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Membership in the U.S. Faster Payments Council (FPC) is growing with the addition of ACI Worldwide, as the electronic payments and banking solution provider announced this week. The company is joining the FPC to support U.S. initiatives of innovating in faster payments capabilities and promoting adoption of real-time payments. ACI Worldwide noted it already has a strong foothold in the real-time payments space, with integrations with 18 real-time domestic payment networks around the globe.
Indonesia’s central bank cut reserve requirement on Thursday but kept its benchmark interest rate unchanged at 5%. The unchanged rate is widely expected because the central bank has trimmed its key rate by 100 basis point in four previous back-to-back policy meetings. Bank Indonesia Governor Perry Warjiyo said the bank would lower the reserve requirement by 50 basis points from Jan 2, 2020 and free up 26 trillion rupiah (US$1.84 billion) of additional liquidity.
MoneyGram has announced that it’s continuing its worldwide digital expansion with greater options for its overseas customers, especially in the Asia Pacific area and New Zealand. The MoneyGram website and MoneyGram Plus Rewards program is now available to the company’s Hong Kong customers, and users in New Zealand are now able to use the MoneyGram app to send money to friends and family. .
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
Internet scammers, by nature, are a resourceful lot. They poke and prod, looking for various weaknesses to be exploited on online platforms, in company emails (as in Business Email Compromise, or BEC), through text messages and even the old-fashioned phone call that induces a victim to hurry online and send some money. The scams? Well, they can be done from anywhere, affording the fraudster the luxury of plying his or her trade on the go, at all hours — and even, it seems, from prison.
The United States Federal Emergency Management Agency (FEMA) has revealed that it might look into using blockchain technology to streamline disaster insurance payouts, as well as speed up its response to disasters. “The Administrator should create a pilot blockchain-based land/property registry with critical information needed to file an insurance or disaster assistance claim.
The United States Federal Emergency Management Agency (FEMA) has revealed that it might look into using blockchain technology to streamline disaster insurance payouts, as well as speed up its response to disasters. “The Administrator should create a pilot blockchain-based land/property registry with critical information needed to file an insurance or disaster assistance claim.
Citi is streamlining the cross-border collections process for its corporate treasury clients, the financial institution said Wednesday (Nov. 20). In an announcement , Citi revealed the launch of its Citi Global Connect platform, enabling corporates to accept B2B payments across borders with integrated FX capabilities. Citi noted traditional methods of cross-border accounts receivable are inefficient, involving multiple collections service providers with silos between invoicing, collection and r
Former U.S. President Barack Obama is concerned about the impact technology can have on society. “’Big, disruptive’ information technologies can sometimes be ‘dangerous,’” Obama said during a talk with Salesforce CEO Marc Benioff. “People don’t know what’s true and what’s not, and what to believe,” he noted, adding that instead of uniting people, technology — like social media — is “splintering” them.”.
Mastercard and Galileo have announced Thursday (Nov. 21) a collaboration to help FinTechs and other financial-affiliated businesses with fast issuing of debit cards and bank accounts for customers, without expensive startup fees or long-term contracts. The initiative is called Galileo Instant Issuing, and developers can use the company’s open application programming interfaces (APIs) to create digital payment solutions that suit their businesses.
Amazon users in Japan are now able to use Paidy, an instant credit provider, as a payment option, according to a release. . The company provides instant payment accounts consolidated monthly. “We are deeply honored to be working with Amazon to offer a new and unique consumer experience to Amazon customers. We see tremendous potential to work with Amazon and other partners on future innovations, continuing to improve consumer experiences and the payments landscape in Japan,” said Paidy Founder an
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.
American Express has teamed up with British life and health insurance company Vitality on a new credit card that offers cashback rewards for a healthy lifestyle, according to a release. Called the Vitality American Express Credit Card, it has no annual card fee. The card is currently available to Vitality members who have eligible policies. The card’s rewards are partially dependent on the cardholder’s level of physical activity in any given month.
While Sears Roebuck gets all the credit for inventing the mail order catalog business in the United States, in historical terms they were actually a bit late to the game. The first catalogs date back to the Middle Ages, when people used them to buy seeds for planting and books from distant monasteries. The first big entrant in the U.S. was Tiffany & Co. , who released a mail-order jewelry catalog in 1848.
It’s been said cybercriminals look for the path of least resistance when they target businesses or online marketplaces to steal data or money. And, increasingly, online gaming platforms — attractive to the bad guys due to their scale and relative anonymity — are in the crosshairs. In one recent event that grabbed headlines, video game developer Valve Corp. said it was halting the trading of “container keys” between players facing off in games like Counter Strike, which is available through the o
U.S. suppliers face a $3.1 trillion accounts receivable (AR) problem. That is how much their buyers collectively owe them on any given day. Waiting to receive $3.1 trillion in IOUs is more than a headache for the treasurers who handle their balance sheets, and it threatens to stall payments throughout the supply chain. A business that does not pay its suppliers hinders its business partners from paying their own suppliers, and so on down the line.
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.
It’s a cliché (but a true one) to say that the automotive world, and the culture attached to it, is undergoing a massive, historic change — thanks to digital and mobile technology, and a shift in consumer preferences. Cars and trucks are becoming rolling centers of commerce and payments. Ridesharing and other programs are changing the concept of what it means to be a driver, rider and user of transportation in general.
BELLIN announced that it has successfully integrated support for SEPA real-time payments into its software solutions, with the help of Deutsche Bank. The integration complies with the specifications of the German Banking Industry Committee, and enables all corporate customers of banks offering this type of service to carry out real-time payments as a SEPA Instant Credit Transfer via the EBICS channel using BELLIN’s treasury management system.
U.S. Bancorp subsidiary Elavon is acquiring U.K. payments gateway Sage Pay for $300 million, according to reports on Monday (Nov. 18). The deal comes as Sage Pay’s parent company Sage Group said in September that it was seeking “strategic alternatives for the payments business.” The company had more recently been focused on accounting, people and payroll software.
The 2018 South Dakota v. Wayfair ruling allowed counties, states and municipalities to pass laws to tax out-of-state sellers and the eCommerce marketplaces that serve them, but the ruling did not disclose specifications on what such laws must look like. State and local governments have been figuring it out for themselves in the absence of Supreme Court guidance — and, at times, provoking businesses’ ire in doing so.
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.
Consumers and their credit providers aren’t always aligned when it comes to best outcomes. For a customer using a revolving credit tool, such as a credit card, the best outcome is to pay their balance in full each month, which has the benefit of buying now and paying later, with none of the attendant harms like paying an interest fee. However, that usually isn’t the best outcome for the card issuer.
Fraud is hardly a new phenomenon in retail — in fact, it is probably safe to assume that fraud in some form or other has been there since the beginning. The minute the first shop opened for business, some fraudster likely got the idea to devise a scheme to take something from that shop without having to pay for it. Fraud, in some sense, is, was and always will be a cost of doing business in the world of retail.
Chinese startup Byton announced Monday (Nov. 18) that it has secured a distributor license from California, bringing it one step closer to bringing its first electric SUV, Byton M-Byte, to the United States. The company, which was launched in 2017 by Future Mobility Corp, plans to roll out its electric SUV in China in 2020 before moving into the U.S. and the European Union in 2021, according to Reuters.
Much of what commercial card innovators seek to address is a massive pain point for adoption: supplier acceptance. Such was the strategy of JPMorgan in its latest corporate card initiative. However, in this week’s Commercial Card Innovation roundup, it wasn’t the point of friction that technology firms were addressing. Visa and American Express (Amex) turned their attention to promoting virtual card adoption as a technology that enables greater visibility and security in B2B transact
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.
Tech startups fearing anticipated instability are scrambling to conserve an age-old commodity — cash — the New York Times (NYT) reported on Sunday (Nov. 17). . Following quick growth and easy funding, startups are starting to jump off the fast lane and follow a more conservative road map. . San Francisco firm Kruze Consulting said young companies are raising more while spending less and hoarding cash in the name of longevity.
Following years of brisk expansion, China’s smaller financial institutions are seeing hard times as customers turn to larger banks and the local economy slows, the Wall Street Journal (WSJ) reported on Sunday (Nov. 17). When times are hard, banks that rely on borrowing from the interbank market or distributing bonds are at higher risk than those depending on deposits.
Retail Business Services (RBS), the services company of Ahold Delhaize , has announced that it is testing out a new frictionless store technology at its Quincy, MA office. The technology, which is being piloted under the name “lunchbox,” allows individuals to shop a small-format store in seconds by scanning in, shopping and walking out. While RBS was tasked with application development, technology connectivity and food retail operations expertise, digital transformation solutions com
Walmart will expand aggressively in China , with a plan to add 500 new locations in the country over the next half decade or so, according to a report by CNN. The news comes as China is in the midst of an economic slowdown and a protracted trade war with the U.S. The new stores would double the retailer’s presence in China, a country that is predicted to become the largest grocery market in the world by 2023.
“What should we do about the tariffs?” There’s no straightforward answer — every leader has a different expectation. CFOs want numbers. COOs want action. CEOs want strategy. And supply chain and procurement leaders need to be ready with the right response — fast. That’s why GEP has created a simple three-part framework that will help CPOs and CSCOs brief the board and C-suite with clarity and confidence.
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