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A big change is coming to Mastercard , which will soon be marking the end of an era as its longtime CEO Ajay Banga departs from the role of CEO and moves on to the role of Executive Chairman, a position now held by Richard Haythornthwaite, on Jan. 1, 2021. Haythornthwaite has served as chairman since May 2006 and Banga has served as CEO since 2008 — when he took over the helm shortly after the onset of the financial crisis.
KSM is honored to have won ClearlyRated’s Best of Accounting™ Award for providing superior client service. This marks the second consecutive year that KSM has earned the award.
The Department of Labor recovered $304 million in unpaid wages in 2018 due to wage violations. Employers who use illegal payroll practices not only owe back the money they “steal” from employees, but they’re also subject to hefty penalties. Plus, these businesses lose the trust of their workers and harm their employer brand. In short, […]. The post For the Love of Your Small Business: 11 Wage Violations You Need to Avoid appeared first on Patriot Software.
PYMNTS recently spoke with Saqib Sheikh, global head of SWIFT’s ISO 20022 program, to learn more about SWIFT’s commitment to assist the financial community in the transition to the new standard in cross-border payments: ISO 20022. Cross-border payments are a fragmented space with disparate standards, service levels, and compliance and reporting regulations varying from country to country.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
JPMorgan Chase is taking steps to open a digital bank in the U.K. by the end of the year. The banking firm has been talking with London regulators about the idea, according to The Financial Times on Saturday (Feb. 22). The operation will likely include savings and lending products, and it comes just two years after U.S. bank Goldman Sachs launched a digital bank called Marcus in the U.K.
To explore the positive impacts of blockchain on small businesses, the U.S. House of Representatives Committee on Small Business plans to hold a hearing next week. Witnesses scheduled to appear include PopCom CEO Dawn Dickson and Ownum CEO Shane Bigelow, as well as Jim Harper, a visiting fellow for the American Enterprise Institute, and Marvin Ammori, general counsel for Protocol Labs, Yahoo!
Google “used car dealer.” Click on the image tab. Within the top four thumbnails you will see a man wearing a bad jacket, a bad hat and a villainesque mustache. He is the cliché of a profession that has a lot of suede sheen on it, but at least one company is in the market to bring used car sales into the digital future. “We get that a lot,” said Shift Co-CEO Toby Russell of the stereotype.
Google “used car dealer.” Click on the image tab. Within the top four thumbnails you will see a man wearing a bad jacket, a bad hat and a villainesque mustache. He is the cliché of a profession that has a lot of suede sheen on it, but at least one company is in the market to bring used car sales into the digital future. “We get that a lot,” said Shift Co-CEO Toby Russell of the stereotype.
Call it a tale of two bank deals. The stories come with significantly different price tags: $185 million and $13 billion. Yet, some common threads unite the respective bids by LendingClub for Radius Bank and by Morgan Stanley for E-Trade , with a nod toward the changing financial services landscape and serving customers through “one-stop shop” platform models.
A quick glance at the workforce of 2020 doesn’t immediately present itself as all that different from the workforce of the year 2000. The major professions remain the same — doctors, lawyers, bankers, accountants, stock brokers, academics, teachers, consultants, software programmers, etc. The trades are mostly familiar — electrical, carpentry, plumbing, welding, etc.
The coronavirus has already dented supply chains — notably those that serve retailers and auto manufacturers, among others. Digging a bit deeper and into the tech supply chains serving Apple, the headlines seem focused on consumer-facing firms, where end products such as cell phones may be slow to reach shelves if (well, of course, when) production gains traction again.
Billions of dollars in earnings. Billions of dollars in the bank. Time to go shopping? As reported by CNBC , Jamie Dimon, CEO of JPMorgan , said at the company’s investor day Tuesday that “we are looking, and will be much more aggressive with acquisitions.”. And with a nod toward what might be in the crosshairs, Dimon said that acquisitions would be somewhere within financial services and technology, and decidedly not in traditional banking (read: checking and deposits).
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
Payment company PayPal is looking at small business credit as a new field of opportunity. The company is championing a national digital framework in Australia that would speed up the processes used to verify customers. In a submission to a senate inquiry into financial and regulatory technology, PayPal and other fintech companies recognized alternative business finance as a key strategy moving forward, according to the Sydney Morning Herald on Friday (Feb. 21).
U.K. fraud prevention firm Featurespace announced on Wednesday (Feb. 26) that Enfuce — Finland’s largest FinTech startup — is implementing the Featurespace ARIC Risk Hub to protect its clients from cyberattacks. Founded in 2016 by Denise Koskinen and Monika Liikamaa, Enfuce offers payment and open banking services to more than 8 million banks, FinTechs, financial operators, and merchants. .
Revolution Payments is streamlining the process of commercial cards and interchange fees with its new NetSuite Level III Credit Card Processing Solution, the company announced on Friday (Feb. 21). . The NetSuite card processing solution simplifies payments and reduces the interchange cost of accepting commercial cards by up to 43 percent. Incorporating credit card processing functions into an accounting solution also makes work-flows operate more efficiently and reduces double entry. .
For the accounts payable (AP) and enterprise resource planning (ERP) automation space, it’s no longer business as usual. Firms looking to strengthen their interactions with customers and vendors by adopting comprehensive, automated AP and ERP solutions are increasingly turning to cloud-based products in lieu of on-premises systems. These firms are finding that managing both systems in the cloud offers the flexibility and security needed to streamline invoicing and cut costs, while keeping operat
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.
“What, do you think we own the electric company? Then shut off that light!”. It is an admonishment that we’ve all heard, or at least a variation of at some point in our lives. Maybe one’s father asked this question, but the ending was always the same: a vigorous command to turn off the light that a child (or adult) left on when they left one room to go to another.
Dubbed “challenger banks” for shaking up the status quo of banking as we’ve always known it, digital banks with awesome apps are the FinTech alternative to more staid financial institutions whose roots go deep, but may also seem a bit dazed by the pace of tech change to the their sector. A look at the February PYMNTS Provider Ranking of Digital Banking Apps tells the story of who’s in the lead and who is charging up to take a better position in this competitive new arena.
It has been more than 100 years since the first car was insured in 1897 by the Travelers Insurance Company. Since then, there has been no-fault insurance, safe driver insurance and student driver insurance – but outside of that, no essential changes have been made in a $288 billion dollar business. Until now. Based in Silicon Valley, Metromile is bringing a new business model to car insurance based on a per-mile metric.
To get a sense of the new frontiers in cybercrime, and how cryptocurrency helps fraudsters cover their tracks or finance their schemes … look, perhaps, to Latin America. In a report titled “The Dark Side of Latin America,” IntSights, which monitors cyberthreats, said Latin America is among the top regions for money laundering, done at least in part through cryptocurrency, and that such tactics are favored by organized crime.
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?
The mobile order-ahead market continues to expand its footprint, growing by 23 percent over the past four years and now accounting for more than 3.1 billion restaurant visits and $26.8 billion in sales. Restaurants that do not adopt these services risk falling behind, with a recent survey finding that restaurants without delivery apps could lose up to 70 percent of their customer base by the end of 2020.
Someday this will be a marketing case study. You’re Constellation Brands. One of your leading brands is Corona beer. Then out of China comes a virus that has your name on it. You’re blowing up on social media for all the wrong reasons. And to top it off, you have a major product extension on the books with millions in media behind it. So far we know two things about this future case study.
As 2020 unfolds, the retail business has been dramatically altered. Macy’s started the year by laying off employees and closing stores. Simon Properties led a team of investors to essentially buy out one of its tenants, Forever 21. And the supermarket business has thinned its ranks, with several organic food players going out and Amazon coming in. But with consumer spending holding steady, it’s important for retailers to grasp the opportunity to create innovative ways to get, keep and grow custo
Capital One is going to increase its focus on digitization and close 37 branches around the U.S., according to a report by Yahoo Finance. The company has made its intentions known by filing applications with the Office of the Comptroller of the Currency. “Our customers are increasingly engaging with us digitally,” said Capital One spokesman Derek Conrad.
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!
One of the most important innovations in history is the pendulum clock, which was invented in 1636 by Christiaan Huygens , a Dutch scientist and founder of the field of mathematical physics. Although humans had created mechanisms for keeping time for thousands of years, an accurate measure of time — one that also included a display mechanism for all to see — didn’t exist before Huygens’ invention.
As B2B FinTech firms continue working to break down silos, and ease the numerous friction points of the B2B payments process for both buyer and seller, the opportunities for data integration are vast. Purchase, invoice and transaction data are invaluable to the journey of digitization and automation, but organizations are increasingly recognizing that the value can only be realized if that data can integrate seamlessly across platforms.
FinTechs are helping companies understand and optimize their total cost of payments acceptance through technology. Modo Founder and CEO Bruce Parker said there are many different drivers of that cost. Big online eCommerce, gig economy or other merchants “tend to have a lot of different payment services that they use,” he told PYMNTS in an interview.
Successful companies know they must be agile and flexible to meet customers’ ever-changing demands, forge valuable long-term supplier relationships and operate smoothly. Many are turning to enterprise resource planning (ERP) tools with accounts payable (AP) automation to harness both solutions’ abilities and level up their businesses’ values. Bringing AP automation to ERP offerings enhances working capital management, reduces operational costs and improves productivity.
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.
The world of 1997 may not initially present itself as a radically different place from today, but a stroll down memory lane quickly proves otherwise. Amazon was a three-year-old online bookstore that had recently launched its IPO with a stock price of around $20. The internet was dial-up nearly everywhere, with high-speed offerings largely limited to college campuses.
A former Microsoft engineer was found guilty of 18 federal felonies after he stole $10 million worth of digital currency from his ex-employer and used the money to finance a $1.6 million waterfront house, $160,000 Tesla, and other lavish items, the U.S. Department of Justice (DOJ) said on Tuesday (Feb. 25). Software developer and Ukrainian native Volodymyr Kvashuk, 25, from Renton, Washington, worked for Microsoft from 2016 to 2018, and was tasked with testing Microsoft’s online retail sales pl
PSCU , the credit union service organization (CUSO), announced on Monday (Feb. 24) that it is finishing up a proof of concept (POC) with CULedger and Baxter Credit Union (BCU) for a blockchain-based decentralized identification platform. CULedger’s MemberPass solution is a blockchain-based system that facilitates frictionless identity verification. “Through PSCU’s partnership with CULedger, we have an opportunity to be at the forefront of determining the implications and opportunities surroundin
Retailers are facing a personalization paradox. Recent studies are showing counter trends right now that are proving the adage that consumers want what they want — even if it’s a contradiction. That paradox is evident between the appeal of personalization and a stepped-up need for privacy. It’s illustrated in a new report from Episerver , which shows that personalized messaging can be a deal creator or deal breaker for consumers.
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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