PYMNTS
FEBRUARY 22, 2019
In a settlement that has been given preliminary approval by a federal court in New York, Visa and Mastercard, along with bank defendants, have agreed to provide roughly $6.24 billion in settlement funds. The funds are subject to a deduction that is said not to exceed $700 million, according to a notice authorized by the U.S. District Court for the Eastern District of New York.
Katz,Sapper&Miller
FEBRUARY 22, 2019
KSM is honored to be named among the Best Places to Work in Indiana for the 14th consecutive year. The distinction is awarded by the Indiana Chamber of Commerce based on employer reports and comprehensive employee surveys. In addition to being a repeat Hall of Fame recipient, KSM is one of only two companies in the state of Indiana to have been named a Best Place to Work every year since the program’s inception.
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PYMNTS
FEBRUARY 20, 2019
There are markets and there are $100 trillion markets. And might digital payments be in that $100 trillion classification? In an interview with CNBC, PayPal CEO Dan Schulman estimated the market will come into that size, noting, “That’s sort of the market — total adjustable market — we’re playing into.” He said that his firm may have as much as 1 percent to 2 percent of the market currently.
PYMNTS
FEBRUARY 20, 2019
Adyen, the payments platform, announced Wednesday (Feb. 20) it has launched a new payment service that is powered by open banking. In a press release, the company said it launched an alternative to card payments that takes advantage of the European Union’s Payment Service Directive (PSD2) requirement for banks to create APIs for third parties to initiate payments on behalf of consumers.
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PYMNTS
FEBRUARY 19, 2019
NACHA, the steward of the ACH Network, announced Tuesday (Feb. 19) that last year was a milestone year for the ACH Network with payment volume climbing to close to 1.5 billion payments. In a press release , NACHA said it is the fourth year in a row that the ACH Network added more than 1 billion new payments. “The results for 2018 make clear that the ACH Network is vibrant and continues to be a vital component of the nation’s economic engine,” NACHA Chief Operating Officer Jane Larimer said in th
PYMNTS
FEBRUARY 22, 2019
The relationship between FinTechs and banks has been complicated, with relatively young upstarts competing with established financial institutions in a new and growing world of digital payments and commerce. But, in fact, banks and FinTechs may make for the perfect marriage, as each works to leverage their unique strengths and opportunities. FinTechs, especially younger firms, might have robust technology as well as strong solutions to problems.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
PYMNTS
FEBRUARY 21, 2019
This week, the EU Parliament voted for new rules mandating that banks cut fees on cross-border euro payments for countries within and outside the Eurozone. As reported by parliament, the body voted by 532 in favor and 22 against (with 55 abstentions) to set the new cross-border rules in place by the end of the year. The rules state that each transaction should disclose the amounts that are being paid in local currencies, as well as the currencies of the destination accounts.
PYMNTS
FEBRUARY 18, 2019
The global insurance technology ( InsurTech ) market is slated to become a $1.1 billion industry by 2023, analysts have predicted, with growing analytics and artificial intelligence (AI) functionality accelerating innovation in the insurance market. Corporate customers are a driving force behind the InsurTech industry’s growth, with protection against cyberattack losses a popular target among InsurTech innovators and businesses alike.
PYMNTS
FEBRUARY 21, 2019
The U.K. government’s mandate that the Royal Bank of Scotland (RBS) allocate about $1 billion for a fund intended to give a financial boost to industry competitors has hit roadblocks that could spark controversy as the first of the funds are issued. Reports in the Financial Times on Wednesday (Feb. 20) said that Banking Competition Remedies, which was established to manage the RBS fund, is preparing to announce the first three winners of the money.
PYMNTS
FEBRUARY 21, 2019
Every industry has its nomenclature. And sometimes, terms get thrown about interchangeably — when, really, they refer to very different things. Such is the case in financial services, where “ FinTech ” is often used to describe financial technology vendors. “A firm that offers financial technology is not necessarily a FinTech,” said Provenir Managing Director Paul Thomas, who thinks the distinction between the two needs to be clearer.
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PYMNTS
FEBRUARY 19, 2019
With faster payments functionality beginning to take off in the U.S., the outlook of how accelerated transaction times might impact B2B payments and, more specifically, the issue of late payments to suppliers, remains unclear. When NACHA first released its Same Day ACH capability, only about 6 percent of the first 2 million transactions made in the service’s first 11 days were B2B payments.
PYMNTS
FEBRUARY 21, 2019
Financial technology firm Green Dot , which made its name on its prepaid debit card solutions, is ramping up its focus on Banking-as-a-Service (BaaS) after posting $14.3 million in net income for the fourth quarter of 2018. Green Dot revealed a 17 percent year-over-year revenue increase for Q4, according to the firm’s earnings data released on Wednesday (Feb. 20).
PYMNTS
FEBRUARY 19, 2019
Brexit may dominate the headlines when it comes to the United Kingdom, but FinTech funding proceeds apace, and financial backers show a continued sanguine attitude about the space. In news that came from across the Pond, two U.K.-based FinTechs said they have garnered more than 200 million pounds. As reported, iwoca , a small business lender focused on online lending (with loans up to 250,000 pounds) said it raised 150 million pounds in debt and equity financing (where the division was 20 millio
PYMNTS
FEBRUARY 18, 2019
Yet another challenger bank is slated to launch in the U.K. Diaspora , based in London, has trade finance at the center of its operations as it looks to address the friction of collaboration between buyers, sellers and financiers across borders. Reports in FinTech Futures on Friday (Feb. 15) said that it will target small- and medium-sized businesses with an array of trade finance products, including factoring.
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
PYMNTS
FEBRUARY 18, 2019
Governments around the world have a new front in their fight against money laundering: real estate. According to a report in Mansion Global , a growing list of money laundering suspects from China to Venezuela are facing allegations that they are using money acquired illegally to purchase real estate properties in some of the world’s most expensive markets, spending more than $10 million a pop to acquire these homes in upscale, tony neighborhoods across the globe.
PYMNTS
FEBRUARY 18, 2019
Facebook wants to create its own chips to deliver the type of computing speeds necessary to take the next leap forward in artificial intelligence, according to a report in the Financial Times. The company also wants to make a digital assistant – similar to Apple’s Siri or Amazon’s Alexa – that can have conversations with users and that has “common sense.”.
PYMNTS
FEBRUARY 21, 2019
By 2020, there will be an estimated 26 billion Intelligence of Things (IoT)-connected devices active around the world. As the IoT market grows, however, developers and consumers alike are growing more vigilant to protect any potential weaknesses of devices that rely on constant connectivity. While consumers are connecting with more IoT devices than ever, from the wearable IoT fitness band to the connected smart oven to the voice-activated smart speaker, this oversaturation is also creating more
PYMNTS
FEBRUARY 16, 2019
Bitwage, a FinTech that enables professionals to be paid in bitcoin and other currency from their employers, is rolling out a new service for freelancers to more seamlessly be paid, regardless of which freelance platform they use. Reports in Bitcoin Magazine last week said Bitwage is rolling out its new solution in beta, allowing freelancers to generate individual bank accounts that they can then link to their freelance marketplace platforms.
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PYMNTS
FEBRUARY 19, 2019
Since last year, when Canada legalized recreational pot in full, the nation became a kind of country-sized lab for how that new business would play out. That market could reach as much as $5.1 billion in annual sales by 2020, according to one estimate – though some predictions are higher, especially ones that include spending on accessories and growing supplies.
PYMNTS
FEBRUARY 21, 2019
Ever since Amazon turned its gaze to healthcare, questions about the eCommerce operator’s plans and intentions have outnumbered answers. That’s still true, and may remain so for the time being, but this week new details emerged that, at the least, is shedding light on Amazon’s healthcare vision. Okay, enough teasing. Here’s the scoop, courtesy of court testimony: Amazon wants to, in the words of The Wall Street Journal , “redesign health insurance.
PYMNTS
FEBRUARY 20, 2019
In an interview with Harvard Law professor Jonathan Zittrain, Facebook CEO Mark Zuckerberg said that he’s “potentially interested” in using blockchain technology for Facebook logins, and that the tech could help the process of allowing access to data by third-party apps, according to a report from The Verge. Facebook has recently been shoring up its blockchain team , led by David Marcus, who used to be the VP of Messenger.
PYMNTS
FEBRUARY 18, 2019
Cryptocurrency has come a long way since bitcoin’s emergence as an unregulated, anonymous payment technology. Perhaps the most poignant moment in this evolution came about last week when JPMorgan Chase announced the development of the JPM Coin, the first bank-backed cryptocurrency in the U.S., which the institution plans to deploy in its corporate payments operation.
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PYMNTS
FEBRUARY 19, 2019
In the digital age, quick service restaurants (QSRs) have a host of technologies at their disposal to remove friction in the ordering process and drive repeat visits, such as self-service kiosks and mobile apps. Consumers have generally had strong positive experiences with digital technology. The PYMNTS Restaurant Readiness Index found that 62 percent of them said such features would make them more likely to visit QSRs in the future.
PYMNTS
FEBRUARY 19, 2019
Mexico’s new government, led by President Andres Manuel Lopez Obrador, is setting its sights on financial technology to get the country out of poverty. According to a report from Reuters , the Mexican government recently announced plans to make financial services more affordable in a country where more than half of the population does not have a banking account, otherwise known as the unbanked.
PYMNTS
FEBRUARY 17, 2019
Overstock’s tZERO isn’t performing as well as expected. According to CoinDesk , since its launch three weeks ago, daily volume for the platform’s tZERO Preferred (TZROP) token has been somewhere between 7,000 and 23,000 units — slightly lower than the company’s expectation of volume between 9,000 and 35,000 units. The company issued 26 million TZROP last August during its security token offering (STO).
PYMNTS
FEBRUARY 21, 2019
Apple and Goldman Sachs, through joint efforts, will issue a credit card that links with the iPhone, the Wall Street Journal reported on Thursday (Feb. 21). The new card is aimed at helping consumers with money management, and bringing the companies into new areas of business. As reported, the card will be first tested by employees through the next few weeks.
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PYMNTS
FEBRUARY 18, 2019
Twitter users can now send small bitcoin transactions as a tip if they like a tweet, according to reports. A new app called Tippin has been released as a Chrome extension, and is currently available to the browser’s users. The app lets people send bitcoin payments over the Lightning Network, which is an instantaneous and inexpensive way for people to send and receive bitcoin.
PYMNTS
FEBRUARY 22, 2019
Uber Eats , the food delivery business of Uber, is gearing up to sell its Indian operations to Swiggy , a rival food delivery company in the country. According to a report in The Economic Times citing three people privy to the development, the transaction is expected to close in March and would mark the biggest purchase for Swiggy. It also marks the first sale of Uber’s food business around the world.
PYMNTS
FEBRUARY 19, 2019
One day — maybe one that has already happened for some PYMNTS readers — we might look back with fondness and nostalgia on that time when chargebacks stood as the main worry merchants and other organizations faced when it came to fraud and risk. Chargebacks are still a problem, of course, but fraud has morphed into this multi-tentacled threat that is constantly on the prowl for any hole or weak spot that offers criminals the chance to get into your systems.
PYMNTS
FEBRUARY 18, 2019
I hosted a digital discussion last week with an executive from Sift with more than 15 years of experience building trust and safety organizations for some of the biggest digital brands in the world – including Google , Facebook and Square. We had roughly 340 execs register to listen live to the two of us banter about the people, processes and tech necessary to do more than simply rebrand what’s typically described as the fraud and risk departments of digital platforms.
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"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.
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