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The Internal Revenue Service (IRS) is paying $1.7 million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.”. According to Quartz , the U.S. government collected approximately $4.7 billion in taxes last year on nearly $13 billion in revenue from legal cannabis companies. Most of these companies were forced to pay their federal taxes in cash because about 70 percent of all legal cannabis businesses are unbanked.
In civil litigation, causation is a critical element in establishing the plaintiff’s cause of action by linking the defendant’s alleged misconduct to the claimed economic harm. Because of this linkage between causation and damages, qualified financial experts are often in a position to provide analyses to the trier of fact that can assist in deciding whether the causal link has been proven by the plaintiff.
Corporate finance executives seem to be readying for real-time payments, preparing to adopt faster payment capabilities and bracing for changes to their cash flow management strategies as a result. A new report from Deutsche Bank said this industry path is guiding banks and corporates to a new destination: real-time treasury. Driven by a range of factors (including changes to intraday reporting requirements, open banking initiatives, longer clearing windows for real-time gross settlement (RTGS)
Opus, the provider of global compliance and risk management solutions, announced Thursday (Nov. 15) the results of the third annual Ponemon Institute’s “Data Risk in the Third-Party Ecosystem” study, which found that 59 percent of companies surveyed said they have experienced a data breach caused by their vendors or third parties. In a press release announcing the results of the survey of more than 1,000 CISOs and other security and risk professionals across the U.S. and U.K., Opus said th
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
Western Union and FLEETCOR are nearing an agreement to sell WU’s business payments operations to the fleet payments firm, according to reports in PE Hub on Wednesday (Nov. 15). Citing three unnamed sources, reports said Citi is advising on the deal, which could fetch $600 million for the B2B payments operations. Though unconfirmed, the deal would not come entirely as a surprise.
As the U.K. continues its move to adopt the ISO 20022 payments messaging standard, the Bank of England is reportedly planning to create a panel aimed at streamlining the adoption of the standard for more efficient payments in the country. In a press release issued last week, the Bank of England said that it, along with Pay.UK, is inviting interested parties to join its Standard Advisory Panel to help guide adoption of the payments messaging standard across the New Payments Architecture (NPA).
A group of payment players announced Tuesday (Nov. 13) that they created a new organization, dubbed U.S. Faster Payments Council (FPC), aimed at working toward a ubiquitous payment system that enables Americans to safely and securely pay anyone, anywhere and at any time with near-immediate funds availability. In a press release, the group said the mission, structure and focus of the U.S.
A group of payment players announced Tuesday (Nov. 13) that they created a new organization, dubbed U.S. Faster Payments Council (FPC), aimed at working toward a ubiquitous payment system that enables Americans to safely and securely pay anyone, anywhere and at any time with near-immediate funds availability. In a press release, the group said the mission, structure and focus of the U.S.
Google Cloud has announced a partnership with artificial intelligence and data analytics firm ThoughtSpot to develop cloud analytics solutions for the enterprise. In a press release issued on Tuesday (Nov. 13), Google Cloud said it has certified ThoughtSpot to operate its in-memory calculation engine, Falcon, on the Google Cloud Platform. The company also revealed additional integrations into the Google Cloud Machine Learning Engine.
Amid stricter checks for money laundering, banks are moving away from the international money transfer practice known as correspondent banking. The shift could possibly cause payments to move underground and particularly impact nations that are dependent on remittances, Reuters reported. Even with efforts to stem the decline in correspondent banking, The Financial Stability Board (FSB) noted on Friday (Nov. 16) that the practice still fell in popularity in 2017.
Banks face a new challenge in the open banking age: How do they best use application program interfaces (APIs) to collaborate with FinTech firms and deliver new services to clients? The API economy offers traditional banks several opportunities for innovation. To capitalize on these opportunities, Tom Eck, chief technology officer at IBM , said financial institutions (FIs) must think outside the banker’s box.
CanIDeal has announced that vendors of cannabis-related products can now start listing their merchandise on its eCommerce portal. “While we are only selling THC products in Oregon, any and all non-THC and.3 CBD products can now be listed for sale in every one of the 22 recreational and medical states through our platform. We are thrilled to be able to offer the industry’s first national eCommerce solution for everyone,” Joseph Farruggia, CEO of CanIDeal, said in a press release. “With our
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
It’s a combination of the latest technology and prehistoric human need: the increasing trend of using robots in the grocery industry. It has gained speed in 2018, showing how fulfillment — in many cases, following the lead of Amazon — is relying less on human participation as eCommerce buyers continue to change their shopping habits and expectations.
CIMB , a banking group that operates in countries such as Malaysia, Cambodia and Thailand, has inked a deal with Ripple in order to bring the company’s blockchain technology to its SpeedSend remittance offering, Cryptovest reported. Through the offering, the bank hopes to take on the inefficient, sluggish and costly process for settlements with distributed ledger technology solutions in the ASEAN region.
Nordstrom has suffered a data breach that exposed employee names, Social Security numbers, dates of birth, checking account and routing numbers, salaries and more. According to The Seattle Times , a company spokesperson confirmed that employees received an email notification and apology from Co-president Blake Nordstrom last week regarding the breach.
Veterans Day is Nov.11 in the U.S. — a day set aside each year since 1954 to honor all those who have served in the military. There are roughly 26 million veterans in the U.S. today and, each year, about 1 percent of those eligible for service enlist. First Data CEO Frank Bisignano told Karen Webster that the 1 percent is critical. “[Veterans] are the 1 percent that protect all of our liberties and freedom,” Bisignano told Webster.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
As the peaks and valleys of blockchain hype continue to rise and fall, more doubt has surfaced over the future of distributed ledger technology, particularly in the area of B2B payments. Dun & Bradstreet recently released a survey that found only about one-quarter of finance executives believe blockchain will emerge as the dominant B2B payments technology by 2028; instead, professionals believe online payments and eChecks will lead the way.
What’s worse than a “maybe”? Warm ice cream, perhaps? Flat soda? Pat Boone singing heavy metal? (Yes, he actually released an album of heavy metal covers in 1997, with hard-edged songs from Metallica and Guns N’ Roses rendered in a jazzy style that is not campy but just bad.). Anyway, when it comes to “maybes” — the absence of certainty, the mushy middle that, in business, can mean revenue loss and flat growth — too many of them can provide openings for fraud.
American Express announced Thursday (Nov. 15) the launch of American Express Go, a new digital service aimed at helping mid-sized and large companies handle business expenses for temporary workers, recruits and employees without corporate cards. In a press release , American Express said American Express Go features a virtual card that can be used online and over the phone, and also the option for the virtual numbers to be printed on a plastic card for in-person payments.
In the connected age, consumers have more ways to interact with retailers than ever before. While brick-and-mortar stores are still popular with shoppers, they are also looking to new channels to buy clothes or their weekly groceries. Simply said, consumers are turning to their mobile devices to make purchases that they might have once made in a brick-and-mortar store.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
Welcome to Five at Five, your late look at the day’s payments and commerce news. Today’s coverage includes the latest way Instagram wants to appeal to online shoppers, along with fresh data about how fraudsters might attack on Thanksgiving Day. Instacart raises new capital, Berkshire takes a stake in Chase and bitcoin has a bad day. Instagram Rolls Out Three New Ways to Discover Products to Purchase.
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. In some instances, these systems deploy this data to create a solution that banks haven’t developed themselves, often due to restricted investments in small business product developmen
Open banking initiatives are changing the way banks operate and engage with third parties and partners. However, those are not the only changes the movement is causing — it’s also having an unexpected side effect of pushing banks to reimagine their traditional roles as financial institutions (FIs). Now, several major financial giants are encouraging industry-wide collaborations with the launch of B2B market platforms.
Online lender Social Finance (SoFi) continues to struggle, recording an adjusted loss of around $12 million during the third quarter before interest, taxes, depreciation and amortization. The FinTech company has now recorded losses for the second consecutive quarter. In August, it posted a second quarter loss of about $200 million. According to The Wall Street Journal ( WSJ ), the earnings losses follow an adjusted profit of $56 million in Q3 of 2017.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
Collaboration amid competition has been a hallmark of the financial services space, as traditional financial institutions (FIs) join forces with FinTech startups. To that end, news came earlier this week in the United States that a dozen community and regional banks have formed a group aimed at exploring the opportunities amid FinTech offerings. The group, to be known as Alloy Labs Alliance, according to a press release , is being managed by FinTech Forge.
In early October, Hurricane Michael ravaged the Southeastern United States and parts of Central America, and these areas are still recovering from the damage. In addition to the human toll, the damage includes destroyed homes, vehicles, roads and infrastructures. By some estimates , the powerful storm — which has been linked to 36 deaths in the U.S. — caused approximately $4.5 billion in damages to residential and commercial properties.
Ripple , the cryptocurrency startup behind the XRP tokens, and its affiliated defendants have filed documents to move a consolidated class action lawsuit to federal court. According to CoinDesk , Ripple lawyers want the suit to be moved from its previous venue at the San Mateo Superior Court to the U.S. District Court in the Northern District of California.
Target’s Twitter account got hacked earlier Tuesday (Nov. 13), with the bad guys using the retailer’s Twitter feed to trick unsuspecting consumers into giving away cryptocurrency. According to a report in The Next Web , scammers tweeted out links to scam giveaways that encourage users to send small amounts of cryptocurrency to have a chance at winning more than $31 million worth of bitcoin.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
When consumers make a purchase online or through a mobile app, they expect the process to be simple and secure. However, they also expect to be able to pay using the method of their choosing, and in their local currency. That puts pressure on eTailers that are increasingly finding themselves in competition with merchants from around the world. In the latest Payments Powering Platforms Tracker , PYMNTS explores the latest efforts by industry giants and platform powerhouses to improve their payme
Another exit scam has hit the crypto world. This time, South Korean blockchain company Pure Bit has reportedly stolen $2.7 million worth of investors’ money after raising 13,000 Ethereum in an ICO. According to The Next Web , hours after moving all raised funds out of its wallet, the company shut down its website, deleted its social media accounts and kicked all users off its chat group.
The Centers for Medicare and Medicaid Services ( CMS ) confirmed on its website that it was the victim of a data breach in October — the Marketplace system used for agents and brokers was hacked. In a statement on HealthCare.gov, the government agency said the breach allowed “inappropriate access to the personal information of approximately 75,000 people who are listed on Marketplace applications.
While the legalization of marijuana is a contentious political topic, a fact that is not contentious is that in the 33 U.S. states (and the District of Columbia) where marijuana has been legalized for sale in some capacity, it has thrown off a fairly large chunk of tax revenue in the last year. The federal government alone collected an estimate $4.7 billion in taxes from legal cannabis companies last year, an amount of money that is undoubtedly a sizzle for the federal coffers.
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
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