FASB studies AI use in financial data analysis
CFO Dive
MARCH 3, 2023
The surge in use of conversational artificial intelligence has prompted scrutiny of the technology’s role in financial decisions
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Deep Dive Live: Make Financial Data Your Lightsaber
Generation CFO
APRIL 28, 2022
This webinar lived up to its ‘Deep Dive Live’ title, as Tanbir Jasimuddin (Director of Finance, Vardags), Nadine Sutton FCCA (Principal Product Manager, Advanced) and Chris Argent (MD, Generation CFO) really got into the details, debates and discussions surrounding financial reporting.
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Flood of financial data, how not to be overwhelmed?
Simply Treasury
AUGUST 26, 2021
The treasurer is one of the people in finance who is sitting on the largest amount of data, and this is not likely to stop, as his role is growing. How do you make good use of this data and what are the pitfalls you have to face? Data mining, the finance Eldorado?
Deep Dive Live: Make Financial Data Your Lightsaber
CFO News Room
APRIL 28, 2022
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Consumer Financial Protection Bureau Seeks Advice On Financial Data Access
PYMNTS
JULY 26, 2020
The nation’s consumer protection agency is seeking input on rule changes to third-party access to individual financial records. Its purpose was to review the agency’s handling of authorized third-party access to consumer’s financial data.
Poshmark Experiences Non-Financial Data Breach
PYMNTS
AUGUST 2, 2019
In a recently reported data breach, Poshmark said it recently learned that an unauthorized third party acquired data from some users. The fashion marketplace company said the information does not include physical addresses or financial data, according to a web post. Data involved in the breach includes user profile information specified for public use like first and last name, gender, city and user name.
Technology Safeguarding The Age-Old Practice Of Financial Data Sharing
PYMNTS
APRIL 7, 2017
The approach to financial services for consumers and businesses is quite vast, but across the spectrum, access to and management of financial data is a critical component. Today, APIs have become a popular way for banks to share this financial data with other services and have given rise to more possibilities for FinTechs in how they meet their customers’ needs — and more debate about the security of such facilitated information-sharing.
Financial Data Analytics Firm MX Lands $100M Investment
PYMNTS
JUNE 26, 2019
MX, a Utah-based technology startup offering a data cleansing and analytics platform for the finance sector, has just announced a $100 million investment. The funding comes as MX continues to build out its data solutions for financial institutions after initially launching in 2010 as a company offering banks a personal financial management solution they could provide to customers. B2B Payments B2B bank data data analytics financial data MX News What's Hot In B2B
Xero Links With Kaseya To Help Firms Wrangle Financial Data
PYMNTS
FEBRUARY 2, 2018
Information technology (IT) management solutions provider Kaseya, which targets managed service providers (MSPs) with its offerings, is linking up with small and medium-sized business (SMB) accounting firm Xero to help businesses gain greater control over their financial data. 1) that Xero and Kaseya’s BMS will integrate to synchronize financial data between both applications.
SaaS Gets Cozy To Financial Data Analytics
PYMNTS
FEBRUARY 14, 2017
million in funding last year, helps SaaS companies manage operations by providing financial management, auditing and reporting, analytics and other back-office services. SaaSOptics knows that SaaS businesses use other software solutions, especially when it comes to financial management. Before SaaS took off as a cloud-based, subscription industry, software companies really struggled to make accurate financial forecasts, he noted.
PodChats for FutureCFO: Bridging the confidence gap in financial data
Future CFO
FEBRUARY 15, 2021
The report noted concerns by respondents to the survey, including the inability to effectively collaborate (27%) which could lead to data inaccuracies (24%). In the new normal, response time to changes is as critical as the accuracy of data. “We
Tapping Into The Goldmine Of Freelancers’ Financial Data
PYMNTS
FEBRUARY 12, 2018
They are instrumental to financial institutions’ adherence to new rules that require them to open up data streams to third-party players, and traditional FIs are (finally) participating in the data-sharing game. But now that PSD2 and Open Banking are the new realities, traditional financial institutions are stepping into this world of collaboration, too. It all comes down to recognition of the value of data, the CEO said.
Theranos Sued On Allegations Of Misleading Tests, Financial Data
PYMNTS
APRIL 25, 2017
The Wall Street Journal reported last week that one of the company’s investors filed suit, alleging that the company misled directors about its testing procedures, deceived investors about financial outlooks and also set up “shell” operations in order to secretly buy laboratory equipment. Security & Fraud allegations financial data fraud groupthink Lawsuit partner fund testing Theranos theranos suit What's Hot
How Tech Can Help Uncover The Story Behind Financial Data
PYMNTS
JULY 5, 2017
For a chief financial officer (CFO), having technology — from ERP systems to cloud accounting and cash forecasting tools — has become paramount when deploying a successful growth strategy. But come reporting time, many of these solutions still aren’t replacing spreadsheets and can’t capture key information behind the data , according to Wouter Born, chief technology officer of software firm CXO Solutions. But data can quickly turn into a burden.
Regulators Call For ‘Vigilant Monitoring’ Of Big Tech’s Financial Data Use
PYMNTS
DECEMBER 8, 2019
As a way to prevent unfair competition, the Financial Stability Board (FSB) said in a report on Sunday (Dec. 8) that there should be “vigilant monitoring” of Big Tech’s move into financial services. However, there could be risks to financial stability.
The CFPB Takes A Closer Look A Consumer Choices In Financial Data Sharing
PYMNTS
NOVEMBER 17, 2016
The CFPB is taking a closer look at consumers and the relationship to their financial records — specifically the issues they face in accessing, using, and securely sharing their financial records. Consumers should be able to use their financial records and account information and securely share access in an electronic format,” said CFPB Director Richard Cordray.
The Financial Data Goldmine Of Order-To-Cash
PYMNTS
OCTOBER 13, 2017
Order-to-cash is an area of cash flow management that has the potential to significantly enhance a business’s financial performance. But ongoing reliance on paper invoices, continuing acceptance of paper checks and evolving business models are preventing companies – especially large multinationals – from grasping the power of data analytics to strategically take control of order-to-cash. There is more downstream working capital and financial supply chain enablement.
Financial statements: the challenges and best practice
Generation CFO
MARCH 23, 2022
With a growing number of regulations for reporting and external stakeholders consistently seeking more and more information at an ever-increasing pace, financial reporting is becoming more complex. Effective financial consolidation: Facts and checklist .
Why cloud tech can benefit the finance team
Generation CFO
JUNE 8, 2022
As businesses embrace digitalisation , CFOs and their finance teams can use cloud technology to effectively interpret business data and solve challenges. Data is one such reason. . Data patterns and trends . The cloud offers CFOs and their teams access to a lot of data.
Bank, finance leaders brace for rate volatility
CFO Dive
MARCH 7, 2023
The majority of leaders at financial institutions say interest rates will drive business model guidance this year but few are leveraging financial data to support these changes
Cashflow visibility: Finance execs, C-suites report low confidence
Future CFO
NOVEMBER 17, 2022
This comes despite findings that suggest that visibility over cash flow and other financial metrics could be the key to businesses weathering the growing global economic storm, the firm added. Operations Treasury and Cash Management Blackline cashflow financial data Singapore
CFO, CIO relationship key to optimize tech spend
CFO Dive
FEBRUARY 21, 2023
Nearly half of execs expect cyber attacks on financial data to increase in 2023, but the majority of finance leaders don't have consistent communication with their CIO to mitigate this risk
Mastercard, Finicity and Standardizing Open Banking’s Data Flow
PYMNTS
JUNE 24, 2020
Specifically, payments giants are buying up data aggregators, which let consumers share data with thousands of apps — and in the process are taking on the roles of trusted intermediaries as information flows across the financial services landscape.
Why Small Business Owners Should Always Have An Exit Strategy
PYMNTS
APRIL 8, 2019
“There are two main challenges for a business owner when it comes time to sell,” Hutchison told PYMNTS in a recent interview: how to price the business and how to aggregate financial data into a presentable state for prospective buyers. While questionnaires are an important piece of the process when gathering data on a business, buyers are demanding more concrete evidence that a small business is profitable. Cloud Accounting, Data Sharing.
Data Drives Decision-Making
CFO Simplified
APRIL 15, 2022
Sometimes the information is not available, sometimes they don’t understand what data is needed to move the company forward. In addition, pulling together month-end data was done manually and wasted crucial staff time. Data should provide the basis for any decision-making in a company.
UK Regulator Looks To Expand Open Banking Beyond Banking
PYMNTS
DECEMBER 17, 2019
Open Banking could be expanded soon to allow for data sharing between a much larger range of finance companies, according to the Financial Conduct Authority (FCA). Open Banking allows bank customers to share their financial data with other people and companies. In the U.K.,
How Data Will Speed The Move To Cashless Payments
PYMNTS
MARCH 19, 2019
In the latest PYMNTS Beyond the Buzzword podcast, Justin Ferrabee, chief operating officer of Payments Canada , a financial market infrastructure, told Karen Webster that cash now has — and will continue to have — its place among the ways we pay. Cash will never really die, even as countries embrace real-time payments, and as their financial service infrastructures improve. Data: Added To And Traveling With Corporate Payments.
Kicking Fraudsters Out Of Online Games
PYMNTS
NOVEMBER 22, 2019
It’s been said cybercriminals look for the path of least resistance when they target businesses or online marketplaces to steal data or money. The Economist noted that the announcement is a “rare admission of the growing problem of using video games to facilitate financial crime.”.
Visa’s $5.3B FinTech Play, Wrapped In Plaid
PYMNTS
JANUARY 14, 2020
13), Visa said it will buy Plaid — which focuses on the development of application programming interfaces (APIs) that allow consumers to share their data with thousands of apps — for $5.3 Plaid makes it easy to share your financial information with thousands of apps and services.
How Open Banking Opens Doors For Alternative SMB Lenders
PYMNTS
DECEMBER 17, 2018
Mercator Advisory Group data released earlier this year found that 27 percent of small businesses in the U.S. A lack of understanding of one’s debt service ratio score, and how applying for debt facilities might impact their credit rating, not only means an inefficient search for financing, but could lead to financial harm for a business.
Where Bank Account Data Alone Falls Short For SMB FinTech
PYMNTS
NOVEMBER 13, 2018
An application program interface (API) ecosystem is growing to transform the financial services (FinServ) sector, and small business (SMB) banking won’t be left out of the shift. APIs offer third-party FinTech firms new opportunities to make use of valuable data stored within traditional bank accounts. So, even when they receive an instant payment, as soon as it’s received, it’s already historical data.”
In B2B, P2P, Banking And Beyond: APIs Are Coming
PYMNTS
APRIL 16, 2019
In the broadest terms, APIs help speed the embrace of Open Banking, where banks’ data on accounts and transactions can be shared with third parties through the interfaces, with an eye on promoting the development of new apps and financial products. The back and forth between businesses, whether centered on payments or data, is mired in paper, phone calls and faxes — in short, wasted time and resources. financial services firms to cross the Open Banking Rubicon. “If
The Waterfall Effects Of Integrated SMB Accounting
PYMNTS
MARCH 19, 2020
Automation in small business accounting can certainly be beneficial, but when a cloud-based accounting platform remains within the confines of its own interface, there can be unexpected friction that prevents business owners from gaining real-time financial insights.
Big Banks Notice Rise In Cyberattack Attempts
PYMNTS
SEPTEMBER 30, 2018
According to the Wall Street Journal , the news comes at a time when the government is increasing its warnings to financial institutions about bank cybersecurity and possible cyberthreats, asking banks such as Bank of America , Citigroup, JPMorgan Chase, and Wells Fargo to closely monitor traffic from hackers who might be looking for weaknesses in their bank security networks. Hackers could also threaten to destroy the data. Sources have reported that some large U.S.
What Smart, Conversational AI Adds To Credit Scoring
PYMNTS
FEBRUARY 26, 2019
The complaints vary in their specifics, but all revolve around a basic premise: The old credit-scoring models are too backward-looking in a world where real-time data is available — and they are insufficient to the task of properly assessing risk. As far as traditional scoring methods go, they are an effective backward look at elements of a customer’s spending and financial life. Aire, though, is a credit-assessment platform intended to fill in that extra data.
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