PYMNTS
JANUARY 30, 2019
Stripe, the San Francisco digital payments startup, has landed a $100 million investment from Tiger Global Management, boosting its valuation above $20 billion. According to a report in CNBC , citing The Information, with the $100 million investment by Tiger Global Management , Stripe now has a valuation of $22.5 billion. It comes on the heels of Stripe raising $245 million in a Series E round of fundraising last fall.
Katz,Sapper&Miller
FEBRUARY 1, 2019
Just in time for the tax filing season, the IRS has released nearly 250 pages of final regulations regarding the §199A pass-through deduction. The IRS issued previous guidance on the §199A pass-through deduction in August 2018, however, even this final guidance has not answered all questions related to the new deduction. Even so, there are many significant updates in the IRS’s final regulations, which are explained below.
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PYMNTS
FEBRUARY 1, 2019
Home improvement startup Houzz revealed that it suffered a data breach. The company said in a FAQ on its website that the breach was discovered in late December 2018, and that “a file containing some of our user data was obtained by an unauthorized third party.”. Once its security team became aware of the issue, it immediately launched an investigation with assistance from a leading forensics firm.
PYMNTS
JANUARY 28, 2019
China’s startup market had a good year in 2018, with close to 100 technology companies garnering a valuation of more than $1 billion. Known as unicorns, the companies were led by eCommerce and video streaming services, the Financial Times reported, citing data from Hurun’s ranking of China’s top tech companies. According to the report, Hurun, which also produces the annual rich list for China, found there are 186 Chinese tech startups that have valuations of more than $1 billio
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PYMNTS
JANUARY 31, 2019
As fraudsters become more brazen in their efforts, banks are realizing they need to do more than simply respond to suspicious activities as they find them. Instead, a deeper understanding of fraud — down to its genetic outline — is needed to be truly effective in fighting it. The new Digital Banking Tracker highlights how banks are adopting new approaches to protect their customers and clients from nefarious actors.
PYMNTS
JANUARY 27, 2019
Mastercard , the payments company, said late last week that it is still committed to operating in China. In a press release , Mastercard said that it is making every effort to secure the license to access the domestic Chinese market and confirmed it is in active talks with different solutions. Mastercard said it plans to present another application for a bank card clearing license shortly.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
PYMNTS
FEBRUARY 1, 2019
A healthcare firm and a biometric company have teamed up to test iris-recognition software for applications involving patient identification in the healthcare field, according to a release. IrisGuard, an iris-recognition solutions company, and Patientory, a cybersecurity healthcare data solution firm, are collaborating to combine iris biometric technology with the healthcare focused PTOYNet blockchain network, to add another layer of security and authorization on the blockchain, and help with pa
PYMNTS
JANUARY 30, 2019
The Royal Bank of Scotland (RBS) is being sued by an unnamed British payments company over allegations that RBS froze accounts on suspicion of illegal activity by the company’s clients, according to a report in the Financial Times. The payments company, which was not named for legal reasons, said at least two of its accounts were frozen in October of 2015 after RBS filed suspicious activity reports (SARs) to the National Crime Agency (NCA) in the U.K.
PYMNTS
JANUARY 27, 2019
MoneyGram International is looking at alternatives for the payments company including a sale, reported Reuters. Reuters , citing people familiar with the matter, reported MoneyGram is being prompted by its failed bid to sell itself to Ant Financial of China for $1.2 billion to look for strategic alternatives. Reuters reported that in addition to exploring strategic alternatives, the company is currently working to restructure its outstanding debt, which was at $902.8 million as of the end of Sep
PYMNTS
JANUARY 28, 2019
And so, nationalism comes full force to eCommerce, focused on the United States and India, offering another drama, another stage, another possible battle over trade. Who wins? Perhaps nobody, if the skirmish becomes a war. A Bit of History. While all eyes may be focused on China and the U.S. , and the prolonged battle over tariffs, another cross-border controversy has been taking shape with speed.
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.
PYMNTS
JANUARY 31, 2019
Artificial intelligence is making the leap from the imagination of sci-fi authors and computer scientists into consumer and corporate life. But even as the theories become reality, the general idea about AI — the lens through which the technology is viewed — often carries with it misconceptions and faulty assumptions that, over time, could impede AI’s progress.
PYMNTS
JANUARY 30, 2019
With the fifth European Union (EU) Anti-Money Laundering Directive (AMLD 5) coming into force and raising a concern over the fourth AMLD, beneficial ownership is becoming front-and-center for financial firms. “This whole beneficial ownership aspect of a transaction is only becoming more and more important,” Global Data Consortium (GDC) Co-Founder Charles Gaddy told PYMNTS in an interview.
PYMNTS
JANUARY 29, 2019
Financial technology startups were able to raise $39.57 billion in venture funding last year, marking a 120 percent increase from 2017. Reuters , citing data from CB Insights, reported the funding was on a global basis and was raised via 1,707 deals. The number of deals is also up from the 1,480 in 2017. According to Reuters, the increase in funding was driven by 52 deals that were bigger than $100 million.
PYMNTS
JANUARY 31, 2019
In an attempt to earn customer loyalty heading into the Super Bowl pizza rush, Domino’s is offering members of its Points for Pies rewards program a chance to earn points without having to buy a pizza from the chain. Domino’s Senior Vice President and Chief Brand Officer Art D’Elia said in an announcement for the offering, “Instead of advertising during Sunday’s game, we decided to invest in a breakthrough program.
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
JANUARY 31, 2019
NACHA recently released new figures on ACH network volume, revealing earlier this week that Same-Day ACH volume grew 46 percent between Q4 2017 and Q4 2018, surpassing 50 million transactions for the first time. Accelerated payments are taking off in several markets around the world, and NACHA’s latest figures demonstrate U.S. demand for faster payment capabilities, too.
PYMNTS
JANUARY 27, 2019
Business for bitcoin ATM companies seems to be booming, with Coin ATM Radar estimating that there are now 4,213 cryptocurrency ATM machines around the globe, most only offering bitcoin. Matias Goldenhörn, director of Latin America operations at the ATM operator Athena Bitcoin, told CoinDesk that the ATMs are “becoming a real alternative to banks.”. “The machines have proven resilient to the price fluctuations,” he said.
PYMNTS
JANUARY 28, 2019
Since about mid-December of 2018, checking out in the stores here in Boston has become even more of a hassle. Never mind the people who start rummaging around in their purse or wallet to pull out their cards after stepping up to the checkout counter. Or the chatty person who strikes up a conversation with the only cashier on duty while the rest of us cool our heels.
PYMNTS
JANUARY 28, 2019
The European Union’s (EU’s) PSD2 is making merchants that deal with payment data from Eurozone citizens enhance their payment protocols. In other news, Fundbox is expanding access to its Fundbox Pay business credit solution. And Starbucks has grown its loyalty rewards program enrollment, while big-name merchants in the United States are adopting Apple Pay.
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PYMNTS
JANUARY 29, 2019
Visa and the National Football League (NFL), partners since 1995, will extend their collaboration through 2025 and work together to make a cashless Super Bowl a reality one day, Visa said in a release. Visa will continue to serve as the NFL’s official payment services technology partner, and as part of the deal Visa cardholders will get special benefits.
PYMNTS
FEBRUARY 1, 2019
The fourth quarter of 2018 was kind to Venmo and Zelle , the two big peer-to-peer (P2P) services that are battling for consumer loyalty and market supremacy — a fight that pits PayPal , the owner of Venmo, against the banks that operate Zelle. The numbers tell a story of ongoing growth and more consumer acceptance. However, even as P2P becomes a bigger part of peoples’ daily lives, the coming year will bring the challenges of earning more revenue from those services, and persuading a broader gro
PYMNTS
JANUARY 29, 2019
There’s an old saying in business, often attributed to Warren Buffett: It takes 20 years to build a reputation, and five minutes to destroy that same hard-earned reputation. We’ll use that Buffett-ism as a jumping-off point to reflect on the fact that credit unions (CUs) have built strong reputations over decades. However, CUs — which now number roughly 5,300 in the U.S. — face pressure to step up technological advances, where inexorable movement toward digital and consumer-focused services can
PYMNTS
FEBRUARY 1, 2019
Mastercard results released on Thursday (Jan. 31) morning showed continued gains in processed transactions, tied in part to holiday spending during the quarter that ended in December. In terms of headline numbers, $3.8 billion on the top line met Wall Street expectations, while earnings of $1.55 on an adjusted basis were two pennies better than expected.
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PYMNTS
JANUARY 29, 2019
Visa has launched a new ePayment processing system called VisaNet in Argentina, the company announced on Tuesday (Jan. 29). The company said the new service will bring new ways to pay and new services to Argentinian cardholders, shopkeepers and banking institutions. The launch will increase Visa’s slice of the domestic transaction pie in the region by 10 percent.
PYMNTS
FEBRUARY 1, 2019
Both Visa and Mastercard posted solid fourth quarter earnings and outperformed analyst estimates, yet the companies are still waiting for approval to do business in China. Though it’s been more than a year since each submitted applications to process payments in the $124 trillion market, the People’s Bank of China (PBoC) hasn’t acknowledged and accepted the applications.
PYMNTS
JANUARY 30, 2019
The global economy offers a wide range of opportunities for businesses to expand their reach, and promote their brands to new markets. At the same time, however, expanding overseas comes with unique risks. Businesses must stay vigilant against bad actors who might engage with their enterprises under false pretenses, or in hopes of funneling money illegally.
PYMNTS
JANUARY 29, 2019
As the Super Bowl approaches, there is the usual uncertainty. Which team will win? Which commercials will be talked about most in the following days? Which brands will blow it? Will Tom Brady turn in his jersey after the game for an AARP card and hit the celebrity golf circuit? For payments and commerce , there’s another uncertainty that hangs in the air: Will legal online sports betting keep going forward, despite a recent decision by the U.S.
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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.
PYMNTS
JANUARY 30, 2019
For cryptos to be used in the real world to buy and sell things — what a concept! — might academics succeed where entrepreneurs have not, at least so far? News comes that a number of high-powered bastions of higher learning have banded together to bring cryptocurrencies to the mainstream, in a way that bitcoin seemingly cannot, eyeing scale and processing speed.
PYMNTS
JANUARY 29, 2019
Francesco Firano, founder of cryptocurrency exchange BitGrail , has been ordered to repay the $170 million worth of cryptocurrency that allegedly went missing last year. According to The Next Web , an Italian judge ordered that Firano must declare bankruptcy, hand over personal assets and return as much of the stolen crypto as possible. Documents revealed that Firano transferred customer funds into wallets under BitGrail control, and never installed safeguards to keep the cryptocurrency from bei
PYMNTS
JANUARY 30, 2019
Curve, the U.K. FinTech that enables customers to consolidate bank cards into a Curve card, was shut out by American Express just two days after announcing it had reinstated support of AmEx. TechCrunch , citing an email Curve sent customers on Wednesday (Jan. 30), reported Curve informed customers of the move, saying “Like thousands of other UK merchants, Curve has a valid merchant agreement to accept Amex payments into its e-wallet.
PYMNTS
JANUARY 29, 2019
During the fourth quarter of 2018, ACH Network volume saw more growth than it has in the last decade, according to the National Automated Clearing House Association (NACHA), which noted same-day ACH payments also reached a new level. Upwards of 5.9 billion ACH payments happened in Q4 last year, including 3.5 billion debits and about 2.4 billion credits.
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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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