DuctTapeMarketing
JULY 14, 2018
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JULY 17, 2018
International Business Machines (IBM) and Stronghold, the financial services company, are teaming up to back a new cryptocurrency that is tied to the U.S. dollar. Reuters , citing the companies, reported that the digital token, dubbed Stronghold USD, launched earlier on Tuesday (July 17) on the Stellar blockchain platform. Buyers of the digital token deposit U.S. dollars with Prime Trust, Stronghold’s partner, and are issued the tokens on a 1-to-1 ratio.
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Katz,Sapper&Miller
JULY 18, 2018
This article provides a high-level summary of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, as amended, and then focuses on Step 1 of the five-step framework defined in the ASU.
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JULY 20, 2018
Tilray , the first cannabis company to conduct an initial public offering on a U.S. exchange, closed up 32 percent. According to Financial Times reporting, Tilray’s shares sold for a listing price of $17, higher than the original indicated range of $14 to $16 a share. The IPO raised $153 million. And at $22.39 at the close of trading on Thursday (July 19), the company had a market value of nearly $2 billion.
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JULY 16, 2018
Apple Inc.’s research and development spending may have increased in the last fiscal year, but Toni Saccognahi, an analyst at Wall Street firm Bernstein , thinks the iPhone maker can spend more. In a research report covered by Barron’s , the Bernstein analyst said Apple has increased R&D spending to $12.7 billion in its last fiscal year, which accounts for more than it spent between 1998 and 2011 when it was creating the iPod, iPad, and iPhone — and is growing it at a faster clip
PYMNTS
JULY 17, 2018
When one tries to Google the phrase “millennials and mortgages,” something curious happens. Two different – and in some cases, mutually exclusive sounding – accounts of millennials and their home-buying habits, or lack thereof, emerge. Millennials are either dragging down the housing market because they can’t/won’t buy houses, or millennials are both leading the modern mortgage market and simultaneously leading it into the digital age.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
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JULY 19, 2018
American Express has filed for a blockchain-based proof of payment technology, and Santander U.K. entered into an agreement with Infosys Finacle. Traditional banks and other financial institutions are undergoing tremendous pressure right now to compete in an environment where they are faced with enormous scrutiny from government regulators looking to mitigate risk.
PYMNTS
JULY 16, 2018
PPRO Group , a U.K. cross-border ePayment provider, announced on Monday (July 16) a $50 million round of investment led by PayPal. In a PayPal press release , the company said that in addition to its investment, Citi Ventures and returning investor HPE Growth Capital participated in the round of fundraising. PPRO enables businesses to accept more than 140 alternative payments around the globe, partnering with payment service providers and financial institutions.
PYMNTS
JULY 16, 2018
Market watchers have sent out a warning that the U.S. economy might be heading toward a recession. According to Reuters , the rise of risk premiums on investment-grade corporate bonds over comparable Treasuries, which have been increasing since February, is one factor that has analysts worried. “People are talking about the yield curve as a predictor of recessions.
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JULY 16, 2018
Citi announced Monday (July 16) the launch of Citi Payment Insights, a new service that gives institutional clients access to real-time payment information and the ability to action payments on demand via the CitiDirect BE electronic banking platform. In a press release, Citi said Citi Payment Insights empowers clients by giving them a complete view of the transaction lifecycle within Citi’s global network and across the correspondent banking ecosystem by integrating the transparency provi
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
JULY 19, 2018
It’s a phrase that can cause several types of jobsite headaches — stepping away from a project to hit a hardware store with petty cash, for instance, or calling the boss to gain approval to go over a card spending limit. “ Spend management ” is hardly the sexist buzzword in payments and commerce, but the practice is developing to a point where many of those headaches are being reduced — a process that can also lead to more revenue.
PYMNTS
JULY 16, 2018
Cryptocurrencies such as bitcoin and ether don’t pose much of a risk to global financial stability at the current time, but that isn’t stopping global regulators from creating a framework to monitor risk from cryptocurrency. Reuters cited the Financial Stability Board which is in charge of coordinating financial regulation among the Group of 20 Economies when reporting that the framework covers how risks from crypto assets could spread to other areas of the financial system.
PYMNTS
JULY 17, 2018
Since the migration to EMV in the largest card market in the world (the U.S. in October of 2015), the incidences of counterfeit card fraud at chip-enabled merchants have fallen sharply — some 76 percent, as reported by card networks. Once cards became significantly harder to clone, fraudsters took their bag of bad tricks online. At least, that is the narrative that most people in developed countries have internalized, said Derek Pak, regional head of Customer Fraud Management for Asia-Pacific at
PYMNTS
JULY 16, 2018
Picture this. It’s Boston. It’s snowing. It’s February (or maybe it’s May, because it’s still snowing in Boston). A driver has to pull over and get gas. The fingers and mind tremble at the thought of getting out of the car to pay, to get the coffee on the trudge to and from the convenience store. It’s the kind of commerce that engenders no joy. Another scenario: A driver has their kids in the car.
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
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JULY 20, 2018
The U.S. Federal Bureau of Investigation released a public service announcement this week warning that business email compromise (BEC) scams are on the rise. The total value of funds redirected as a result of a BEC scam has now topped $12 billion, the FBI said, updating previous warnings of the scam and including data up to May 2018. Between December 2016 and last May there was a 136 percent increase in BEC scam losses across the globe, the FBI said, and instances of the crime have been reported
PYMNTS
JULY 16, 2018
Scientists say that humans have a lot in common with mice. Both species, a new study conducted by researchers at the University of Minnesota Medical School has found, express profound regret over how much time is spent waiting for something to happen. The study examined the behaviors of humans and mice before each were given an option to wait and receive reward (food for mice, videos for humans) and then after making the commitment, while waiting to receive it.
PYMNTS
JULY 18, 2018
SBI Holdings’ own crypto trading platform, VCTRADE , has gone live, according to Cryptovest. At launch, the platform will reportedly support trading of the Japanese yen with Ripple ’s XRP. The news comes as the platform was formally unveiled in June following beta testing last year. In other news, BitPay has received a digital currency license from the New York Department of Financial Services (DFS) that is called a “BitLicense,” Cryptovest reported.
PYMNTS
JULY 19, 2018
It’s no secret that banks and FinTechs are collaborating at a rate faster than ever before. Where once traditional finance companies viewed tech-driven service firms with caution and even a bit of skepticism, the realization more recently has been that joint efforts can reap dividends. There’s the long-term lure, of course, of increased customer headcount and cross-pollination of new revenue streams.
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Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.
PYMNTS
JULY 20, 2018
Amazon is launching a new feature that allows users to search for home improvement parts with ease. The eCommerce giant’s “Part Finder” enables users to simply point their smartphone camera at an item they need, and Amazon will scan it, measure it, and find matching items from its product catalog. The company didn’t officially announce the feature’s launch, but confirmed to news outlets it was rolled out a couple of weeks ago.
PYMNTS
JULY 19, 2018
Coinbase says that it hasn’t received approval from two U.S. watchdogs for three acquisitions, Cryptovest reported. The firm reportedly told Bloomberg that it had received approval from the Financial Industry Regulatory Authority (FINRA) and the U.S. Securities and Exchange Commission (SEC). However, Coinbase VP of Communications Rachael Horwitz told Bloomberg that “Coinbase has discussed aspects of its proposed operations … on an informal basis with several members of SEC staff.”.
PYMNTS
JULY 16, 2018
Employers are increasingly moving away from depositing paychecks into employees’ bank accounts, offering instead to add them to payroll cards. Payroll cards work like debit cards, allowing employees to purchase goods and services or make cash withdrawals from ATMs. Unlike debit cards, though, there are no bank accounts tied to the cards and money is directly added to them by employers.
PYMNTS
JULY 20, 2018
Investors placed more than $136.5 million with B2B startups this past week, and while investment targets were diverse (including B2B eCommerce and small business lending), the bulk of the funding landed at companies focused on enhancing businesses’ ability to assess their performance. Business intelligence is a common theme in this week’s B2B venture capital (VC) roundup, with many startups deploying artificial intelligence (AI) and sophisticated data analytics technologies for their
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Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.
PYMNTS
JULY 16, 2018
Continuing the recent string of earnings from big banks – a string that kicks off earnings season per tradition – Bank of America said loan growth and a boost in digital initiatives boosted results in the second quarter. The company is also committing a significant amount of incremental capital over the next several quarters to technology initiatives.
PYMNTS
JULY 16, 2018
The Bureau of Consumer Financial Protection announced late last week it settled with the National Credit Adjusters , a private company, as well as its chief executive and part owner Bradley Hochstein. In a press release, the CFPB said it found NCA and Hochstein used a network of debt collection companies to collect debt from consumers, with some engaging in unlawful debt collection acts and practices that harmed consumers.
PYMNTS
JULY 18, 2018
Criminals are always on the hunt for new opportunity. As companies settle into a world governed by Europe’s second Payment Services Directive ( PSD2 ), and as financial institutions (FIs) and FinTech companies explore the possibilities of faster payments and unbundled banking , attention to how to secure those activities is increasing. How exactly fraud attacks and fraud prevention will change in the post-PSD2 world remains unclear, but change is certain, according to observers.
PYMNTS
JULY 16, 2018
Banco Santander , the Spanish bank, has created a digital investment unit that will be headed by John Whelan, who is currently in charge of the bank’s blockchain unit. According to a report in Fintech Futures , the new unit will focus on making sure the bank is using the latest technology to improve efficiencies, while at the same time exploring the use of tokenized securities in the capital markets, derivatives and with other financial products. “The wave of digitalization that is o
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PYMNTS
JULY 19, 2018
TheStreet may have been focused on top-line shortfalls, but beyond the headline numbers, American Express (Amex) posted results for the second quarter that showed double-digit percentage growth across a number of key metrics, including card-billed business and the company’s lending business. The headline numbers, then: Total revenues gained 9 percent to $10 billion, just shy — by $50 million — of Street expectations.
PYMNTS
JULY 19, 2018
Despite being home to Africa’s biggest mobile phone market, Nigeria is seeing a decline in banked adults in the country. According to a report in Bloomberg , financial inclusion in the African country has declined close to 4 percentage points from 2014 to 2017, now standing at 39 percent at the same time that the Sub-Saharan African average of banked people increased more than 8 percentage points to 43 percent.
PYMNTS
JULY 16, 2018
Facebook has hired Shahriar Rabii to be a vice president and its head of silicon, sending a message that it plans to build its own semiconductors. According to Bloomberg , Rabii previously worked at Google , where he led the team in charge of building chips for devices such as the Pixel smartphone’s custom Visual Core chip. Sources say that at Facebook, he’ll work under Andrew Bosworth, the company’s head of virtual reality and augmented reality.
PYMNTS
JULY 19, 2018
Change typically brings confusion and some level of chaos, and that’s true for merchants trying to win over foreign shoppers and master cross-border payments — achievements that can provide a revenue edge as eCommerce continues to grow across the world. And digital technology’s ongoing work of tying together global markets, combined with the spread of FinTech , is leading to the problem of payment fragmentation.
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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.
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