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It will never be said of Apple that they lacked a flair for the dramatic – and hitting the U.S. public market’s first $1 trillion market cap two decades after it stood on the brink of bankruptcy was a pretty good twist as far as endings go. Not all twist endings are good in payments and commerce, however. The consumers who thought they were buying from a real merchant only to find that it was a fraudster surely don’t like that last-minute reversal.
Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, as amended, creates a five-step framework for entities to determine when and how much revenue should be recognized. The first article in the ‘Dissecting the New Revenue Recognition Guidance’ series discusses step 1, identifying the contract(s) with customers. This article focuses on step 2, identifying the performance obligations in the contract.
Billboards are not going gently into that good night. In fact, the old-fashioned form of outdoor advertising is winning over digital marketing heavyweights and finding ways to thrive in the online world. Examples abound. Amid data sharing and online privacy controversies, Facebook recently promoted on billboards what Bloomberg called the social media operator’s “new approach to user safety and privacy.
Grubhub made news a couple weeks ago when it simultaneously delivered a very strong Q2 2018 earnings report and announced the acquisition of LevelUp. The focus then and the subsequent coverage since has been on the positive impact of the LevelUp acquisition on Grubhub’s ability to diversify its platform offerings. With LevelUp, Grubhub can now offer restaurants that are part of its network order ahead/pickup in-store and new CRM/loyalty initiatives to their mobile wallets using LevelUp’s white l
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.
In FinTech ‘s never-ending path to combating friction, B2B solution providers often take one of two approaches: design a holistic solution that allows a company to entirely replace an entire function with a single, streamlined tool, or design a solution that zeroes in on one particular point of friction that can seamlessly integrate into an organization’s existing operations and systems.
Wells Fargo , the embattled national bank, disclosed in a Securities and Exchange Commission filing that hundreds of individuals saw their homes in foreclosure because of a glitch in software the company used. According to a report in CNN citing Wells Fargo , software it used denied mortgage modification requests incorrectly. The bank said it set aside $8 million to compensate the customers that were impacted by the computer glitch.
Digitally native brands are trying on a new brick-and-mortar model for size: Instead of opening the doors to cavernous stores, they are opting to create smaller-format locations. When Indochino made the transition from a digital-only to an omnichannel retailer, for example, the Canadian fashion brand opted to open smaller stores called showrooms, where customers can shop for made-to-order formalwear.
Digitally native brands are trying on a new brick-and-mortar model for size: Instead of opening the doors to cavernous stores, they are opting to create smaller-format locations. When Indochino made the transition from a digital-only to an omnichannel retailer, for example, the Canadian fashion brand opted to open smaller stores called showrooms, where customers can shop for made-to-order formalwear.
Corporate travel platform Concur , owned by SAP , has integrated listings from home-sharing service Airbnb into its platform. A recent announcement from Concur said Concur Travel will now show listings available from Airbnb directly within its platform, making it the only corporate travel solution to do so, the company said. Airbnb listings will now appear alongside traditional hotels within the online travel booking solution operated by SAP Concur.
“How about waking up in the morning and asking Google Home or Amazon Alexa, or your mobile phone if you’re on the go, ‘Hey Google, hey Amazon, what are my deals for the day?’” asked Glenn Fodor, SVP and head of Information and Analytics Solutions at First Data. A new generation of retailers are making use of these new forms of customer data, and applying advanced technology like artificial intelligence (AI) and machine learning to anticipate the types of products their customers will want to buy
Starbucks brewed up a swirl of cryptocurrency intrigue last week. The coffee chain said it is among the companies that will work with Intercontinental Exchange’s planned digital asset company, Bakkt , “to create an integrated platform that enables consumers and institutions to buy, sell, store and spend digital assets on a seamless global network.”.
Alternative lending player Skippr has landed new funding, a sign that investors are still supportive of the industry after concerns were raised over alternative finance’s high interest rates. Reports in the Australian Financial Review Monday (Aug. 6) said Skippr raised $11.8 million in debt and equity financing from SocietyOne and Andy Taylor, co-founder of Douugh.
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.
China has ordered a lockdown of Beijing’s financial district Monday (August 6) to prevent individuals from protesting a crisis in the peer-to-peer (P2P) lending marketplace. According to a report in the Financial Times , hundreds of police officers and security guards gathered near the offices of banking and securities regulators, as well as the entrance to the underground train stop for the financial district.
Visa announced Tuesday (August 7) that it has made an investment in and inked a partnership with Behalf, an Israeli startup. In a press release, Visa said the investment and partnership is aimed at supporting small business growth via easy-to-access capital and financing. Behalf provides working capital solutions for small businesses and flexible financing for business purchases.
U.S. Bank is reportedly looking to sell Elan, its card processing business, reported Fintech Futures. According to the report, Finastra, FIS and Fiserv are in the running to acquire the unit from U.S. Bank. Elan processes credit cards for 1,800 banks in the U.S., providing payment services, credit card issuing, prepaid card and ATM services as well as debit card processing.
Internet of Things technology is known to much of the public through the development of smart home technology, which allows consumers to control their appliances, listen to music and shop by using their voice with an increasingly sophisticated technology that learns natural language. However, IoT is being deployed across the country, and to major cities around the globe, to help improve major transportation systems, reduce traffic, increase security and, in some cases, save lives through the imp
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.
As the digital economy expands, notions of ownership and loyalty change. The so-called sharing and gig economies enable consumers and workers to use products and take jobs without full commitment. Now a young company in Germany called Grover hopes to use a fresh investment worth about $47 million to expand its business of offering rentals of phones, consumer electronics, drones, gaming gear and other products to consumers and startups.
Businesses, get ready: The phishers are paying more attention to you. No company has ever been completely safe from criminals, whether it’s the type that steals in person or the hackers who do it digitally. But there is mounting evidence that phishers are turning more attention to enterprises and away from individuals — and at a time when pretty much every industry is moving away from a reliance on analog processes and toward more digitalization.
Warnings from the Federal Bureau of Investigation have enterprises worried about cybersecurity — specifically, concerns about ransomware attacks. Business Email Compromise scams continue to grow and steal more corporate money than ever before. Phishing emails — 93 percent of which include ransomware, according to ITProPortal — should by no means be ignored.
Positive Technologies researchers Leigh-Anne Galloway and Tim Yunusov are warning that new lower-cost payment systems could hurt companies because of security flaws that could enable hackers to steal credit card data or change the value of what people are purchasing. CNET reported the researchers released their findings during the Black Hat security conference being held this week in Las Vegas, saying hackers are targeting cheap card readers, which have gained in popularity because they are easy
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.
It can happen at the office. It can happen on Facebook and Pinterest. It can happen on a well-crafted blog designed to appeal to particular hobbyists, or an event and ticketing website, or an online platform devoted to travel. It can happen pretty much anywhere, given the right tools. And the people who try it seem to really, really like it — which signals good news for merchants and payments providers in the coming years.
Successful innovation is all about operationalization. The good news is that the path to operationalizing innovation looks remarkably similar for all financial institutions (FIs). Whether FIs are big or small, operationalizing innovation comes down to executing on the same four key tenets , starting with making innovation a mindset. FIs must take this mindset and bring it into every aspect of their processes, operationalizing it to align with a tangible business agenda and inform the other thre
Use cases are growing with blockchain, and while the headlines may focus on large-scale government initiatives and where distributed ledger technology (DLT) might be headed, the fact remains that smaller projects are gaining traction. Looking on a case-by-case basis, state initiatives (or local ones outside the U.S.) are showing some possibly novel ways that DLT may — at least, according to its advocates — help transform everyday activities.
As eCommerce and delivery companies fight an increasingly tough battle to streamline costs and compete for customers, a number of firms are moving to take control over logistics and distribution, as the cost savings and efficiencies can help accelerate growth and lower the expense of making final delivery to the customer. Domino’s , the world’s largest pizza delivery chain, said the company needed to accelerate investments in supply chain centers, as domestic volume has risen 50 percent over the
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.
A new report has found that over 33 billion records will be stolen by cybercriminals in 2023 alone. The new findings gathered by Juniper Research and published in its report, “The Future of Cybercrime & Security: Threat Analysis, Impact Assessment & Leading Vendors 2018-2023,” shows that there will be a staggering increase of 175 percent in cybercrime in 2023.
Singapore’s FinTech scene is booming: Funding for the burgeoning sector in the island country topped nearly a billion dollars in 2017, reaching $983.6 million that year. Hong Kong, by comparison, saw $596.8 million in funding for FinTechs at the time. Singapore overtook Hong Kong in FinTech funding in 2016. In that year, Singapore pulled ahead of Hong Kong with $310.5 million in funding compared to Hong Kong’s $191.2 million.
Visa and Mastercard have agreed to cut Canadian credit card transaction fees, which could save smaller businesses (SMBs) C$250 million ($192 million) a year. The companies agreed to reduce the average annual interchange rate in Canada by 10 basis points to 1.4 percent on cards, according to Canada’s finance department. “The voluntary commitments announced today are good news for Canadian businesses that accept credit cards, and good news for Canadian consumers,” said Finance Minister Bill Mornea
It was once the (stereotypical) realm of ambitious teenagers and refuse-to-grow-up rockers and stoners who either needed extra bucks or found it too … uh … challenging to land better jobs. These days, however, food delivery means digital technology, entrepreneurship and global acquisition activity — and reasonable questions about how this will all shake out in the coming few years.
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.
To help drive customers to its online ordering system, McDonald’s is rolling out a free food “for life” promotion. The winner will score a McGold Card that gives two free meals a week over a 50-year period, USA Today reported. According to the contest’s website , the prize is worth $52,350. The contest kicks off on Friday (August 10) and concludes later in the month.
Brick-and-mortar retailers have sought to reduce their retail footprint in hard times, and Mattress Firm, Inc. is no exception. The brand could close between 600 to 1,000 of its 3,000 locations this year, according to some predictions – and is reportedly considering bankruptcy, people familiar with the matter have told Reuters. Steinhoff International Holdings NV, which acquired the company in 2016, has reportedly sought to restructure some of its subsidiaries’ debt.
Development officials in Toronto recently signed a development agreement involving a “smart city” concept backed by Google’s parent company – but the project still faces doubts from civic officials and citizens. The project involves Waterfront Toronto — a government-created organization focused on renewal of the city’s waterfront — and Sidewalk Labs , the urban innovation company operated by Alphabet.
Traditional retail locations, ranging from fashion and home furnishings to hardware and department stores, have been forced to make significant changes in the face of heightened competition from eCommerce giants like Amazon and omnichannel powerhouses, like Walmart and its online unit, Jet.com. In many cases, the stores have been slow to develop their own eCommerce strategies.
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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