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It may seem that cross-border payments were in the … well … crosshairs this past week, with a number of country-by-country and company-by-company initiatives using blockchain and other methods to speed payments and lower fees. In Myanmar, Shwe Rural & Urban Development Bank has partnered with Krung Thai Bank, which is state-owned, to debut a cross-border transfer money offering that is in turn tied to the Ethereum blockchain.
When it comes to online shopping, one of the greatest frustrations for consumers — and friction points for merchants — is having to manually enter credit or debit card information for each purchase. It’s no wonder that 78.9 percent of consumers today have account information stored online with at least one or more companies or service providers. In the latest Mobile Card Services Playbook , a collaboration with Ondot , PYMNTS surveyed more than 9,500 U.S. consumers to get a better understanding
Wells Fargo announced Tuesday (April 2) the launch of contactless consumer credit and debit cards. In a press release , Wells Fargo said the new cards will enable customers to complete transactions quickly and with a single tap at millions of merchants and transit systems that accept contactless payments. The bank said it will enable customers to tap to initiate an ATM transaction at more than 13,000 ATMs around the country later this year.
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 U.S. gig workers accounting for more than $1.4 trillion in income by the end of 2018, it’s safe to say the gig economy is becoming a mainstream part of the global economy. From ridesharing drivers to freelance designers and consultants, an increasing share of gig workers are pursuing specialized jobs, often juggling multiple at once. In fact, the share of those in the gig economy with highly specialized skills rose to 32.3 percent in Q4 2018 — a 12.2 percent increase over the previous quart
The gig economy is growing. The desire to get paid faster is also gaining traction — along with the companies satisfying that desire. To that end, Visa announced Tuesday (April 2) that it has introduced Card Payouts, an app designed help mid- to large-sized businesses manage cash flow — and speed payments to gig economy workers, to boot. (Call it killing the check — and you may remember our own research, where 85 percent of gig economy workers surveyed said they would work more if they could get
The gig economy is growing. The desire to get paid faster is also gaining traction — along with the companies satisfying that desire. To that end, Visa announced Tuesday (April 2) that it has introduced Card Payouts, an app designed help mid- to large-sized businesses manage cash flow — and speed payments to gig economy workers, to boot. (Call it killing the check — and you may remember our own research, where 85 percent of gig economy workers surveyed said they would work more if they could get
PayPal has invested in a blockchain company for the first time — one that’s focused on using the technology to help give users greater control over their digital identities, according to reports. The company is called Cambridge Blockchain, and PayPal participated in a Series A funding round. The company has raised $3.5 million in equity from several different investors, which follows a previous $7 million, bringing the total to over $10 million raised so far.
The FBI has announced a directive shift away from counterterrorism and toward fighting the increasing threats from cyber attacks, according to a report in The Wall Street Journal. The move comes amid an ecosystem of attacks from foreign countries, like Russia and its election meddling and China’s cyber attacks against U.S. businesses. The Navy also recently reported that it was under siege by Chinese cyber attacks, and FBI Director Christopher Wray said all 56 bureau field offices have open inve
Dozens of cybercriminal groups have found a home on Facebook , using the platform’s online marketplace to sell illegal services such as stolen credit card information, as well as account theft and spamming tools, according to Cisco Systems’ Talos security unit. “Over the past several months, Cisco Talos has tracked several groups on Facebook where shady (at best) and illegal (at worst) activities frequently take place.
A new blockchain association has been created to promote the adoption of the technology across the European Union. The group — the International Association of Trusted Blockchain Applications ( INATBA ) — officially launched on April 3 in Brussels and includes SWIFT, IBM, Ripple and around 100 other companies and organizations. As a European Commission initiative, INATBA is a “global multi-stakeholder forum” created to bring “industry, startups and SMEs, policy makers, international organization
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
Blunt question for PYMNTS readers (pun intended): Have you been inside a pot shop lately? One of the legal operations that are springing up in the states that have approved the above-board sale of marijuana products? Or do your views of marijuana retail still center around high school bathrooms, back alleys or sketchy dudes at heavy metal concerts? We don’t mean to be aggressive, nor do we take a stance on the moral or political natures of legal weed.
Denmark has decided to ban 500-euro notes in an attempt to fight money laundering in the country. The decision was made despite a request by the European Central Bank ( ECB ) not to ban the note. But Danish authorities says that the bills’ use for criminal activities justifies the ban, adding that the ECB even decided to stop printing the notes in 2016 under the recommendation of the global anti-laundering organization Financial Action Task Force.
Luxury brands are selling more and more on Chinese eCommerce sites like JD.com and Alibaba, while still keeping their distance from Amazon, according to a report in The Wall Street Journal. French multinational luxury goods conglomerate LVMH ’s finance chief made his views on Amazon clear in 2016 when he said “the existing business of Amazon doesn’t fit with luxury, full stop.
Digital solutions have made their way into the gig economy, with more workers than ever utilizing digital marketplaces that pair companies with talent from around the world. These days, however, gig jobs don’t just encompass rideshare drivers, home renters or handymen on popular platforms like Uber, Airbnb or TaskRabbit. Gig work is now available in nearly every industry, and it is beginning to disrupt traditional ideas regarding career paths and earnings. .
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.
Business payments company Bill.com has secured unicorn status and launched a partnership with Mastercard to accelerate accounts payable for joint business customers. In a press release on Tuesday (April 2), Bill.com announced new funding to the tune of $88 million led by Franklin Templeton, while Mastercard, Fidelity Investments Canada ULC and others also participated.
FinTech has revolutionized the way traditional banks can implement and roll out new products and services to their customers, with banks’ complex infrastructures positioning “out-of-the-box” solutions as a competitive proposition for FinTech firms to offer their bank clients. Yet, not all financial services can — or should — be a one-size-fits-all tool.
Small and medium-sized business spend management firm Bento for Business is teaming up with Visa to enhance cash flow management for SMB customers. In a press release on Thursday (April 4), Bento announced its collaboration with Visa to integrate Visa’s business debit card into the Bento for Business platform. Current holders of Visa business debit cards will be given access to Bento’s financial solutions, including expense and spend management, budgeting and bookkeeping functionalit
Woody Allen once supposedly said 80 percent of success is just showing up. Beyond that, in business and in life, showing up on time counts for a lot, too. So it is with payments, where speed counts. The movement toward faster payments and peer to peer (P2P) is, well, quickening. As the Faster Payments Tracker shows, the clamor for speedier payments spans the globe.
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.
Three years ago, I wrote a piece in which I said Apple had become the kind of company that Steve Jobs once said he never wanted it to be: one that follows the lead of others. Jobs felt so strongly that he said he’d rather gamble Apple’s future instead of trying to one-up everyone else after the fact. Today, Apple seems to be gambling its future by doing just that: being like someone else, often years after others have led the way.
Out of the haze of uncertainty emerged a new mobile network, and from the new mobile network came new retail applications and experiences, all taking advantage of the faster speed of the technology, and the potential to reduce friction. So goes the imagined story of 5G , even though the narrative has barely progressed beyond the prologue. The mobile technology is moving from the realm of the possible to the world of the real.
FinTech firms are creating offerings to make it easier for retailers to handle their payments on the back end. Modo , for example, designed its new /Checkout product with “the end in mind,” Brian Billingsley, the company’s chief revenue officer, told PYMNTS in an interview. He explained that much of the industry is focused on creating beautiful experiences on the front end, but funds still have to flow back to the merchant and be reconciled at the end of the day.
The legal cannabis market continues to reach new milestones, the latest being the launch of the industry’s first commodity trading desk — with the latest service provider highlighting the opportunity in addressing the more nuanced challenges of an unfamiliar, emerging market. Marijuana company Grupo Flor has rolled out its commodity trading desk to connect industry buyers and sellers, and facilitate the trade of raw materials, including the THC flower, THC trim, crude and distillate THC an
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.
Probably every shopper knows the thrill of the retail treasure hunt — that odd, unexpected, but perfect product discovered on a shelf; that highly desired item almost hidden in some corner, but found via serendipity or determined effort. Probably every shopper also knows the frustration of the hunt — the time-consuming, wasted effort to locate a shirt or skirt in a specific color or size; an item that’s supposed to be on the retail floor, according to inventory software, but is nowhere to be fou
In an effort to lure talented engineers its way, Goldman Sachs has rolled out a new program in which it will pay engineers to develop new finance apps. According to a report in Reuters , Goldman Sachs is looking to hire engineers to join a digital innovation program. The engineers would receive $100,000 in compensation along with access to Goldman Sachs’ API.
It’s not enough to be a retailer these days, not if a merchant intends to survive in a world of commerce dominated by the likes of Amazon and other tech-focused competitors. Innovation is one of the keys to advancement — and that increasingly means opening tech hubs, incubators and other such operations. Those efforts have certainly led to significant advances in product and revenue, and the enablement of what’s come to be called the “consumer experience.
Consumers’ preferences are undeniably shifting digitally when it comes to banking and financial services. According to a recent study by Citibank , 31 percent of consumers use their mobile banking app more than any other — placing mobile banking behind only social media and weather for most frequented mobile destinations. And by all accounts, this digital migration is driven by consumer preference — according to the same study, 91 percent of mobile banking users prefer accessing their app over
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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