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In its biggest acquisition to date, Mastercard will buy Nets for 2.85 billion euros ($3.19 billion). With the purchase of the Denmark-based payments platform, Mastercard is picking up an electronic billing platform that offers clearing and instant payment services, according to a statement on Tuesday (Aug. 6). Mastercard also confirmed that the purchase will take a bite out of its profits for up to two years after the deal closes, which is expected to happen sometime in the first half of 2020.
Katz, Sapper & Miller’s Lisa Curry and Brad Reay will present at the 2019 Healthcare Financial Management Association Tri-State Conference. Taking place on Sept. 12 in Florence, IN, the conference will equip healthcare financial managers with the tools they need to sharpen their skills, expand their horizons for the future, and successfully lead their teams.
It’s now official. The Fed plans to build its own instant clearing and settlement rails. Introduced on Monday by Federal Reserve Board Governor Lael Brainard, the Fed’s instant payment scheme FedNow is designed to offer an option for consumers and business to transfer money instantly or nearly instantly in a “ubiquitous, safe and efficient” manner from one bank account to another.
There are many ways to introduce an idea to the world. There is something to be said for going big — fireworks, a parade and a vast array of headlines. This, in short, seems to be the route Facebook decided to take with Libra — big announcement, big white paper, big partners and, most importantly — big, big plans. In short, Facebook hopes to create a new set of payments rails with the Libra cryptocurrency — with the aiding and backing of a veritable who’s who of payments and luminaries —
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
The Federal Reserve has officially announced it will create a real-time payments service, to be called FedNow. The move was described by Kansas Federal Reserve President Esther George as the biggest infrastructure upgrade embraced by the Federal Reserve since the ACH system went online in 1972. The news was announced live and online by Federal Reserve Board Member Lael Brainard, who focused her remarks on the extensive feedback that went into making the choice – and the strong consensus among
In a wide-ranging televised interview, Visa CEO Al Kelly discussed Apple ’s new co-branded credit card, Big Tech ’s move into financial services, and Visa’s interest in the Libra Association , per reports from CNBC. Kelly that said that Apple is a great partner of Visa and has worked with them for “quite some time” on Apple Cash and Apple Pay. He noted that they have a great brand, and they have a retail footprint.
Visa is moving toward discontinuing its Visa Checkout service sometime next year, according to reports. It appears the company’s service, which was introduced in 2013 and competed with services like PayPal, will be shuttered in favor of a new EMV SRC-based service. In 2017, Google Pay added Visa Checkout support, which allowed users to make purchases using Visa cards that were associated with Google Pay accounts.
Visa is moving toward discontinuing its Visa Checkout service sometime next year, according to reports. It appears the company’s service, which was introduced in 2013 and competed with services like PayPal, will be shuttered in favor of a new EMV SRC-based service. In 2017, Google Pay added Visa Checkout support, which allowed users to make purchases using Visa cards that were associated with Google Pay accounts.
Software company Salesforce has joined Mastercard’s small business program, along with Intuit, to supply solutions in the small business space, according to a release. The aim is to help businesses succeed by increasing revenue, boosting customers and improving customer engagement. Salesforce benefits are now available in Mastercard Business and Mastercard Business World Elite offerings.
Big banks aren’t happy with the Federal Reserve’s plan to update its payments system that would allow for almost instant transactions. Currently, the system doesn’t operate on weekends and can take days to process certain transactions. All that could change as soon as this week, when the Fed is expected to announce changes. “The United States is far behind other countries in terms of having real-time payments,” Fed Chairman Jerome Powell said last week, adding that while the Fed hasn’t mad
Faster payments are quickening the pace of billion dollar acquisitions in the payments space. Mastercard said Tuesday (Aug. 7) that it would spend 2.9 billion Euros, ($3.2 billion USD) to buy Nets, a Denmark based payments platform. The news comes as the payments arena is a-swirl with headlines about speeding up transactions around the globe (witness, for example, this week’s announcement that the Federal Reserve plans to build out a faster payments service in the U.S.).
Fuel and commercial payments company FLEETCOR published its Q2 2019 earnings data on Tuesday (Aug. 6), with results that pleased Chairman and Chief Executive Officer Ron Clarke. Q2 was “probably one of the best quarters in quite some time,” he said during the company’s earnings call Tuesday evening. The company surpassed expectations, with an 11 percent year-over-year revenue increase to $647.1 million for the quarter compared to estimates of $634.18 million.
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
The best is yet to come. As long as checkout and payments are part of the plan. In one sense, that describes the situation for mobile commerce — specifically, retail apps — as 2020 looms. New research from PYMNTS and LISNR digs deep into consumer views of mobile retail apps. In a new interview, Karen Webster and Chris Ostoich, co-founder at LISNR , talked about those findings and discussed what retailers must do to drum up even more interest in and loyalty to their mobile apps.
Fidelity National Information Services (FIS) released results Tuesday (Aug. 6) that showed organic growth for FIS and recently acquired Worldpay as standalone entities and updated the outlook for the combined entity — with particular emphasis on real-time payments and eCommerce opportunities. FIS said that in terms of its own consolidated results, revenues were $2.1 billion, roughly flat year on year (under GAAP), but added that organic revenue growth was 5 percent.
Even if one tried, it would be hard to ignore the near-constant reports of data breaches. Based on the flurry of consumers scrambling to get their $125 settlement from Equifax , data security is an issue with far-reaching consequences. In fact, the reported number of exposed consumer records that contained sensitive personally identifiable information jumped 126 percent between 2017 and 2018.
Cross-border payments company InstaReM is expanding its InstaReM for SMEs solution into Singapore, targeting cross-border trade and B2B payments between Singapore and China. In a press release late last week, InstaReM said Singaporean small and medium-sized businesses (SMBs) that import from China will be able to pay their cross-border vendors via InstaReM, which aims to elevate their business payments experience with faster transaction speeds.
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.
Sharing economy platforms have permeated every aspect of consumers’ lives. Some 60.1 million Americans hitch rides through ridesharing offerings like Uber or Lyft , for example, and 41 million book travel or accommodations with homesharing services like Airbnb or Hotels.com. Meanwhile, 19.5 million use talent platforms like Fiverr or Freelancer.com to find employment.
Where once there was cash at the register, there will be scan and go. The salespeople dotting the aisles may give way to self-service kiosks. In an interview with PYMNTS, Tim Moran, senior vice president of product and marketing at Worldnet , told PYMNTS that the age of automated retail is dawning — but there is no one-size-fits-all approach. Automation efforts in retail, he said, can be split into two camps — one focused on the front end, or consumer experience, and the other on the back end, w
The jury is still out on the future of opening banking in the U.S. Without a regulatory mandate, many in the financial services and FinTech space believe that competition will — and already has — nudged the industry toward embracing data integrations across platforms and service providers in the name of better banking experiences. Increasingly, FinTechs are targeting corporate and small business banking friction, and exploring how open banking frameworks — including the use of application progra
In the year 2000, if one had stood on a street corner and predicted that in two decades, the biggest craze to sweep through fast food since the drive-thru window would be artificial meat – well, let’s just say there would be a lot of disbelievers in the crowd. Twenty years ago, the veggie burger was not the kind of thing that would take the world by storm, because they were not, as burgers went, very good.
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?
Business payments technology firm Bottomline Technologies has rolled out a suite of services for banks to elevate their customer engagement with corporate services. In a press release on Tuesday (Aug. 6), Bottomline announced the launch of its Digital Banking IQ Intelligent Engagement suite, a range of products that includes payments, cash management, risk and fraud management, relationship development and client onboarding and account opening.
China’s central bank, the People’s Bank of China (PBoC), announced that it has accelerated the development of its own cryptocurrency, reported Cointelegraph on Sunday (Aug. 4). PBoC hosted a video conference on Aug. 2 to discuss its priorities for the second half of 2019, saying cryptocurrencies will be closely monitored. It suggested that it should accelerate the research and development of its digital currency.
The past is never dead. It’s not even past yet. That famous quote comes from William Faulkner and it’s often trotted out to provide meaning and important to various situations, speeches and commentary. Allow us at PYMNTS to do our own small part in that ongoing effort, and apply that quote to the world of B2B customer experience — and the never-ending push to build a better digital ecosystem around that concept.
The Federal Reserve’s planned faster payments service, the FedNow Service, is slated to have an impact on the speed with which paper checks are processed, adding a new twist to the U.S.’s path toward faster, digital payments. Reports in NBC News this week said the FedNow Service aims to tackle the standard three-day wait for checks to clear, providing immediate access to funds when individuals or businesses are paid via paper. check.
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!
Payments startup Stripe has announced that it’s opening up an office in Mexico City to take advantage of opportunities for growth in the Latin American region , according to a report by CNBC. Stripe said it wants to get engineers from the area and take advantage of the fast-growing mobile payment and eCommerce sectors. Stripe was started in San Francisco, and it competes with Square and Adyen to help businesses facilitate payments over the internet.
Fraud comes in many flavors, and a payments-related lawsuit arising from the growing business of legal, recreational marijuana is proof of that point. That new industry is growing, and new services, including online ordering and delivery, are rising to meet consumer demands for legal pot. But federal law still views marijuana as an illegal substance, which prevents most financial institutions, payment card networks and other providers from taking part in those sales.
If there was a handbook for how to become a successful fraudster, the first sentence of the first chapter would go something like this: “Go where the money is.”. Perhaps that’s why, in the midst of the seemingly never-ending stream of headlines about data breaches, account takeovers, stolen credit cards and online fraud , the notion of “check fraud” seems something of an outlier for the up-and-coming fraudster looking to make a decent living.
In the B2B realm, payments travel anything but a straight line. Transactions between buyers and suppliers wind down roads that curve, that twist and turn and sometimes lead to dead ends amid manual processes, paper checks and even faxes. Online, though, payments can travel the straight and narrow, especially across platforms that link supply chains in a marketplace setting.
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.
Facebook is moving to merge messaging systems so mobile app users can chat across all channels, Bloomberg reported Wednesday (Aug. 7). The goal is to have Instagram ’s chat feature use Facebook Messenger ’s technology, so Instagram users can communicate with those using Messenger, people familiar with the matter told Bloomberg. Instagram’s direct-messaging staff is already reporting to the Facebook Messenger team, the sources said.
FedEx and UPS are striving to make Sundays part of their delivery systems, The Wall Street Journal reported Sunday (Aug. 4). Sunday drivers will earn less money than those who deliver Monday through Saturday. Both companies said the new seven-day-a-week schedule will start in January after the busy holiday season. The drivers will be part of a lower-paid division that will mostly service residential customers.
With its new credit card in conjunction with Apple, Goldman Sachs is reportedly approving some borrowers who are subprime for the offering. The bank is accepting applications for the Apple Card from some users who have credit scores that are not stellar, CNBC noted in a report that cited unnamed sources. Apple reportedly wanted its bank partner to create a platform that would approve the most possible U.S. iPhone users within the range of responsible lending and regulations, per the sources.
As Apple makes a broader push to expand its services business, the technology company has invited certain customers to apply for the Apple Card. The card is in partnership with Goldman Sachs , and Apple CEO Tim Cook said during the company’s third quarter earnings call that it would be released in August, CNBC reported. Apple is looking to bolster revenues as sales of iPhones slow , while the card is an opportunity for Goldman Sachs to grow its reach into retail banking.
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