PYMNTS

JULY 15, 2019

Call it remittance on a global scale, or P2P without borders. PayPal said on Monday (July 15) that it is launching Xoom, its international digital money transfer service, in the United Kingdom and 31 markets spanning Europe. The company said “the service will benefit millions,” including more than nine million people living in the U.K., and will pay out remittances to other individuals living in Nigeria, India, China, the Philippines and beyond, across 130 countries.

Account 80

Account accountant accounted Retail 80

Katz,Sapper&Miller

JULY 18, 2019

On July 17, the Financial Accounting Standards Board (FASB) voted to have its staff prepare an exposure draft to delay the effective dates for accounting standard changes on leases, credit losses, and hedging. The FASB received several requests to provide relief as smaller companies are dealing with the highly challenging implementation of the revenue recognition standard.

accounting standards 40

accounting standards Account accountant accounted 40

PYMNTS

JULY 15, 2019

More than $1.2 billion is estimated to have been lost to cryptocurrency scams, thefts and fraud in the first quarter of 2019, and cybercriminals and scammers are not the only ones putting digital asset users at risk. Canadian exchange QuadrigaCX ’s former CEO, Gerald Cotten, allegedly embezzled approximately $195 million of clients’ money, for example, and his recent death left the company without the passwords required to access most of its customers’ holdings.

audit 77

audit Technology Government Account 77

PYMNTS

JULY 17, 2019

Visa said early Wednesday (July 17) that it has acquired Payworks , a payment gateway based in Germany focused on the point of sale (POS). The company said in a release that Payworks will be integrated into CyberSource ’s portfolio of services offered to clients. In its release, the company said that Payworks’ cloud-based solution for in-store payments processing will be brought together with the CyberSource digital payment management platform, which will create, in Visa’s words, “a fully integ

Sales 77

Sales B2B 77

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PYMNTS

JULY 15, 2019

A group of companies in South Korea are collaborating on a blockchain network to be used for mobile authentication services, according to reports. . Samsung Electronics; banks KEB Hana Bank and Woori Bank ; telecom companies SK Telecom , LG Uplus and KT ; and Koscom , an IT service subsidiary from the Korea Exchange, are all part of the group. The companies want to let users protect their own data with the service, which will also allow people to save information from institutions as well as oth

Technology 76

Technology 76

PYMNTS

JULY 14, 2019

Samsung has reached an agreement with an online marketplace for financial products in India that will allow consumers to apply for credit cards and loans through the Samsung Pay app. In a deal Samsung signed with Paisabazaar.com, India’s largest online marketplace for financial products, predictive algorithms will connect customers with the lenders most likely to say yes, FinExtra reported.

Technology 76

Technology Account accountant accounted 76

PYMNTS

JULY 16, 2019

U.S. Treasury Secretary Steven Mnuchin believes that Facebook’s proposed cryptocurrency could pose as a national security threat. In a press conference on Monday (July 15), Mnuchin warned that Libra “could be misused by money launderers and terrorist financiers” and that it was a “national security issue.”. “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs and human traffick

Tax 75

Tax B2B 75

PYMNTS

JULY 17, 2019

Establishing a trust factor is vital to cross-border economics and digital identity , but the roadmap is far from clear. There are billions of individuals online, trillions of dollars in commerce exchanged digitally, and a myriad of approaches to online verification. In terms of authentication, should there be government mandates, private sector ingenuity, or a combination of both?

Technology 74

Technology Government 74

PYMNTS

JULY 17, 2019

Strong customer authentication (SCA) looms on the horizon for businesses based in Europe. The latest PSD2 Tracker shows that a majority of European citizens are aware of GDPR – and the reverse seems true here in the States. Yet online commerce is indeed about to usher in a sea change in how companies deal with security and privacy , as similar laws may span the globe in the coming months.

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PYMNTS

JULY 16, 2019

Uber AI, the ride-hailing company’s artificial intelligence division, has released an open-source AI platform called the Plato Research Dialogue System, according to a report by Venturebeat. . The platform is made to build, train and deploy conversational AI agents for people to gather data from both prototypes and demonstration systems. . “Intelligent conversational agents have evolved significantly over the past few decades, from keyword-spotting interactive voice response (IVR) systems to the

Technology 69

Technology 69

Speaker: James Kahler, COO of Full Course

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PYMNTS

JULY 17, 2019

You may have noticed in recent years that the cash you have in your wallet, pocket or purse tends to last longer than it used to. Drew Edwards, CEO at Ingo Money , sure has — a situation he says was brought about by the increasing use of Uber instead of taxis, digital payment options offered by valets and other factors. But there is one place where cash still has a big role: Tipping.

payroll 68

payroll Start-ups Government Technology 68

PYMNTS

JULY 19, 2019

German AI-driven mobility startup FlixMobility has raised $531 million in a new funding round, and is now valued at more than $2 billion, according to reports. . The funding amount is the largest for any German outfit so far this year. The company is perhaps best known for its FlixBus network, with its lime green vehicles that offer cost-effective traveling options.

Transportation 66

Transportation Start-ups 66

PYMNTS

JULY 18, 2019

The second Payment Services Directive (PSD2) is changing how banks share data and interact with third-party providers and FinTechs, which are now relying on open banking information and application programming interface (API) access to build out new products. The regulation is also altering banks’ end customer interactions as new players make their way to the financial stage.

Maine 65

Maine Retail Technology 65

PYMNTS

JULY 14, 2019

After hitting the 500,000 user mark, currency exchange service WeSwap has rolled out a Seedrs crowdfunding round. The company is seeking a £2.3 million ($2.89 million) raise, according to reports. The raise is the company’s third on Seedrs and had previously brought in funds from 3,868 investors of more than £3.5 million ($4.4 million). It will support an IW Capital-led Series B investment round.

Technology 65

Technology 65

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

Technology

PYMNTS

JULY 17, 2019

The second Payment Services Directive ( PSD2 ) groundwork laid out in 2016 is about to come to fruition in a few months – Sept. 14, 2019, to be exact. The deadline is looming for merchants and payments providers to comply with new requirements for authenticating online payments in Europe. Firms must soon put more stringent fraud decisioning processes in place, and strong customer authentication (SCA) protocols must be built into checkout flows for online transactions that begin in Europe.

Retail 65

Retail Education Sales Account 65

PYMNTS

JULY 18, 2019

Trust is important for all of payment, commerce and financial services – it is more or less the glue that holds transactions together. Without foundations of trust, no transaction can get off the runway. And when it comes to cross-border transactions, that importance increases exponentially, simply by the nature of that activity. The parties don’t know each other, and are often separated by language and time zone barriers that can make communication a tremendous challenge.

Technology 64

Technology Start-ups Government 64

PYMNTS

JULY 18, 2019

TS Eliot wrote: “Between the idea/And the reality/Between the motion/And the act/Falls the shadow.”. The same observation might apply to financial services. Depending on where you look, the chasm yawns wide when it comes to innovating with new technologies or features. In a PYMNTS interview with Karen Webster, Joe DeRosa, EVP of Global Sales at i2c , discussed the findings of the July 2019 Innovation Readiness Playbook , subtitled “Leveling the Playing Field for Different-Sized FIs.

Technology 62

Technology Sports Healthcare Sales 62

PYMNTS

JULY 16, 2019

Six-year-old digital payments startup SumUp has managed to secure a 330 million-euro ($371 million) loan, backed by Bain Capital Credit and Goldman Sachs Private Capital. The new funds will reportedly go toward financing expansion, according to Bloomberg. The firm is reportedly looking to grow its customer base in the 31 markets where it is already doing business.

Finance 62

Finance Technology 62

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Technology

PYMNTS

JULY 19, 2019

The Seoul venture capital division of Japanese multinational holding company SoftBank has raised $270 million, or 317 billion won. The new fund of SoftBank Ventures Asia will invest globally in early-stage startups, with Asia being the cornerstone, Reuters reported Friday (July 19). Investors include South Korea’s National Pension Service. SoftBank Ventures Asia indicated the new fund will close in the next six months.

E-commerce 61

E-commerce fund accounting Technology Account 61

PYMNTS

JULY 15, 2019

Amazon’s impact from Prime Day this year will again lift the U.S. eCommerce market, according to a report by TechCrunch. . Adobe Digital Insights (ADI) predicts that top retailers who have more than $1 billion in online sales will have a revenue lift of 79 percent, which is higher than the 60 percent from a year prior. . The research also predicts that Prime Day is going to be the third time eCommerce spending goes over $2 billion on a day that’s not a holiday; the other two days were Labor Day

Sales 60

Sales Retail 60

PYMNTS

JULY 19, 2019

Iconic brick-and-mortar retailers are sometimes reinvented, and return to the world of retail with smaller-format concepts. The parent of the Toys R Us brand, Tru Kids , plans to bring stores under the legendary name to the United States for the 2019 holiday season. Tru Kids has entered into a joint venture with the software-powered experiential retailer b8ta to offer a new store experience with curated toys in “highly immersive, smaller-format spaces.”.

Retail 60

Retail New York Sales Finance 60

PYMNTS

JULY 16, 2019

When consumers use mobile apps like Uber or iTunes, the expectation that payments occur in a seamless, integrated way represents a broader paradigm shift in the payments world — one that is seeping into the corporate community as well. According to Mphasis Senior Vice President and Head of Global Payments Andres Ricaurte, the corporate equivalent to the mobile device’s effect on payments expectations can be seen in businesses’ adoption of the cloud and Software-as-a-Service.

B2B 60

B2B accounts payable accounting and finance Technology 60

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Technology

PYMNTS

JULY 17, 2019

It can be easy to forget — especially for people plugged into digital payments and commerce — that much of the world still revolves around analog processes. That holds especially true for service retail, where contractors and mechanics might still be more likely to quickly answer an actual phone call than respond to an email. In other words, digital innovation has been slow to arrive in the service world, a point demonstrated by recent PYMNTS research in collaboration with AEVI, and a new PYMNTS

Retail 58

Retail Sales 58

PYMNTS

JULY 15, 2019

For those who are focused on how better payments can lead to better eCommerce, the upcoming months promise to be an exciting and revealing time. That’s because the newest EMVCo payment specification is freshly out in the world, and the feedback and metrics on its success and failures will soon start emerging. In a new PYMNTS interview, Simon Armstrong, vice president of products for Entersekt , discussed the June release of the long-anticipated EMV Secure Remote Commerce (SRC) Specification vers

Maine 58

Maine Start-ups Retail Sales 58

PYMNTS

JULY 19, 2019

Walmart is making some organizational adjustments with its executives to help better integrate its retail store and digital operations, according to a report by CNBC. The information was gleaned from a letter that CEO Doug McMillon wrote to the company’s employees, which was obtained by CNBC. “Our customers want one, seamless Walmart experience,” McMillon wrote to employees.

Retail 58

Retail Technology 58

PYMNTS

JULY 16, 2019

McDonald’s has added DoorDash as a delivery partner, ending its exclusivity with Uber Eats , according to a report by CNBC. Uber Eats has singularly handled McDonald’s delivery since 2017 in about 64 percent of the chain’s stores in the U.S., and delivery has ballooned into a $3 billion business. However, Chris Kempczinski, McDonald’s U.S. head, said that it still only accounts for about 2-3 percent of its total business.

Texas 58

Texas Account accountant accounted 58

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PYMNTS

JULY 16, 2019

Sharing economy platforms are opening up new opportunities for property owners and travelers. Homeowners can monetize spare rooms and visitors can secure accommodations before arriving in new cities. Car owners can turn profits on underused property, and drivers can avoid the expense of purchasing items they need on a temporary basis. Platforms facilitating these transactions must foster trust between property owners and renters if they want to be successful, but creating that confidence require

accounting and finance 58

accounting and finance Finance Account accountant 58

PYMNTS

JULY 16, 2019

France’s financial regulator is set to approve a wave of cryptocurrency-related firms in the country, subjecting them to new rules that include paying taxes and complying with capital requirements and consumer protections, according to a report by Reuters. The rules, which will come into effect later this month, are among the first passed on cryptocurrency by a major world economy.

New York 57

New York Legal Tax 57

PYMNTS

JULY 16, 2019

Criminals are not the only elements that can vex financial institutions when it comes to protecting against money laundering. False positives — instances of potential but uncertain fraud — can significantly gum up the works when it comes to anti-money laundering (AML) efforts, leading to friction and massive manual review that can eat up costs and cut into profits.

Education 57

Education Maine Technology 57

PYMNTS

JULY 17, 2019

There were many questions, many comments, a few evasions and about the expected amount of histrionic blustering on display when David Marcus, Facebook’s head of blockchain projects, stepped up to the plate to testify before the Senate Banking Committee on Tuesday (July 16) to offer an explanation and defense of the controversial Libra cryptocurrency project.

North Carolina 57

North Carolina Idaho Louisiana Arizona 57

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