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Before Michael Krakaris co-founded an online fulfillment platform for eCommerce merchants, he learned firsthand how companies could reinvent messy spaces with software. One of his first jobs was working for a company that created an application programming interface (API) to help businesses send text messages to their customers. That business solved a major pain point, he says, as companies used to have to make deals with the wireless carriers themselves to have that capability.
Venmo , the digital money transfer service owned by PayPal , suffered payments fraud earlier in 2018 that played a role in the company posting losses that were higher than forecasted for the first quarter of this year. The Wall Street Journal , citing internal documents it reviewed, reported that for the first three months of 2018 Venmo had operating losses of around $40 million, which was close to 40 percent bigger than what the company had planned for.
Expense management company DiviPay is rolling out what it says is Australia’s first Mastercard virtual commercial card for corporate payers, and the first solution in the country that combines payments with expense management automation. Reports in Finder this week said DiviPay is launching its virtual card offering to help small and medium-sized companies (SMBs) automate their expense reporting and management processes.
InComm , a global prepaid product and payment technology company, has announced a partnership with Welcia , Japan’s leading pharmacy chain, to launch four mobile barcode payment solutions in its stores. InComm will be integrating its point-of-sale payment technology directly with Welcia. “Simultaneously connecting these major mobile barcode payments with the largest pharmacy chain in Japan is an exciting opportunity for InComm and Welcia’s customers,” Takumaro Arai, vice president and general ma
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.
The Internal Revenue Service (IRS) is paying $1.7 million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.”. According to Quartz , the U.S. government collected approximately $4.7 billion in taxes last year on nearly $13 billion in revenue from legal cannabis companies. Most of these companies were forced to pay their federal taxes in cash because about 70 percent of all legal cannabis businesses are unbanked.
Months of geopolitical spats that spanned Europe, the Middle East and the United States have seen payments infrastructure at the center of it all. This week SWIFT, the financial messaging service based in Belgium (and where the acronym stands for the Society for Worldwide Interbank Financial Communications) said that it would suspend access for at least some Iranian banks.
Overstock is gearing up to sell its retail business, with a deal taking place in the next few months as it focuses solely on its blockchain initiatives. CNBC , citing comments Overstock chief executive Patrick Byrne made in an interview with the Wall Street Journal , reported the sale could happen as early as February. Overstock has previously announced plans to sell the retail business so that it can focus on blockchain technology.
Overstock is gearing up to sell its retail business, with a deal taking place in the next few months as it focuses solely on its blockchain initiatives. CNBC , citing comments Overstock chief executive Patrick Byrne made in an interview with the Wall Street Journal , reported the sale could happen as early as February. Overstock has previously announced plans to sell the retail business so that it can focus on blockchain technology.
In Sweden, the move to a cashless society has been marked by a quickened pace. Might there be speed bumps ahead, though? The New York Times said cash is being left by the wayside, in favor of digital payments, so quickly that the government is reportedly “recalculating the societal costs of a cash-free future.”. The reconsideration comes, according to the Times , as half of Sweden’s retailers have said they will stop accepting hard currency within the next few years.
Contactless payment company Mobeewave announced the closing of a $16.5 million Series B funding round, led by NewAlpha Asset Management, Mastercard and Forestay Capital. The investment funds will enable the Montreal-based startup to continue to deploy its patented solution in markets around the world, develop new product offerings and expand the company’s head count.
Starting a new business is never easy, and new apparel lines are particularly challenging. There are many, many retailers and brands trying to outfit the world, and standing out in the crowd is difficult. But even on the already pitched startup terrain, apparel startup Clandestina, based in Havana, Cuba, had some unique troubles all its own. The brand became the first to launch a website for U.S. sales last month — and it is spinning up to take on its first-ever Christmas season.
Earlier this week, reports said two researchers from Bloomsberg University of Pennsylvania made their case for safe harbor rules and overall easing of regulatory penalties for small businesses hit by a cyberattack. Their argument, reports in the Wall Street Journal said, is that small businesses are held to the same standards as large corporates when they suffer a data breach — even if the small business is found to not be at fault.
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.
Corporate finance executives seem to be readying for real-time payments, preparing to adopt faster payment capabilities and bracing for changes to their cash flow management strategies as a result. A new report from Deutsche Bank said this industry path is guiding banks and corporates to a new destination: real-time treasury. Driven by a range of factors (including changes to intraday reporting requirements, open banking initiatives, longer clearing windows for real-time gross settlement (RTGS)
It has not been a great week for the price of bitcoin, or really any cryptocurrency for that matter. The price of bitcoin has fallen and stayed below $6,000 for the last four days and no one’s predicting a rally anytime soon. The fall comes after a long and uncharacteristically uneventful lateral motion in the bitcoin market where it seemed $6,000 was the stable floor price of bitcoin.
Opus, the provider of global compliance and risk management solutions, announced Thursday (Nov. 15) the results of the third annual Ponemon Institute’s “Data Risk in the Third-Party Ecosystem” study, which found that 59 percent of companies surveyed said they have experienced a data breach caused by their vendors or third parties. In a press release announcing the results of the survey of more than 1,000 CISOs and other security and risk professionals across the U.S. and U.K., Opus said th
Whether driven by regulation or market competition, the financial services sector in several jurisdictions is progressing toward open banking, interconnectivity and a freer flow of data between customer accounts and third parties. As such, data security has simultaneously emerged as a renewed focal point for the financial services market, because the more data moves and the more actors touch it, the more exposure that information has to nefarious actors.
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.
Western Union and FLEETCOR are nearing an agreement to sell WU’s business payments operations to the fleet payments firm, according to reports in PE Hub on Wednesday (Nov. 15). Citing three unnamed sources, reports said Citi is advising on the deal, which could fetch $600 million for the B2B payments operations. Though unconfirmed, the deal would not come entirely as a surprise.
It can be a moment of anxiety, worry and mistrust: that moment when a digital payment is sent into what was once called the ether. Will the funds end up in the right bank account? Will fraudsters hitch a ride? Those and other questions can vex people involved in the transaction — and keep them glued to paper-based payments until the questions can be answered to their satisfaction.
PayPal is broadening its small business financing offering into the German market, a press release announced on Wednesday (Nov. 7). PayPal Working Capital will launch in Germany as PayPal Businesskredit, offering small and medium-sized businesses access to working capital financing that is deposited directly into their PayPal accounts. The rollout of its SMB lending offering comes nearly 15 years after PayPal first launched operations in the market, and adds Germany to the list of markets in whi
As the U.K. continues its move to adopt the ISO 20022 payments messaging standard, the Bank of England is reportedly planning to create a panel aimed at streamlining the adoption of the standard for more efficient payments in the country. In a press release issued last week, the Bank of England said that it, along with Pay.UK, is inviting interested parties to join its Standard Advisory Panel to help guide adoption of the payments messaging standard across the New Payments Architecture (NPA).
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.
Smartphones are now more ubiquitous than laptops and desktops. As many as 86 percent of modern consumers own a smartphone, and 23 percent of them shop on their mobiles. Many eTailers are looking to cash in on the smartphone’s ubiquity by optimizing their mobile sites, making it easier for consumers to navigate, find and pay for items. For bottom-performing merchants, mobile checkouts are an even higher priority.
In a week of multiple nine-figure venture capital funding rounds, B2B FinTech has proved it plans to end the year on a high note. The star of this week’s roundup is undoubtedly data: Two Robotics Process Automation (RPA) companies focusing on enterprise data analytics and automation landed a combined $565 million, while other high-value rounds were closed in the workspace sharing and asset-based lending markets.
Atiku Abubakar, a 2019 presidential candidate in Nigeria, said he will support cryptocurrency and blockchain if he becomes the country’s next leader, according to the Daily Post. The push is part of his “Get Nigeria Working Again” proposal. Abubakar, who is a former vice president, plans to use cryptocurrency to help speed up the economy in the country.
On Nov. 24, holiday consumers and small businesses celebrated the ninth annual Small Business Saturday. The event, created by American Express as an offshoot to Black Friday , brought in an estimated $17.8 billion, according to surveys commissioned by the company. This brings the estimated total spending on the day to $103 billion since 2010, reported Amex.
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.
B2B cryptocurrency payments company BitPay announced this week that Rolf Haag is joining the company to lead its business solutions unit. In a press release , BitPay said Haag will spearhead the company’s B2B and mass payments operations. He comes to BitPay after working for both Western Union as its former director of global mass payments, and PayPal as its former head of mass payment global disbursements.
Blockchain , the crypto wallet provider, plans to have an airdrop worth $125 million, Fortune reported. Through the cryptocurrency giveaway, each recipient would receive around the equivalent of around $25 in Stellar. The company said in a statement, “Accessible to anyone with a Blockchain Wallet, the first batch of recipients will receive their lumens, Stellar’s native digital currency, this week — for free.
Overstock may be best known as an eCommerce business, but these days its CEO and Founder Patrick Byrne is much more interested in talking about the power of cryptocurrency and blockchain, and how it will be the real future of both the firm and the economy in general. Suffice to say, Byrne remains one of blockchain’s bigger boosters. But things in the eCommerce business also showed signs of strength.
Top U.K. banks and financial technology firms have worked together to create a set of guidelines to improve the relationship between FinTech startups and financial institutions (FIs). The new guidelines, developed by the British Standards Institute (BSI), aim to address issues that interfere with FinTech firms and banks forming alliances. The U.K. banks that put them together includes the Royal Bank of Scotland (RBS), Barclays, HSBC UK, Lloyds Banking Group and Santander — as well as vendors l
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.
Algorithms are taking on more of the data and security work for financial institutions (FIs), with technologies such as data mining and business rules management systems (BRMS) finding popularity among banks and credit unions. However, fewer institutions have made the move to true artificial intelligence (AI), with funding and even misunderstanding about the technology serving as challenges to the wider acceptance of AI.
“Artificial intelligence” (AI) may be a financial industry buzzword, but how many banks actually use it? The truth is that AI is still relatively rare in the banking world, with only 5.5 percent of banks in our survey equipped with genuine AI systems. Meanwhile, the rest are relying on automation and machine learning (ML) technologies. In other words, financial institutions (FIs) that use AI are few and far between, but that’s not to say FIs from aren’t investing in it — or rather in what they t
A group of payment players announced Tuesday (Nov. 13) that they created a new organization, dubbed U.S. Faster Payments Council (FPC), aimed at working toward a ubiquitous payment system that enables Americans to safely and securely pay anyone, anywhere and at any time with near-immediate funds availability. In a press release, the group said the mission, structure and focus of the U.S.
Drugstore owner Walgreens Boots Alliance is in preliminary discussions with health insurer Humana about possibly taking equity stakes in each other. The companies already have a partnership that serves seniors from two Walgreens locations. Now, citing sources familiar with the matter, The Wall Street Journal ( WSJ ) reported that Walgreens and Humana are having wide-ranging talks that include expanding that venture.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
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