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The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other businesses. In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S. Treasury Department’s financial crime division, the agency said the new guidance is in response to questions related to Bank Secrecy Act/Anti-Money Laundering regulatory requirements for hemp-related business customers.
Global growth is projected at –4.9% in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast, said IMF recently. . The coronavirus pandemic has had a more negative impact on activity in the first half of 2020 than anticipated while the recovery is projected to be more gradual than previously forecast, the fund pointed out. .
So you've been thinking about growing your business and you're full of ideas. But then you start to think about financing that growth and the glow of enthusiasm dulls as the questions form in your mind. How much financing do you need? How do you get it? From where? Financing always seems to come with mountains of paperwork, which doesn’t appeal to many business owners.
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
QR codes have been around for years, although they often seemed like a marginal tech solution in search of a problem. But as is the case with so many things in our brave new world, COVID-19 is giving new purpose to the much-maligned QR code as an elegant enabler of touchless commerce. We mostly have China to thank for figuring it out – specifically, Alipay and rival Tencent.
Listings in greater China grew by 29% and the amount of money raised soared 72% from last year in the first half of 2020, EY said recently in a report. While the exchanges in Hong Kong and Shanghai took the lead in terms of number of deals as well as total amount raised, the number of IPOs and amount raised in other regions dropped significantly from a year ago, the company added.
When you’re forced into a new situation, it sometimes turns out to be an opportunity for discovery and evolution. The COVID-19 pandemic created just such an unavoidable situation for, well, pretty much everyone and everything. These last few months gave us a moment to reimagine how Planful Academy can become something bigger and better for our loyal customers and devoted users. .
Merchants’ needs have changed dramatically due to the pandemic. Digitizing operations tops the list of merchant imperatives, but getting there can be a struggle — especially when it comes to digitizing the checkout experience for a post-pandemic age. To that end, as Visa Acquiring Partner Relationships Vice President Josh Park told PYMNTS, finding the right tech providers and partnerships can be critical.
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
Discussions around automating finance with new tech often lead to the same question: will I lose my job? xSuite Group's Nils Stuhr dispels this concern with field experience. Accessing FutureCFO Premium Content. Welcome! To access Premium content and more, please login below. Not a Premium member yet? Register now for a free account! Username or Email.
Planning and decision-making expert Howard Dresner, Chief Research Officer at Dresner Advisory Services recently released its “ 2020 Wisdom of Crowds Enterprise Performance Management Market Study ” report. Now in its 11th year, the report profiles enterprise performance management (EPM) market trends based on customer survey data and ranks vendors against 33 different survey criteria to provide an overall ranking that are categorized as Customer Experience and Vendor Credibility.
“The digital economy is here, and those payment providers that are global, digital and fully resilient will lead the reemergence.” . “Robust operational resilience is now a non-negotiable component of any business engagement,” according to Manish Kohli , global head of payments and receivables, Citi Treasury and Trade Solutions. “By the very nature of our industry and regulatory requirements, banks have made resilience a core competency.
Mastercard is harnessing artificial intelligence (AI) in a bid to hit fraudsters hard by searching for emerging patterns of criminal activity before they become major problems, two top executives told Karen Webster during Mastercard’s Virtual Cyber & Risk Summit. “In many cases, AI is fundamental to scaling and keeping up with the pace of the network transactions that are happening,” said Sudhir Jha , a Mastercard senior vice president and head of Brighterion , an AI company that Masterca
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.
Open banking comes in several flavors, yet its rise requires robust Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, Zac Cohen , chief operating officer at identity verification firm Trulioo told Karen Webster in a recent interview. As financial institutions (FIs) work with FinTechs, they need to know that these tech-nimble startups are not only enabling access to customers’ account data but also in a manner that embraces KYC and AML.
Google and Temasek Holdings Private Ltd. , an investment company owned by the Singapore government, are in talks to invest as much as $1 billion for Tokopedia , sources told Bloomberg News. The Indonesian eCommerce retailer backed by SoftBank Group Corp. ’s Vision Fund has also met with Facebook Inc. , Microsoft Corp. and Amazon.com Inc. , the sources said.
Banks have been facing a concerning rise in account takeover (ATO) attacks targeting their customers, with financial institutions (FIs) losses due to such schemes rising 72 percent from 2018 to 2019. Fraudsters have only upped their efforts during the pandemic, with phishing attacks alone increasing 667 percent between late February and late March. The July FI Fraud Decisioning Playbook examines how FIs are working to better detect and defend against ATOs.
Currencycloud , which works in global B2B cross-border payments, will be working with enterprise blockchain solution Ripple on new solutions for fast global payments, a press release says. Ripple, with its worldwide RippleNet network, will be an opportune way for Currencycloud to reach more financial institutions. The press release says Currencycloud recognizes the need for fast, secure payments during the global crisis.
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.
Wall Street has famously been called “both voting machine and weighing machine.”. Of course, voting is a bit of popularity contest, and as retail investors (and some institutional ones) crowd into a stock, they can quickly bid its price up — as is happening these days with payments processor Square. Square’s shares have doubled since May, according to Bloomberg , and at $55 billion, the company’s market capitalization is eclipsing that of many traditional banks.
Build, buy or partner? For more community banks, the latter strategy can fast-track digitization initiatives. This week’s look at the latest bank-FinTech tie-ups shows Banking-as-a-Service and other FinTech players embracing smaller regional and community banks to elevate small- to medium-sized business (SMBs) and corporate banking offerings. Finastra Chosen by Community FI.
Bank of New York (BNY) Mellon has announced a new partnership with risk and payments solution provider Early Warning Services , aiming to boost digital B2B payments services for clients. The offering will include flexibility, according to a press release , allowing clients to either choose BNY Melon’s services or one of the company’s Private Label Bank relationships.
It’s hard to find a retail fashion category that’s reliably successful these days. Brick-and-mortar discounters like T.J. Maxx are thriving despite social distancing rules, which is not the most stable success platform. Fast fashion already claimed a victim this week as Lucky Brand filed for bankruptcy, and H&M announced it was shuttering 170 stores across the globe due to the pandemic-driven digital shift.
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.
Anyone who has ever driven North on Route 1 from Boston, Massachusetts, has seen Kowloon Restaurant. It’s hard to miss. The iconic Chinese restaurant and cocktail lounge is a huge angular structure with pagoda-style roofs and a totem pole visible from the highway. Over the past 50 years, the Wong family has been the owners and operators, constantly adding themed dining rooms and even a comedy club.
Accrualify , which works in cloud-based solutions for mid- and enterprise-level companies, is launching a new corporate card in partnership with Visa , according to a press release. The intent of the card is to boost options for spend control for corporate finance teams. The card will allow companies to set spending limits, category and merchant restrictions and use frequency.
The digital transformation of financial services that began well before the pandemic has only accelerated in recent months. There’s no shortage of disruptors — particularly neobanks that promise to change everything from checking to lending — but don’t count legacy players out just yet, Dr. Jud Linville , senior advisor at growth equity firm General Atlantic , told Karen Webster.
Amazon must like the supermarket business. Three years after it paid $13.4 billion for Whole Foods , the online retail giant is planning to open its second automated-checkout grocery store in Seattle’s Eastside neighborhood and is hiring managers for a third store in the city’s Capitol Hill district, The Seattle Times reported. And it’s not stopping there.
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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