Sat.May 04, 2019 - Fri.May 10, 2019

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Amazon Hit With Cyberattack; Money Stolen From Sellers

PYMNTS

Amazon was the target of an “extensive” cyberattack in which hackers stole money from merchant accounts and funneled them into their own, according to a report by Bloomberg. The attacks occurred between May and October of 2018. Amazon said the hackers compromised about 100 seller accounts, taking cash from either loans or sales and putting it into their own accounts.

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State & Local Tax Update: Indiana Increases Business Personal Property Tax Exemption

Katz,Sapper&Miller

As is the case after every legislative session, taxpayers will see gains and losses. When it comes to business personal property tax in Indiana, taxpayers will certainly gain.

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How Collectives Aim To Make Cities Into Blockchain Centers

PYMNTS

Blockchain technology is taking hold in the Southwest, with the help of organizations encouraging development in the space. A group called the Austin Blockchain Collective , for instance, is looking to establish the Texas city as a hub for blockchain innovation. “When blockchain technology is discussed, we want Austin to come to mind, just as centers like Silicon Valley, NYC, Toronto … are thought of,” Pete Harris, the organization’s co-founder and executive director, told PYMNTS in an interview

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Will Marketplaces Take Over eCommerce Completely?

PYMNTS

The world is becoming one big marketplace — even if the marketplace doesn’t always look like one. That’s not some ancient riddle updated for these roaring days of digital commerce and payments, but informed knowledge passed along by Adrien Nussenbaum, CEO and co-founder of Mirakl , during the latest edition of the PYMNTS Matchmakers interview series.

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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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FinTech Firms Tackle PCI Burdens With Hosted Checkout

PYMNTS

PCI compliance is top of mind for many organizations, with a burden and commitment from the chief financial officer (CFO) suite that is not nominal — and quite capital intensive. FinTech firms, however, are looking to lessen that work through their offerings: Modo , in one case, has a Modal component to its /Checkout product. “We allow a merchant to come in and offload their PCI requirements” by hosting the capture of sensitive data, Modo Chief Product Officer Ryan Lee told PYMNTS in an intervie

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Vodafone: How 5G Will Impact IoT’s Future

PYMNTS

There is a tendency when talking about the Internet of Things (IoT) — and all the miraculous things it will power in the future — to lose sight of the fact that it’s not really a conversation about the future. While it is still the early days of the connected era, Ludovico Fassati, head of IoT for Vodafone Americas , told Karen Webster in a recent conversation that we are unmistakably in the era of the IoT right now — as of spring 2019.

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WhatsApp Pay India Debut Targets Paytm Users

PYMNTS

With the digital payments market heating up in India as major players enter it, Facebook-owned WhatsApp Pay is expected to be a game-changer. According to a report in the Economic Times of India , since Facebook Chief Executive Mark Zuckerberg revealed in April that WhatsApp Pay is coming to India, the marketplace has been bracing for the latest entrance.

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Innovative Ecosystem Draws FinTech Firms To Toronto

PYMNTS

Toronto is a powerhouse for financial innovation in Canada: The city has the most sizable ecosystem for FinTech in the country, with 185 startups per one count. NorthOne , a FinTech firm that focuses on small business owners, is one of the companies that call the city home. NorthOne CEO Eytan Bensoussan told PYMNTS in an interview, “Our mission is to eliminate financial admin from the lives of small business owners.

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Google To Launch Electronic IDs For Android Devices

PYMNTS

Google has announced that it is working on bringing electronic IDs to Android devices, according to reports. The company released the news on Thursday (May 9) on the last day of its developers’ conference. The digital ID card would replace an actual ID card but would work the same way, as Google wants it to be used in all “physical world transactions.

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Instant IDV: Digital Security’s Next Big Thing?

PYMNTS

Anything that grows faces various challenges, and even choke points — those things that can directly or indirectly cut off oxygen and other fuel, and slow or even eliminate further progress. One can see it in evolution, and in business. One can certainly see it in digital commerce and payments, as they continue to spread across the globe. Among those challenges and choke points is seamless identity verification, especially when it comes to financial services and payments.

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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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Walmart Pivots On Brazil eCommerce Strategy, Focuses On Physical Stores

PYMNTS

Walmart Brasil has announced it will shutter its eCommerce division in Brazil and focus on physical stores, according to a report by Reuters. The company said it plans to turn underperforming hypermarkets into brick-and-mortar wholesale stores. Wholesale has become more and more popular in Brazil as the country pulls out of a difficult recession. “The company is working in a new omnichannel strategy which will be later announced,” Walmart Brasil said in a statement on Friday (May 10).

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New NACHA Rule Could Catch Payment Processors, Merchants, FIs Off-Guard

PYMNTS

Among the highest ideals for digital payments – driving innovation in transactions and customer experience – is, of course, the concept of seamlessness. That implies an ease of use while giving up nothing when it comes to security. Getting there is a long road with many twists and turns, with guidance provided not only by back-end technology but also by updated rules from organizations with a governing role across the payments industry.

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Why Accounts Payable Is The ‘Lost Child’ Of Finance

PYMNTS

All too often, firms eye their top lines and growth to the exclusion of most everything else — a mono-mindedness that can have negative repercussions. Operational pain points are often not addressed until they have to be addressed, then, because of that neglect, they suddenly require all sorts of investments in terms of time and money. So it is with accounts payable (AP), as Chen Amit, CEO of Tipalti , told PYMNTS in a recent interview.

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UK Gov’t Now Accepts Apple Pay For Some Services

PYMNTS

The U.K. government has now started accepting Apple Pay for certain online payment services. 9to5Mac reported that the government’s website is now accepting Apple Pay for four of its online services, including the Global Entry Services, the disclosure and barring service checks, the Registered Traveler Service, and the Electronic Visa Waiver Service.

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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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Hong Kong Issues More Online Banking Licenses

PYMNTS

The banking regulator in Hong Kong has issued an additional four online-only banking licenses to Ping An, Alibaba, mobile phone maker Xiaomi and a joint venture (JV) consisting of Tencent, ICBC and Hillhouse Capital. Reuters is reporting that this totals eight total licenses handed out by the government. The Hong Kong Monetary Authority, which handed out the licenses, expects the banks to launch in about six to nine months.

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Iris-Reading USB Device Marketed As Unhackable Is Hacked

PYMNTS

The eyeDisk, a USB flash drive that claims to be unhackable, has been hacked by a U.K.-based cybersecurity firm called Pen Test Partners, according to a report by TechCrunch. The device raised upwards of $21,000 in a Kickstarter campaign, and the company behind it began sending out the devices in March. “With eyeDisk you never need to worry about losing your USB or the vulnerability of your data stored in it. eyeDisk features AES 256-bit encryption for your iris pattern,” the Kickstarter page

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Bump On The Road To National FinTech Charters?

PYMNTS

The suit can proceed. The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies. Judge Victor Marrero, presiding over the U.S. District Court for the Southern District of New York, said the case can proceed, a ruling that denied a dismissal of the suit requested by the Office of the Comptroller of the Currency ( OCC ).

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Making The Case For Cash In Unattended Retail

PYMNTS

Vending machine operators have become increasingly attentive to the demand for swift digital payment options, and have benefitted from significant sales growth after enabling cashless payments. However, for the 8.4 million unbanked U.S. households, retailers that enable digital payments while dropping cash are less than convenient. Unattended retail operators are taking a fresh look at keeping cash acceptance on the menu to appease lawmakers who recently issued legislation intended to ensure the

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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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What Happens to Tipping When Cash Disappears?

PYMNTS

A trip to a restroom, even in a restaurant in which customers tend to wear slacks instead of shorts, is a relatively simple and even boring affair (stick with us here; we have a point). With the spread of digital payments, one of the luxuries of those restroom visits is in danger of disappearing – another mark of how the ongoing decline of cash is changing a host of once common activities.

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Uber’s Bust(ed IPO) Of A First Day

PYMNTS

Call it a less than auspicious beginning. When the rubber met the road, when the trading actually became reality, Uber sputtered. To say the least. The fact is, a busted IPO is a busted IPO, and while one day of trading does not a trend make, it cannot be argued that Uber’s initial public offering was a triumph. The stock closed down 7.6 percent on the day — and curiously, the general markets, at least as measured by the Standard and Poor’s 500 Stock Index, were up (by roughly 35 basis poi

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Wells Ups Estimates Of Legal Losses To $3.1B

PYMNTS

Wells Fargo , the embattled national bank, is reportedly upping the money it may lose from legal actions, reported The Wall Street Journal. The report, citing the bank’s quarterly securities filing, said the bank expects the potential losses from legal actions stemming in part from its fake account scandal to be $3.1 billion as of the end of March. That is up from $2.7 billion through the end of 2018 and $2.2 billion through the end of September.

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As Uber IPO Approaches, Challenges And Anxieties Abound

PYMNTS

Here it comes, the big initial public offering (IPO) from Uber , a highly anticipated event set for Thursday (May 9). But there’s a lot to get through before it happens, including a possible strike, along with a reasonable level of concern about how investors will react, given the recent IPO history and experience with Uber’s smaller rival, Lyft. As PYMNTS readers know, the journey to the Uber IPO – set to be the biggest in payments history – also represents a significant, even historic, journey

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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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EU Antitrust Regulators Fine Banks For Manipulating FX Market

PYMNTS

European Union antitrust regulators are going to fine seven banks for manipulating the foreign exchange market, according to reports. The banks involved are Barclays, Citigroup, HSBC, JPMorgan, Royal Bank of Scotland, UBS and a smaller Japanese bank. However, the EU has said the fines will be cut by 10 percent if the banks admit to wrongdoing. The antitrust enforcer has been working on the case for the last six years, and it could potentially hand out fines of up to 10 percent of an institution&

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Uber’s IPO: Pricey And Dicey Or Poised For Liftoff?

PYMNTS

High end? Low end? Smack in the middle? As it turns out, after much anticipation, it’s the low end. Uber ’s pricing came on Thursday (May 9) night and comes before the open, which may say a lot about not only Uber’s uber initial public offering ( IPO ), but how investors may be viewing tech in general. Friday (May 10) is the debut, of course, with Thursday’s New York Stock Exchange offering bringing a bit of anticipation into the day.

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FTC Calls For Tighter Small Biz Lending Scrutiny

PYMNTS

The U.S. Federal Trade Commission (FTC) is eyeing tighter scrutiny of small business lending practices as Commissioner Rohit Chopra calls on the regulator to combat predatory SMB loan contracts, reports in Bloomberg said on Wednesday (May 8). Chopra spoke at an agency forum in Washington, D.C., calling out the small business lending industry’s issue of abusive loan terms that “have led to a flood of questionable legal actions” against borrowers. “We are accountable for cl

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Real-Time Payments, Mastercard And Visa Deals Dominate This Week’s News

PYMNTS

At the end of another busy week, it can pay to look back at some of the biggest recent news in payments and commerce. And this week was a meaty one for news: Mastercard and Visa made acquisitions, the Facebook payment proposition was dissected, new findings about payments and retail innovation emerged, and the pet retail segment gained a major new source of fuel.

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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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Money Laundering Causes Rising Canadian Home Prices

PYMNTS

Home prices increased about 5 percent in Canadian province British Columbia last year thanks to money laundering. According to a report in The Wall Street Journal citing government reports, the increase in money laundering is raising the prices in one of the most in-demand areas of the real estate market. About $3.71 billion of dirty money went through the real estate market in 2018, including in Vancouver.

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People And Bank Automation — An ‘And’ Not An ‘Or’

PYMNTS

It is hard to argue, after five decades in existence, that the ATM hasn’t been an overwhelming success as financial products go — in fact, it has changed the face of how consumers interact with banks. What can be harder to see, as Michael Engel, managing director and VP of software sales banking at Diebold Nixdorf , told PYMNTS in a recent conversation, is how ATMs are continuing to act as an agent of change in the financial marketplace.

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Enabling A World Of Faster Disbursements

PYMNTS

Instant payments are catching on with workers and business owners as traditional practices become retired. In technology, financial institutions (FIs) and corporates are tapping into application program interfaces (APIs) to keep pace with rapid-fire business-to-business (B2B) payments. And, in retail, 7-Eleven is experimenting with beer and cider delivery in select markets, while online hotel booking platform Splitty Travel recently raised funds in a Series A round.

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Mastercard: Transactis Buy Speeds Bill Pay’s Digitization

PYMNTS

Inefficient, but stubbornly entrenched, paper and cash dominate bill payments. With 44 percent of the 15 billion bills in the U.S. paid using those archaic payment choices, the move to digital payments is a shared effort amid companies, processors, billers and, of course, consumers. Mastercard said on Friday (May 3) that is acquiring Transactis , a bill payment platform, in an effort to streamline bill presentment and payments.

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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.