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Before Michael Krakaris co-founded an online fulfillment platform for eCommerce merchants, he learned firsthand how companies could reinvent messy spaces with software. One of his first jobs was working for a company that created an application programming interface (API) to help businesses send text messages to their customers. That business solved a major pain point, he says, as companies used to have to make deals with the wireless carriers themselves to have that capability.
As a general rule, the earnings of a foreign corporation are not subject to U.S. taxation until such earnings are distributed as dividends. The Subpart F rules have long been in place to subject the earnings of a controlled foreign corporation (CFC) to U.S. taxation whether or not such earnings are actually distributed. The tax reform legislation passed in Dec. 2017 imposed an additional anti-deferral rule referred to as GILTI (Global Intangible Low-Taxed Income).
Months of geopolitical spats that spanned Europe, the Middle East and the United States have seen payments infrastructure at the center of it all. This week SWIFT, the financial messaging service based in Belgium (and where the acronym stands for the Society for Worldwide Interbank Financial Communications) said that it would suspend access for at least some Iranian banks.
Starting a new business is never easy, and new apparel lines are particularly challenging. There are many, many retailers and brands trying to outfit the world, and standing out in the crowd is difficult. But even on the already pitched startup terrain, apparel startup Clandestina, based in Havana, Cuba, had some unique troubles all its own. The brand became the first to launch a website for U.S. sales last month — and it is spinning up to take on its first-ever Christmas season.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
Visa and Billtrust today (Nov. 5) announced the launch of the Billtrust Business Payments Network (BPN), an open buyer/supplier payments platform that Billtrust CEO Flint Lane said will do what other B2B payment platforms have struggled to do: put paper checks on the path to extinction by streamlining and digitizing payments between businesses — and doing it at scale.
It can be a moment of anxiety, worry and mistrust: that moment when a digital payment is sent into what was once called the ether. Will the funds end up in the right bank account? Will fraudsters hitch a ride? Those and other questions can vex people involved in the transaction — and keep them glued to paper-based payments until the questions can be answered to their satisfaction.
PayPal is broadening its small business financing offering into the German market, a press release announced on Wednesday (Nov. 7). PayPal Working Capital will launch in Germany as PayPal Businesskredit, offering small and medium-sized businesses access to working capital financing that is deposited directly into their PayPal accounts. The rollout of its SMB lending offering comes nearly 15 years after PayPal first launched operations in the market, and adds Germany to the list of markets in whi
PayPal is broadening its small business financing offering into the German market, a press release announced on Wednesday (Nov. 7). PayPal Working Capital will launch in Germany as PayPal Businesskredit, offering small and medium-sized businesses access to working capital financing that is deposited directly into their PayPal accounts. The rollout of its SMB lending offering comes nearly 15 years after PayPal first launched operations in the market, and adds Germany to the list of markets in whi
B2B cryptocurrency payments company BitPay announced this week that Rolf Haag is joining the company to lead its business solutions unit. In a press release , BitPay said Haag will spearhead the company’s B2B and mass payments operations. He comes to BitPay after working for both Western Union as its former director of global mass payments, and PayPal as its former head of mass payment global disbursements.
Blockchain , the crypto wallet provider, plans to have an airdrop worth $125 million, Fortune reported. Through the cryptocurrency giveaway, each recipient would receive around the equivalent of around $25 in Stellar. The company said in a statement, “Accessible to anyone with a Blockchain Wallet, the first batch of recipients will receive their lumens, Stellar’s native digital currency, this week — for free.
Overstock may be best known as an eCommerce business, but these days its CEO and Founder Patrick Byrne is much more interested in talking about the power of cryptocurrency and blockchain, and how it will be the real future of both the firm and the economy in general. Suffice to say, Byrne remains one of blockchain’s bigger boosters. But things in the eCommerce business also showed signs of strength.
Top U.K. banks and financial technology firms have worked together to create a set of guidelines to improve the relationship between FinTech startups and financial institutions (FIs). The new guidelines, developed by the British Standards Institute (BSI), aim to address issues that interfere with FinTech firms and banks forming alliances. The U.K. banks that put them together includes the Royal Bank of Scotland (RBS), Barclays, HSBC UK, Lloyds Banking Group and Santander — as well as vendors l
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
“Artificial intelligence” (AI) may be a financial industry buzzword, but how many banks actually use it? The truth is that AI is still relatively rare in the banking world, with only 5.5 percent of banks in our survey equipped with genuine AI systems. Meanwhile, the rest are relying on automation and machine learning (ML) technologies. In other words, financial institutions (FIs) that use AI are few and far between, but that’s not to say FIs from aren’t investing in it — or rather in what they t
For retailers, the holiday season is both a busy and profitable time, but it’s also when cybercriminals seize the opportunity and target those increased retail revenues. In the latest Omni Security And Authentication Report , PYMNTS explored the different tactics cybercriminals are deploying this holiday season, and how retailers are working to safeguard themselves.
“Success consists of going from failure to failure without loss of enthusiasm,” said Winston Churchill. Might the sentiment extend to cryptocurrencies, but — parsing the quote a bit — replace “success” with “ruination?”. At this writing, bitcoin trades were at $6,352. That’s down precipitously from peaks of more than $19,800, but off lows of roughly $5,500.
Cashierless payments are set to increasingly be part of the convenience store checkout model. To that end, 7-Eleven said earlier this week that is debuting scan-and-go options at 14 of its Dallas-based stores, with the goal of bringing that technology to additional locations through 2019. The Scan & Pay feature exists within the convenience store operator’s eponymous mobile app.
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.
With a new commerce deal for the soccer world, Ant Financial’s Alipay has partnered with Europe’s UEFA to bring its platform to events sanctioned by the organization’s men’s national team. Terms of the arrangement, which is said to have a duration of eight years, were not made public, CNBC reported. “I think the future of football as future in principle is in digitalization, and we are in Europe quite far behind concerning that, so we got a proper partner for that, and I
Canada’s St. Francis Xavier University of Nova Scotia (StFX) had to temporarily shut down its entire network due to a crypto-jacking attack. “The malicious software attempted to utilize StFX’s collective computing power in order to create or discover bitcoin for monetary gain. At this time, there is no evidence that any personal information within our network was breached, however, ITS will continue to analyze and monitor for suspicious activity in the days and weeks ahead.
Square posted results Wednesday (November 7) that showed double-digit gains in gross payment volumes, continued traction amid a base of larger merchants, and notable growth in subscription and software-based revenues. The company’s third quarter adjusted revenues came in at $431 million, up 68 percent, and better than the $414 million consensus. Further adjusted revenues, said the firm, exclude Weebly and Zesty results, up 56 percent.
Consumers want to touch before they buy, and they want to talk when they purchase. Those promise to stand as two main traits of the 2018 holiday shopping season , and retailers that gain an edge and increase revenue during the all-important fourth quarter will likely have exploited such tactics during this period, at least according to new data that strives to paint a detailed picture of U.S. commerce over the coming two months.
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?
PCI compliance is vitally important for businesses that process credit cards. The standards put forth by the PCI Security Standards Council – the PCI Data Security Standards – offer a framework for ensuring data security, and they must be followed in order to avoid fines and other penalties. Even worse, failure to comply with these standards can increase a company’s risk of suffering a data breach , which can result in substantial legal liabilities and loss of sales, not to mention irrevocable d
While living paycheck to paycheck is often associated with low-salary or part-time workers, the data tells a different story. As it turns out, the white-knuckled wait for payday is something that affects consumers up and down the economic ladder, something a glance at the PYMNTS Financial Invisibles Report quickly confirms. There’s a fairly large swath of college-educated consumers earning an excess of $60,000 a year who reported that they frequently fall behind on bills, and regularly use plac
In a bid to increase loyalty, merchants are driving innovations in their stores. To that end, some brick-and-mortar retailers have begun to offer rewards programs for the very first time to bring shoppers through their doors. The idea? Retailers are taking new approaches to the way they attract customers. J.Crew , for instance, has a new loyalty program that offers standard perks such as a store credit when customers hit a certain spending threshold.
Facebook and Google have signed up for new internet standards, which will require internet companies to respect data privacy and “support the best in humanity.” According to Financial Times , the standards were designed by World Wide Web Founder Tim Berners-Lee, who last week warned that the technology giants are now so dominant that they might need to be broken up.
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!
American Express has struck a new partnership in its latest B2B payments push, announcing a collaboration with commercial payments firm WEX to support corporate use of virtual cards in accounts payable. In an announcement on Monday (Nov. 5), American Express said it will link its corporate customers using American Express business and corporate cards to WEX’s Synaptic accounts payable solution.
It’s that time of the year: crowded airports, missed connections, maybe the surprise of an upgrade (to stretch out those legs after sitting all day in meetings or at a holiday gathering). There is also the chance (please no, not this time) of some hassle with payments, such as the corporate account or card not going through, or maybe, on the travel agency side, a software glitch or another problem that adds friction and frustration to an already long travel day.
Mastercard is working to simplify the daily commute through its “Tap and Ride” program, available in more than 150 cities. A new global study shows that metro systems around the world are carrying close to 170 million passengers each day, and with that number only expected to grow, improving the speed and reliability of transit services is a key concern for most urban residents.
Apple’s taken a beating since announcing its Q4 earnings last week. The stock price is off nearly 7 percent , even though its trillion-dollar market cap remains intact. Analysts and the media smelled blood in the water after CEO Tim Cook said Apple would stop reporting unit sales of its products, including its crown jewel, the iPhone, next quarter. This came on the heels of reported iPhone sales that didn’t meet analyst expectations.
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.
Amazon has reportedly held advanced discussions about opening its second headquarters in Crystal City, Virginia — and the eCommerce giant isn’t happy about that news leaking to the press. According to The Washington Post , sources have revealed that Crystal City is so confident that the city’s top real estate developer, JBG Smith, has pulled some of its buildings off the leasing market, and local officials are making plans for a public announcement after the midterm elections.
It’s not your father’s customer loyalty anymore. The ascent of eCommerce and the digital tools that support it have made it easier — in both theory and practice — for retailers to not only see how consumers browse and what they buy (to analyze the entire path to purchase), but to get to know them in the same ways as those old-time general store operators who served small towns.
In many parts of sub-Saharan Africa, almost 90 percent of all payments and transactions are based on cash. But there is a large opportunity to increase mobile money penetration, as two-thirds of the region is adopting mobile phones. Companies like Cellulant are tapping into this market by digitizing payments in an effort to provide increased reach and transparency for players in the financial sector.
Silver Miller — America’s leading cryptocurrency investor law firm — announced it has filed lawsuits against AT&T and T-Mobile on behalf of crypto asset holders who were allegedly victims of “SIM swapping.” The suit alleges that by leaving holes in their security protocols, and failing to train and monitor employees adequately, the phone providers assisted criminals in remotely taking over smartphone SIM cards, allowing them to access financial records and account informa
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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