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Deep Dive: Emerging Response To B2B, P2P Cross-Border Payments Pain

PYMNTS

This month’s Deep Dive explores the frictions currently afflicting the B2B cross-border payments and P2P remittances spaces, as well as the solutions being developed to accelerate transactions and reduce pain points. International B2B Payments Pains. Limited connections between FIs can cause delays and higher costs as well.

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Corporates Step Up To Welcome AI, Blockchain

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The World Trade Organization’s latest analysis on the technology found blockchain could add $3 trillion to the world’s global trade markets by 2030. ” B2B payments is another area of corporate finance that some analysts expect blockchain to disrupt in a major way. ”

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Ethical Concerns in Using Tax Planning Software

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Artificial intelligence in accounting software is bringing new ethical challenges for professionals, their clients, and the public at large. A recent report by Acumen Research found that accounting professionals spent $1.5 This requires the application of methods of accounting and selections of an allowable tax year.

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Small Businesses At The Center Of Bots Vs Accountants

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In a 2017 report from job hunting site Indeed , researchers found that “small business accountant” was nowhere to be found in the top-10 job positions sought after by most small business employers. “Bookkeeping is the low-value work performed by accounting firms,” he said.

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Cross-Border Payment Efforts Look To The Blockchain And Beyond

PYMNTS

Separately, Bill.com , in addition to securing $88 million in financing, has launched a partnership with Mastercard to speed up accounts payable for joint business customers. During the second quarter, the company will enable payments to more than 14 countries spanning the U.S., Canada and Asia.

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AI Finds Harmony With Accounting, Procurement Professionals

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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. The company cited McKinsey research , which concluded that up to 800 million jobs could be lost to automated technologies by 2030.

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Xero Highlights South Africa’s Late Payments Surge

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New analysis from small business (SMB) accounting platform Xero is calling attention to the late B2B payments epidemic in South Africa. Reports pointed to South Africa’s National Development Plan, which aims to have SMBs generate 90 percent of its goal of 11 million new jobs in the country by 2030. million SMBs are facing.