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Venmo , the digital money transfer service owned by PayPal , suffered payments fraud earlier in 2018 that played a role in the company posting losses that were higher than forecasted for the first quarter of this year. The Wall Street Journal , citing internal documents it reviewed, reported that for the first three months of 2018 Venmo had operating losses of around $40 million, which was close to 40 percent bigger than what the company had planned for.
Everyone thinks they have millennials figured out. But a new report suggests we don't know what we think we know about this critical demographic, especially when it comes to investing.
Expense management company DiviPay is rolling out what it says is Australia’s first Mastercard virtual commercial card for corporate payers, and the first solution in the country that combines payments with expense management automation. Reports in Finder this week said DiviPay is launching its virtual card offering to help small and medium-sized companies (SMBs) automate their expense reporting and management processes.
InComm , a global prepaid product and payment technology company, has announced a partnership with Welcia , Japan’s leading pharmacy chain, to launch four mobile barcode payment solutions in its stores. InComm will be integrating its point-of-sale payment technology directly with Welcia. “Simultaneously connecting these major mobile barcode payments with the largest pharmacy chain in Japan is an exciting opportunity for InComm and Welcia’s customers,” Takumaro Arai, vice president and general ma
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
Overstock is gearing up to sell its retail business, with a deal taking place in the next few months as it focuses solely on its blockchain initiatives. CNBC , citing comments Overstock chief executive Patrick Byrne made in an interview with the Wall Street Journal , reported the sale could happen as early as February. Overstock has previously announced plans to sell the retail business so that it can focus on blockchain technology.
Earlier this week, reports said two researchers from Bloomsberg University of Pennsylvania made their case for safe harbor rules and overall easing of regulatory penalties for small businesses hit by a cyberattack. Their argument, reports in the Wall Street Journal said, is that small businesses are held to the same standards as large corporates when they suffer a data breach — even if the small business is found to not be at fault.
Earlier this week, reports said two researchers from Bloomsberg University of Pennsylvania made their case for safe harbor rules and overall easing of regulatory penalties for small businesses hit by a cyberattack. Their argument, reports in the Wall Street Journal said, is that small businesses are held to the same standards as large corporates when they suffer a data breach — even if the small business is found to not be at fault.
Atiku Abubakar, a 2019 presidential candidate in Nigeria, said he will support cryptocurrency and blockchain if he becomes the country’s next leader, according to the Daily Post. The push is part of his “Get Nigeria Working Again” proposal. Abubakar, who is a former vice president, plans to use cryptocurrency to help speed up the economy in the country.
On Nov. 24, holiday consumers and small businesses celebrated the ninth annual Small Business Saturday. The event, created by American Express as an offshoot to Black Friday , brought in an estimated $17.8 billion, according to surveys commissioned by the company. This brings the estimated total spending on the day to $103 billion since 2010, reported Amex.
Two researchers from Bloomsberg University of Pennsylvania are arguing that small businesses should not be held accountable to the same level as large corporations when hit by a cyber attack that exposes sensitive data. Reports in the Wall Street Journal on Sunday (November 25) said that researchers Loren F. Selznick, associate professor of business law and Carolyn Lamacchia, associate professor of information and technology management, argue that small businesses do not have the resources to re
Hook convenience store (c-store) customers on a user-friendly mobile experience for fuel purchases, and the benefits will accumulate. That’s one of the main findings from new PYMNTS research, which found that of the consumers who have used mobile apps to buy gas, 73 percent are likely to shop at the facility’s convenience store. That’s not all — 82 percent of those consumers want a mobile app experience that will let them pay for c-store items.
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
The world is constantly getting faster. As a result, the speed of commerce and payments is coming closer to real time. This increased focus on speed is creating a wide range of opportunities for consumers and companies alike, but also opening up new chances for digital fraudsters to wreak havoc on consumer systems. Nordstrom and HSBC were the latest to find this out the hard way when each company suffered a recent data breach.
Ohio is leading the charge in terms of accepting bitcoin as a payment method, as it is the first state to accept bitcoin to cover tax bills. According to a report in The Wall Street Journal , reported businesses in the state will be able to go to OhioCrypto.com and register to pay for a range of taxes, from cigarette sales taxes to employee withholding taxes, with bitcoin.
NovoPayment, an enabler of digital financial services, announced Wednesday (November 28) the expansion of its Developer Hub to include new partner-integrated application protocol interfaces (APIs), enterprise customer functionalities and an enhanced user experience. In a press release , the company said its Developer Hub is “the first bank-agnostic portal of its kind offering resources to software developers seeking to build new payment and financial service solutions, enhance existing products
Cubic Corporation announced Monday (November 26) that its Cubic Transportation Systems unit and Transport for New South Wales will expand the contactless payment system to cover Sydney’s train network. In a press release , Cubic said the expanded partnership comes on the heels of successfully bringing contactless payments to the Australian city’s ferries and light rail.
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.
Five years ago, a voice-activated device was mostly something that existed in the realm of science fiction. Siri had been around for a year or two on Apple devices, but was more a novelty than a frequently used tool, and it would be a year before Alexa made her formal debut to the world. Flash-forward to the waning days of 2018, and voice-activated devices have become an important part of the consumer’s connected device mix.
HSBC , one of the largest banks in the world, wants to launch its new cloud-based anti-money laundering risk management system by next year, according to Reuters. In cooperation with Google Cloud , the bank has been utilizing data analytics to develop the program, which would use machine learning to inspect the data from the banking behavior of more than 38 million customers.
Keeping consumers happy enough to make them loyal customers is no easy task, particularly as the list of things they are looking for in a commerce experience is ever-growing. They want novelty in how they travel , in how they pay and in how they shop – particularly if those novel offerings bring a smoother, more friction-free experience. At the same time, consumers also want a guarantee of security and a belief that their entire digital identity isn’t going to end up for sale on the dark web.
If Hollywood, gripped by reboot fever, ever remakes the 1983 classic movie “ A Christmas Story ” — hey, we are just doing a thought experiment here, not calling for it to actually happen — Ralphie wouldn’t need Santa and his judgmental, contrary, entirely non-professional attitude. Instead, the adorable boy whom everyone fears will shoot out his eye would simply use his mobile phone, or tablet, to order that Red Ryder Carbine Action 200-shot Range Model air rifle, perhaps using the allowance he
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.
The European Union has launched an inquiry into deals between players in the air travel industry that may have resulted in a slew of companies colluding to hike airline ticket prices consumers pay. The Financial Times , citing EU competition commissioner Margrethe Vestager, reported the regulator is looking into price manipulation agreements between airliners, travel agents and flight reservation booking companies Amadeus and Sabre.
Investment in Intelligence of Things (IoT) is expected to surge in the coming years, with companies projected to increase spending on the design, creation and operation of IoT solutions from $186.1 billion in 2017 to a grand total of $434.9 billion by 2023. What’s more, recently released studies have shown that employees are becoming less wary of their companies’ IoT plans, which could fuel growth, while service providers are also encouraging companies to engage in new IoT solutions.
Adoption of commercial cards in B2B payments has emerged as one of the hottest industry topics of the year thanks to new FinTech innovations and industry leaders like Visa and Mastercard making a push further into the market. The perpetual hurdle in corporate credit cards, though, is vendor acceptance, which inadvertently became one of the key points of friction addressed by Plastiq.
Blue Apron employees have filed a class-action lawsuit against the company over a variety of alleged labor law violations. According to BuzzFeed News , the suit, filed in October by former Blue Apron employee Rashida Fairley on behalf of all hourly employees, alleges that workers weren’t paid overtime, or for meal breaks, among other violations. The employees are seeking back pay for missed wages and a trial by jury.
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.
These are amazing times to be a consumer who suffers from retail embarrassment. Both science and digital technology are making it easier — much easier — to buy certain products without having to show your face, or without attracting too much attention. No, we aren’t talking about drugs or stolen goods or other illegal products or purchases that anyone with enough determination can procure online.
B2B payments is all too often a waiting game, one that can be damaging to the survival of a small business (SMB). With checks still so heavily in play, small businesses must not only wait to receive a check, but banks often enact a holding period that forces a company to wait even longer to see the funds they’ve been paid. The check system creates a financial environment in which a small business has money, but can’t use it.
Alternative Airlines, a website that allows customers to search for airline flights, and Amazon Pay, which allows people to pay using their Amazon payment information, have teamed up to provide a new payment option, according to a press release by the airline search company. Rather than entering new payment information – including address and card details – users can easily enter Amazon account login info.
As evidence that sandboxes are ever-increasingly a global phenomenon, Kuwait’s central bank put forth guidelines this week that are geared toward companies seeking to meld financial technology (FinTech) and financial services (FinServ). The sandbox, Reuters reported, has four phases. The newswire said representatives from local banks will sign on with a task force from the central bank, which will assess the financial products and services that are being proposed.
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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