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Consulting firm Capgemini has launched a new platform for banks to provide services compliant with the new Payment Services Directive of the European Union. An announcement Wednesday (Feb. 8) said the company is rolling out its PSD2 Open Banking Solution, aimed at reducing the cost of compliance to PSD2 regulations. Payment service providers and financial institutions, which have until Jan. 2018 to comply with the new rules, are at the same time pressured to promote innovation and enable faster
The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which applies to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows.
Let’s face it. The more interconnected the world gets, the more accustomed everyone has become to minimizing human interaction. While nearly anything can be ordered online, the few times people go into department stores are typically when there’s a need for a very specific item. Customers go in, grab what they want, get out and rarely want to physically speak to anyone.
Vending machines aren’t about soda and salty snacks anymore — even if, at the consumer level, that’s what most people think of when they think about the technology. And vending machine operators are behind that mental reset as they contemplate their own futures since vending machines no longer have to be about junk food bought with cash. “The wave of vending operators that are embracing cashless and mobile continues to roll through the sector because there is a lot of evidence that consumers lik
Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.
The bank is an institution that has survived centuries. But nothing survives that long in immutable form. Consider the musty vaults housing gold and notes, parceled out by appointment, transforming (rather quickly in the here and now) into digital dollars in digital wallets. The branch and teller and service stellar are not enough to keep a steady patter of traffic in to keep the real estate paying for itself.
Taking a page from JPMorgan Chase, Wells Fargo has inked a data exchange deal with Intuit in which Intuit customers can import their account data without having to provide their username and password. According to a report , Wells Fargo is using a secure API that communicates between the servers of the two so that Intuit customers don’t have to share their Wells Fargo information to get their data uploaded into Intuit programs, including QuickBooks, Mint and TurboTax.
There is a sea of new FinTechs looking to challenge traditional banks in the U.K., and there is another sea of FinTechs exploring how to take blockchain from a hypothetical disruptor to a real-world one. A new company, Populous , is looking to be a strait that connects these two seas. The U.K. firm made its introduction to the world last week , announcing plans to formally launch in a few months.
There is a sea of new FinTechs looking to challenge traditional banks in the U.K., and there is another sea of FinTechs exploring how to take blockchain from a hypothetical disruptor to a real-world one. A new company, Populous , is looking to be a strait that connects these two seas. The U.K. firm made its introduction to the world last week , announcing plans to formally launch in a few months.
Who needs real identity data when you can commit just as much fraud (and commit it successfully) with the fake stuff? At least that’s the stand many fraudsters are taking. This has given way to a significant shift toward using synthetic identities — a new, false identity not associated with a real person — which enable fraudsters to open and cultivate new accounts.
Whether it’s fishing, water skiing, tubing or spending a few days aboard a luxurious yacht, being out on the water is an exciting way to spend time with family and friends. One of the main issues, though, when seeking to go out for a few hours of fun off the mainland is finding a boat. Not everyone owns their own boat when it’s time to go — much like not everyone owns their own truck but needs one when it’s time to move to a new place.
[link]. EMV is nowhere near finished, a year and a half after the much-heralded liability shift in the U.S. And for one firm, cloud gateway and data security provider Merchant Link , the process proceeds apace for hospitality and dining firms looking for certification, according to CIO Scott Carcillo. In an interview with Karen Webster, the latest installment of Data Drivers focused on the continued shift.
Just when payment card data seemed somewhat protected by EMV technology, hackers have found yet another way to steal information and gain access to PINs. In this week’s Hacker Tracker , PYMNTS was joined by Alex Cagnoni, CEO of Datablink , who shared some interesting insights on some of the latest news across the cybersecurity landscape. Old Tools, New Tricks .
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.
Can Brazil return to its booming business days of yesteryear? It wasn’t too long ago that the country’s economy was growing quickly, with Brazil’s GDP rising by more than 3 percent every year between 1999 and 2008. That growth came on the back of increased international demand for local commodities like oil, sugar and coffee, making Brazil seem ready to become an economic powerhouse.
While much has been said and written about the power of technology and its its power to build a better world, clearcut examples in the wild are harder to find. FinTech has the power to do a lot of good — no one argues that. How often it really leverages that power for the public good? That is another question entirely. But Citigroup, it seems, is at least trying to answer the question a little differently — and is reaching out to some of its best friends in high level fintech to better develo
China is an emerging FinTech hotbed thanks to its expanding middle class, rapid digitization and electronic payments adoption. But a new report from Citi found that, while China may be the market to watch for FinTech investments, the U.S. continues to thrive at the top of the B2B FinTech mountain. According to “Digital Disruption — Revisited: What FinTech VC Investments Tells Us About A Changing Industry,” Citi expects an influx in venture capital across the FinTech startup scape.
In one of the latest payment card data breaches reported affecting the hotel industry, InterContinental Hotels Group said that 12 hotels in the United States were compromised. The latest disclosure comes about a month, Reuters reported, after the firm said it was investigating data breach claims. The newswire said that malware that hid in servers managed to uncover and capture what is known as “track” data – which includes names, card numbers and codes — over a timeframe ranging from Aug. to Dec
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.
Always on the cutting edge, fashion retail giant H&M has teamed up with Google for its next clothing design launch. This time, H&M has thrown a twist into the design mix process. Its digital fashion house, Ivyrevel, has formed a partnership with Google for a new development project called “Coded Couture.”. Through this new fashion endeavor, H&M has put together a DIY system to help an app design a dress through the use of the search giant’s Awareness API technology.
It’s earnings report season once again, and this week, we’re examining all of the data released by B2B FinTechs on their quarterly and annual reports. Businesses like Basware, Bottomline Technologies and Chrome River all highlighted their successes in recent months, but was it enough to impress investors? We break down the performance of some of these firms below. 130 employees were cut from Basware’s staff in recent months , a move the procure-to-pay company announced in November.
The latest data on corporate travel and expense management trends was released today (Feb. 9) as T&E firm Certify published its newest report. The company analyzed data from its clients and found new patterns in how companies manage expenses incurred while employees travel. For instance, there was a 4 percent reduction in the number of companies using a manual expense management system compared to the 2016 report — though, still, 46 percent of businesses today depend on manual tools to manag
It was another week of varied investments for B2B venture capitalists, who, in total, raised more than $79 million for the space. B2B payments, alternative SME finance, enterprise cybersecurity, data management and logistics all secured a financial boost — find out which startup scored the most in our breakdown below. B2B Payments. Enterpay. With a goal of expanding its presence across the Nordic region, Enterpay, based in Finland, has raised new funding from NFT Ventures, the companies said Mon
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.
After some weeks of large deals pushing investment activity past the high triple-digit millions of dollars — and, on one occasion, past the billion-dollar mark, fund flows returned to seemingly normalized levels. The week that ended Feb. 3 tallied up $361 million in investments, dominated by the FinTech space at $283 million of that total. The FinTech sector saw a strong pull of banking activity as Atom Bank raised roughly $126 million and said that it would announce within the next few weeks th
Eckoh has brought a customer’s ability to pay with ease to the next level with the announcement that it can now take a secure payment directly via live web chat (“Live Chat”). That means the company is the world’s first Payment Card Industry Data Security Standards (PCI DSS) Level 1 service provider able to offer secure payment solutions across the full spectrum of phone, web, mobile app, SMS and now Live Chat.
Flywire — the payments business that aims to make large-sum, cross-border transactions in education and health care simpler, more transparent and less friction-filled — had gotten pretty good at being invisible. So good, in fact, that the six-and-a-half-year-old firm actually took down the silver medal at Innovation Project 2016 for most invisible innovation.
Plaid Technologies, a startup that helps FinTechs like Venmo and Lending Club access their customers’ bank accounts, has raised $44 million in a Series B round of venture capital funding. According to a report , the venture units of Citi and Amex took part in the latest round of fundraising. The report noted that, while Plaid has only been around since 2015, it has connected to millions of end users via contracts with companies, including OptionsHouse, and non-government entities, including char
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.
For sports fans, particularly football lovers, the real Christmas comes tomorrow. Super Bowl LI is less than 24 hours away from kicking off and deciding once and for all which city is better — Atlanta or Boston (though obviously it’s Boston — since the global headquarters for PYMNTS.com is located here). And then there’s Tom Brady. OK, well, maybe we’re just deciding which city’s football team is better (still Boston, because, well, Go Pats!
Following a less-than-stellar fourth quarter, Newell Brands, which owns well-known brands, such as Calphalon, Sharpie and Yankee Candle, is deciding to shift its focus in 2017. Even though total sales for Newell Brands reached $4.14 billion in the last quarter of 2016, that number fell short of Bloomberg’s $4.27 billion sales prediction. As such, the company has decided to shift to an eCommerce focus via the creation of an enterprise-wide eCommerce division.
The Federal Trade Commission had a busy year in 2016, surveying consumers about buying and financing car purchases, issuing a report aimed at helping businesses harness the power of Big Data without discriminating and also taking a hard look at the FinTech market and its implications for consumers. In its annual report to the Consumer Financial Protection Bureau showcasing how the FTC enforced the Equal Credit Opportunity Act, the FTC said that, during 2016, its second Federal Register Notice (F
With faster payments solutions increasingly in place, businesses are discovering new tools for exchanging money. Several companies are showing an interest in faster payments solutions to help get funds exchanged quickly and efficiently. In regions around the world, including Europe and Asia, faster payments are taking a hard look at how tools such as blockchain and Same Day ACH can help improve their business.
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 construction worker’s tool belt can carry a host of important instruments necessary to get the job done. So, why not add a tool that can cut through red tape and paperwork more efficiently? For all the tools available across the construction trade, faster payments solutions are not among the most utilized by employers. However, recent advancements in payment solutions are helping employees and contractors in the construction trade get paid more quickly for their work by expediting the necessar
Visa is serious about tech — and it’s putting its money where its mouth is with the opening of a massive new Silicon Valley office for its research and data teams. The 62K square foot site is designed to be an “epicenter for technologists, academics and global thinkers,” according to Visa — with a special focus on data, network processing and loyalty.
Canada’s Pure Industrial Real Estate Trust , the country’s largest multitenant industrial landlord, expects that eCommerce will make up a significant portion of its portfolio in coming years. According to a report by Internet Retailer , Pure Industrial Real Estate Trust CEO Kevan Gorrie said in the new few years, the number of its customers from the eCommerce sector is expected to rise by 30 percent from what it is today.
While most millennials were brought up in the age of the computer, baby boomers can remember a time when they weren’t surrounded by technology. It’s a peculiar dichotomy to compare millennials to their parents’ generation, the baby boomers. There’s now the luxury of access to hundreds of television channels, whereas those born between 1946 and 1964 can remember a time when there were only three major networks: ABC, CBS and NBC.
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.
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