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The predictions have been dire. Banks will be wiped out by nimble FinTech firms, intent on luring away consumers and corporate customers and the payments that come with them. But it need not be so. In an interview with PYMNTS’ Karen Webster, FI.SPAN’s founder and CEO, Lisa Shields, said that FinTech may be revolutionizing banking and the way payments are done — but it can help banks hang onto and even grow their commercial B2B business footprints.
In this edition of the BHPH Corner, we will address the issues surrounding the reporting responsibilities of BHPH dealers with respect to debts discharged in the ordinary course of business. In general, BHPH dealers are required to report all such debt discharges on Form 1099-C, except those arising in bankruptcy. Given the penalties for noncompliance, it is critical for BHPH dealers to be aware of their responsibilities and establish a program to comply.
Bitcoin’s value just broke $1,000. Again. And then went below. Again. Then up and down again. (Anyone else feeling seasick?). Following relatively flat growth through the end of January (by cryptocurrency standards, anyway), bitcoin’s value spiked, breaking $1,000 to reach a high of $1,003.92 in Thursday afternoon trading. At the time of this writing, bitcoin sat tenuously at $1,000.73, up 1.36 percent for the day.
Combating cyberfraud is a “balancing act,” says Sift Science, a fraud detection software company. And the number of things corporations have to juggle to safeguard their data — from the numerous types of fraud to the copious technologies that combat it all — mean cybersecurity is no easy task. Sift Science has just released its latest research on how businesses combat security threats, and its report, published last week, offers insight into how the issue of cybersecurity takes many shapes withi
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.
SWIFT is putting the pressure on its members to enhance their cybersecurity capabilities, according to reports by SC Magazine. According to the publication, SWIFT is encouraging and, in some cases, threatening its member banks to deploy more sophisticated cybersecurity measures. The efforts follow last year’s high-profile cyberattack in which thieves stole $81 million from the Bangladesh central bank by infiltrating the SWIFT network.
With its infatuation with Instagram, Facebook and Snapchat, it’s safe to say that today’s generation is as concerned with appearances as were previous generations — if not more. The unexpected beauty queen reigning supreme is none other than cosmetic superstore Ulta , where anyone can walk in off the street for countless hair and makeup options. Whereas the latter half of 2016 saw a downward spiral in retail stocks, Ulta was the ray of light shining through with a 38 percent stock surge.
It’s well known that Amazon has dominated the eCommerce market for years, but a new report shows just how much: Slice Intelligence found that Amazon accounted for 43 percent of all online sales in 2016. According to a report , what’s more, Slice Intelligence found that Amazon accounted for greater than half of all the growth in online retail sales in the U.S. last year.
It’s well known that Amazon has dominated the eCommerce market for years, but a new report shows just how much: Slice Intelligence found that Amazon accounted for 43 percent of all online sales in 2016. According to a report , what’s more, Slice Intelligence found that Amazon accounted for greater than half of all the growth in online retail sales in the U.S. last year.
Out of the 19 million homes in South Korea, a government survey found that 99.2 percent have access to the internet. Up by 3.2 percent from last year, South Koreans over the age of three are all plugged into the World Wide Web. What makes this truly amazing is when you consider the fact that only three-fourths of homes in the United States have access to the web.
Nyca Partners, the venture capital firm focused on the FinTech market, raised $125 million for a second fund. According to a report , Hans Morris, the former Visa president turned venture capitalist, created Nyca Partners in 2014, launching a $30 million fund. The fund invested in a slew of FinTech startups, including Lending Club, SigFig and Orchard.
Setting and sticking to a budget can be difficult for anyone — and it’s even more so for the government. Given the fact that governments can be impacted by myriad factors at any time, they need to have a solid financial management system in place. What happens in one corner of the world can have either little impact or significant consequences. All of this depends upon the government policies already in play and how each part of the world is connected to one another.
Investment activity picked up markedly in the penultimate week of January — but only as a headline. For the $1.4 billion in dealmaking activity seen in the week, roughly 85 percent came from the deal that BDO Unibank, the largest bank in the Philippines as measured by assets, floated, netting $1.2 billion. That capital is earmarked toward helping the firm’s balance sheet ahead of new capital rules that go into effect within the next two years.
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.
The largest anxiety critics of the alternative lending space have today is a lack of regulation. Without investor protection and without regulation on the cost of financing, small and medium-sized businesses, those critics say, may be left in a tighter cash bind than they were before. But what if an alternative lender was born out of regulation? That’s the case for GrowthFountain , one of the newest SME financing players on the block.
Need a Frappucino? Now, there’s artificial intelligence (AI) for that. Starbucks already has an order-and-pick-up feature on its mobile app, but soon customers will be able to use their voice to order. The company recently announced a new feature that will allow customers seeking a caffeinated beverage or a breakfast sandwich to place their order via voice command.
Consumers from Toronto to Dubai are getting their hands on smartphones, and mobile payment usage is on the rise as a result. With more citizens in more countries than ever before embracing the convenience and utility provided by smartphones, mobile point-of-sale (mPOS) providers are looking to expand their customer base with new collaborations and investments designed to expand the company’s reach.
While we may struggle to remember a day before everyone carried a smartphone, it wasn’t that long ago that mobile technology was still the stuff of science fiction (and beyond that, even the Star Trek “communicators” were more one-time burners than actual computers in your pocket). As technology has evolved rapidly to become an integral part of modern life, businesses have had to keep up.
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.
Many financial institutions are unable to detect a cyberattack, according to new research from Kaspersky Lab and B2B International. Reports Tuesday (Jan. 31) said the companies have released their joint analysis on the issue to find that more than a third (38 percent) of banks and payments organizations admit it is becoming increasingly difficult to differentiate between a fraudulent and genuine transaction.
Math, as it turns out, is doing more than making millions of teenagers unhappy over hard homework right now — it’s also making the world less democratic and egalitarian. In the wrong hands, mathematics can become a “WMD” — a weapon of math destruction. Most people, especially those who still have flashbacks about the Calculus SAT II, will probably not find the former all that surprising — they will just add it to the list of things they don’t like about math.
This week’s data digest is all about, well, data. The latest report from the Identity Theft Resource Center (ITRC) and CyberScout finds a worrying trend: 2016 was a record year for data breaches, with businesses emerging as the largest target for hackers by far. Health care entities and government agencies, too, are at risk for their data security. We take a look at some statistics around the ITRC and CyberScout’s latest report, as well as new data on government and health care data management p
McDonald’s has spent the better portion of the last year developing and implementing strategies to bring the global fast-food franchise into the 21st century. Other global competitors have beaten McDonald’s to the punch tech-wise — Starbucks, Domino’s and Taco Bell, for example, are years ahead of Mickey D’s when it comes to ordering online and using digital tools to enhance the consumers’ experience.
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.
Tech startup Tricentis just raised a major venture capital funding round in effort to take on top rivals like Hewlett Packard Enterprise and Microsoft. Reports Monday (Jan. 30) said Tricentis raised $165 million last week for its software testing services. The Series B funding will help the company expand its footprint in the software testing market, which CEO Sandeep Johri said is slowed down by manual testing.
Walgreens Boots Alliance announced on Monday (Jan. 30) that it has decided to lower its offer to buy Rite Aid by $2 billion, as well as extend the deadline to complete the deal by six months. As a result, Rite Aid’s stock dropped 16 percent. According to Fortune , the deal, worth about $9.4 billion when it was announced in Oct. 2015, is now worth between $6.8 billion and $7.4 billion.
As of 2017, platform businesses need payments solutions — it is becoming a less and less optional part of the business. But turning payments isn’t exactly as easy as flipping a switch — and therein lies the rub, according to Kurt Bilafer, global vice president at WePay. Platform businesses aren’t at a payments-optional point in their evolution — their merchants and consumer end users more or less demand them.
Just when you think everything that can be connected is indeed connected, think again. The fashion world is swiftly embracing the Internet of Things, and the Rebecca Minkoff brand has chosen to take a dive into the digital pool by creating new wearables. Just ahead of Fashion Week, Rebecca Minkoff recently announced the launch of its connected handbags.
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.
The National Bank of Abu Dhabi (NBAD) announced that it has become the first bank in the Middle East and North Africa to introduce real-time, cross-border payments on blockchain, thanks to its partnership with Ripple, a U.S. company specializing in blockchain. The NBAD now joins a growing list of banks around the world that have adopted the technology, including Santander, Standard Chartered and Unicredit.
It’s not too often that the B2B FinTech space sees innovation targeted at commercial cards. But the area of employee spend management is in need of such improvement, says startup Spendesk , that the way businesses use commercial card technology is in need of a change. Rodolphe Ardant, founder and CEO of Spendesk, wrote a company blog post this month highlighting why disruption is needed.
It turns out that 2017 might not be the year of Spotify’s IPO after all. Spotify’s goal had been to go public in the second half of 2017. By the numbers, Spotify is the most successful music streaming service in the world, with the most paid subscribers. But Spotify, after a decade in business, is still having a hard time making any money. Spotify is now reportedly weighing a plan to delay an IPO until 2018, said TechCrunch , giving the company additional time to build up a better balance sheet
The latest headline numbers focused on the U.S. economy showed a slowdown in annualized GDP growth, to 1.9 percent from as much as 3.5 percent in the third quarter. Part of that slowdown came on reversals of soybean import and export activity. Yet, consumer spending remained strong, and business investment anticipating continued strength showed up in the data, too.
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.
One month after its release, SAP’s Omnichannel Banking solution is already getting an upgrade. The enterprise technology firm released the banking platform last month to help financial service providers develop banking apps on mobile, tablet and desktop channels. The solution aims to help banks develop their own banking solutions for small businesses, as well as retail and commercial banking clients, and is built to align with other solutions in the SAP Hybris portfolio, the company explained.
Hyperledger Project, a group created to advance blockchain technology, announced on Monday (Jan. 30) that American Express has joined the group as a Premier Member. In a report , Hyperledger Project said that, by joining the group as a Premier Member, American Express will be part of developing the mission to create an enterprise-grade, open-source distributed ledger technology.
Information technology firm Wipro has been getting closer to the B2B FinTech space as of late, but it just made what is perhaps the biggest move in that effort thanks to a new partnership with Tradeshift. In a press release on Monday (Jan. 30), Wipro announced it has invested in and launched a partnership with eProcurement solution provider Tradeshift.
The second half of January saw Amazon (AMZN) stock up a net 2 percent since its last tracker. On Thursday (Jan. 26) of last week, Amazon stocks neared their all-time high record (set in October 2016), hitting $842.60 in the early afternoon. Since then, prices slid a bit, though they were still up overall. At the time of this writing, Amazon was up 0.40 percent from Tuesday’s (Jan. 31) close to $826.73 in early-afternoon trading on the first day of February.
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.
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