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Last week, the U.K. marked its third anniversary of adopting its open banking framework, making it the leading market to drive the concept of unlocking customers’ bank account data for integration with third-party solution providers. Over the last three years, the open banking model has continued to proliferate in markets around the world — even in jurisdictions, like the U.S., where there is no open banking regulatory mandate.
Chief financial officers are often seen as finance gatekeepers. Their job is to ensure the company has the right financial reserves, a strong balance sheet, and the in-depth forecasts that allow their CEOs to take the right steps forward. The pandemic changed this perspective. It shifted the finance role to the front and centre of organizations, with CFOs tasked to find the right steps forward in the absence of long-term forecasts.
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
Visa has debuted a new global partnership with TransferWise after working together on the new Visa Cloud Connect program, allowing FinTechs a new way to securely connect with the cloud, according to an emailed press release Wednesday (Jan. 27). Visa Cloud Connect connects FinTechs and other partners to VisaNet , Visa’s global processing network.
In my last post , I described the wild ride that the price of risk took in 2020, with equity risk premiums and default spreads initially sky rocketing, as the virus led to global economic shutdowns, and then just as abruptly dropping back to pre-crisis levels over the course of the year. As stock and bond markets went through these gyrations, it should come as no surprise that the same forces were playing out in other markets as well.
The Reserve Bank of India (RBI) is exploring making a digital currency, a reversal of its prior position, according to a report from Cointelegraph. A booklet on payments released by the RBI Monday (Jan. 25), said the bank is “exploring the possibility as to whether there is a need for a digital version of fiat currency,” the report stated, adding that it would put one into use if necessary.
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
by Christopher Raftopoulos Director, Treasury Advisory and Assurance. Email +44 (0)7753 928134. More articles by Christopher. LIBOR transition has been a hot topic for the corporate treasury community for at least the past year. Although uncertainty over new reference rates has meant the corporate uptake has been relatively limited. A number of recent announcements should remind the treasurer that LIBOR’s likely eventual end date is fast approaching and action is needed. Firstly in Decemb
Leadership, high performance, and effective business strategies are needed more than ever as we move into the new opportunities of 2021. Last year was tough on us. It brought unprecedented […]. The post What Your Business Needs in 2021 appeared first on Capital CFO.
Digital payments company Payoneer is in talks to go public via a business combination with special purpose acquisition company (SPAC) FTAC Olympus Acquisition Corp., Bloomberg reported. The blank-check company has started discussions to bring in new investment to help with a deal that could value the merged firm at over $2.5 billion, Bloomberg reported, citing an unnamed source.
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.
Investing in transformation will likely continue to be a top priority for CFOs in 2021, for both top-line growth and operating efficiencies. This was the assessment of PwC flowing from its CFO Pulse survey in 2020. According to the survey CFOs are placing bets on data analytics, automation, cloud and customer transformation. How this will be executed in 2021 remains a question. “75% of CFOs play to allocate more resources to digital transformation in 2021.
By the numbers, convenience stores are America’s gas stations. They account for 63.7 percent of all gasoline sold in the country, and 80 percent of them combine the food staples they’re well known for with the pumps for the business they’ve come to dominate. But the simplicity ends there. For convenience store chains and independents, fuel is a razor-thin business.
As we leave 2020 and look ahead to 2021, the restaurants that assess their current situation, the ‘Now’, and look ahead to the goals they want to achieve, the ‘Where’, will be able to better plan, the ‘How’, to prosper in this new year. As you look through this assessment/checklist of key restaurant financials and business management activities below, mentally rank each one on a scale of 1 to 10 to establish where you are ‘Now’ and then establish ‘Where’ you want to be in 3, 6, or 12 months.
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.
Financial close and consolidation on spreadsheets is always difficult. Add in a literal paper trail, international collaboration, and rigid reporting formats, and the manual efforts can sometimes begin to buckle under the pressure. . That was the monthly status quo for Temple University ’s Finance team. They labored to manage the reporting and consolidation process across tens of thousands of grants and programs, with added complexity given their foreign campus in Tokyo.
The pandemic shock has increased the vulnerability of Asia's weaker credits though Asia’s China-led economic recovery is set to pull ahead of other regions, said Moody’s recently. Asian countries with stronger governance and better control over the pandemic will face fewer strains on growth prospects and a quicker reversal of negative fiscal metrics, said Deborah Tan, a Moody's Assistant Vice President and Analyst.
Mastercard has applied new quantum-resistant technologies in order to develop a new kind of contactless payment, according to a press release emailed to PYMNTS. The new Enhanced Contactless (Ecos) specifications will come along with the demand for more efficient, safer products overall, the release stated. Contactless payments are “future-proofed” in that they will let consumers access the security and convenience for long into the future, according to the release.
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.
I generally try to stay out of fights, especially when they become mud-wrestling contests, but the battle between the hedge funds and Reddit investors just too juicy to ignore. As you undoubtedly know, the last few days have been filled with news stories of how small investors, brought together on online forums, have not only pushed up the stock prices of the stocks that they have targeted (GameStop, AMC, BB etc.), but in the process, driven some of the hedge funds that have sold short on these
The IMF has raised its projections for global growth to 5.5% in 2021 from its previous estimate of 5.2% in October, as it expects to see low levels of COVID-19 across the globe by end-2022. “Multiple vaccine approvals and the launch of vaccination in some countries in December have raised hopes of an eventual end to the pandemic,” the IMF states in its World Economic Outlook report.
Given that the World Economic Forum has been relegated by the pandemic to a week-long digital discussion, how fitting is it that a conference of executives, elected leaders and academic experts that would normally be gathering in the snowy Swiss mountain town this week be told that the Golden Age of remote work is upon us and that there’s no turning back?
Last week marked the third anniversary of PSD2 , the regulation that launched open banking in the U.K. and Europe. And those three years have given rise to a slew of new companies capitalizing on that initiative all over the world, as well as established companies making their mark. According to Ossama Soliman , chief product officer at open banking provider TrueLayer , the very fact that there are so many payment options pushes new entrants to differentiate themselves from the pack.
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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