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Hundreds of thousands of new small businesses (SMBs) open their doors every year in the U.S., be them physical or digital. The latest estimates from the Small Business Administration (SBA) peg the number of new SMBs at 414,000 each year, spurring job creation and economic growth for the country, with millennial entrepreneurs at the helm. The high failure rate of a new small business has entrepreneurs focused on simply surviving their first few years in operation.
However, the more quickly the accounting team can close the books and produce accurate, reliable financial reports, the more time the executive team has to analyze the results and make decisions about how to guide the company forward. In fact, a zero-day close would be considered the ultimate in accounting achievement! Executives would be able to get the most immediate and accurate information to make decisions much more quickly, and accounting would be able to move past the tedious work of veri
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Security researchers at Kaspersky Lab revealed at the Kaspersky Security Analyst Summit in Singapore that a dark net marketplace in which hackers are selling digital fingerprints has emerged. According to a report in ZDNet , Kaspersky Lab said at the summit criminals are selling the digital fingerprints of more than 60,000 individuals. Dubbed Genesis, the marketplace emerged in the fall of last year when the creators started advertising it on forums where hackers sell payment card details they’v
Coinbase , the cryptocurrency exchange operator, announced Wednesday (April 10) the launch of the Coinbase Card in the U.K., which is a Visa debit card that lets customers in the U.K. spend crypto as easily as they spend money sitting in a bank account. In a blog post , Zeeshan Feroz, chief executive of Coinbase U.K., said the Coinbase Card is funded by customers’ Coinbase account crypto balances, giving them the ability to pay in-store and online with bitcoin , ethereum, litecoin and other digi
Coinbase , the cryptocurrency exchange operator, announced Wednesday (April 10) the launch of the Coinbase Card in the U.K., which is a Visa debit card that lets customers in the U.K. spend crypto as easily as they spend money sitting in a bank account. In a blog post , Zeeshan Feroz, chief executive of Coinbase U.K., said the Coinbase Card is funded by customers’ Coinbase account crypto balances, giving them the ability to pay in-store and online with bitcoin , ethereum, litecoin and other digi
One decade draws to a close, the next one looms. Only a few months into 2019, the year is already shaping up to offer a bit of a watershed in how we pay and how we get paid. The headlines may trumpet the size of multi-billion dollar deals, as Fiserv links with First Data , and FIS gathers Worldpay into its fold. As the 2010s roll off into the 2020s, the fact remains that technology is blurring the lines that used to exist before the (continuing) digitization of commerce.
FinTech firms are tackling everyday challenges across Africa by digitizing payments and providing increased transparency. Cellulant ’s Agrikore and Tingg Marketplace offerings, for instance, seek to take on the continent’s food struggles. Cellulant Group Co-CEO Bolaji Akinboro told PYMNTS in an interview, “We believe that this solution can help solve food crises and hunger in Africa which has the landmass and climate to grow as much quantity of food that can feed the world.
It was a good day for Jumia Technologies on Friday (April 12) — and that’s a good signal about the future prospects of eCommerce in Africa, home to some 1.3 billion people, of whom at least 725 million have mobile devices. On its first day of trading, shares for the company often called the Amazon of Africa jumped some 54 percent, trading at about $22.
A new type of phishing scam targets the HR departments of companies and asks for reroutes on direct deposit accounts, CNBC reported. Once the changes are made, a paycheck will go directly into a criminal’s account. KVC Health Systems, a child welfare nonprofit based out of Kansas City, has been hit with the scam. The emails look legitimate, and purportedly come from the company’s CEO, CFO or payroll director.
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.
All those children’s TV shows and stories lied: Sharing is not easy. Sharing is, in fact, enormously complex, prone to fraud and frustration, at least when it comes to digital payments and commerce. The rise of the global sharing economy — tied to online marketplace operations — is sparking challenges related to trust, security and confidence for buyers and sellers alike.
It’s hard to find fault with one of the latest tests of artificial intelligence (AI). Medical diagnostic technology built by Google and a sister company can detect diabetic retinopathy — an eye condition that can cause blindness — with as much accuracy as a human doctor. That matters in places such as India, where the AI tech has been deployed, and where a relatively tiny group of eye doctors struggle to serve a massive population.
Blockchain company XinFin is rolling out an integration between its invoice factoring application InFactor and QuickBooks. Reports in Virtual Strategy Magazine this week said InFactor, developed by the XinFin-powered TradeFinex Dev team, is connecting the factoring tool to QuickBooks so users can automatically obtain financing on their unpaid invoices.
The General Data Protection Regulation (GDPR) represented a new phase in data security and EU regulators’ approach to it. Designed to safeguard consumers with greater transparency into how, when and by whom their personal data is collected, GDPR , though based in EU, has a global reach and is likely to act as a blueprint for upcoming data security regulations in other markets.
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.
The U.K.’s Open Banking market initiative is seeping into the U.S., and into the business banking segment, as financial institutions (FIs) explore ways to improve their B2B services and compete with more agile FinTech firms. Banks’ willingness to embrace Open Banking signals an understanding that small and medium-sized businesses (SMBs) are demanding better services in the ways consumers have, and that leaving the SMB segment to rival FinTech firms is no longer an option for the larg
Headlines swirling around cyber fraud usually center on the size and scope of heists, where the bad actors make off with breathtaking sums — in the hundreds of millions of dollars. Indeed, one of the more brazen thefts occurred three years ago when hackers took roughly $101 million from the Bangladesh central bank account housed within the U.S. Federal Reserve.
The rise of fast-acting payment solutions is changing the way businesses and governments issue payments to consumers and citizens. Demand for instant payments is also increasing in the workforce, and has the potential to change how workers view concepts like payday. The new Disbursements Tracker highlights recent efforts by businesses, banks and government agencies to improve payment practices by delivering on consumers’ speedy expectations, and how th e rise of peer-to-peer (P2P) services like
Amazon.com is aiming to enable Alexa, its voice-activated digital assistant, to keep tabs on customers’ medicine and provide personal health updates. As part of an effort to expand into healthcare , Amazon took the first step last week announcing Alexa is HIPAA-compliant and that five healthcare companies including Cigna, Livongo Health and hospital partners have created new Alexa skills, enabling Alexa to make appointments at urgent care facilities, track prescription drug shipments and provide
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.
China could move to ban mining for bitcoins if a draft list of activities the country’s state planner wants to ban becomes law. According to a report in Reuters , citing China’s state planner, the National Development and Reform Commission, the agency is facing mounting pressure from the government to control the cryptocurrency market and as a result, may move to ban bitcoin mining.
AlipayHK, a mobile payment system in Hong Kong, has partnered with McDonald’s to offer payment on the McDonald’s app on smartphones, the company said in a release. AlipayHK users can also use a QR code-based system for special rewards. “With the advent of mobile payment services and big data analytics, restaurants are going full steam on digitalization,” the company said in the release.
With more consumers than ever interested in fulfilling all their financial needs on mobile, both legacy banks and FinTech firms are focusing on creating digital-only banking services, designed to catch and keep customers using their smartphones to bank. What’s more, financial institutions (FIs) and payment providers around the world are trying their hand at providing all the capabilities of an established bank on the smartphone.
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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
Payments messaging company SWIFT is gearing up to close its Trade Services Utility (TSU), a workflow engine aimed at facilitating value-added supply chain services. Reports in Global Trade Review (GTR) on Monday (April 8) said SWIFT will switch off its TSU in December 2020. “TSU has been a very niche success, and important for banks and corporates using it.
A report by Bloomberg said that after one of the biggest cyber heists in history involving the theft of $100 million from the Bangladeshi central bank’s account in the U.S. Federal Reserve, criminals are now vying for smaller amounts in an attempt to avoid detection. The amount of money stolen in 2018 averaged between $250,000 and $2 million, which is down from amounts in the tens of millions, according to a report by interbank messaging service SWIFT.
Square , the payments provider, announced Tuesday (April 9) the launch of the Square Online store for U.K. sellers. In a press release , Square said the Square Online Store provides small and medium sized enterprises with one solution for their omnichannel or online-only business. It marks the first of Square’s products in the U.K. to be integrated completely with Weebly, the platform for building a website or online store.
An Israeli startup that creates anti-fraud services that deal with online transactions wants to raise $200 million for expansion, according to a report in Bloomberg. Riskified , which was founded in 2013 and is based in Tel Aviv, is potentially considering going public, possibly by 2020. When asked, however, the company didn’t provide any details about its future business.
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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