June, 2018

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Santander, Ripple Use Blockchain To Settle Global Payments

PYMNTS

Beyond the vagaries of cryptocurrencies, the price swings and headlines, and the investigations and speculation, use cases emerge. If entranced by bitcoin’s ebbs and flows, one would be forgiven for being caught off guard (if they are, in fact, off guard) to find that a major bank is coming to market with a service backed by blockchain, which now is live and available — and can help make sure that funds cross borders with speed and surety.

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Secure By Design: Why Privacy Must Be Baked In To IoT Devices

PYMNTS

A connected world is a convenient world for both work and play. Too often, however, the price of convenience is privacy. If data within the Internet of Things (IoT) is not secured properly, it puts people’s overall safety in jeopardy — and it’s not just about loss of sensitive personal data. In fact, according to UL , the even greater threat is that an attacker could take over the functionality of poorly secured devices.

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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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Planning Your Restaurants Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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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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Introducing Chicken McChoices: McDonald’s Gets Aggressive On Kiosk Strategy

PYMNTS

McDonald’s has not had an easy road. It had to continually rebrand itself to keep up with changing consumer sensibilities around health. It has also had to shift strategies to keep up with competition from other QSRs — which is no longer just about the “burger wars” between McDonald’s, Burger King and Wendy’s , but has expanded to the breakfast hour as more chains crowd into the category that — for a while at least — set McDonald’s apart.

Retail 69

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Crowe: Risk Management With RegTech As Strategy

PYMNTS

Marry tech and talent, then risk management can pay dividends, notes an upcoming PYMNTS webinar. However, for many financial services firms, RegTech’s (Regulatory Technology) potential is limited by any number of causes. The technical capabilities can be dizzying and dazzling, of course, spanning the gamut from machine learning to artificial intelligence (AI), to predictive modeling.

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Bank Of America Accused Of Aiding $102M Ponzi Scheme

PYMNTS

Bank of America has been accused in a lawsuit of providing more than 100 accounts, used to carry out a $102 million Ponzi scheme. According to Bloomberg , the class-action suit, Heinert v. Bank of America, N.A., was filed in U.S. District Court, Middle District of Florida (Ocala) on behalf of people who lost money in the scheme. The suit follows a recent complaint by the U.S.

Florida 65
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Amid Hacks, Bitcoin Is Still Not Ready For Primetime

PYMNTS

What’s a currency to do when it can take down the internet ? Gain in price, amid growing clamor for it, of course. No need to trace the minute details of bitcoin’s pricing. $6,500 or $6,600. Maybe more. Maybe less, and maybe a lot more or a lot less. Check back with us in a few minutes! Beyond the vagaries of price — where some watch technicals, looking for a “floor” or a “peak” and signs amid volatility and rolling averages — fundamentals matter.

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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

cma 64
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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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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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Can’t Navigate The Moral And Ethical Implications Of AI? There’s An App For That

PYMNTS

Bank of America and Harvard University have collaborated on a new initiative designed to make the complex technologies behind artificial intelligence (AI) and machine learning (ML) more universally beneficial and accessible to the global workforce. The mission of the newly formed Council on the Responsible Use of Artificial Intelligence is to address issues of policy and ethics, thereby enabling industries and the individuals who drive them to keep pace with the rapidly evolving interface betwe

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SEC: Some Crypto Coins Are Securities (Not Bitcoin)

PYMNTS

The Securities and Exchange Commission’s (SEC) leading authority on bitcoin, cryptocurrency and initial coin offerings (ICOs) has ruled that some well-known cryptocurrencies like bitcoin and Ethereum are not securities. However, the coins offered during initial coin offerings very likely are entirely — or mostly — securities, according to news from CNBC.

Finance 63
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In The Blockchain Race, FIs Hustle Not To Come In Last

PYMNTS

The Bank of England caught the financial services world’s attention when its Governor, Mark Carney, spoke about the central bank’s latest initiative to revamp and rebuild its real-time gross settlement (RTGS) system. “RTGS is being rebuilt so that new private payment systems, including those using distributed ledger, can simply plug into our system,” he stated last week.

B2B 63
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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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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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Are Retailers Ready For Amazon?s Prime Time?

PYMNTS

My plan on Friday evening was to write a hard-hitting piece on a services segment with incredible marketplace friction. Then I went to Whole Foods on the North Shore of Boston Saturday morning to do some grocery shopping. There, right inside the front door, was a nice, young Whole Foods team member, who let me know that the store would soon be offering special discounts to Amazon Prime members who shopped there.

Retail 62
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Uber Raises Fares In Major US Cities

PYMNTS

To help retain drivers on its platform, Uber is raising its fares in cities such as Washington, D.C., San Francisco and Los Angeles. The increases have come to both “time and distance” rates as well as “booking fees,” Financial Times reported. “We have to make [being an Uber driver] more attractive because the alternatives are becoming more attractive,” Uber CEO Dara Khosrowshahi told FT.

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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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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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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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Banks Test KYC App Based On R3’s Blockchain Platform

PYMNTS

Through a four-day test of a know-your-customer (KYC) compliance system, a group of 39 participants were able to make 300 transactions in 19 countries with an app from Synechron built on R3’s Corda blockchain platform. The experiment’s participants included banks such as BNP Paribas and Deutsche Bank — as well as regulators, Coindesk reported.

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Hyperwallet CEO: PayPal Acquisition Will Help Hyperwallet ?Pay The Planet?

PYMNTS

From music royalties to airline vouchers, there are many reasons organizations may need to push payments to individuals in various amounts, currencies, forms and frequencies, including real time. For instance, say that a flight has been delayed and all its passengers will need accommodations for the night before catching the rescheduled flight in the morning.

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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FBI Arrests 74 People For Business Email Compromise Scams

PYMNTS

Federal authorities including the Department of Justice and the FBI announced Monday (June 11) that law enforcement arrested 74 people in the U.S. and overseas for engaging in international business email compromise schemes aimed at intercepting and stealing wire transfers from individuals and businesses. In a press release , the federal law enforcement agencies said the effort, dubbed Operation Wire Wire, also included the Department of Homeland Security, the Department of the Treasury and the

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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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Airbnb Seeks To Be Ready For IPO In 2019

PYMNTS

As Airbnb builds up a larger profile in the travel space, the home share marketplace is eyeing an initial public offering (IPO). The company wants to be ready to go public on June 30 of next year and aims to have an IPO before 2020, according to reports. At the same time, Airbnb has also created a bonus program to offer employees cash bonuses in 2018 and 2019.

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Amazon Chooses Amex For Small Business Credit Card

PYMNTS

American Express (Amex) and Amazon have teamed up to release a new commercial card product designed for small businesses (SMBs) buying on the Amazon platform. Announced today (Tuesday, June 26), the co-branded card for SMBs in the U.S. is the latest initiative in a multiyear partnership for American Express and Amazon, the firms said. The card solution will include integrated spend management features, enabling small firms to gain insight into purchasing activity.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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Ripple, SWIFT Vie For Top Cross-Border Payments Spot

PYMNTS

Competition in the cross-border payments market is on the rise as blockchain firm Ripple and payments messaging company SWIFT vie for market leadership. Reports in the Financial Times this week highlighted the increasing competition in the market as Ripple continues to add banks to its XCurrent blockchain messaging system. The company also launched a partnership earlier this year with Spain’s Banco Santander to develop a cross-border payments service based on XCurrent.

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How PNC Is Adapting To The Rise Of AI

PYMNTS

The age of intelligence has arrived — artificial intelligence (AI), that is. Industries of all shapes and sizes are looking to use the insights and capabilities offered by the emerging and evolving technology, and it’s now making an impact in the financial services space, too. The global market for AI and machine learning (ML)-enabled solutions is currently valued at $12 billion, per some recent projections , and set to be worth more than $57 billion by 2021.

Gaming 59
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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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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.