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On Monday (Oct. 23), Mastercard announced news of the launch of Mastercard Consumer Control, which allows consumers to view where their credit card information is stored online. The program is an API that displays where payment details are kept, allowing cardholders to understand how that information is being used. “As digital payments continue to evolve, cardholders have more and more options to enable new types of devices for payment and to pay in new ways online and in-app,” said Jessica Tur
The Overstock.com subsidiary, tZERO , is planning to launch an initial coin offering (ICO), according to news from CNBC. The company wants to raise up to $500 million through sales of the new digital currency. Overstock.com is one of the most significant investors in the blockchain technology on which digital coins are based. The site accepts bitcoin as a form of payment and ranks among Google, Citi and Goldman Sachs as some of the major players in the cryptocurrency space.
Earlier this month, NovoPayment , a digital finance and transactions firm, announced news of the launch of its Developer Hub, one of the first such platforms servicing Latin America, according to a press release. NovoPayment, based in Miami, offers financial and transactional services through a cloud-based platform, the company said. Its clients include banks, financial institutions and others throughout the Americas.
The debate over cryptocurrencies tends to hinge on the investments within the digital Wild West. The key questions revolve around who regulates bitcoin and its peers, from Ethereum to the slew of cryptocurrencies that seem to pop up daily. The exchanges may come and go. Any number of regulatory bodies may levy varying levels of scrutiny. The prices may wax and wane.
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
If the promise of mobile payments is speed and convenience, delivering on the promise – and turning it into practice – is a bit tougher. Small screen, small window of time to get the transaction done. Session timeouts? You’ve had ‘em, no doubt, perhaps fumbling through passwords and shipping address details. The idea of commerce anytime, anywhere may give way to frustration anytime, anywhere.
On Wednesday (Oct. 25), TSYS reported earnings results that showed organic revenue growth across its payments processing and card segments. TSYS earnings came in at $0.88 a share on an adjusted basis, $0.07 better than Wall Street predicted, and revenues on a net basis were up 8 percent to $852.7 million. Of that top line, Issuer Solutions was 46 percent of the tally, Merchant Solutions 33 percent and Netspend the remainder.
On Wednesday (Oct. 25), TSYS reported earnings results that showed organic revenue growth across its payments processing and card segments. TSYS earnings came in at $0.88 a share on an adjusted basis, $0.07 better than Wall Street predicted, and revenues on a net basis were up 8 percent to $852.7 million. Of that top line, Issuer Solutions was 46 percent of the tally, Merchant Solutions 33 percent and Netspend the remainder.
Hackers are using virus-infected consumer computers to generate bitcoin, according to news from The Wall Street Journal. Unknowing users may be having their processing power commandeered to mine the virtual currency. Cryptocurrencies need large computer networks to process transactions, and users are encouraged to join the network through the promise of newly minted digital currency.
If fraud attacks are the flu, then the Equifax data breach was a raging fever: a symptom (albeit a dramatic one) of a larger illness that will almost inevitably infect any organization that hasn’t had its shots. And yet, despite headlines featuring Equifax, Sonic, Deloitte and Whole Foods – and cybersecurity companies consistently preaching that attacks are not a matter of “if” but “when” – many organizations are still not taking fraud prevention seriously.
When IT Becomes a Drag on Innovation. FIs want to innovate – 97 percent of banks and credit unions surveyed told PYMNTS they have focused on innovation over the past three years. So, what’s stopping them? If you ask the FIs, it’s all about IT infrastructure. For the inaugural edition of the PYMNTS Bank Innovation Readiness Index, an i2C collaboration , PYMNTS surveyed more than 200 FIs to find out what’s fueling, and frustrating, their payments innovation.
In the midst of Money 20/20 , hacking abounds — well, hackathons, to be precise. Visa announced news on Monday (Oct. 23) that the team from OmniPark took both the top Visa prize and Money 20/20 grand prize at the annual confab. As part of those victories, the team takes home a prize package with several components, among them a $40,000 cash component split among team members and several tech devices ranging from iPhones to Fitbit Ionic wearable devices.
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
Sports apparel retailer Under Armour has launched its own subscription retail service , Fortune reports. ArmourBox, launched Thursday (Oct. 19), offers consumers a selection of the company’s sportswear on a monthly basis. Under Armour joins established players like Birchbox, Trunk Club, Stitch Fix and Rent the Runway in the subscription box market.
What are credit cards all about? If you said, “Payments – duh,” you’re only half right. The whole point of buying things on credit, is to give individuals more control over their household cash flow by allowing them to buy the things they need and want to buy over time. Affirm Head of Product Jack Chou , a recent transplant from Pinterest and formerly of LinkedIn, Google and Oracle, says that today, credit products must do better.
Connected tech has become a staple of modern life. Everything from our cell phones to our homes and even simple appliances now come with embedded Intelligence of Things (IoT) technology. And, that IoT-enabled technology is increasingly being woven into the fabric — both literally and figuratively — of places and products that have the potential to be transformed.
Account takeovers have become a new favorite for fraudsters over the course of just a quarter. And, in the wake of the Equifax breach that the exposed personal data of approximately 143 million Americans, the scheme will likely become even more popular with bad actors in the coming weeks and months. According to data from the October 2017 Global Fraud Index , a PYMNTS and Signifyd collaboration, account takeover use recently skyrocketed, climbing 45 percent in Q2 2017 alone.
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.
With many shoppers in Mexico wary of credit card fraud and relying mostly on cash, Amazon has launched a new cash payment service in the country. According to a Reuters news report, the move will enable Amazon to expand its reach in Mexico and to compete with Walmart de Mexico , also known as Walmex, along with other retailers pushing Mexican consumers to shop online.
According to CEO Alfred Kelly, Visa ended its financial year as it began, “with strong growth across payments volume, cross-border volume and processed transactions, which was bolstered by the addition of Visa Europe.” That sent Visa’s stock price up 2 percent, to a record high of $110.61. The headline was, of course, the marked increase in payment volume of nearly 10 percent (9.8 percent) to $1.93 trillion, on a constant dollar basis.
Germany’s ZUGFeRD electronic invoicing (eInvoicing) standard is making ground across Europe. According to news from IDM on Friday (Oct. 20), the standard, which stands for “Central User Guide for Electronic Invoicing in Germany,” is more easily ready by Electronic Data Interchange (EDI) to transmit data from an invoice into existing enterprise resource planning (ERP) and accounting systems, as compared to other formats of “electronic” invoices like PDFs.
How much of the U.S. population is financially vulnerable? That is, how many are walking the razor’s edge of solvency, and how many are on their second chance after a shock to their financial stability — such as job loss, work-related injury or a divorce that removed an income stream? More than you’d think, said Karen Webster. It’s a full 40 percent, according to a recent survey by PYMNTS.
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.
Most anyone with a few dollars and some loose change can hit up a vending machine or unattended kiosk to grab chips or a candy bar. But, for consumers with more cash on hand or cards with higher spending limits, more luxurious items, including caviar and cars, can also be purchased through specialized vending machines. And, for the companies behind such goods, those machines provide value beyond sales themselves — they’re often equally about generating awareness and buzz.
Chief financial officers (CFOs) are finally trusting the cloud, but according to recent data from CFO Indicator , they aren’t fully realizing the cloud’s security potential yet. Research published earlier this month found that nearly three-quarters of CFOs say they trust the cloud, but 70 percent still lack confidence that they are able to access the data they need to make timely business decisions.
What do consumers want? Merchants think they have the answers: ease, efficiency and instant gratification. Oh, and security, too – but not at the expense of that frictionless user experience. Merchants, it turns out, are wrong – at least about a large chunk of their consumers. Although some customers ( millennials : cough, cough) may value convenience above all else, that youthful sense of fiscal invincibility does not extend to their elders, who place a higher premium on transaction security.
McDonald’s franchise owners in Pennsylvania have settled a lawsuit filed in 2015 over their use of payroll cards, news reports on Wednesday (Oct. 25) said. Owners of 16 McDonald’s locations across the state have agreed to pay nearly $3 million to hourly employees that joined a class action lawsuit against the fast food restaurant owners’ use of payroll cards they said were riddled with unfair fees.
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.
Just in time for Halloween, the Reaper is coming, and he’s after your internet. Reaper, also known as IOTroop, is a growing botnet whose size, at more than 1 million organizations infected, could soon rival that of the Mirai botnet that knocked much of the U.S. offline last year, along with top websites around the world – Reddit, Netflix, Twitter and Spotify, just to name a few.
Sizzle of The Week: Fraudsters. And for the record, making “fraudsters” a sizzle isn’t because we think it’s a good thing to do – but, unfortunately, they have earned it. And they’ve earned it not for lack of effort on the part of fraud and security professionals. Many of the best and brightest minds across payments, financial services, fraud and risk spend the vast majority of their time trying to find and fix the weak links that fraudsters could exploit for their own devious means.
Another day, another security breach. The headlines have been littered with recent reports of fraudsters and hackers stealing consumer information from everyone from email providers to hotel chains and credit bureaus. But, despite the disastrous news, there is reason for optimism in the fight against fraud. Over the past month, several providers debuted solutions to combat cyberattacks by employing new innovations and technology.
Embracing electronic B2B payments is a two-way street: Payers and payees alike have to put in the effort to make the change. But there is a third party involved in this transition that plays a huge role in businesses’ ability to put down the paper: the bank. Financial institutions (FIs) are figuring out that FinTechs can offer the platforms and technologies companies need to make this shift easier.
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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