Sat.Jun 02, 2018 - Fri.Jun 08, 2018

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Blockchain Will Test Investors’ Patience, Experts Say

PYMNTS

Blockchain has issued many promises in the financial services space, vowing improved efficiency, heightened transparency and unmatched security. The debate continues over whether distributed ledger technology can fulfill those promises, but analysts today say that, whether these benefits are actualized or not, markets will have to be patient to find out.

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For FinTech And FIs, APIs Everywhere (It Seems)

PYMNTS

Payments are getting ever faster and global in nature. Real-time payments are becoming part of the landscape. PSD2 is reality and open banking is fostering demand for open APIs. To that end, collaborative efforts between banks and FinTechs are on the rise, where joint programs seek to hasten the availability of technology that dovetails with open banking.

Finance 74
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Housing Supply And Demand Imbalance Drives Home Improvement Store Sales

PYMNTS

Millennials are finally moving out of mom and dad’s house and creating their own households, which has increased demand in the housing market. At the same time, supply has taken a hit due to a shortage of skilled labor. Rising mortgage rates and lumber prices are only compounding the problem. This imbalance of supply and demand is proving to be a perfect storm for home improvement chains.

Sales 71
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AID:Tech And PharmAccess Deliver World’s First Blockchain Baby

PYMNTS

The first baby born on the blockchain is expected to enter the world at a small clinic in rural Tanzania this week. What does that mean – to be born on the blockchain? Has the world finally gone too far with its distributed ledger obsession? Just the opposite, Niall Dennehy, COO of AID:Tech would argue – more like it’s finally found a use case that is more practical and more noble than cryptocurrencies.

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Building a Business Case for Finance Automation

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

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Asian Banks Want Regulators To Allow More FinTech Solutions

PYMNTS

As financial institutions grapple with compliance costs, a finance industry organization in Asia wants regulators to allow new technologies that could help them fight money laundering. For example, the Asia Securities Industry and Financial Markets Association (ASIFMA) would like to see more use of know your client ( KYC ) checks to help reduce costs, Reuters reported.

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Citi’s Treasury Unit Embraces UK Open Banking

PYMNTS

Citi is the first corporate bank to enroll in the U.K.’s Open Banking Directory in an effort to enhance payment and collection services for business clients, the FI said Monday (June 4). Citi announced it is joining the Directory as a Payment Initiation Service Provider (PISP), enabling the bank to pilot payment and collection services for its corporate customers. “We see open banking as a significant development in the banking landscape in Europe and increasingly in other regions, a

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ICBA: Building Bridges For The Next Generation Of Community Banks

PYMNTS

Community banking can be one of the most rewarding and most challenging areas of financial services in which to work — that’s the view, anyway, of Rebeca Romero Rainey, president and CEO of Independent Community Bankers of America (ICBA) , who recently joined the nation’s leading advocacy organization that exclusively represents community banks. Rainey is a third-generation community banker who spent her entire career at all levels of the industry — literally: She grew up in her family bank, sta

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IBM Targets Corporate Banking With The Cloud

PYMNTS

IBM is teaming up with Intellect Design Arena to deliver new solutions for corporate banks, according to a press release on Thursday (June 7). The technology conglomerate is deploying its IBM Cloud solution in conjunction with Intellect Global Transaction Banking (iGTB), a provider of corporate banking technology. The two companies will jointly develop applications, cloud services and infrastructure for financial institutions (FIs), while iGTB’s CBX S-18 corporate banking platform will be

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FIS: Blockchain Transformation Must Be Deliberate

PYMNTS

Blockchain probably won’t solve all the world’s financial problems, as devoutly as innovators and enthusiasts may hope and believe that it can. At any rate, it’s not going to solve all of them at once with the technology available today. Esther Pigg, SVP Product Strategy of FIS , says blockchain’s potential benefits will instead be discovered gradually, and will change the industry even more gradually.

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Citi Expands Treasury Service API Solution

PYMNTS

After launching its CitiConnect application programming interfaces (APIs) last year, Citi ‘s Treasury and Trade Solutions (TTS) continues to expand the platform. Since its rollout, Citi has processed more than 18 million API calls for account balance inquiries, payment initiation and payment status, the company said in an announcement. Through the API, CitiConnect offers information on account statements, direct debits and FX rates, among other data.

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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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The Importance Of Cyber War Games For Digital Businesses

PYMNTS

Sun Tzu might approve. As every general and C-suite pseudo-warrior knows, the ancient Chinese military theorist advised that every battle is won before it is ever fought — a saying that highlights the importance of preparation prior to any fight. The recent news that Goldman Sachs is the first financial institution (FI) to sign up with U.K.-based Immersive Labs for its cyber security war games demonstrates the enduring appeal of that adage.

Gaming 60
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Clarity Pursues $50 Million Via ICO For SMB Data Platform

PYMNTS

Clarity , a startup that offers small businesses (SMBs) a way to manage their data , announced plans for a token sale before its official launch. Reports in Cointelegraph on Thursday (June 7) said Clarity will sell $50 million worth of its tokens to raise funds before its debut on the market. The company provides a platform for SMBs to manage their own data with added analytics, file sharing, benchmarking and third-party verification services.

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Multinational’s Next Data Challenge: Know Your Vendor

PYMNTS

Automation may be transforming the procurement department, but when it comes to the buyer-supplier relationship, human interaction is critical. In a survey of B2B buying organizations conducted by SnapApp and Heinz Marketing last year, researchers found that millennial corporate buyers rank their personal relationships with suppliers as the most effective way to evaluate products and services that vendors offer.

Legal 57
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Mastercard Seeks Blockchain-Based Payment Verification Patent

PYMNTS

To verify payment cards at the point of sale (POS), Mastercard is looking into blockchain technology. In a filing with the U.S. Patent and Trademark Office (USPTO), the company said it has devised a process to send and retrieve payment credentials through a “publicly accessible blockchain,” CoinDesk reported. Through a two-way method, the system encodes an encrypted payment card image that is stored on the blockchain with a private and public key.

B2B 57
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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

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How Financial Services Can Prevent Bias In AI

PYMNTS

It won’t be medicine — or manufacturing, human resources, commerce or logistics. No, when it comes to the biggest immediate impact that artificial intelligence (AI) will have upon the world, financial services will likely take that honor — a looming prize that provides fresh opportunity to consider how machines will overcome bias. Anyone who reads the news or follows science fiction knows how important AI is becoming to business, and how much change it will almost certainly bring to civilization

Gaming 57
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Not A Joke: IHOP To Change Name To IHOb

PYMNTS

IHOP is dead. Long live IHOb. As of this morning (June 6), the news came over the wires and rendered today as “a day that will live in infamy.” It is the day that the International House of Pancakes was no more. Instead, it will IHOb. What is the B? We don’t know. Only the executive team of IHOP knows — and they are not saying anything until Monday.

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Mastercard Send Debuts In The UK With Real-Time Payments To Bank Accounts

PYMNTS

In the first service offered by Mastercard after integrating Vocalink last year, and with an eye on real-time payments, Mastercard Send is launching in the United Kingdom. Mastercard said in a release on Wednesday (June 6) that the payments service will make it possible for various stakeholders in the financial realm — ranging from financial institutions, digital customers, FinTech companies and various enterprises — to send real-time payments to U.K.

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B2B’s Mission To Replicate B2C’s Point-of-Purchase Financing Success

PYMNTS

The Amazon -effect is back at it again in the B2B world. With eCommerce now a mainstay for consumers, B2B eCommerce is quickly coming into the fold, too. There is a lot of money to be earned. Statistics estimates that retail eCommerce sales will hit $4.5 trillion by 2021, a more than 246 percent increase from 2014. B2B eCommerce, on the other hand, is already estimated to enable $7.7 trillion in online sales — about 235 percent more than B2C’s current sales volume.

Finance 55
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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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Microsoft’s Underwater Data Centers Could Power Future IoT

PYMNTS

Everyone has heard of storing data in the cloud, but what about in the briny depths? On Wednesday (June 6), Microsoft lowered a submarine-like data center into the ocean off the coast of Orkney — a group of islands near Scotland — as part of its efforts to boost internet speeds in coastal regions and support the world’s growing reliance on connected technologies, for both business and leisure purposes.

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Fiserv: How FIs Can Stay Ahead Of The Credit Card Pack

PYMNTS

Spending on credit cards will continue to grow, but any issuer that decides to take a breath, instead of crafting creative rewards and going after young consumers, runs the risk of being left behind. That’s according to Chad Peck, vice president of credit product strategy at Fiserv. He recently sat for a discussion with Karen Webster about trends in credit card spending and rewards, for the latest edition of the PYMNTS’ “Walk to the Elevator” podcast series.

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Arro Money Debuts Account For Sole Traders

PYMNTS

U.K. challenger bank Arro Money , which launched its small business bank account service last December, has debuted its newest product designed for sole traders. In an announcement sent to PYMNTS on Wednesday (June 6), Arro Money said it has rolled out its account designed for entrepreneurs that operate independently. According to Arro, sole traders are an underserved demographic in the financial services market, often forced to rely on personal account services with inadequate cash management,

Account 53
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BlueVine Keeps Alt-Lending Momentum Alive With $60 Million Funding

PYMNTS

Alternative lending platform BlueVine has announced its latest investment to the tune of $60 million. A press release issued by the company said Menlo Ventures led the Series E equity funding round for BlueVine, which also saw backing from SVB Capital and other investors. BlueVine said it will use the funds to expand its invoice factoring and business line of credit products, as well as to explore new products for small- and medium-sized business (SMB) borrowers.

Finance 52
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Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

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Reddit Drives Artificial Intelligence To Constant Murderous Thoughts

PYMNTS

Since the dawn of the age of computers, human beings have wondered what will happen when the machines eventually learn how to “think” like humans do. The consensus among science fiction writers is “nothing good.” Whether they rise and destroy humanity outright, or insert our consciousness into a giant simulation of the late 1990’s to turn us into biomechanical batteries, depends on the creative imaginations and special effects budget of whoever’s telling the s

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OCC Report Uncovers Problems With Sales Practices At Banks

PYMNTS

After reviewing sales practices at more than 40 large and mid-sized banks, the Office of the Comptroller of the Currency (OCC) found multiple systemic issues, along with hundreds of problems at individual banks. With the review, the office found examples of banks opening accounts without proof that consumers gave them permission to do so, American Banker reported.

Sales 52
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For True Story On The Gig Economy, Details, Along With Data, Matter

PYMNTS

Dueling headlines show that when it comes to the gig economy, differing data tell different stories. Citing findings from the Bureau of Labor Statistics (BLS), The Washington Post noted that the share of U.S. workers in the gig economy has fallen to 6.9 percent of workers at the end of last year from 7.4 percent in 2005. Based largely on that headline, the assumption is that firms in the gig economy, namely marquee names such as Uber and Lyft, have not rendered the sea change that had been expec

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Goldman Sachs’ Cybersecurity Training Utilizes War Games

PYMNTS

Goldman Sachs is using cyber security war games so that its technology staff will better learn how to fight and prevent threats that could harm the bank and its clients. According to the Financial Times , Goldman is the first financial institution to sign up with U.K.-based Immersive Labs , which offers learning tests and war games on cyber threats.

Gaming 51
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Profit in the Details: Rethinking Spend for Monumental Impact

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

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CSI Digitizes Corporates’ Utility Payments With New Partnership

PYMNTS

Corporate Spending Innovations , formerly known as CSI globalVCard, announced on Wednesday (June 6) a partnership with THG Energy Solutions in an effort to digitize corporate payments to their utility providers. THG corporate clients will have access to CIS’s automatic, electronic payment solutions to support payment of utility invoices, the firms said.

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AI Finds Harmony With Accounting, Procurement Professionals

PYMNTS

Artificial intelligence has received a mixed welcome from corporates exploring how the technology could disrupt their operations. While AI can deliver time and cost savings, automation and actionable insights, executives are also concerned that the tool will displace professionals like accountants and procurement officials. New research suggests, however, that the technology is finding harmony in these two areas of the enterprise.

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Startups Compete With Facebook For Home Services

PYMNTS

Consumers who want to hire a home services professional to, say, fix a broken air conditioner, are sometimes faced with a dilemma: Who do they call for a repair? When on-demand home services platform Lula debuted in 2015, there weren’t a ton of options, but the market has since changed. Large companies, such as Facebook , are now forging partnerships with platforms to bring home service providers onto their marketplaces.

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AR And VR Spending Projected To Reach $27B In 2018

PYMNTS

With retail uses as a top driver, International Data Corporation (IDC) projects that worldwide spending on virtual reality (VR) and augmented reality (AR) will reach $27 billion in 2018. The estimate marks a 92 percent increase over 2017 spending on the technology, Retail Dive reported. Overall, the market for AR and VR products and services is expected to reach a five-year compound annual growth rate (CAGR) of 72 percent for the years 2017 to 2022.

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.