October, 2019

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How to Help Your Clients Gain Control of Their Cash Flow

PASBA

According to a recent study by US Bank, poor cash flow management is the reason for business failure more than 80 percent of the time, and it’s especially common with small businesses. That means there’s a good chance your clients may feel desperate for help when they visit your accounting practice. This puts you in an excellent position to offer advice as well as add-on services.

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US Banks Expected To Lose 200K Jobs To Technology

PYMNTS

In the next 10 years, as robots and other tech bring about the “greatest transfer from labour to capital” the industry has witnessed, per a report by Wells Fargo analysts, U.S. banks will slash over 200,000 jobs. Veteran Wall Street Analyst Mike Mayo noted that cuts of such magnitude would comprise over 10 percent of total bank jobs, and pave the way for a “golden age of banking efficiency,” the Financial Times reported.

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Trending Sources

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KSM Announces Seven New Directors

Katz,Sapper&Miller

In recognition of their significant impact on our clients, our people, and our communities, we are pleased to announce our seven newest directors. In addition to being driven and talented, these individuals provide innovative solutions and superior service to help their clients achieve their goals. In short, they exemplify KSM’s values.

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The Push And Pull Of Real-Time Payments

PYMNTS

With real-time payments spreading throughout the world (perhaps more slowly than expected, but still spreading), the characteristics of pull payments mean they are likely to play only a marginal role. That’s the view shared by Trevor LaFleche, director of product management and marketing for Enterprise Payments Solutions at Fiserv , during a recent PYMNTS discussion that centered around the spread of real-time payments, and their global prospects going into 2020.

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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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Vista Looks To Sell Huge Stake In Finastra FinTech

PYMNTS

Vista Equity Partners is reportedly thinking about selling a stake in London-based FinTech Finastra. Bloomberg is reporting that the sale could value Finastra at $10 billion with debt included. Vista is collaborating with Goldman Sachs to look for companies that might be interested in buying. Vista could be looking to sell as much as 50 percent of the company.

Retail 78
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Healthcare Looks To 5G For Cost Control

PYMNTS

The new 5G mobile network technology has started to make its initial foray into healthcare, and at a time when issues of cost, efficiency and accessibility are gaining even more focus than was the case before. As all that happens, potential use cases for 5G in the healthcare space are taking at least rough shape. Various deployments might take years to play out, given the bureaucracy and legacy inertia common in the massive healthcare industry.

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Wearables That Read Your Mind

PYMNTS

The fact that our connected devices are getting to know us pretty well is, by now, well-known. A phone that can unlock a hotel room door. A smartwatch that can call an Uber. A connected car that can not only help the driver find the closest burger joint, but can also order ahead. A voice assistant that can add stuff to a shopping list and then order and arrange for its delivery.

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BoA Reported To Hire ‘Treasury Product Manager’ For Ripple

PYMNTS

Bank of America (BoA) may have hired a treasury product manager to work with Ripple. According to Cointelegraph , the bank recently took down a job listing about the position on LinkedIn. “This role leads the product management team for the Ripple Project, a decentralized ledger technology-based solution to cross-border payments marketed to [global transaction services (GTS)] clients,” the job listing read.

Finance 76
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Paychex Wades Into Wearables, Real-Time Payments

PYMNTS

Payroll and human resource management solution provider Paychex has unveiled a range of new solutions and services at the 2019 HR Technology Conference & Exposition event late last month. In a press release , Paychex announced support for wearable technology through the planned debut of a smartwatch app that enables employees to automatically track time worked.

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Trade Finance Gets Boost Via Banks, APIs

PYMNTS

Application program interfaces (APIs) are helping to speed Open Banking — and, by extension, bringing trade finance into the digital age. To that end, HSBC said last week that it is deploying an API designed to promote bank collaboration, with a focus on trade finance. The API, according to reports , will allow HSBC partner banks to issue local guarantees across markets — and where those banks do not have an operating presence.

Finance 76
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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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MoneyGram Expands Loyalty Program In Europe

PYMNTS

Money transfer company MoneyGram announced that it is expanding its loyalty program to customers in France, Italy, Germany and Spain. “We have seen a positive response and strong adoption rates from our loyalty program in the U.S., resulting in increased customer transaction frequency and retention rates,” Alex Holmes, MoneyGram chairman and CEO, said in a press release.

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FDA Warns Of Cybersecurity Risk In Healthcare Industry

PYMNTS

With “URGENT/11” possibly introducing risks for medical devices and hospital networks if exploited by a remote attacker, the U.S. Food and Drug Administration is informing patients, manufacturers and IT staff in health care facilities about the cybersecurity vulnerabilities. URGENT/11 impacts multiple operating systems that then may affect medical devices connected to a communications network in addition to other connected equipment, the agency said in a press release.

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Finastra Customers Now Have Access To RippleNet’s Blockchain Network

PYMNTS

Real-time currency exchange and remittance network Ripple has teamed up with Finastra to allow banking customers to access RippleNet , its worldwide blockchain payments network. Ripple said it will provide for more affordable, faster and more reliable payments. Users will be hosted on Ripple’s cloud solution and will be able to use On-Demand Liquidity, which will allow for the leveraging of XRP for cross-border payments. “This partnership will enable Ripple to expand the reach and solution

Sales 75
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SoftBank To Seize Control Of WeWork

PYMNTS

The parent company of WeWork is at a junction after its initial public offering (IPO) tanked and its chief executive officer stepped down, Reuters reported on Sunday (Oct. 13). Lead investor SoftBank has a financing package in place to command WeWork and put the firm’s founder — Adam Neumann — further aside, sources told The Wall Street Journal. SoftBank gave WeWork a financing offer that would give it control.

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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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Finastra Taps Ripple To Power Blockchain Payments

PYMNTS

Real-time currency exchange and remittance network Ripple has teamed up with Finastra to allow banking customers to access RippleNet , its worldwide blockchain payments network. Ripple said it will provide for more affordable, faster and more reliable payments. Users will be hosted on Ripple’s cloud solution and will be able to use On-Demand Liquidity, which will allow for the leveraging of XRP for cross-border payments. “This partnership will enable Ripple to expand the reach and solution

Sales 75
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Why Libraries Are Giving Up On Late Fees

PYMNTS

It has happened to all but the most organized among us. We’re minding our own business, cleaning out a closet or reorganizing the bookshelf, when it suddenly thrusts itself upon us. That lost library book we had almost managed to convince ourselves no longer existed. The book that became the second reason we’ve avoided going to the library since the waning days of the second Bush administration.

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Uber Buys Dubai Ride-Hailing Unicorn Careem For $3.1B

PYMNTS

Uber coughed up over $3 billion to get its hands on Dubai’s ride-hailing startup Careem, the Financial Times reported on Wednesday (Oct. 2). Founded in 2012, the ride-hailing unicorn – which is valued at over $1 billion – was the premier tech startup in the Middle East and North Africa. Uber paid $3.1 billion to take ownership. The deal is expected to close in January of 2020.

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How Crowds Can Drive Digital Economy’s Success

PYMNTS

As the digital economy grows, you can bet that crowdsourcing will become an even bigger part of innovation and disruption, along with hiring and investment — all of which will serve to help build only new companies but vital digital infrastructure. One big recent example in favor of such points comes from Goldman Sachs. A Goldman Sachs program called GS Accelerate enables Goldman employers to pitch their bosses on potential new companies, according to CNBC.

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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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Citi Taps Kantox For Enhanced Corporate FX

PYMNTS

Citi has recruited foreign exchange management firm Kantox to enhance its FX services for corporate clients, the companies said in a press release on Monday (Oct. 7). According to Kantox, the company will provide its FX management and business payment solutions to Citi Commercial Bank’s international businesses based in the U.S., enabling those firms to access a custom platform that integrates with Citi’s existing foreign currency payments solution.

Sales 74
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The Central Bank Conundrum On Cryptos

PYMNTS

For central banks, when it comes to cryptocurrencies, there’s no central theme. Whether the advent of digital coins signifies an existential threat to monetary policy at its most basic level – the way it’s been done for, well, centuries – depends on who’s weighing in on the subject. Some central banks are embracing the concept. Others, not so much. Yays and Nays.

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Renault Pilots Self-Driving Ride-Hailing Service

PYMNTS

Renault has started a public trial of its on-demand car service on the Paris-Saclay urban campus, according to a press release on Monday (Oct. 14). A panel of around 100 people will use the service — provided by two electric, autonomous and shared Renault Zoe Cab prototypes — on the campus from Oct. 14 through Nov. 8. . Two cars with different features will be tested, with passengers able to hail them using the mobile app, Marcel Saclay, which was designed specifically for the ZOE Cab experiment

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Instant Payments Are Here — Now, About That ROI…

PYMNTS

There are many ways a firm can measure the value of instant payments, and determine how much of a return on investment (ROI) it can expect to reap. A firm can look at it in terms of how much it will save by stepping away from the costly and inefficient world of paper checks, or it can evaluate in terms of the auxiliary services and features it will be able to offer to its customers, and potentially monetize in the future.

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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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Bitcoin Daily: Tether’s Parent Co. Hit With $1T Lawsuit; Nearly $10B In Bitcoin Held In Crypto Exchanges

PYMNTS

The umbrella company running Bitfinex and Tether , iFinex, has been hit with a $1 trillion class-action lawsuit. Plaintiffs say that the actions of iFinex was “part fraud, part pump-and-dump and part money-laundering.”. “Together, Bitfinex and Tether manipulated a market that, by design, is supposed to be decentralized,” states the lawsuit. The filing comes days after the company revealed that it was expecting a lawsuit to be filed against it.

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Royal Mint Teams Up With Mastercard On 18-Karat Gold Payment Card

PYMNTS

The Royal Mint announced that it is partnering with Mastercard and Accomplish Financial to launch a solid gold payment card. The 18-karat gold Raris card — the first payment card to be manufactured by The Royal Mint — is personalized for Raris accountholders, with their name and signature engraved into the metal. Some of the account benefits include limitless spending, zero foreign exchange or transaction fees, with additional benefits through Mastercard World Elite such as a dedicated concierge

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Calibra Faces Trademark Infringement Suit Over Logo

PYMNTS

Adding another possible legal showdown to the Libra crypto project , and potentially adding to its list of challenges, Facebook’s Calibra is facing a suit for trademark infringement by the Current mobile banking app. The complaint claims that Calibra’s logo is too similar to Current’s, which the FinTech has been using since August of 2016, CoinDesk reported.

Legal 71
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What’s Wrong With The Attack On Gig Economy Pay

PYMNTS

Drivers can’t make ends meet. Given the median income of roughly $25,000 a year and the number of hours required behind the wheel to earn that, drivers’ wages fall well below the federal hourly minimum wage. As independent contractors, drivers also have no benefits. After taking into account expenses like gas and insurance, there’s barely enough left over to meet their daily living expenses.

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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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Salesforce Rolls Out Order Management Function

PYMNTS

Salesforce is rounding out its offering for online sellers with the addition of Lightning Order Management, reports in Retail TouchPoints said this week. The publication reported Thursday (Oct. 10) that Salesforce’s new order management function targets integration of the order process, including fulfillment and customer service. The tool fits within the existing Salesforce Commerce Cloud suite of services, which include inventory management, order updates and return tools.

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SoftBank, JP Morgan Discuss Bailout To Prevent WeWork Insolvency

PYMNTS

SoftBank and JP Morgan are in talks to rescue WeWork before it runs out of money, which is expected to happen by mid-November, CNBC reported on Tuesday (Oct. 15). Sources told CNBC that talks between SoftBank and JP Morgan have been ongoing ever since the startup’s IPO was pulled about two weeks ago. The bailout could involve equity from SoftBank and debt from J.P.

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Truckers Put The Hammer Down Into A Digital Marketplace Future

PYMNTS

Trucking is a difficult and vital job. It’s not only the long, often-lonely hours, but the anxiety — as well as the lost time and money — that comes from inefficient dispatching and last-minute (perhaps unwanted) loads, among other points. Stress can run high for both drivers and trucking companies, especially those still stuck in the analog era, or those with digital capabilities that haven’t advanced in a decade or more.

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What’s The Best Way To Navigate The New World Of Payments?

PYMNTS

These are indeed the days for mergers and acquisitions (M&A) in the world of payments, and that trend looks likely to hold into the 2020s. That raises several questions for financial institutions (FIs), FinTech firms and payment service providers as they figure out how to best navigate this changing world. It can be confusing to figure out what to do.

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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.