PYMNTS

JUNE 21, 2020

HSBC Hong Kong ‘s new application programming interface (API) will simplify the payment system for businesses down to a one-stop payment hub, a press release says. The service will let businesses incorporate the instant electronic Direct Debit Authorisation (eDDA) into their own systems, along with real-time funds transfer services. That will allow businesses to eliminate the cumbersome old ways, which required them to sign onto their bank accounts to set up a direct debit instruction and

B2B 143

B2B Cash Management eCommerce Securities 143

PYMNTS

JUNE 8, 2020

United Nations global blockchain expert Massimo Buonomo has foreseen a future where digital currencies could replace low-interest bank accounts, Coindesk reports. Low interest rates, he said, were the main enticement for people to come and join a new bank — but they would be obsolete in competition against an official digital currency, which could easily process a digital payment the same way.

Accounting 135

Accounting Banking Currencies Securities 135

PYMNTS

JUNE 22, 2020

PayPal will offer direct cryptocurrency sales for customers, CoinDesk reports. The FinTech giant, which has 325 million customers, will allow this feature for those who want a new wallet functionality for the popular service, according to unnamed sources, the report said. It would be an upgrade of the current PayPal functions for withdrawing funds from sources like San Francisco’s Coinbase.

Sales 131

Sales Accounting 131

PYMNTS

JUNE 29, 2020

In the ongoing scandal of Wirecard , under fire for fraud, the focus is now turning to auditors Ernst & Young (EY), which reportedly failed to report Wirecard’s “unorthodox financial arrangements” as far back as 2016, The Wall Street Journal (WSJ) reported. According to emails seen by WSJ, the auditing firm knew of and had questions about the arrangements and was signing off on Wirecard’s financial results for years anyway.

Auditing 130

Auditing Risk Management Accounting Banking 130

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PYMNTS

JUNE 22, 2020

Lunchbox is hoping former top Toast executive Sarah Kabakoff will provide the boost needed to take the restaurant-ordering platform to the next level. The New York-based omnichannel restaurant platform announced Monday (June 22) it had hired Kabakoff as vice president of solutions. In her new role, Kabakoff will oversee Lunchbox’s “go-to-market strategy” aimed at giving restaurants an alternative to third-party ordering sites.

Startups 130

Startups Technology Sales Marketing 130

PYMNTS

JUNE 23, 2020

Ex-Wirecard CEO Markus Braun was arrested Monday night (June 22) in the latest chapter that has rocked the German payment services provider, the Financial Times reported. Braun surrendered to Munich prosecutors after a judge issued a warrant as prosecutors investigate an accounting scandal that centers on a missing 1.9 billion euros ($2.1 billion), prosecutors confirmed on Tuesday.

Auditing 127

Auditing Accounting Banking Technology 127

PYMNTS

JUNE 26, 2020

eCommerce has grown about as much in the past few months as it has in the past 10 years. Iain McNicoll , VP of Americas/SMB for payments platform Payoneer , recently told PYMNTS that eCommerce’s market share has risen to 27 percent from just 16 percent when the pandemic began. By contrast, it took a decade for it to hit 16 percent from less than 6 percent 10 years ago.

Retail 127

Retail Benchmarking Finance eCommerce 127

PYMNTS

JUNE 29, 2020

The COVID-19 pandemic is one of the most monumental crises the banking industry has faced, and the sector must stare down the dual challenges of creating safety measures at branch locations while addressing the ongoing economic downturn that has stretched their capacity for processing and deferring loans. Bank branches are either closing outright or slashing their business hours to help customers maintain social distancing guidelines — but fortunately, the growing familiarity of digital banking

Banking 126

Banking Leverage Economics Numbers 126

PYMNTS

JUNE 27, 2020

When COVID-19 exploded into a global pandemic that more or less shut down everything worldwide, restaurants began diving for digital cover and rapidly embracing order-ahead, curbside pickup, delivery options, modified menus and rewritten business plans – anything and everything they could think of to survive the shutdown and stay alive long enough for patrons to return for on-site dining. .

Securities 124

Securities Leverage Planning Technology 124

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Planning

PYMNTS

JUNE 29, 2020

After spending years fine-tuning travel reward cards, banks have found that the coronavirus pandemic decimated all the effort by reducing the need or will to travel, The Wall Street Journal reports. The cards contained perks like sign up bonuses, points on airfare, hotel stays and more — but now, with the pandemic necessitating staying at home and out of crowded tourist spaces, customers are wondering if the payments are worth it at all.

Banking 123

Banking Planning 123

PYMNTS

JUNE 25, 2020

Uber financial services leader Peter Hazlehurst has stepped down from his position as the rideshare company has put its plan to start a digital wallet on hold, Bloomberg reported. The company is instead focused more on ridesharing and food delivery instead of the planned financial expansions. In an email, Uber CEO Dara Khosrowshahi said the company isn’t prioritizing several finance-related projects, such as credit cards, a digital wallet and instant payments for drivers.

Prioritization 118

Prioritization Planning Finance Accounting 118

PYMNTS

JUNE 12, 2020

As the use of mobile banking apps surges due to the limited access to banks amid the COVID-19 pandemic, the FBI is warning users to beware of cyber attacks.

Banking 125

Banking Securities 125

PYMNTS

JUNE 26, 2020

Ernst & Young ( EY ), the global accounting firm hired to verify Wirecard’s financials, failed to request crucial information from a Singapore bank where the German payment processor claimed it had up to 1 billion euros ($1.1 billion) in cash, the Financial Times reported. That routine audit procedure could have uncovered the vast fraud at the suburban Munich company, the report said.

Accounting 116

Accounting Auditing Accounting Firms Banking 116

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

Finance

PYMNTS

JUNE 26, 2020

Small business lending emerged as a common theme in this week’s B2B venture capital roundup, and it’s no surprise, considering the role small and medium-sized businesses (SMBs) play in supporting their local economies. Some startups focused on data aggregation to expand underwriting capabilities, while others operate platforms to facilitate financing.

Startups 115

Startups B2B Finance Accounts Payable 115

PYMNTS

JUNE 24, 2020

Messaging app Telegram said a data breach has exposed a database containing the personal information of millions of users, according to a Cointelgraph report. The database, which was exposed on a darknet forum, included users’ phone numbers and unique Telegram user IDs, according to the report. Telegram told Russian tech publication Kod.ru, which originally reported the information on Tuesday (June 23), that the information was exposed through the app’s built-in contact export feature whil

Numbers 115

Numbers Accounting Securities 115

PYMNTS

JUNE 24, 2020

The insurance industry is all about risk mitigation, and not only when it comes to underwriting policies. Averse to the risk of change, the property and casualty (P&C) insurance arena has been resistant to embrace electronic payments when disbursing funds to claimants. Yet when the global pandemic hit, it became clear to the insurance industry that sticking to paper processes and check payouts can be riskier than embracing digitization.

Prioritization 114

Prioritization Planning Securities Banking 114

PYMNTS

JUNE 19, 2020

It hasn’t been a good year for hospitality and events, with the pandemic shutting down travel, large gatherings, venues and the desire to be physically close to other people. Burning Man has been canceled, Coachella was delayed and then canceled, there will be no Iowa State Fair and the $300 billion global wedding industry is almost entirely stalled.

Entertainment 114

Entertainment Planning Economics 114

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Reconciliations

PYMNTS

JUNE 2, 2020

Plutus , a British FinTech startup, is providing rewards via its credit card to customers who buy from the eCommerce store of Nike , Cointelegraph reported. The rewards are made with Pluton, the native digital currency of the company. Users can receive additional rewards by staking their digital tokens through the company’s app. Users have to utilize the Plutus Visa card as they shop through the web to get the benefit.

Currencies 113

Currencies eCommerce Startups Economics 113

PYMNTS

JUNE 25, 2020

As accounts payable (AP) and accounts receivable (AR) operations continue to converge for many organizations, buyers and suppliers are increasingly acknowledging the value of using each other’s technology platforms to promote stronger B2B relationships. Now more than ever, buyer-supplier ties form a crucial component of ensuring that cash continues to flow through supply chains — and yet today, late payments and cash flow bottlenecks continue to plague both sides of B2B payments.

Invoicing 112

Invoicing Accounts Payable B2B Currencies 112

PYMNTS

JUNE 24, 2020

Brazil’s Central Bank has suspended WhatsApp’s payment feature in the country, citing antitrust concerns, according to Bloomberg on Tuesday (June 23). Mastercard and Visa have been requested to stop payments and money transfer services through the app in Brazil as well, the bank said. The bank said the decision was to “preserve an adequate competitive environment that ensures the functioning of a payment system that’s interchangeable, fast, secure, transparent, open and cheap,” Bloomberg reporte

Banking 112

Banking Securities Planning Marketing 112

PYMNTS

JUNE 25, 2020

Global payments automation platform Tipalti says it has made mass, automated payments seamless for numerous popular online video game customers, according to a press release. Tipalti’s move is aimed at helping gaming companies avoid the fraud and risk of online commerce while enhancing their finances with modern solutions, said CEO and Co-Founder Chen Amit , according to the release. “Success in the gaming ecosystem today is all about rewarding their international partners with consi

Accounts Payable 112

Accounts Payable Numbers Finance Accounting 112

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Accounting

PYMNTS

JUNE 28, 2020

San Francisco’s planned next phase reopening scheduled for Monday (June 29) for outdoor bars, hair salons, museums and more has been put on hold. Mayor London Breed tweeted Friday (June 26) that the city will wait as the number of COVID-19 cases rise across California, CNBC reported. “Yesterday we saw 103 cases,” Breed wrote. “On June 15, when we first reopened outdoor dining and in-store retail, we had 20.

Numbers 112

Numbers Planning Retail 112

PYMNTS

JUNE 15, 2020

Whether cashiers go the way of the horse and buggy could hinge on an experiment Walmart is running in Arkansas. The largest brick-and-mortar retailer in the United States is replacing its traditional, cashier-staffed checkouts with self-checkout registers at its store in Fayetteville, Ark., according to local news reports. The aim is to speed up checkout lines while reducing contact, a Walmart spokesperson told KNWA/KFTA, with employees stationed nearby to help shoppers who run into any problems

Sales 112

Sales Retail Numbers Marketing 112

PYMNTS

JUNE 2, 2020

Real gross domestic product ( GDP ) is projected to plummet 52.8 percent in the second quarter, according to the Federal Reserve Bank of Atlanta’s GDPNow as of Monday (June 1). The model, which offers a “nowcast” of the official estimate before its release, had forecast a 51.2 percent drop on May 29, according to an announcement. The nowcasts of real personal consumption expenditures growth for Q2 fell from a 56.5 percent drop to a 58.1 percent drop, and real gross private domestic investm

Forecasting 110

Forecasting Budgeting Economics Investments 110

PYMNTS

JUNE 29, 2020

A Chinese startup is landing hundreds of millions in additional financing as a group of investors – which includes Tencent – eyes the country’s fast-growing grocery delivery sector. Tencent and private equity heavyweight Primavera are spearheading the $300 million investment in Xingsheng Youxuan, Bloomberg reported , citing sources familiar with the deal, which values the company at a healthy $3 billion.

Startups 109

Startups Valuation Investments Finance 109

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