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Facebook’s Libra might be fading a bit as a perceived threat to monetary systems that have been in place around the globe for centuries. But the race is still on for central banks to develop their own digital versions of fiat to take their place alongside bills and coins. To that end, the Bahamas may stand out as an epicenter of sorts for the rise of central bank digital currencies (CBDCs).
Digital currencies could render the SWIFT global payments network unnecessary, RT.com reported, citing the Central Bank of Russia (CBR). Olga Skorobogatova, first deputy governor of the CBR, said 30 countries are working on their own national digital currencies, some of which could launch in five to seven years. According to the Bank for International Settlements (BIS), as of July, some 36 central banks published studies on the concept of a central bank digital currency (CBDC) also known as a di
Santander Consumer USA was ordered to pay $4.7 million to the Consumer Financial Protection Bureau ( CFPB ) for violating the Fair Credit Reporting Act (FCRA), the CFPB said in a press release. According to the release, Santander allegedly knew that it provided incorrect consumer data to the three major credit reporting agencies (CRAs). Santander is an originator and servicer of non-prime auto loans and leases and provides credit information to CRAs via monthly data files, according to the CFPB
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
With the holiday shopping season in full swing amid the global pandemic, online commerce is booming. Digital Black Friday sales this year hit $9 billion, a 22 percent increase from 2019 figures, according to recent Adobe research. And the surge in eCommerce isn't isolated to the B2C world, either: as social distancing requirements and shutdowns migrate corporate buyers online, wholesalers, distributors and other B2B vendors are likely to face a similar holiday boon this year to fulfill rising cu
The U.S. Treasury Department proposed sweeping new rules late Friday (Dec. 18) that the government says would make convertible digital currencies like bitcoin less attractive to criminals engaging in crimes such as ransomware attacks. The new regulations, if adopted after a comment period, would require banks and some other institutions to obtain and report the identities of parties engaging in certain digital transactions, including payments involving what are called "unhosted wallets" – effect
The U.S. Treasury Department proposed sweeping new rules late Friday (Dec. 18) that the government says would make convertible digital currencies like bitcoin less attractive to criminals engaging in crimes such as ransomware attacks. The new regulations, if adopted after a comment period, would require banks and some other institutions to obtain and report the identities of parties engaging in certain digital transactions, including payments involving what are called "unhosted wallets" – effect
The highly competitive streaming-audio industry could be starting the New Year with some consolidation, a new report suggests. Jack Dorsey — the billionaire CEO of Square and Twitter — is said to be interested in buying TIDAL , the audio service owned by billionaire music legend Jay-Z. Unnamed sources told Bloomberg that the outspoken Dorsey has been seen with Jay-Z and his singer-wife Beyonce recently, and is reportedly interested in adding a music feature to payment platform Square’s growin
The 2020 holiday shopping season is picking up, and consumers are heading online or to reopened brick-and-mortar stores to shop and pay for gifts. They are using everything from cash to mobile wallets to complete these transactions, requiring retailers to race to accommodate a wide variety of payment methods. Supporting a host of simple and frictionless payment options is often a complicated endeavor from the retailer’s perspective, said Keala Gaines , vice president of global payment services f
Bitcoin continued its ongoing surge in price Wednesday (Dec. 16), heading above the $20,000 mark for the first time ever — eclipsing its previous record high set in 2017. The price of a bitcoin traded higher by 5.6 percent, hitting around $20,600. CNBC reported that the surge was fueled by cryptocurrency fans along with a big boost from big-name investors such as Paul Tudor Jones and Stanley Druckenmiller.
GoDaddy has agreed to acquire Poynt , which lets businesses sell and accept payments anywhere through its suite of products, according to a press release. GoDaddy plans to pay $320 million in cash at closing, along with $45 million in deferred cash payments subject to various performance and employment standards in the next three years, the release stated.
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
In payments, speed is everything. So, it’s no surprise that in a fireside chat with PYMNTS Karen Webster, Visa ’s Alan Koenigsberg , global head of new payment flows at Visa Business Solutions; and Tim Summers , vice president of Visa Direct global segments and market development, said B2B payments between buyers and suppliers are poised to pick up speed as they travel round the globe.
Point-of-sale (POS) lender Affirm is putting on hold its initial public offering (IPO), which had been scheduled for this month, The Wall Street Journal reported, citing unnamed sources. WSJ did not give a definitive reason for the delay in Affirm Holding Inc.'s plans but suggested it may be for the same reason video game-maker Roblox also put off an imminent IPO: fear of missing out at the corporate level.
Digital trust-and-safety company Sift said that 2020 has been a “banner year” for online shopping sales, but that scammers have modified their approaches to take advantage of the boom, according to an announcement. The company said that malicious actors are moving away from the usual “spray and pray” strategy that entails conducting dozens or hundreds of lower-value transactions with stolen payment data, and are instead making fewer and larger attacks.
London cloud-processing platform Form3 is partnering with Mastercard to enhance and streamline real-time payments worldwide. “Our partnership with Mastercard will enable Form3 to accelerate its ambitions to grow on an international scale while complementing the services we have today and those we are building for the future,” Michael Mueller , founder and chief executive officer of Form3, said in a press release on Wednesday (Dec. 16).
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.
Apple is advancing its self-driving car project, according to a Reuters report, and will look at debuting a new product by 2024 that could also come with new battery technology. Project Titan, the Apple automotive effort, has been working on a self-driving vehicle sporadically since 2014, working from scratch. Apple hasn't always kept up with it, sometimes drawing back to focus more on the software the company is known for, Reuters reported.
Although the digital shift brought on by the pandemic has rapidly reshaped the entire retail industry, its impact on the grocery segment in particular has been especially pronounced. In fact, according to a new Omnichannel Grocery Report from ACI Worldwide and PYMNTS, 17.2 percent of all consumers have switched from in-store to online shopping. Ordering for home delivery has become particularly popular, as 23 percent of U.S. consumers — 57 million people — say they are ordering more groceries on
With eCommerce volume way up for the holiday shopping season, we knew it was going to be a tricky year for gift shipping. The reports of potential delays and earlier-than-average shipping windows for Christmas delivery rolled in right on time in early December. UPS imposed shipping restrictions on some large retailers such as Gap, Nike, L.L. Bean Inc., Hot Topic Inc., Newegg Inc. and Macy’s as the shipping giant struggled with unprecedented demand from the pandemic-driven eCommerce surge.
Amazon is reporting a record-breaking holiday shopping season that saw more than 1.5 billion toys, electronics and household goods delivered amid the global COVID-19 pandemic. “Amazonians around the world have truly shown what it means to be customer-centric and support our communities this year,” Jeff Wilke , CEO of worldwide consumer at Amazon, said in a press release on Tuesday (Dec. 29). .
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.
A lawsuit filed by the Securities and Exchange Commission (SEC) against digital payments firm Ripple is heading to virtual court on Feb. 22, according to legal documents filed in the U.S. District Court of the Southern District of New York. Legal counsel for those named in the suit — Ripple Labs, CEO Bradley Garlinghouse and Executive Chairman and Co-founder Christian Larsen — were called to appear in an online pretrial conference with Judge Analisa Torres. .
For a 6-year-old Australian startup that’s only been doing business in the U.S. for two years, Afterpay — with its buy now, pay later (BNPL) interest-free installment loans — has gone from relative obscurity to the front page of the financial section this holiday season. Although the installment concept is hardly new, Afterpay’s platform and growing catalog of retailers has brought fame and fortune to the company and its founders.
We’ve all heard the horror stories. The 6-year-old who get his hands on Mom’s iPad and manages to rack up $16,000 worth of credit charges for online gaming. The teenager with a Fortnite habit who manages to clean out Dad’s checking account via the debit card linked to the gaming account. These aren’t bad kids necessarily so much as they’re kids that simply don’t know the damage they’re doing at the time.
Katapult Holding, Inc. and special purpose acquisition company (SPAC) FinServ Acquisition Corp. said on Friday (Dec. 18) that they have entered into a definitive merger deal. The arrangement will create a combined firm that will run as Katapult and is intended to trade on the Nasdaq with the “KPLT” ticker symbol upon closing, according to an announcement.
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.
As the distribution of the COVID-19 vaccine continues to roll out to medical workers and high-risk populations, the Financial Crimes Enforcement Network (FinCEN) is asking financial institutions to be extra vigilant when it comes to cybersecurity. . “Already, fraudsters have offered, for a fee, to provide potential victims with the vaccine sooner than permitted under the applicable vaccine distribution plan,” FinCEN said in a statement on Monday (Dec. 28).
When a customer walks into a physical location to transact, a whole host of behavioral data becomes available to whatever entity is serving them. Are they acting interested, engaged and prepared? Or do they appear to be casing the joint and attempting to memorize the location of the security cameras? That behavioral data can then be used to inform how the customer is treated and what kind of interaction they are going to be offered.
Burger King has launched a new promotion called the "$1 Your Way Menu" and in conjunction will put $1 in some Venmo users' accounts through Dec. 28, the day the new menu takes effect, the company announced in a press release. "Unlike other value menus, all items on Burger King’s newly unveiled menu are $1 a piece — that’s it,” the release stated. “The big question now becomes, what to get?”.
The second trial of digital yuan by the People's Bank of China has concluded, resulting in hundreds of thousands spent on eCommerce retail, food delivery and ride-sharing, The Wall Street Journal (WSJ) reports. The trial began earlier in the month as authorities handed out 20 million digital yuan, or $3.1 million, to local residents of Suzhou from a lottery.
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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