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Membership in the U.S. Faster Payments Council (FPC) is growing with the addition of ACI Worldwide, as the electronic payments and banking solution provider announced this week. The company is joining the FPC to support U.S. initiatives of innovating in faster payments capabilities and promoting adoption of real-time payments. ACI Worldwide noted it already has a strong foothold in the real-time payments space, with integrations with 18 real-time domestic payment networks around the globe.
In February 2016, the Financial Accounting Standards Board (FASB) issued one of the most sweeping changes to generally accepted accounting principles in the United States (GAAP) – Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The new lease accounting standards and subsequent amendments require lessees to report all leases with a term greater than 12 months, including operating leases, on the statement of financial position.
MoneyGram has announced that it’s continuing its worldwide digital expansion with greater options for its overseas customers, especially in the Asia Pacific area and New Zealand. The MoneyGram website and MoneyGram Plus Rewards program is now available to the company’s Hong Kong customers, and users in New Zealand are now able to use the MoneyGram app to send money to friends and family. .
Internet scammers, by nature, are a resourceful lot. They poke and prod, looking for various weaknesses to be exploited on online platforms, in company emails (as in Business Email Compromise, or BEC), through text messages and even the old-fashioned phone call that induces a victim to hurry online and send some money. The scams? Well, they can be done from anywhere, affording the fraudster the luxury of plying his or her trade on the go, at all hours — and even, it seems, from prison.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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 United States Federal Emergency Management Agency (FEMA) has revealed that it might look into using blockchain technology to streamline disaster insurance payouts, as well as speed up its response to disasters. “The Administrator should create a pilot blockchain-based land/property registry with critical information needed to file an insurance or disaster assistance claim.
Citi is streamlining the cross-border collections process for its corporate treasury clients, the financial institution said Wednesday (Nov. 20). In an announcement , Citi revealed the launch of its Citi Global Connect platform, enabling corporates to accept B2B payments across borders with integrated FX capabilities. Citi noted traditional methods of cross-border accounts receivable are inefficient, involving multiple collections service providers with silos between invoicing, collection and r
Former U.S. President Barack Obama is concerned about the impact technology can have on society. “’Big, disruptive’ information technologies can sometimes be ‘dangerous,’” Obama said during a talk with Salesforce CEO Marc Benioff. “People don’t know what’s true and what’s not, and what to believe,” he noted, adding that instead of uniting people, technology — like social media — is “splintering” them.”.
Former U.S. President Barack Obama is concerned about the impact technology can have on society. “’Big, disruptive’ information technologies can sometimes be ‘dangerous,’” Obama said during a talk with Salesforce CEO Marc Benioff. “People don’t know what’s true and what’s not, and what to believe,” he noted, adding that instead of uniting people, technology — like social media — is “splintering” them.”.
Mastercard and Galileo have announced Thursday (Nov. 21) a collaboration to help FinTechs and other financial-affiliated businesses with fast issuing of debit cards and bank accounts for customers, without expensive startup fees or long-term contracts. The initiative is called Galileo Instant Issuing, and developers can use the company’s open application programming interfaces (APIs) to create digital payment solutions that suit their businesses.
Amazon users in Japan are now able to use Paidy, an instant credit provider, as a payment option, according to a release. . The company provides instant payment accounts consolidated monthly. “We are deeply honored to be working with Amazon to offer a new and unique consumer experience to Amazon customers. We see tremendous potential to work with Amazon and other partners on future innovations, continuing to improve consumer experiences and the payments landscape in Japan,” said Paidy Founder an
American Express has teamed up with British life and health insurance company Vitality on a new credit card that offers cashback rewards for a healthy lifestyle, according to a release. Called the Vitality American Express Credit Card, it has no annual card fee. The card is currently available to Vitality members who have eligible policies. The card’s rewards are partially dependent on the cardholder’s level of physical activity in any given month.
While Sears Roebuck gets all the credit for inventing the mail order catalog business in the United States, in historical terms they were actually a bit late to the game. The first catalogs date back to the Middle Ages, when people used them to buy seeds for planting and books from distant monasteries. The first big entrant in the U.S. was Tiffany & Co. , who released a mail-order jewelry catalog in 1848.
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 was the gasp heard ‘round the world last week. Google confirmed that it will partner with Citi and Stanford Federal Credit Union to launch a checking account linked to Google Pay sometime next year. Media outlets and pundits have chalked this up to Google doing what every other ecosystem player wants to do: finding new ways to keep consumers inside the Google ecosystem and monetize those interactions.
It’s been said cybercriminals look for the path of least resistance when they target businesses or online marketplaces to steal data or money. And, increasingly, online gaming platforms — attractive to the bad guys due to their scale and relative anonymity — are in the crosshairs. In one recent event that grabbed headlines, video game developer Valve Corp. said it was halting the trading of “container keys” between players facing off in games like Counter Strike, which is available through the o
U.S. suppliers face a $3.1 trillion accounts receivable (AR) problem. That is how much their buyers collectively owe them on any given day. Waiting to receive $3.1 trillion in IOUs is more than a headache for the treasurers who handle their balance sheets, and it threatens to stall payments throughout the supply chain. A business that does not pay its suppliers hinders its business partners from paying their own suppliers, and so on down the line.
It’s a cliché (but a true one) to say that the automotive world, and the culture attached to it, is undergoing a massive, historic change — thanks to digital and mobile technology, and a shift in consumer preferences. Cars and trucks are becoming rolling centers of commerce and payments. Ridesharing and other programs are changing the concept of what it means to be a driver, rider and user of transportation in general.
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.
BELLIN announced that it has successfully integrated support for SEPA real-time payments into its software solutions, with the help of Deutsche Bank. The integration complies with the specifications of the German Banking Industry Committee, and enables all corporate customers of banks offering this type of service to carry out real-time payments as a SEPA Instant Credit Transfer via the EBICS channel using BELLIN’s treasury management system.
U.S. Bancorp subsidiary Elavon is acquiring U.K. payments gateway Sage Pay for $300 million, according to reports on Monday (Nov. 18). The deal comes as Sage Pay’s parent company Sage Group said in September that it was seeking “strategic alternatives for the payments business.” The company had more recently been focused on accounting, people and payroll software.
The 2018 South Dakota v. Wayfair ruling allowed counties, states and municipalities to pass laws to tax out-of-state sellers and the eCommerce marketplaces that serve them, but the ruling did not disclose specifications on what such laws must look like. State and local governments have been figuring it out for themselves in the absence of Supreme Court guidance — and, at times, provoking businesses’ ire in doing so.
Consumers and their credit providers aren’t always aligned when it comes to best outcomes. For a customer using a revolving credit tool, such as a credit card, the best outcome is to pay their balance in full each month, which has the benefit of buying now and paying later, with none of the attendant harms like paying an interest fee. However, that usually isn’t the best outcome for the card issuer.
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?
Fraud is hardly a new phenomenon in retail — in fact, it is probably safe to assume that fraud in some form or other has been there since the beginning. The minute the first shop opened for business, some fraudster likely got the idea to devise a scheme to take something from that shop without having to pay for it. Fraud, in some sense, is, was and always will be a cost of doing business in the world of retail.
Chinese startup Byton announced Monday (Nov. 18) that it has secured a distributor license from California, bringing it one step closer to bringing its first electric SUV, Byton M-Byte, to the United States. The company, which was launched in 2017 by Future Mobility Corp, plans to roll out its electric SUV in China in 2020 before moving into the U.S. and the European Union in 2021, according to Reuters.
Tech startups fearing anticipated instability are scrambling to conserve an age-old commodity — cash — the New York Times (NYT) reported on Sunday (Nov. 17). . Following quick growth and easy funding, startups are starting to jump off the fast lane and follow a more conservative road map. . San Francisco firm Kruze Consulting said young companies are raising more while spending less and hoarding cash in the name of longevity.
Following years of brisk expansion, China’s smaller financial institutions are seeing hard times as customers turn to larger banks and the local economy slows, the Wall Street Journal (WSJ) reported on Sunday (Nov. 17). When times are hard, banks that rely on borrowing from the interbank market or distributing bonds are at higher risk than those depending on deposits.
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!
Retail Business Services (RBS), the services company of Ahold Delhaize , has announced that it is testing out a new frictionless store technology at its Quincy, MA office. The technology, which is being piloted under the name “lunchbox,” allows individuals to shop a small-format store in seconds by scanning in, shopping and walking out. While RBS was tasked with application development, technology connectivity and food retail operations expertise, digital transformation solutions com
Walmart will expand aggressively in China , with a plan to add 500 new locations in the country over the next half decade or so, according to a report by CNN. The news comes as China is in the midst of an economic slowdown and a protracted trade war with the U.S. The new stores would double the retailer’s presence in China, a country that is predicted to become the largest grocery market in the world by 2023.
David Solomon, the CEO of Goldman Sachs , is denying claims that gender bias is apparent in the algorithm it uses to determine credit limits for applicants, according to a report by Bloomberg. He said he plans to address the issue fully. “There’s no gender bias in our process for extending credit,” Solomon said. “There’s no question that different applicants can get different results, and that can be for a variety of reasons.”.
With so many mobile wallets littering the landscape, it can be hard to keep up with everything that is already out there, let alone trying to keep track of all the newcomers. But some players are so large that their entrance into just about anything is going to be head-turning, no matter how crowded the field already is. Facebook — the owner of the eponymous social media site as well as Instagram and WhatsApp — with billions of users stretch across all corners of the globe, is one such player.
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.
As its website has been hacked with code that steals shoppers’ payment information, Macy’s announced it has experienced a data breach. The website was compromised in early October, and a malicious script was added to the My Wallet and Checkout pages, Bleeping Computer reported. If payment information was sent through those pages at the time they were compromised, according to the outlet, customer information and credit card data was sent to a remote site under control of the attacker.
A group of senators have introduced a bill that would classify Facebook’s proposed cryptocurrency Libra as a security under the law, according to a report by CNBC. The move would potentially add to the already numerous regulatory hurdles that Facebook and the Libra Association would have to clear to make the cryptocurrency a reality, as Facebook has said repeatedly that it will not introduce the currency without regulatory approval.
Home rental platforms are dealing with an influx of fraudulent listings, much like the broader sharing economy, but fake listings on such marketplaces represent higher stakes — due to the high costs involved. Stolen payment information used to purchase an iPhone is one thing, but a fraudster dangling a fake beachfront property in front of a group of traveling executives is another.
Mastercard and Galileo have announced Thursday (Nov. 21) a collaboration to help FinTechs and other financial-affiliated businesses with fast issuing of debit cards and bank accounts for customers, without expensive startup fees or long-term contracts. The initiative is called Galileo Instant Issuing, and developers can use the company’s open application programming interfaces (APIs) to create digital payment solutions that suit their businesses.
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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