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Can big banks be nimble of foot when it comes to FinTech? One giant — JPMorgan Chase & Co. — is taking some definitive steps on that stage. JPMorgan announced today (Oct. 17) it is acquiring payments platform WePay. The combination will create an ecosystem of platform developers and small businesses, powered by WePay’s ability to integrate payments functionality into software and fueled by Chase’s global reach, small business product portfolio and network of 4 million small businesses.
On Friday (Oct. 20), Mastercard announced news that it will be opening up access to its blockchain technology through its developer’s API. Initially, the technology will be made available for B2B transactions, specifically to address the demands of cross-border payments. Mastercard is not the only firm delving into blockchain. The company joins Google, Overstock, Citi and Goldman Sachs in embracing the distributed ledger technology.
From an acronym known mostly by programmers in the early 2000s to something thousands of innovators have embraced to ignite numerous innovative solutions, it’s been an electric journey for the application program interface (API). According to David Koch, chief commercial officer at financial services provider FI.SPAN — a company that build an API-based platform to connect FinTechs and corporate customers to financial institutions (FIs) — APIs have unleashed an incredible number of opportunities
On Monday (Oct. 23), Mastercard announced news of the launch of Mastercard Consumer Control, which allows consumers to view where their credit card information is stored online. The program is an API that displays where payment details are kept, allowing cardholders to understand how that information is being used. “As digital payments continue to evolve, cardholders have more and more options to enable new types of devices for payment and to pay in new ways online and in-app,” said Jessica Tur
The Overstock.com subsidiary, tZERO , is planning to launch an initial coin offering (ICO), according to news from CNBC. The company wants to raise up to $500 million through sales of the new digital currency. Overstock.com is one of the most significant investors in the blockchain technology on which digital coins are based. The site accepts bitcoin as a form of payment and ranks among Google, Citi and Goldman Sachs as some of the major players in the cryptocurrency space.
Since Sept. 7, the media has been abuzz over the security breach at credit scoring company Equifax and the vast number of consequences the incident set in motion, from the resignation of the company’s CEO to lawsuits filed by state Attorneys General across the U.S. While Equifax is clearly learning from (and paying dearly for) its mistakes, it would have been nice to see some others take the lesson to heart before they became the next victim.
When sea change comes to payments, some ride the waves, others get queasy – and still others reach for life preservers. Open banking looms in many corners of the world, mandated in some areas (think PSD2) while driven by market forces in others (here in the United States). Last week, the Canadian Bankers Association said in a release that the government should evaluate open banking a bit more carefully before fully committing to the concept.
When sea change comes to payments, some ride the waves, others get queasy – and still others reach for life preservers. Open banking looms in many corners of the world, mandated in some areas (think PSD2) while driven by market forces in others (here in the United States). Last week, the Canadian Bankers Association said in a release that the government should evaluate open banking a bit more carefully before fully committing to the concept.
Earlier this month, NovoPayment , a digital finance and transactions firm, announced news of the launch of its Developer Hub, one of the first such platforms servicing Latin America, according to a press release. NovoPayment, based in Miami, offers financial and transactional services through a cloud-based platform, the company said. Its clients include banks, financial institutions and others throughout the Americas.
The Electronic Payments Association and the Payments Innovation Alliance announced Wednesday (Oct. 5) that it released a Meeting Summary Report and Overview Document from the latest meeting of the API Standardization Industry Group. In a press release , the groups said the API Standardization Industry Group, which was formed in spring of 2017, is aiming to standardize the use of APIs in the U.S. financial services industry.
The debate over cryptocurrencies tends to hinge on the investments within the digital Wild West. The key questions revolve around who regulates bitcoin and its peers, from Ethereum to the slew of cryptocurrencies that seem to pop up daily. The exchanges may come and go. Any number of regulatory bodies may levy varying levels of scrutiny. The prices may wax and wane.
Cryptocurrencies may have naysayers on Wall Street, but Goldman Sachs isn’t one of them, according to news from The Wall Street Journal. Citing people familiar with the matter, the Wall Street Journal reported that Goldman Sachs is mulling whether to launch a new trading business that is focused on bitcoin and other cryptocurrencies. If the firm moves ahead with these plans, it will be the first high-profile Wall Street company to deal directly in the bitcoin trading market.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
Marqeta , an open API card issuer, and Alipay , a third-party payment platform popular in China, have announced news of a partnership that will make using Alipay easier in the U.S. Marqeta’s API platform will reportedly ease completion of Alipay’s payments in real time. Alipay has more than 520 million registered users in China, according to the firm.
Based on the activity of the past few weeks, it seems API-based solutions are becoming more at home on mobile devices as various companies launched several app-based solutions to expedite cash flows in different global markets. These developments could offer help to consumers, executives, entrepreneurs or freelancers as they conduct their own types of business.
In corporate finance, “Excel spreadsheets” is nothing short of a taboo. But a new solution from Bank of America Merrill Lynch is looking to make better use of the notoriously manual tool. The financial institution (FI) announced news on Tuesday (Oct. 17) that it is deploying artificial intelligence (AI) and API technology to integrate its solutions directly with Microsoft Excel.
In one of the more unfortunate examples of practice making perfect, fraudsters are getting better at what they do. According to the latest edition of the PYMNTS Global Fraud Index – after a short lull post-EMV in the U.S., when fraud briefly went down – they have bounced back with a vengeance. As it turns out, fraudsters – upon encountering a more sophisticated lock on the commerce “front doors” that are retail POS terminals – did not decide to give up their lives of digital crime in favor of be
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
When it comes to global investments, there’s no place like the U.S. to invest in a home – or a rental property or seasonal vacation home, for that matter. Foreign property buyers appear to have gotten that message, if research from the National Association of Realtors (NAR) is any indication. According to the NAR’s most recent report analyzing the purchasing activity of foreign buyers in the U.S., such purchasing of American properties has surged by double digits over a one-year period.
SecurityScorecard , the risk management firm whose platform helps provide security ratings, said Thursday that it raised $27.5 million in Series C funding. The latest round, the company said in a statement, was led by Nokia Growth Partners (NGP) with participation from Moody’s Corporation, AXA Strategic Ventures and Intel Capital. Several existing investors – including Sequoia Capital and Google Ventures – also participated.
If the promise of mobile payments is speed and convenience, delivering on the promise – and turning it into practice – is a bit tougher. Small screen, small window of time to get the transaction done. Session timeouts? You’ve had ‘em, no doubt, perhaps fumbling through passwords and shipping address details. The idea of commerce anytime, anywhere may give way to frustration anytime, anywhere.
For all of the commotion about Brexit, it appears as though London’s reign over the world of FinTech may be secure — even after the U.K. officially exits the EU. Research published last month in the Z/Yen Global Financial Centers Index (GFCI), and reported in Reuters, found that London remained the world’s top financial hub, surpassing New York City, Hong Kong and Singapore — despite market volatility and uncertainty over Brexit.
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
Signing at the end of a transaction at the physical point of sale is hardly ever about showing off a consumer’s best penmanship. Often distracted and always in a hurry, buyers typically produce what could only be described as a cross between modern art and a second grader’s early attempts at cursive. And nothing that could ever be mistaken for a proper human name.
On Thursday (Oct. 5), Alenka Grealish, senior analyst at Celent, penned an article for American Banker with a prediction: The small business (SMB) credit space is headed for a “shake-up.” The small business loan market is oversaturated, she argued, creating a “FinTech credit bubble” that first showed signs of deflating as investors pulled out of some players like CAN Capital and LendingClub in 2016.
“Does this merchant pass the Debbie Test?”. That’s the first thing Donald Kasdon, chief executive officer of credit card processing and payment solutions provider T1 Payments , said he asks when considering whether the processor should take on a new merchant. Debbie is Kasdon’s mother and, according to Kasdon, she’s the perfect litmus test for a vendor’s risk level.
Between hurricanes, wildfires and the political uncertainty everywhere, the world has looked a little bleak lately. However, we have not come to bum you out on a Saturday. Quite the contrary. We have come to spread the goods news of the latest financial services innovation. We are, of course, talking about Wu-Tang Financial. No, we’re not kidding. Yes, we know it is a Chappelle show bit.
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
In the modern age, seemingly everything has an added dose of intelligence built into it. Phones, homes and appliances are smart, even mundane items like floss, too — but what about the cities in which people live? Most people may not associate inner-city infrastructure or gridlock with artificial intelligence (AI), but there is an effort underway from Intelligence of Things (IoT)-enabled technology providers to solve those problems — and other issues plaguing cities — with the help of smart tech
In an era of nearly constant data breaches, securing commerce is now everyone’s concern. And for good reason. In addition to the potential liability that issuers and merchants may face if stolen credentials or identities are used online, breaches only further fuel consumer concerns over whether – or how – to use their payments credentials securely in an increasingly digital world.
When catering to a limited group of members, credit unions need to think carefully about how to address member needs. That’s why some credit unions are embracing the market’s “mom and pop” legacy and emphasizing their ability to offer the type of personalized member services that rival banks and FinTechs struggle to deliver. The latest PYMNTS Credit Union Tracker™ , powered by CO-OP Financial Services, features news on new mergers and partnerships alike, along with notable recent headlines from
Sometimes events in the payments world are seismic ones. A rumbling, a shakeup that puts everyone off balance and then the regrouping — it’s those aftershocks that need watching. So it is with Equifax. No need to go over the numbers tied to the seismic breach because they keep changing, and may be changing even as you read this eBook. When the impact stretches across oceans, nations and demographics, though, and those affected number in the hundreds of millions, a sea change is a-swelling.
Speaker: Claire Grosjean, Global Finance & Operations Executive
Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.
Fides Treasury Services is integrating corporate payments capabilities into its offering. The company announced Thursday (Oct. 5) that it is launching EFT Web, a platform for corporate treasurers to execute and manage payments. The solution supports payment files of any format, Fides said, and supports automation while providing added security for these transactions.
As more industry players realize that traditional FIs simply can’t go it alone to meet all the needs of the modern small business, collaboration has become key. But that collaborative environment is also giving way to a deeper connection between traditional and non-traditional financial service providers, as more firms recognize the value in sharing data.
Rumors are swirling that Apple is currently testing Apple Pay Cash internally using iOS 11.1 and an accompanying device certificate. According to news from 9to5Mac , 11.1 was released in beta to developers last week, but not everyone received Apple Pay Cash. The new service was announced at Apple’s Worldwide Developers Conference over the summer, but the feature wasn’t included when iOS 11 launched to the public last month.
A survey of business travelers conducted by the Global Business Travel Association suggests administrative tasks are only half the battle of taking a business trip. The GBTA released the results of its survey Tuesday (Oct. 10), and while administrative tasks like approvals and expensing were certainly on the list, the number-one pain point for business travelers is the time spent in transit, cited by 61 percent of 630 survey respondents as a top-five challenge.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
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