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HSBC Hong Kong ‘s new application programming interface (API) will simplify the payment system for businesses down to a one-stop payment hub, a press release says. The service will let businesses incorporate the instant electronic Direct Debit Authorisation (eDDA) into their own systems, along with real-time funds transfer services. That will allow businesses to eliminate the cumbersome old ways, which required them to sign onto their bank accounts to set up a direct debit instruction and
The tough time facing many organisations would not go away quickly as the pandemic’s domino effect will continue to impact businesses, said ACCA recently. The problem is a collapse in customer demand for many organisations, with 53% of more than 4,500 ACCA members in our June survey citing purchases as completely stopped or reduced, said Jamie Lyon, head of business management at ACCA.
PayPal will offer direct cryptocurrency sales for customers, CoinDesk reports. The FinTech giant, which has 325 million customers, will allow this feature for those who want a new wallet functionality for the popular service, according to unnamed sources, the report said. It would be an upgrade of the current PayPal functions for withdrawing funds from sources like San Francisco’s Coinbase.
Document-heavy workflows slow down productivity, bury institutional knowledge, and drain resources. But with the right AI implementation, these inefficiencies become opportunities for transformation. So how do you identify where to start and how to succeed? Learn how to develop a clear, practical roadmap for leveraging AI to streamline processes, automate knowledge work, and unlock real operational gains.
Lunchbox is hoping former top Toast executive Sarah Kabakoff will provide the boost needed to take the restaurant-ordering platform to the next level. The New York-based omnichannel restaurant platform announced Monday (June 22) it had hired Kabakoff as vice president of solutions. In her new role, Kabakoff will oversee Lunchbox’s “go-to-market strategy” aimed at giving restaurants an alternative to third-party ordering sites.
The Philippines has launched an investigation into the missing $2.1 billion that Wirecard said it deposited in two of the island nation’s banks, Reuters reported. Justice Secretary Menardo Guevarra said Wednesday (June 24) he told state investigators to coordinate with Bangko Sentral ng Pilipinas , the Philippines central bank, on the inquiry. On Monday, the German payment processor company said Jan Marsalek, its chief operating officer, was fired after BDO Unibank Inc. and the Bank of the Phili
The Philippines has launched an investigation into the missing $2.1 billion that Wirecard said it deposited in two of the island nation’s banks, Reuters reported. Justice Secretary Menardo Guevarra said Wednesday (June 24) he told state investigators to coordinate with Bangko Sentral ng Pilipinas , the Philippines central bank, on the inquiry. On Monday, the German payment processor company said Jan Marsalek, its chief operating officer, was fired after BDO Unibank Inc. and the Bank of the Phili
eCommerce has grown about as much in the past few months as it has in the past 10 years. Iain McNicoll , VP of Americas/SMB for payments platform Payoneer , recently told PYMNTS that eCommerce’s market share has risen to 27 percent from just 16 percent when the pandemic began. By contrast, it took a decade for it to hit 16 percent from less than 6 percent 10 years ago.
Ex-Wirecard CEO Markus Braun was arrested Monday night (June 22) in the latest chapter that has rocked the German payment services provider, the Financial Times reported. Braun surrendered to Munich prosecutors after a judge issued a warrant as prosecutors investigate an accounting scandal that centers on a missing 1.9 billion euros ($2.1 billion), prosecutors confirmed on Tuesday.
Revolut Ltd., the British financial technology company headquartered in London, has added American Express to its open banking platform. The feature allows customers in the United Kingdom to connect their American Express accounts to Revolut , allowing them to see their balances and transactions in a single app. Before this addition, Revolut shoppers could access American Express balances and transactions only through Amex’s online banking service or app.
Uber financial services leader Peter Hazlehurst has stepped down from his position as the rideshare company has put its plan to start a digital wallet on hold, Bloomberg reported. The company is instead focused more on ridesharing and food delivery instead of the planned financial expansions. In an email, Uber CEO Dara Khosrowshahi said the company isn’t prioritizing several finance-related projects, such as credit cards, a digital wallet and instant payments for drivers.
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.
Ernst & Young ( EY ), the global accounting firm hired to verify Wirecard’s financials, failed to request crucial information from a Singapore bank where the German payment processor claimed it had up to 1 billion euros ($1.1 billion) in cash, the Financial Times reported. That routine audit procedure could have uncovered the vast fraud at the suburban Munich company, the report said.
Small business lending emerged as a common theme in this week’s B2B venture capital roundup, and it’s no surprise, considering the role small and medium-sized businesses (SMBs) play in supporting their local economies. Some startups focused on data aggregation to expand underwriting capabilities, while others operate platforms to facilitate financing.
Messaging app Telegram said a data breach has exposed a database containing the personal information of millions of users, according to a Cointelgraph report. The database, which was exposed on a darknet forum, included users’ phone numbers and unique Telegram user IDs, according to the report. Telegram told Russian tech publication Kod.ru, which originally reported the information on Tuesday (June 23), that the information was exposed through the app’s built-in contact export feature whil
The insurance industry is all about risk mitigation, and not only when it comes to underwriting policies. Averse to the risk of change, the property and casualty (P&C) insurance arena has been resistant to embrace electronic payments when disbursing funds to claimants. Yet when the global pandemic hit, it became clear to the insurance industry that sticking to paper processes and check payouts can be riskier than embracing digitization.
Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.
Stock markets are whipsawing. Bond yields, gyrating. Crypto? Bouncing around, to put it mildly. The pandemic has sent any number of investments tumbling, soaring, then tumbling again. The world feels less than stable, and so do investors’ cash flows, dividend and account statements. It makes sense, then, that at least some individuals would seek stability.
As accounts payable (AP) and accounts receivable (AR) operations continue to converge for many organizations, buyers and suppliers are increasingly acknowledging the value of using each other’s technology platforms to promote stronger B2B relationships. Now more than ever, buyer-supplier ties form a crucial component of ensuring that cash continues to flow through supply chains — and yet today, late payments and cash flow bottlenecks continue to plague both sides of B2B payments.
Brazil’s Central Bank has suspended WhatsApp’s payment feature in the country, citing antitrust concerns, according to Bloomberg on Tuesday (June 23). Mastercard and Visa have been requested to stop payments and money transfer services through the app in Brazil as well, the bank said. The bank said the decision was to “preserve an adequate competitive environment that ensures the functioning of a payment system that’s interchangeable, fast, secure, transparent, open and cheap,” Bloomberg reporte
Global payments automation platform Tipalti says it has made mass, automated payments seamless for numerous popular online video game customers, according to a press release. Tipalti’s move is aimed at helping gaming companies avoid the fraud and risk of online commerce while enhancing their finances with modern solutions, said CEO and Co-Founder Chen Amit , according to the release. “Success in the gaming ecosystem today is all about rewarding their international partners with consi
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
The pandemic has the potential to change the way any number of business verticals operate — especially industries like real estate, which typically have been based on in-person meetings and tours between property owners or real estate agents and would-be renters or homebuyers. That model may be ripe for change in the age of social distancing. To that end, Rently , an online platform, helps tenants find properties and allows them to “self-tour” — on premise — without the need for in-person intera
If you can’t join ‘em, beat ‘em. That seems to be the prevailing attitude behind 5G , as several car companies have taken the delay in building mass networks for the new wireless technology as a cue to create their own. The latest team to announce their own private 5G network is Ford and Vodafone. Vodafone announced this week that it will implement 5G connectivity in Ford’s new E:PriME (Electrified Powertrain in Manufacturing Engineering) facility in Essex, U.K.
Technically speaking, Abingdon Mullin is the CEO of a company that sells watches crafted for women. But realistically, she sells adventure with every one of her aviator watches, which actually got their start back in 2014 when she appeared on Shark Tank. Six years and thousands of watches later, Mullin has survived the formidable inventors’ reality show only to face a global pandemic as the founder and CEO of The Abingdon Co.
New payments infrastructure continues to gain traction with financial service providers looking to modernize their services for business clients. In the U.S., The Clearing House’s RTP finds expansion within the community bank arena, while abroad, the Bank of Thailand is planning its own infrastructure development to accelerate B2B payments. And when it comes to legacy rails, the U.S.
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
While open banking is gaining traction in Europe (by regulatory mandate) and is making inroads to the U.S. (through free market competition), on these shores the strategy of getting there seems to be settled in favor of acquisitions. Specifically, payments giants are buying up data aggregators, which let consumers share data with thousands of apps — and in the process are taking on the roles of trusted intermediaries as information flows across the financial services landscape.
As the Wirecard scandal unfolds, SoftBank Group Corp. is facing questions about its investment in the embattled German payment services provider, CNBC reported. Last year, the Tokyo-based global conglomerate holding company paid 900 million euros ($1 billion) for a 6 percent stake in Wirecard. But even then, there were concerns about Wirecard’s accounting practices, the network reported.
As the world must go increasingly digital — perhaps permanently — people who had resisted the great shift to eCommerce have had to make the leap. Ready or not. Those less tech-savvy individuals represent juicy targets for fraudsters, who have been fine-tuning card-not-present (CNP) schemes to work across all manner of channels during the pandemic as we wield smartphones to make transactions or bank over the phone.
Amazon will reportedly pay more than $1.2 billion to acquire Zoox , the Foster City, California self-driving technology company, the Financial Times (FT) reported. . While the purchase could fuel Amazon’s delivery fleet, a source familiar with the deal told the newspaper it could signal the eCommerce giant’s entry into ride-hailing. The source said Amazon would collaborate with Zoox to create a ride-hailing fleet, taking on Waymo Co, the California-based self-driving industry leader backed by A
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
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