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Citi announced Tuesday (Feb. 28) the launch of an API to connect its clients operating in the treasury services industry to critical Citi services. According to a release , the bank’s Treasury and Trade Solutions (TTS) unit is rolling out the CitiConnect API to help treasury service providers link their own treasury and ERP solutions into Citi. The bank’s API enables treasurers to manage transaction banking activity straight from existing treasury platforms already in use within the enterprise.
By Jacqui Drew, Director Solution Consulting at Reval. IFRS 9 is changing hedge accounting forever. A recent Reval survey shows that 70% of finance teams say that they have or will implement new hedging strategies as a result of the new standard. Still, adoption is happening at a different pace around the world. Early adopters in Australia, Japan, India, Switzerland, South Africa and Canada are already seeing the benefits of the standard.
The B2B payments industry is finally beginning to hustle when it comes to technological innovation. And as traditional financial institutions (FI) begin to view the value of collaborating with FinTechs, these banks can similarly shake their reputation for being innovation laggards and promote B2B payments progress while they’re at it. . This industry is on the cusp of some major innovation, too, as FinTechs roll out services that banks can offer to their own customer clients via APIs.
Financial software firm Misys had a bit of a roller coaster year in a market constantly in flux. The U.K. company canceled its IPO last October, citing “ current market conditions” as its reason behind deciding not to pursue an estimated $7 billion float on the London Stock Exchange. Those market conditions present interesting obstacles and opportunities for everyone in the banking FinTech space.
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
A new report from financial services company Nordea says corporates are waiting for their banks and other FinServ providers to standardize payment processes. According to Nordea research, a quarter of corporates say their largest payments challenge is a lack of standardization across formats between banks — and 60 percent said this is one of their top three challenges.
The paper check has a nasty reputation in B2B payments as a cumbersome, manual and risky payment rail. Yet data from the 2016 Association of Financial Professionals’ Electronic Payments Survey released last September actually found a 1 percent increase in corporates’ use of paper checks compared to two years ago. For Jim Ballagh, VP of business development at corporate payments firm Ensenta , that’s not too surprising.
The paper check has a nasty reputation in B2B payments as a cumbersome, manual and risky payment rail. Yet data from the 2016 Association of Financial Professionals’ Electronic Payments Survey released last September actually found a 1 percent increase in corporates’ use of paper checks compared to two years ago. For Jim Ballagh, VP of business development at corporate payments firm Ensenta , that’s not too surprising.
The U.K. banking industry has seen a slew of new market entrants in the form of “challenger banks,” but one of the latest to enter into the industry is of another sort. It’s ClearBank, a new U.K. agency and clearing bank that provides banking-as-a-service for FinTechs and banks that need to connect into payment systems and core banking technologies.
The B2B payments industry is finally beginning to hustle when it comes to technological innovation. And as traditional financial institutions (FI) begin to recognize the value of collaborating with FinTechs, these banks can similarly shake their reputation for being innovation laggards and promote B2B payments progress while they’re at it. . This industry is on the cusp of some major innovation, too, as FinTechs roll out services that banks can offer to their own customer clients via APIs.
With hundreds of billions of dollars changing hands each year, B2B banking and payments is a big, big deal. According to industry research, the B2B payments industry moves roughly $550 billion each year, making up roughly half of the $1.2 trillion global payments market. . Despite all that exchange of funds in the B2B market, the banking industry has a reputation for being a bit behind the times technologically — and it may be justified.
The rise of APIs in banking and FinTech can unlock greater usability of innovative solutions but also presents some difficult questions for the space. As banks, FinTechs and a variety of software development firms explore the waters of payments and information exchange and collaboration, NACHA says there is a new idea to consider: API standardization. .
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
API technology isn’t new, but all of a sudden, the world of FinTech seems to be flocking to the tool as a way to expand the financial services offered to corporates. Anis Rahal, CEO of treasury management firm TreasuryXpress , has been a vocal proponent of API technology in recent months. In earlier statements, Rahal has dubbed 2016 the year of the API revolution, and 2017 is certainly keeping with that trend.
The European Commission is hoping to consult with the public concerning the growing market of financial technology as the agency looks to manage policies in the sector. Through its FinTech Task Force, the Commission last year said it will use public feedback to help guide its efforts to ensure the single market for financial services remains competitive, inclusive and efficient, Finextra reported.
Startupbootcamp, the global accelerator network, announced Wednesday (March 1) that it is expanding to the Latin American market through the launch of a dedicated FinTech program in Mexico. According to the company , it already has FinTech programs in London, Amsterdam, New York, Singapore and Mumbai and aims to accelerate Latin American startups by providing them with funding and an avenue to grow via mentoring, providing access to corporate partners and clients and taking advantage of Mexico
Payment solutions company Payline Data is the latest to launch an API for other businesses looking to process payments. The company announced this week that it is rolling out Payline I/O, a payment facilitation API for developers to integrate Payline solutions into their own tools. Payline I/O is offering a developer sandbox for developers to test out the solutions they create before they deploy them for real-world use.
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.
LendingHome, the San Francisco mortgage company, is aiming to expand its market for loans by going after first-time homebuyers. According to a report in TechCrunch , LendingHome launched a new financing product that lets people shopping for a home get an interest rate estimate and apply over the internet, without having to fill out paperwork or deal with a loan officer who will typically ask a lot of questions and put would-be borrowers through all the paces.
Earlier this week, Anis Rahal, CEO of treasury management company TreasuryXpress, told PYMNTS that the API has potential to disrupt the treasury management solutions space. Now, the company is acting on that belief. Reports Wednesday (March 22) said TreasuryXpress has launched its API, Payment+. The solution will be offered in the TreasuryXpress store and supports the creation of payment files from existing ERP or treasury management systems ready to be sent to the bank.
Developing and deploying faster payments initiatives is top of mind for many countries around the globe, but making those talks a reality is a whole different story. In the U.S. market specifically, it’s up for debate whether the many faster payment schemes are actually complementary or conflicting. With so many initiatives at play, a schism has been created between creating entirely new infrastructure or building on top of what exists.
When something works for cybercriminals, they stick with it. Especially when it comes to phishing schemes, which typically don’t take as much effort but can result in huge payouts. Andrey Pozhogin, cybersecurity expert at Kaspersky Lab North America , joined PYMNTS to discuss the latest trends across the financial cyberthreat landscape and why the widespread threats of financial phishing, banking malware and Android banking malware are only getting bigger.
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 new report by Global Market Insights reveals that the market size for mobile POS terminals will gain significant growth in the coming years, with a compound annual growth rate (CAGR) of more than 19 percent from 2016 to 2023. According to a press release , the POS Terminal Industry is expected to be valued at $103.52 billion by 2023, with the growing demand for mobile-based features, such as online payments, and the preference for smartphone or tablet usage boosting the market’s growth.
It’s a situation that is all too familiar to most people who have gone out for dinner or even to grab drinks at happy hour. You’re ready to go, but the waiter or bartender isn’t bringing the bill. Though restaurants and bars have come a long way in their offerings, oftentimes payments still remain a bottleneck in getting guests in and out the door. BarFrog is a mobile platform that connects restaurants and bars to the customers who want to frequent them, but with the integration of mobile paymen
This past week proved once again that it’s tough to be a bitcoin fan. In another blow to bitcoin legitimacy, the U.S. Securities and Exchange Commission (SEC) has denied the second bitcoin-based ETF bid up for consideration in the month of March — the Intercontinental Exchange, Inc.’s NYSE Arca exchange’s request to list and trade the SolidX Bitcoin Trust.
Amazon has run up against a roadblock in its play to revolutionize brick-and-mortar grocery shopping. The online retail giant has reportedly delayed the public opening of Amazon Go due to technical difficulties with its “Just Walk Out” system. During employee beta testing that began in December of last year, Amazon’s system for monitoring and tracking customer item selection reportedly ran into trouble keeping tabs on items once they had been moved from their shelf when more than 20 people were
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.
IBM has been an aggressive and confident investor in blockchain technology. Late last year the firm launched a blockchain ecosystem for innovators in an effort to accelerate and promote the exploration of blockchain technology, which IBM said had the potential to disrupt industries of all types. It was only the latest sign of support for distributed ledger, with IBM announcing more than a year ago that it would begin in-house testing of blockchain-based solutions.
Detecting financial crime activity is no longer a payments problem siloed by job title and sloughed off to payments professionals — it is an organizational effort. As more payments go digital, bad guys must be more closely scrutinized by all levels of any organization. In an interview with PYMNTS’ Karen Webster, Cheryl Gurz, program director of global payments for CGI , said that to properly address financial crime, it must first be defined.
There are only a few things that most people can agree on these days, notes Mastercard. One of them is that too many people in the world are denied access to banking and financial services of any kind. The second? That this lack of financial inclusion excludes them from participating in most of the payments and commerce activities that most of those reading this take for granted.
A new report from CyberEdge Group, a research and marketing firm serving the cybersecurity industry’s top vendors, has found that ransomware incidents are at an all-time high, with one-third of victims paying the ransom associated with an attack. A press release detailed the results of the fourth annual Cyberthreat Defense Report, which includes findings from 1,100 IT security decision makers and practitioners from 15 countries, six continents and 19 industries.
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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