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One year into the shift to chip-enabled cards — for the U.S., that is — Mastercard said on Monday (Sept. 12) that data shows a “ positive impact ” through the technology across stakeholders, including issuing banks, consumers and merchants. In reference to fraud — the very activity that the cards are designed to thwart — Mastercard stated that fraud data shows a 54 percent decrease in counterfeit fraud costs at retailers who have either completed or are close to completing EMV transitions, as me
I had a chance to connect with Nilly Essaides , the Director and Practice Lead, Financial Planning & Analysis (FP&A) at the Association for Financial Professionals. Here’s what she had to say about what’s new and what’s coming in FP&A. Please tell us about the AFP and your role there. Nilly: The Association for Financial Professionals is the professional society that represents finance executives globally.
Apple is about to face opposition from a group of Seoul-based financial technology firms that are gearing up to file a complaint with the Korean Fair Trade Commission. According to a report , the financial technology firms are upset about Apple’s closed policy for the near-field communication functions of its iPhones. The financial technology firms in Korea , which include Hankook NFC, Kona I and Cashbee, and law firm Tech&Law reportedly held a meeting last week to hash out how to respond to
The Internet of Things (IoT) has its sights set on changing the health care industry as we know it. Figures from PricewaterhouseCoopers estimate that the connected health care market could grow to $61 billion by 2020 — that’s a growth rate of 33 percent annually from current levels. The market for IoT health devices is also expected to see a surge to $14 billion by 2020.
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
Another day and another security threat for consumers with cards to worry about. Today’s security special comes care of the Secret Service — which is warning banks and ATM firms about the dangers of “periscope” skimmers. The latest and greatest in card stealing tech, the little cybercrime enablers have been found implanted at ATMs in Pennsylvania and Connecticut.
At this point, omnichannel isn’t anything new. Omnichannel is supporting payments across multiple channels, we got it. Though many merchants aren’t there yet (even though consumers are demanding they should be), the concept has become commonplace in today’s digital landscape. But ensuring that consumers are able to pay when they want, how they want and where they want requires more than making sure a transaction goes through.
At this point, omnichannel isn’t anything new. Omnichannel is supporting payments across multiple channels, we got it. Though many merchants aren’t there yet (even though consumers are demanding they should be), the concept has become commonplace in today’s digital landscape. But ensuring that consumers are able to pay when they want, how they want and where they want requires more than making sure a transaction goes through.
Remember the days when innovation was developed in-house? With teams in a lab, at banks of computers or with focus groups? OK, that’s not ALL in the past, but these days, technology moves fast, and firms must move even faster to stay on the cusp of change and to keep consumers engaged. The rise of the developer portal has influenced and spurred input from independent software vendors (ISVs).
Latin America is making big gains in the realm of payments, but Mexico may just be the region’s standout star. The country has gone through its fair share of hardships — drug wars, government corruption and unpunished crimes, to name a few — but the tech ecosystem is defying the odds. In this week’s edition of PYMNTS’ Weekly Tech Center Roundup , we take a trip south of the border to explore the development of Mexico’s tech landscape and how it may actually be producing the next Silicon Valley.
From now until 2020, the global Internet of Things is expected to grow at a CAGR of 36 percent. That’s according to a new report out this week. . While some believe the IoT is still in its infancy, PYMNTS continues to monitor this network through the IoT Tracker , sponsored by Intel, f ocusing on technology integrated into everyday objects and life.
Big news on the cybersecurity front and great news for the cybersecurity industry. New York Governor Andrew Cuomo and the top bank regulator for the state proposed on Tuesday (Sept. 13) that the state be the first to require banks to establish cybersecurity programs. The regulations, if implemented, could cost banks and insurers millions, as banks would be forced to detect and deter incoming cyberattacks to protect consumer data by implementing systems under a chief information security officer.
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
Research and Markets announced on Thursday (Sept. 15) the release of the “ Global NFC Transaction Market 2016–2020 ” report, which found that the NFC transaction market is set to grow at a CAGR of 55.23 percent during the period of 2016 through 2020. Based on in-depth market analysis and inputs from industry experts, Research and Markets said in a press release that the report covers the market landscape and its growth prospects over the coming years.
The U.S. government seems to be accepting the positive impact that digital currencies and blockchain could have on legacy financial systems, according to Business Insider. A non-binding resolution was passed on Monday (Sept. 12) by the U.S. House of Representatives, asking the government to establish a national policy for technology. The resolution implies that bitcoin and blockchain technology are ways to help the unbanked and empower the consumer.
Retailers have been conditioned to think that fraud is simply an unavoidable cost of doing business. And, year in and year out, they factor into their budgets whatever percentage of sales they are comfortable writing off due to not only fraud but also fraud prevention, which has traditionally been strongly risk-averse and often blocks good sales, as well as fraudulent ones.
With no Samsung-like news for bitcoin, prices are holding steady and are even a bit bullish. Pundits expect that trend to continue, unless the price goes below $600, when traders are advised to close long positions to prepare for an initial downside to $570. But let’s turn to the miners, who aren’t happy at all with a stable bitcoin price. The bitcoin block reward was halved in July, which has changed the profitability of new miner entries and could impact the decentralization of bitcoin.
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.
Speed and aesthetics are the way to a consumer’s heart, it seems. A study by Dotcom Distribution, a logistics and fulfillment firm, found that close to 90 percent of online shoppers consider delivery times central to their decision to shop with an eCommerce brand in the future. Not only that, but almost 70 percent of online shoppers are willing to pay extra for same-day delivery if they are under a deadline, such as an anniversary or birthday.
The need for speed has a double edge, and in the payments world, this double edge is more choice for businesses and consumers against potential opportunities for fraudsters to tap into new payment models. ACI Worldwide advises that, as the world moves toward immediate payment ecosystems, a holistic view of the transaction, with layered controls from origination to the application of real-time rules, is the only way to push the pedal to the metal on faster payments and put the brakes on fraud.
It was a big week for payments and commerce last week. The rapid proliferation of headlines indicated that everyone came back from summer vacation tanned, rested and committed to finishing off 2016 with a sprint. Some of the big news was expected — the iPhone launched to a collective yawn and probably decent sales in its first weekend. Nothing like having the competition’s phone blow up, literally, to drive sales of your own product.
Facebook Messenger is officially accepting payments. The social media platform announced that its chatbot service is now commerce-enabled. At the TechCrunch Disrupt SF 2016 event on Monday (Sept. 12), David Marcus, VP of messaging products at Facebook, explained that users will no longer be sent to an external website because Messenger bots will be able to facilitate payments natively, TechCrunch reported.
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.
If you don’t think computer hacks and viruses are a big deal, think again. According to a survey by Zogby Analytics for Hartford Steam Boiler Inspection and Insurance Company (HSB), more than one-third of U.S. consumers have experienced a computer virus, hacking event or some other cyberattack during the past 12 months. What’s more, the survey found the most likely victims are young adults between the ages of 18 and 24.
While omnichannel retail has existed in concept ever since the birth of the internet, the practice has only been gradually gaining steam for the last couple of years. But 2016 will likely go down in history as the year omnichannel really broke through and stopped being a voluntary add-on for commerce operations and became an essential core competency.
A new survey from global cybersecurity company Kaspersky Lab revealed that cyber attacks typically costs large businesses $861,000 on average. For SMBs, the damages from cyber attacks usually end up costing the company an average of $86,500. According to the report, titled “Measuring the Financial Impact of IT Security on Businesses,” roughly half (49 percent) of U.S. businesses, and over half globally (52 percent), work under the assumption that their IT security will at some point be compromis
Persisting low interest rates are encouraging banks to adopt blockchain, which they see as a way to reduce costs and offset losses. The result is that banks are working together and forging new relationships in efforts to render the database technology underlying bitcoin bank-friendly. According to Financial Times , banks initially distrusted bitcoin when it first emerged in 2009 as a currency that could elude the control of governments and central banks, but blockchain was thought to have its a
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.
With the payments sphere accelerating towards real-time transactions, FinTech players of all types are exploring how they can be some of the first to make that goal a reality. One blockchain company claims it’s nearly done it. Reports on Wednesday (Sept. 14) said BlockCypher can now facilitate near-instant cross-border payments for corporate payers. “While many banks have started proof of concepts to explore the use of blockchain technology, BlockCypher customers are already in produ
To be the first to do anything is always a coup. You want first pick in your fantasy football league. Who doesn’t want first pick of the holiday White Elephant gift? Being the first child in the family certainly has its perks. Barclays had a first this week. As trade finance has gained the confidence of many industry analysts, Barclays reportedly made a “ world first ” with its successful completion of a trade finance transaction using blockchain technology.
The rise of eCommerce , the push toward omnichannel shopping platforms, the increasing relevancy of social media on shopping habits and the development of the Internet of Things to plumb every last morsel of data on customers and what they spend money on are all rapidly and drastically altering the face of retail. Who isn’t curious to know what retail will look like come 2020?
In an effort to bridge what is increasingly being known as the “inclusion gap” for minorities, Visa is finding promise in supporting products for financial inclusion in the credit union and community bank portfolio. The goal? To hurdle the financial gap that exists for these underserved populations in North America. In an interview conducted by Karen Webster with Rob Meloche, Senior Director of Global Financial Inclusion at Visa, the conversation focused on the payment company’s research, conduc
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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