PYMNTS
APRIL 23, 2020
The biggest benefactor of the Paycheck Protection Program (PPP) is a Dallas, Texas-based hotelier named Monty Bennett, who has received $59 million from the program intended to help small or medium-sized businesses with the economic crisis. Bennett is the chair of Ashford Hospitality Trust , which manages a number of hotels including Atlanta’s Ritz Carlton and the Marriott Beverly Hills.
Katz,Sapper&Miller
APRIL 23, 2020
The CARES Act (the “Act”) hallmark provision is the potential for loan forgiveness under the Paycheck Protection Program (PPP). As PPP funds are received by businesses, now is the time to strategize for maximum loan forgiveness. The PPP has been advertised as a grant, and, in many respects, it can function like one. However, the onus is on businesses to earn 100% loan forgiveness.
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PYMNTS
APRIL 22, 2020
If your $1,200 federal COVID-19 stimulus payment has been deposited into your bank account by the Internal Revenue Service (IRS), consider yourself one of the lucky ones. An IRS spokesman told PYMNTS that only about 80 million payouts – about half of the expected total – had been issued as of last Friday (April 17). That leaves many taxpayers waiting, but the spokesman couldn’t provide a schedule of when payments will be issued.
PYMNTS
APRIL 20, 2020
Arne Sorenson, Marriott International Inc.’s CEO, said the deadly coronavirus pandemic will change the experience of staying in a hotel — at least temporarily — according to a report by Bloomberg. He told Bloomberg Television’s Leadership Live broadcast on Monday (April 20) no one knows when the lodging industry will rebound from impacts of COVID-19.
Speaker: Dave Sackett
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
PYMNTS
APRIL 23, 2020
Financial institutions (FIs) are feeling the pressure to offer increasingly personalized, digital-first services to keep customers satisfied. Crafting the seamlessness customers want means FIs are overhauling their digital infrastructures to enable access to fast, interactive and engaging banking experiences. More banks are therefore moving away from legacy core systems to embrace cloud-native architectures to power automation and meet the speed expected by consumers, securely.
PYMNTS
APRIL 23, 2020
Companies that received Paycheck Protection Program (PPP) loans could face investigations if they did not meet the criteria for coronavirus relief, U.S. Treasury Secretary Steven Mnuchin said on Wednesday (April 22). “I think a lot of these big companies, it is questionable whether they could make that certification,” Mnuchin told FOX Business. “I think they should review it.”.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
PYMNTS
APRIL 23, 2020
The rise of FinTech, the increasing globalization of finance — and even ravages of the coronavirus, which is making us all bank and transact across phones — all have pointed to one simple, urgent question: Just what is a bank, anyway? We wouldn’t go so far as to say an existential crisis is in the works. But we would state that deal by deal, partnership by partnership, the evolution of the centuries-old industry is one that is quickening and is likely to be shaped at least in part by the current
PYMNTS
APRIL 24, 2020
There is a great deal of economic uncertainty in the world today, as many banking managers and executives are acutely aware. These circumstances have brought to the fore what has long been a central concern for lenders: assessing and managing credit risk. This vital task is complicated even in normal times due to the multitude of financial risk factors in play at any given time.
PYMNTS
APRIL 24, 2020
The coronavirus outbreak is still ravaging countries worldwide, but it has not eliminated consumers’ and businesses’ need to transact, finalize complex arrangements like trusts, or speak with their bankers about financial products. Financial institutions (FIs) are thus confronted with having to serve customers who can rarely venture outside amid stay-at-home and quarantine directives but may need to visit physical branches to complete certain actions.
PYMNTS
APRIL 21, 2020
A partnership between The University of Oxford , Saïd Business School and Mastercard will launch an online education program to teach business leaders about the strengths and perils of the modern day internet. Called the Oxford Cyber Future Program , the six-week class will cover artificial intelligence, cybersecurity, threat analytics, data privacy and digital ethics, a press release states.
Speaker: Erroll Amacker
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
PYMNTS
APRIL 22, 2020
Paay, a startup credit card database storing millions of transactions, has been unsecured for weeks and only now closed again, according to a TechCrunch report. The database works with other payment processors, verifying payments to make sure there is no fraud going on for outside vendors. Paay’s mistake was not having a password installed on its server, which allowed anyone to see the data inside.
PYMNTS
APRIL 23, 2020
In some ways, the rapid onset of the coronavirus pandemic in the U.S. and around the world has meant massive changes for the gig economy — both for the platforms that power it and the workers that staff it. But the effects of those changes complex and nuanced, Wonolo Head of Supply Monica Plaza noted during PYMNTS’s latest On The Agenda conversation with Payoneer CEO Scott Galit; Roadie Founder and CEO Marc Gorlin; and Karen Webster.
PYMNTS
APRIL 22, 2020
While the digital age has opened up doors for businesses to expand internationally, it’s a bit misleading to say that it’s easier than ever for small firms to step foot into new geographic markets. Online-native companies and the cloud-based applications they run on have indeed lowered barriers for small and medium-sized businesses (SMBs) to connect with customers, business partners and even employees across borders.
PYMNTS
APRIL 21, 2020
Ripple announced on Tuesday (April 21) that it is filing a lawsuit against YouTube , alleging that the popular video platform isn’t doing its due diligence to identify and remove crypto-related scams, according to a company blog post. Ripple said it wants to protect its customers from disingenuous online giveaways and impersonations pretending to be from the company.
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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.
PYMNTS
APRIL 21, 2020
In times of turmoil, you go toward whom you trust. The coronavirus pandemic — which has forced all of us online — is exposing just who in financial services has embraced digitization, and who is truly digital native. We now must bank entirely online, by necessity. And many of us must transact entirely online, by necessity, to get the goods and services we need on a daily basis.
PYMNTS
APRIL 23, 2020
Branch visits are vital to customers’ financial lifestyles, despite mobile and online banking’s growing popularity. All generations, including 64 percent of baby boomers and 56 percent of those from Generation Z, largely prefer opening accounts in person rather than doing so online, for example, meaning in-branch experiences at financial institutions (FIs) need to be just as advanced as their online offerings.
PYMNTS
APRIL 21, 2020
The retail bankruptcy watch intensified Tuesday (April 21) as the department store sector was hit by reports of yet another major player looking at that option. Lord & Taylor, now joining Neiman Marcus, is considering a bankruptcy filing as the COVID-19 lockdown continues to decimate non-essential retail. According to Reuters , chapter 11 protection is one of several options being explored including relief from creditors and alternative financing.
PYMNTS
APRIL 22, 2020
California became the first state to issue a stay-at-home order on March 19. All 50 states have since issued social distancing guidelines, with consumers everywhere wondering when the mandates will be lifted, when the economy will reopen and whether it will be possible to resume living their pre-COVID-19 lives. But regardless of their states of residence, consumers’ lives had already changed dramatically since the pandemic was first announced.
Speaker: Anna Tiomina, MBA
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?
PYMNTS
APRIL 21, 2020
Cybersecurity experts are scrambling to fight the sheer number of different digital fraud forms that are on the rise, and the ongoing COVID-19 pandemic has only exacerbated this problem. Approximately 22 percent of U.S. consumers have been targeted by fraud attempts related to the virus, such as phishing emails claiming to be guidance on how to avoid infection that actually contain malware.
PYMNTS
APRIL 23, 2020
Expedia Group has announced a new CEO and said it has agreed to a buyout, according to The Wall Street Journal. Vice Chairman Peter Kern will take the helm of Expedia, which contains Travelocity, Orbitz and Vrbo under its umbrella, and has been without a CEO since last December. Acting Chief Financial Officer Eric Hart will now serve in his role permanently.
PYMNTS
APRIL 24, 2020
Inertia is a powerful force in the world of payments and commerce, and one that explains the persistence of things that seem like they should have been disrupted long ago. Paper checks , the biweekly pay cycle, contact-based payments — the technology has long existed to banish those antiquated ideas and replace them with a digitized variation that is faster, smoother, more accessible and more secure.
PYMNTS
APRIL 22, 2020
Hard Rock International is not expecting business to rebound before 2021. “There’s going to be a real challenge, especially here in the United States, as far as ramping the business back up,” Hard Rock Chairman James Allen told CNBC Wednesday (April 22) regarding the impact of the coronavirus pandemic. “We’re planning on that taking a year.”. Founded in London in 1971 and based in Florida, Hard Rock operates hotels, casinos and restaurants in 76 countries, according to the Hard Rock website.
Speaker: Joe Wroblewski, Senior Sales Engineer
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!
PYMNTS
APRIL 24, 2020
The People’s Bank of China (PBOC) is launching a pilot program to trial its new digital currency yuan with 19 local businesses, including the U.S. chains Starbucks, Subway and McDonald’s. The digital currency trial is being held in Xiong’an New Area, a city being built south of Beijing. China is the first country to launch a central bank digital currency (CBDC) or digital currency electronic payment (DCEP).
PYMNTS
APRIL 22, 2020
Global concern over the coronavirus spreading on contaminated surfaces in public places is unleashing rapid development of innovative biometric products that could assist a touchless society. The New York City Police Department recently stopped using its fingerprint identification security procedure for employees entering buildings, for example, contributing to a spike in demand for contactless identification alternatives.
PYMNTS
APRIL 24, 2020
Representatives from Colorado and Oregon, states known for liberal cannabis laws, want the cannabis industry to be included in future Paycheck Protection Program (PPP) legislation. Reps. Earl Blumenauer (D-OR) and Ed Perlmutter (D-CO) introduced legislation this week to ensure that that happens, allowing cannabis companies to be eligible for the PPP, along with Economic Injury Disaster Loans and other emergency loan advances.
PYMNTS
APRIL 21, 2020
Call it “technology debt” — legacy systems and architecture, hardware and software — that has to be worked down. As banks increasingly go digital, as they seek to leverage mobile devices to reach consumers where they live — and especially as the coronavirus has kept us all hunkered down and sheltered in place — they’ve got to pay down their technical debt.
Speaker: Melissa Hurrington
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.
PYMNTS
APRIL 24, 2020
Digital transformation is essential for financial institutions’ (FIs) success, but what such a transformation entails has shifted in recent years. Consumers and small- to medium-sized businesses (SMBs) are not just searching for financial partners with online platforms and mobile apps, but rather those offering such tools with greater degrees of efficiency, personalization and support for their specific needs.
PYMNTS
APRIL 22, 2020
An alleged new digital currency Ponzi scheme out of China, Antimatter Kingdom (AK), has seemingly brought in bitcoin valued at $11 million in under a single month of operation, Cointelegraph reported. AK reportedly called itself “a super mining application group” running on the CXC chain with its rollout in April. It maintains that it has taken in 180,000 bitcoins, but it seems that the effort brought a figure nearer to $11 million in bitcoin.
PYMNTS
APRIL 21, 2020
The coronavirus pandemic has some organizations playing payment rails musical chairs in their accounts payable (AP) departments as they adjust payment strategies (and methods) to suit their needs in a volatile, remote working environment. For many AP teams, the paper check has presented immediate challenges with staff no longer able to step into the office to print and send checks (and no one on the accounts receivable end to accept them).
PYMNTS
APRIL 24, 2020
With travel bans in place and work-from-home orders implemented, business trip volume has all but plummeted to zero. That may initially seem like bad news for corporate travel and expense (T&E) management providers whose revenues are largely comprised of spend that occurs during business trips. But while corporate travel spend is down, expenditure across a range of other categories is up — way up, in some scenarios, according to Webexpenses CEO Adam Reynolds.
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