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Mobile commerce might just be the key to saving brick-and-mortar stores. Consumers use their smartphones to shop for everything, everywhere – including using them to help them shop in-store. What’s more, consumers who use their smartphones while shopping in-store visit them more often than consumers who don’t. As much as 81.5 percent of consumers who do say they visit brick-and-mortar shops every day or every week.
Wherever financial information and funds flow, there is the potential for losses caused by cyberattacks, fraud, and embezzlement. With the construction industry closing in on a decade of strong performance, all levels of employees should be aware of these threats and the costs of recovery (in both time and expense).
Kaspersky Lab, a cybersecurity and anti-virus company, has reported a rise in a specific malware intended to steal money and credentials from people’s bank accounts. The company found 29,841 files of the malware in Q1 of 2019, which is up from 18,501 in Q4. Attacks on upwards of 300,000 users were detected. Kaspersky Lab released its IT threat evolution in its Q1 2019 report.
Corporate payments technology firm Bill.com is rolling out a new platform designed to deploy artificial intelligence (AI) for automated workflows. In an announcement on Wednesday (May 22), Bill.com said it has launched the Intelligent Business Payments Platform for small and medium-sized businesses that need a more efficient business payments solution.
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.
For Sir Tim Berners-Lee, the man credited with inventing and giving away the World Wide Web protocol that shaped the internet as we know it today, the web at its best has always been about being decentralized. “The decision to make the Web an open system was necessary for it to be universal. You can’t propose that something be a universal space and at the same time keep control of it,” Berners-Lee famously noted in 1998.
Mastercard and Interac, the global and domestic payment networks, announced Wednesday (May 22) they are collaborating to offer customers in Canada a fast and easy way to send money internationally. In a press release , the companies said Interac is using Mastercard Send, a push-payments service to send money cross-border, on the Interac eTransfer platform.
The B2B space is ripe for transformation, where outdated payment processes mark accounts payable (AP), and where technology can make all the difference as corporates choose their banking partners to satisfy their payment needs. To that end, Jessica Moran, general manager of Paymode-X Business Solutions at Bottomline Technologies , noted the continued (and accelerating) collaboration between banks and FinTech firms.
The B2B space is ripe for transformation, where outdated payment processes mark accounts payable (AP), and where technology can make all the difference as corporates choose their banking partners to satisfy their payment needs. To that end, Jessica Moran, general manager of Paymode-X Business Solutions at Bottomline Technologies , noted the continued (and accelerating) collaboration between banks and FinTech firms.
Payment company Allied Wallet and its owner, Ahmad Khawaja, as well as two officers, Mohammad Diab and Amy Rountree, have settled with the Federal Trade Commission (FTC) over allegations of knowingly processing fraudulent transactions related to scams, the FTC reported on Tuesday (May 21). Allied Wallet was accused of processing payments for firms that were known by law enforcement agencies as fraudulent, such as Stark Law, a debt collection scheme; TelexFree, a pyramid scheme; and MOBE and Digi
A new service launched Wednesday (May 22) called Plaid Direct enables “two-way connectivity across the financial ecosystem and makes it easier for consumers to move money between their accounts — whether it’s in a neobank, FinTech, or big box bank account,” according to a statement from Plaid. In a blog post , the company said it now offers a “lightweight integration specification that allows banks and FinTech applications to quickly and easily become a data source in the Plaid network.
There is no “i” in team — every coach’s mantra. Guess what, though? That’s only half the story when it comes to the concept of working together for the greater good. As it turns out, “payments is a team sport,” at least in the view of Manish Kohli, global head of payments and receivables at Citi. In a recent PYMNTS discussion with Karen Webster, Kohli dug deep into how financial institutions (FIs), FinTech firms and others need to find ways to work together to advance the cause of digital paymen
Intelligence of Things (IoT) devices are continuing to gain popularity. By some estimates, more than 14 billion devices are expected to be in use by the end of the year. However, with this growth comes the increased risk of data breaches and fraud. It has also raised concerns among privacy advocates and security experts, with many warning against the dangers of weak security protocols and constant vigilance.
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.
Target notched an impressive beat when it reported its Q2 earnings earlier this morning (May 22), with earnings and sales both clearing analyst predictions. Net income clocked in at $795 million, or $1.53 per share. That is a beat on results at this time last year, when Target reported earnings of $718 million, or $1.33 a share, a year ago, well ahead of analyst estimates of an EPS of $1.43.
New York’s Department of Financial Services seized Municipal Credit Union , New York’s oldest credit union, on Friday (May 17), saying it is facing “unsafe and unsound” conditions. The move comes after its ex-Chief Executive Officer Kam Wong pleaded guilty to embezzling funds, reported Reuters. According to the report, the former CEO pleaded guilty in November to embezzling millions of dollars from the credit union.
As the need for speed increases worldwide, banks and other financial players are adapting payments to work smarter — not harder. Faced with a growing number of transactions to process in real time, payment service providers (PSPs), financial institutions (FIs) and FinTech firms also need to make sure the security of these smarter payment systems is up to par.
Mobile commerce has become part of the daily routine for many consumers — who are not just using devices to shop on the go, but also in-store and for a variety of product categories. In the 2019 edition of the Remote Payments Study , PYMNTS collected and analyzed survey data from 2,300 American consumers to see how shopping habits have changed and evolved from last year.
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.
Commuters in Portland, Oregon and Vancouver, Washington can now add a digital Hop Fastpass card to their iPhone or Apple Watch, thanks to an alliance between Mastercard and Apple. Mastercard announced Tuesday (May 21) that using Mastercard token services, commuters can add a card purchased through the Hop Fastpass App to Apple Wallet and tap their iPhone or Apple Watch to get on board public transportation.
The first time is a charm. In fact, the first time must be a charm. No, we are not talking about first dates or so-called “meet cutes” in movies. We are talking about consumer acceptance of contactless payments in the U.S. – specifically, the use of such payments for mass transit in New York City. It’s an unforgiving environment where people are famously told not to look too long at other riders, so you can imagine the frustrations in store if those payments should fail while someone is trying t
Vending machines, increasingly, are ditching the dollar bills in favor of payments rendered in bits and bytes. Kiosks are increasingly becoming part of the retail landscape. As reported in the latest Unattended Retail Tracker , done in partnership between PYMNTS and WorldNet Payments, unattended retail is gaining traction worldwide, on the heels of growth in consumer demand and as employers look to increase their operating profits.
The New York City taxicab industry has been suffering, with a series of suicides plaguing taxi drivers over the past year as they struggle with debt and financial strife. While New York City has long blamed Uber and Lyft for the industry’s woes, a New York Times investigation found the fault lies with industry leaders. An investigation by The New York Times shows industry leaders artificially drove up the price of taxi medallions.
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.
The old adage is that a journey of 1,000 miles begins with a first step. In banking, the customer journey, of course, begins with the first steps involved in setting up a relationship — offering up names, addresses, Social Security numbers (SSNs) and a wealth of other data to set up accounts. However, that’s a process that needs to keep up with the times.
Clinc, the AI startup, has raised $52 million in venture funding in a Series B round of venture funding. VentureBeat , citing the company, reported the $52 million was more than eight times its Series A raise in February of 2017, when it raised $6.3 million in funding. The Series B round was led by Insight Partners and included participation from DFJ Growth and existing investors Drive Capital and Hyde Park Venture Partners.
Large U.S. banks are seeing a deterioration in commercial lending portfolios for the first time in three years, according to a report by the Financial Times. The news is making some investors worried about whether it’s the start of a trend, considering the relatively strong state of the economy. Ten of the biggest commercial lenders saw non-performing loans rise 20 percent in Q1, or about $1.6 billion.
The number of ATMs installed during 2018 declined by 1 percent on a worldwide basis, found RBR, the research firm. In a press release , RBR said the number of ATMs stood at 3.24 million at the end of 2018 and that the decline was due to branch closures and growing popularity of mobile payments. In RBR’s new Global ATM Market and Forecasts to 2024 report, it found the number of ATMs declined in four of the five largest markets last year.
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.
NCR, the payments company that makes self-service kiosks, point-of-sale terminals and automated teller machines, among other payment devices, has reportedly tapped Bank of America Equities to find a buyer. Seeking Alpha , citing a DealReporter story, reported that Warburg Pincus has been in discussions with NCR during the past few weeks about a deal.
The more things change, the more things stay the same. The merchant acquiring, processing and services industry has seen its share of headlines so far this year, with big players coming together in waves of deal-making to get bigger, and provide a greater range of processing and payment services. The year started off with a bang, as Fiserv struck a $22 billion megadeal to acquire First Data , aiming to offer “a one-stop shop” for integrated offerings to banks, merchants and service providers.
WeChat Pay and Alipay, the Chinese digital payment apps, have been banned in Nepal due to a loss of income as a result of the services, per the government’s claims. Reuters , citing Laxmi Prapanna Niroula, a spokesman for the Nepal Rastra Bank, reported that the two digital payment services are not registered with the central bank in Nepal and are therefore illegal.
Baoshang Bank, based in Inner Mongolia, will be taken over by China’s banking and insurance regulator over critical credit risks, according to a report by Reuters. The takeover starts on Friday (May 24) and will last a year, both the Insurance Regulatory Commission (CBIRC) and the People’s Bank of China (PBOC) said on their respective websites. Takeovers of banks are rare in China, and this is the first one in almost 20 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.
Technology may be changing, but the level of service consumers want from businesses is not. With a growing number of consumers around the globe now participating in the sharing economy, customer service and personalization are becoming crucial to connect with consumers. While many of these customers belong to the millennial and Gen Z age groups, and prefer to communicate via text or Messenger, companies in the sharing economy still need to maintain familiar channels, like contact lines, to satis
To prevent consumers from leaving their carts behind before they pay, businesses need to have strong online checkout processes that convert online shoppers into customers. The aim is to head off the real and pertinent issue of checkout abandonment, which, according to some estimates, happens to a staggering share of eCommerce carts. Some estimates say almost seven in 10 — or 69.6 percent — of all online shopping carts end up deserted, according to the latest PYMNTS Checkout Conversion Index.
The idea for an Apple Credit card, which made a splash when it was introduced at the March Apple event, has been around since at least 2004, when Steve Jobs was running the company, according to reports. Former creative director at Apple, Ken Segall, revealed the news in a blog post on Monday (May 20). “The year was 2004, when Apple was a very different company.
An analyst has revealed that Tesla missed out on the chance to sell to Apple six years ago for around $240 per share. “Around 2013, there was a serious bid from Apple at around $240 a share,” Craig Irwin, an analyst at Roth Capital Partners, told CNBC. “This is something we did multiple checks on. I have complete confidence that this is accurate. Apple bid for Tesla.
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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