released a statement when the news broke, offering customers access to free credit monitoring and identity resolution services, and emphasizing the company’s efforts to assist clients concerned about their privacy.

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Open Banking Will Bank On Customer Service To Boost Traction With SMBs: Accenture

PYMNTS

Open banking, bank APIs and data sharing flourished in 2018, with small business and corporate financial services squarely in the path of this financial services trend as banks and FinTechs consider new ways to enhance business payments, accounting, treasury and financial management. The strength of open banking is apparent in the fact that it has gained traction even in markets like the U.S., where regulatory requirements for FIs to open up data are non-existent.

Banking 76
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Robinhood Retreats From Checking, Savings Products

PYMNTS

Robinhood , the FinTech that garnered a lot of attention last week after announcing a checking and savings product with 3 percent interest, has retreated from that, removing any mention of checking and savings from the product. According to a report in Bloomberg , when Robinhood announced the products last week , it compared them to traditional bank accounts, boasting a 3 percent interest rate on both checking and savings.