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The U.S.’s first new payment and clearing system in more than 40 years is up and running. At 4:59:40 p.m. on Monday, $3.50 was moved between accounts at two different banks (there was only one customer with two bank accounts) via RTP, the name for a new “Real-Time Payments” system set up by The Clearing House. All in all, the transfer took three seconds — as opposed to the hours or days more typically associated with an ACH transfer.
American Express is the latest financial company to become a member of RippleNet, the blockchain network operated by Ripple that provides real-time, business-to-business (B2B) global payments. On its website , Ripple said American Express joins Credit Agricole, Airwallex and Cuallix, among others. According to Ripple, American Express FX International Payments will partner with Santander U.K. to create a transaction channel between the U.S. and U.K. for the first time.
A new report by business banking market research and analysis firm East & Partners suggests corporations aren’t opposed to changing banks as a direct result of new FinTech solutions businesses want to use. Researchers announced East & Partners’ new report, “Financial Technology and the Corporate,” on Monday (Nov. 13). In a survey of corporate treasurers and CFOs at top corporations around the globe, 13 percent said they had already partially or totally switched their financia
With Europe just weeks away from PSD2 coming into effect, banks across the region are gearing up to get on-board with one of the regulation’s main objectives: to promote open banking and stir up competition and innovation in the financial services market. FIs around the globe may be flocking to APIs and embracing the open banking concept today, but just a few months ago – says Marten Nelson, co-founder and VP of marketing for Token, Inc. – the banks weren’t having it. “If you h
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
Wells Fargo Advisors and the Securities and Exchange Commission (SEC) reached a settlement this week resolving charges that the bank dropped the ball in reporting suspect activities pertaining to money laundering for several years. According to a MarketWatch report published Tuesday (Nov. 14), though broker-dealers are required to file suspicious activity reports (SARs) to the U.S.
Fashion retailer Forever 21 revealed that it has suffered a data breach at some of its stores. According to news from Fortune , customer payment card information was compromised at certain point of sale devices in stores when the encryption on those devices was not operating. The company, which operates more than 815 stores in 57 countries, did not say which specific locations were affected.
Fashion retailer Forever 21 revealed that it has suffered a data breach at some of its stores. According to news from Fortune , customer payment card information was compromised at certain point of sale devices in stores when the encryption on those devices was not operating. The company, which operates more than 815 stores in 57 countries, did not say which specific locations were affected.
Wells Fargo Chief Financial Officer John Shrewsberry said at an industry conference on Wednesday (Nov. 15) that he isn’t concerned consumers are having a tough time paying back their debts. According to news from Reuters , Wells Fargo ’s Shrewsberry said that banks are being competitive in getting consumers to use their credit cards but that easy access to credit hasn’t led to meaningful credit card defaults yet.
Every day the world hears about another blockchain project in the works or another distributed ledger technology consortium forming. What it doesn’t hear, though, is that most of those initiatives will go defunct only a few months after launching. Just last week, Deloitte found that in 2016 alone, nearly 27,000 new blockchain projects surfaced on the market.
No one knows what the future holds. In life, certainly, but especially in technology — and especially in payments technology. From wampum to pieces of eight to greenbacks to mobile devices and NFC, the conduits and ways we pay are constantly evolving. No one holds the crystal ball that reveals which form factors will fit the wants and needs of consumers and merchants, but the trend veers toward openness, where versatility reigns and where any number of apps will work with any number of hardware
Google has announced an array of new Assistant features for app developers, including new push notifications, daily updates and additional language support. According to the news release, the added features are designed “to make it easier for users to find, interact and re-engage with your app.”. Assistant now allows for speaker-to-phone transfer, a new API that makes it possible to start an action on a Google Home speaker and complete it on the phone.
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
Corporates may be aware that greater disruption from innovative technologies is coming, but that doesn’t mean they’re necessarily ready for it. A new report from the Association for Financial Professionals (AFP) found that only about a tenth of surveyed corporate treasurers are prepared for emerging technologies like blockchain and machine learning to disrupt the enterprise.
This month, Amaryllis , a tech startup building modular solutions for payment facilitators and merchant acquirers, has closed a significant round of financing, made two strategic hires, connected directly with industry professionals to answer questions and comments on the startup’s first CEO chat and made an impression at a major payments conference.
Alibaba Group Holding, the Chinese eCommerce giant, saw gross merchandise volume of $25.3 billion for this year’s Singles Day Global Shopping Festival, up 39 percent from a year ago. What’s more, 90 percent of the total gross merchandise volume for the 24-hour shopping event was settled through the company’s mobile payment unit, Alipay. In a press release , the Chinese online retailer said that in 2016, 82 percent of gross merchandise volume was settled through Alipay, underscoring Chinese consu
The bitcoin market has taken a 25 percent tumble over the last few days after briefly touching an all-time high price of $7,900 per unit of bitcoin. A missed software upgrade, uncertainty over the launch of bitcoin futures and concerns about an asset bubble were all weights against the digital currency’s price — which fell to below $6,000 over the weekend.
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.
Aiming to boost its reputation after a fake account scandal last year, Wells Fargo announced Tuesday (Nov. 14) the launch of a new overdraft feature that will reduce the hit to customers. The embattled bank said the new feature, dubbed Overdraft Rewind, will automatically reverse overdraft fees assessed on customers’ accounts. In a press release , the national bank noted that the feature will kick in if an overdraft fee hits the day before a direct pay deposit is scheduled to show up in the acco
If you thought Jim and Pam on “The Office” took forever to get together, you’ve clearly never followed the decades-long mating dance between the world’s two largest toy companies, Hasbro and Mattel — one, the owner of My Little Pony, Nerf, Mr. Potato Head and nearly all things Disney; the other, parent of Fisher-Price, Barbie, Hot Wheels and (once upon a time) nearly all things Disney, before losing the license to Hasbro in 2016.
A new survey from alternative lender Reliant Funding found only 12 percent of surveyed small businesses (SMBs) have actually used alternative finance. The company released the results Tuesday (Nov. 14) and found, more often than not, small businesses aren’t using alternative lending sources. While 49 percent of SMBs said they were familiar with alternative finance, they said they haven’t worked with an alternative finance provider; meanwhile, 39 percent said they haven’t heard of alternative fin
Brick-and-mortar retailer of arts and crafts supplies, A.C. Moore, is making a big push into digital. A.C. Moore’s parent firm, Nicole Crafts LLC, has revealed news of its acquisition of Blitsy. An eCommerce player, Bitsy sells arts and crafts retail products online. Nicole Crafts has also secured a “exclusive partnership” as part of a major investment in handcraft marketplace Zibbet.
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.
In what small business (SMB) owners are calling a “disaster,” post office workers on the archipelago nation of The Bahamas are striking, causing major hiccups for local SMBs’ cash flow management and shedding light on the importance of electronic invoicing and payments. According to news from Tribune 242 , employees at the post office headquarters on The Bahamas are protesting over what they claim are poor working conditions.
B2B payments are powerful, but so are mounting debts. Innovative technology is making it increasingly easy for companies and individuals to exchange money for goods and services, but rising debts and other negative factors are making the risks of not getting paid for those same items a little too real. Today in PYMNTS’ data, rising healthcare costs and medical insurance deductibles are leaving consumers with hefty unpaid bills; billions of unbanked people (with payments-enabled smartphone device
[link]. Cash. Consumers. Merchants. Alternative payment methods. eCommerce. Not just buzzwords or stakeholders in payments. These are the essential pieces of the puzzle when it comes to eCommerce , writ large across a global stage. And when it comes to far-flung currencies, cultural differences and cash translated into bits and bytes, consistency counts.
The thing about visionaries is they can sometimes be all about the vision and not so much about the stepping stones that will get them there. That was the case for former Touch of Modern COO Jonathan Wu : When he co-founded the company five years ago, he didn’t know how complicated international sourcing and payments would be. The eCommerce merchant sells apparel, accessories, furniture, electronics and other products aimed at the urban male.
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.
Think of banking and you might think of lending and deposits, where firms make money on the spread between what they pay savers and what they take in from borrowers. But banks cannot live on interest alone. Additional financial products and services must round out traditional banking activities. And yet, sometimes community banks, opt to stick to their lending knitting, forfeiting the potential to earn non-interest revenue and cementing their ties with both individual and corporate customers.
Visa, the payments company, announced Wednesday (Nov. 15) that it is enabling bank-to-bank test transactions with a handful of partners, including Commerce Bank in the U.S., Shinhan Bank in South Korea, Union Bank of the Philippines and United Overseas Bank in Singapore. In a press release, Visa said it will test bank-to-bank transactions with more partners as it prepares for a commercial launch of Visa B2B Connect , which will give banks a fast, secure way to process cross-border B2B payments.
Smart homes can make a lot of consumers feel dumb. Simply asking Alexa to turn up the music or turn down the heat sounds easy, but the prospect of setting it all up can be daunting, especially when customers may not be sure what to expect from the final experience and whether that is what they really want for their homes. However, that hasn’t put a damper on consumers’ interest.
The year 2020 looms large in the payments realm, marked off by the Federal Reserve as the year faster payments are to be truly commonplace, available to U.S. consumers and to businesses, standard practice across transactions of all sizes. The goal is an ambitious one, to be sure, one that needs collaboration between sometime competitors in the banking and FinTech arenas.
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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