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Federal Bank in India has partnered with blockchain payments company Ripple to facilitate cross-border payments, according to reports. Federal Bank confirmed the collaboration in an announcement to the Bombay Stock Exchange on Thursday (March 28). “ This is to inform Federal Bank has entered into a partnership with Ripple Inc, a blockchain supported global remittance company, for cross border remittance through its network, ” the announcement said. “ Powered by blockchain-enabled solution, the R
Kerry Dunn has joined KSM as the firm’s chief financial officer, a newly created role. As CFO, Dunn will oversee KSM’s financial systems and processes, including financial reporting, accounts receivable, accounts payable, payroll, and budgeting. Additionally, he will play a key role in the firm’s financial strategy, including acquisitions and leveraging data to make sound business decisions.
Available for public comment is Proposed Accounting Standards Update (“ASU”) No. 2019-400, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements-Share-Based Consideration Payable to a Customer. Issued last month by the Financial Accounting Standards Board (“FASB”), the proposal aims to close a gap in stock compensation guidance concerning which topic to use when share-based consideration is paid to a customer.
In an effort to improve working conditions, adjunct professors at Elon University voted this week to form a union. The second of its kind among faculty members in North Carolina, the union aims to negotiate pay raises, benefits, and other work-related matters for adjuncts at the private university. Many Elon adjunct professors supported creating a union because they had to take part-time jobs to make ends meet, and having a class canceled would cause a financial setback.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
Ditch the plastic? Maybe, but not yet — and maybe not for a while. The world knows by now that Apple has debuted its credit card — the Apple Card — in conjunction with Goldman Sachs and Mastercard. The card is available in both virtual and tangible, plastic forms. The broad outline is one where the digital version of the card can be used wherever Apple Pay is accepted.
Katz, Sapper & Miller will again be part of McLeod Software’s third annual Accounting and Finance Conference (formerly the McLeod CFO Conference). Taking place May 14 at McLeod’s new corporate headquarters in Birmingham, AL, the conference brings together financial professionals from trucking and brokerage/3PL companies to network and discuss industry issues and best practices.
Instant payments — and the ability to push funds immediately across the debit rails to consumer bank accounts — has entered something of a renaissance. The demand is there: According to the latest edition of the PYMNTS Disbursements Tracker , 75 percent of consumers expressed a preference for faster payments, and 84 percent of those consumers reported debit cards as their preferred way of receiving those funds.
Instant payments — and the ability to push funds immediately across the debit rails to consumer bank accounts — has entered something of a renaissance. The demand is there: According to the latest edition of the PYMNTS Disbursements Tracker , 75 percent of consumers expressed a preference for faster payments, and 84 percent of those consumers reported debit cards as their preferred way of receiving those funds.
Uber, the ride-hailing startup, is reportedly gearing up to make a $3 billion bid for Careem Networks , the Dubai-based ride-hailing company. According to a report in Reuters , citing sources familiar with the deal, Uber could make the offer during the early part of the week. Uber is offering $1.4 billion in cash and $1.7 billion in convertible notes, which can be converted to Uber shares at a price of $55 per share.
Approximately 20 billion IoT-enabled devices will be connected by 2020. These items are fast, handle an increasingly large amount of personal and financial data and tend to be prone to cybercriminals’ attacks. A large-scale, IoT-based breach has yet to occur, but the seeds are already sprouting. Thus, IoT security is becoming an essential part of modern conversations.
And so a tech giant gets into the credit card game. And not just any tech giant – it’s Apple, the company whose payment services were touted (by at least some) as a credit card killer. News came Monday (March 25) that Apple – specifically, through its payments service Apple Pay – has launched the Apple Card. As reported, the company said users sign up for the card through their iPhone, can get approval through the device and can begin using the card immediately.
To help meet customer expectations in the digital age, retailers have to know who their shoppers are and what they want. While eTailers already have this information about consumers, brick-and-mortar retailers don’t have this in-depth knowledge. New digital innovations, however, provide the promise of offering valuable customer data to merchants. Smart vending solutions are becoming more popular and offer merchants new opportunities for insights, according to the latest PYMNTS Unattended Retail
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
Most of the payments chatter last week focused on FIS’ mega acquisition of Worldpay. The topic of conversation was the inevitable consolidation of the payments sector, as scale becomes critical to optimizing the payments experience and innovating new payments flows. Another piece of Worldpay news broke last week that has as much potential to innovate new payments flows and shape the direction of commerce in the decade of the 20s, now only nine months away.
There are no incumbent banks that are not paying attention to what the challenger banks are doing. What might have been written off even five years ago as a fad for digital financial services companies, or a niche product for a subset of consumers, is now “top of mind” for banks of all sizes, Jim Priestley, chief revenue officer at Feedzai , told PYMNTS in a recent conversation.
The numbers are sobering. Even staggering. When it comes to financial crime, it seems, the bad guys are getting away with financial murder. Consider the fact that, as noted in the most recent AML/KYC Tracker produced as a collaboration between PYMNTS and Trulioo , money laundering is estimated by the United Nations Office on Drugs and Crime to be an $800 million to $2 trillion-per-year problem, equivalent to 2 percent to 5 percent of the global GDP.
It started, arguably, with mass transit , though with many bumps along the way, as the problems are slowly being solved while still bedeviling many cities. But transit will very likely be key – whether that means subways, buses or other, more individual forms of motion, such as rideshares or even scooters. It will certainly involve parking, and then tolls, and then other forms of commerce tied to transportation.
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.
Apple is reportedly blocking its person-to-person credit card payment service unless a user gets a new Apple Card. According to a report in Cult of Mac , as of Tuesday (March 25), you can no longer send a payment to another person using your credit card via Apple Pay Cash unless its the company’s credit card. The report noted users are still able to send payments via a debit card or via bank transfer.
Citi’s Treasury and Trade Solutions , a unit of Citi, announced Tuesday (March 26) it is developing a new business unit that will enable consumers to make digital payments to institutions. In a press release , Citi’s Treasury and Trade Solutions said it’s part of its aim to enable digital commerce for clients and to expand beyond the wholesale payments market.
In 2015, news outlets ran articles about the “ gold mine ” of venture capital investments in the alternative finance sector. The industry indeed proved to be lucrative for FinTechs, with alternative lending often landing at the top of venture capital investment reports with giants like Kabbage , OnDeck and LendingClub securing an early lead in the industry.
ICBA Bancard, the payments services subsidiary of the Independent Community Bankers of America (ICBA), announced a new partnership with MK Decision (MK) for its online loan-origination system. In a press release , ICBA Bancard said the partnership with MK Decision streamlines its credit card application process to make it easier for customers when shopping and applying for cards.
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?
Along any avenue of technology, there is hope … and there is hype … and then there is reality. Blockchain has long been in the process of being divorced – operationally as well as conceptually – from its crypto connection. The hope has been that as blockchain moves beyond bitcoin , the decentralized way of moving data, assets and communications would find a wide berth in business.
Close to 1 billion email accounts were leaked by a marketing company in what some researchers are calling the “biggest and most comprehensive email database” breach ever. The Daily Mail reported that personal information from 982 million email accounts included names, gender, dates of birth, employers and even home addresses in the database. The info did not contain passwords or credit card details.
New research from UBS points to the largest spenders on bank technology: JPMorgan and Bank of America. Reports in Business Insider on Thursday (March 28) said UBS has published a report that breaks down U.S. banks’ technology budgets and explores which institutions are spending the most on innovation, using transcripts from conference calls, internal bank data released by the institutions and data from FactSet to reach its conclusions.
The current best-in-class method of payment for a ride on a subway in any American city works just fine – until it doesn’t. Loading funds onto a prepaid card that opens the turnstile once scanned, swiped or inserted works terrifically well – until the customer forgets to check the balance on his transit pass, and finds himself locked out at the turnstile.
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!
Demand for instant and peer-to-peer (P2P) payments is heating up, and financial institutions (FIs) are seeking to cater to that need, knowing that if they don’t, their customers are likely to turn elsewhere. This month’s Faster Payments Tracker explores the latest developments, as FIs and other companies seek to provide or tap into accelerated payment services.
“Space: the final frontier. These are the voyages of the Starship Enterprise. Its continuing mission: to explore strange new worlds, to seek out new life and new civilizations, to boldly go where no one has gone before.”. – Gene Roddenberry. If Helen of Troy had a face that launched a thousand ships, then Gene Roddenberry had the pen that launched a thousand ships.
It’s a $2 trillion problem, according to stats, and global in scope. Money laundering is big business and the recovered funds are scant, which begs a solution (a roadmap was offered up for FIs in a recent PYMNTS interview with Zac Cohen , Trulioo general manager). Elsewhere, Mastercard is targeting contactless payments on a mass scale – for mass transit , rolling out across additional cities through the next few years.
Line , the Asian messaging company majority owned by Naver, the South Korean Internet search company, is expanding its business into payments and other FinTech services. In an interview with the The Financial Times , Shin Jung-ho, the founder of the company said Line is expanding into cashless payments and FinTech in an effort to not remain complacent or stagnant.
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.
Globalization and easing barriers to international expansion aren’t simply changing the way corporates manage foreign exchange exposure. For many firms, these trends are forcing the introduction of an FX strategy on a company for the very first time, and when corporate treasurers aren’t prepared, they can run into complications beyond the cost of currency exchange.
U.K.-based payments company Worldpay said it will expand to Australia and New Zealand in an effort to take on more established payments services like Visa, Mastercard and American Express, according to report by Reuters. The move to Australia is an effort to capitalize on the country’s thriving eCommerce industry, which is worth almost $30 billion and rising.
The marketplace economy — name a vertical within that space, whether it’s ride-hailing, project design or eCommerce — is growing by leaps and bounds, crossing borders and (at times) regulatory jurisdictions. To gain critical mass, online marketplaces that are just starting out need to onboard as many customers and suppliers as possible to ignite. However, the two sides of any given transaction may never see one another, so trust is crucial.
IPOs are everywhere, it seems, but Lyft may be a special case. Yes, Levi Strauss was a star earlier in the month, with a debut on the public markets that sent the 160+-year-old firm’s shares up more than 30 percent on the first day of trading. Now comes Lyft. At this writing, post the stock market’s open, the company brought a bit more than 32 million shares to market, with an initial price of $78, notably above the $62 to $68 range that had marked the beginning of the week and pricing indicatio
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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