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The rise of the global economy and the demand for swift and secure cross-border payments is driving the development of more efficient infrastructures, and spurring financial institutions (FIs) to experiment with emerging tech. According to the new Smarter Payments Tracker , cross-border business-to-business (B2B) payments generated approximately $125 billion in revenue last year, a figure that continues to grow as the economy becomes more global.
In the first post “ The Future of FP&A ” of this blog series, we discussed how the CFO must be the guide, and Financial Planning & Analysis (FP&A) must take control of new and changing expectations for the finance department. From that foundation, now we dig deeper into that discussion and offer a framework for how to accomplish this, beginning with the “why.” Why: Overall tone for FP&A.
It’s been a little over two weeks since we all got our first look at Libra and Calibra. No doubt there will be countless news stories to come, and opinions on why it will or will not fly. Here are the things I will be watching for over the coming months, things that I think provide a useful framework for understanding how Libra and Calibra’s future takes shape: How many of the 28 Founding Association Members will pony up $10 million to remain members.
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.
Payment bottlenecks cause problems for all types of consumers and companies, not the least of which are small and medium-sized businesses (SMBs). But a new offering from PayPal and Visa could help ease those frustrations and hassles. The two payments firms announced on Tuesday (July 2) the launch of PayPal’s Instant Transfer in Canada for SMBs and individual consumers.
Passwords are increasingly vulnerable in today’s day and age. Hacks and data breaches have become all too common, with fraudsters turning to “brute force” attacks and plugging in commonly used passcodes to gain access to users’ accounts. There is a growing need for stronger authentication methods as the number of attacks continues to climb. Unfortunately, FIs are often caught between balancing more stringent security tools and offering the seamless experiences consumers crave.
Passwords are increasingly vulnerable in today’s day and age. Hacks and data breaches have become all too common, with fraudsters turning to “brute force” attacks and plugging in commonly used passcodes to gain access to users’ accounts. There is a growing need for stronger authentication methods as the number of attacks continues to climb. Unfortunately, FIs are often caught between balancing more stringent security tools and offering the seamless experiences consumers crave.
Younger consumers — millennials, Generation Z — seem to get all the focus when it comes to eCommerce and digital payments these days. But older citizens are still out there, shopping, buying and paying, and they are getting attention from businesses, too — and that consumer segment, in its own way, is pretty important to the future of retail and payments.
Ireland’s Data Protection Commissioner (DPC) announced that it has launched a third privacy investigation into Apple. The tech giant’s main regulator in the European Union (EU) said it is looking into whether Apple has complied with the EU’s General Data Protection Regulation (GDPR) privacy law regarding an access request from a customer. Under GDPR, regulators can hit companies that do not comply with the regulations with fines of up to 4 percent of a company’s global revenue or €20 milli
There’s the forest and there’s the trees — and a lack of ability to see both at the same time can often lead to disaster. The same principal holds true when it comes to forecasting cash flow. Indeed, some 91 percent of corporate treasurers lack visibility over payments — hardly a statistic that breeds optimism. In a new PYMNTS interview, Jessica Cheney, vice president, product management and strategic solutions at Bottomline Technologies , talked about the importance of improving that cash flow
As a way to provide users with an alternative to sign-in platforms from Google as well as Facebook, Apple debuted a new Sign In with Apple platform at WWDC 2019 in June. But the OpenID Foundation is posing questions about some of Apple’s decisions regarding the Sign In with Apple platform, 9to5Mac reported. The foundation said in an open letter posted online, “OpenID Connect was developed by a large number of companies and industry experts within the OpenID Foundation (OIDF).
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.
Call them errors made at the speed of commerce. Payments are gaining speed, as is fraud — and sometimes, simple human error is costing companies revenue, precious time or both. That’s especially true in the corporate realm, where transactions increasingly cross borders online, where payments can — depending on the firm and vertical — be worth millions of dollars and where thousands of transactions can happen within a single day.
FinTech firms are taking on real-time payments for business-to-business (B2B) use cases – and teaming with banking partners to drive innovation. AvidXchange , for instance, worked with Fifth Third Bank to enhance B2B payments while leveraging the inherent capabilities in the RTP network from The Clearing House. The team was named the overall winner in the recent RTP Buildathon with its submission that offered supplier alerts to provide discounts to buyers, immediate supplier payments, real-time
Real-time payments (RTP) is a global initiative that’s been a decade in the making and counting, one that has gained momentum over the last several years. More than 50 countries are actively pursuing, piloting or already live with real-time payment programs. Just last week, the Nordic region — an area that includes Denmark, Sweden, Norway and Finland — took real-time payments up a level through an initiative led by the P27 Nordic Payments Platform , which is owned by Danske Bank, Handelsbanken,
When it comes to the new and emerging legal cannabis industry – along with the closely related trade in CBD products – payments and compliance issues, as one can imagine, have tremendous importance, and companies are striving to get into the game via those angles. The latest example comes from LegitScript , which sells verification and monitoring services for online pharmacies.
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.
Mobile order-ahead apps are growing more popular by the day, and restaurants are clamoring to get on board. A QSR Magazine study found that 73 percent of diners have used mobile ordering, 63 percent have at least one mobile ordering app on their phones and 35 percent use mobile ordering every time they visit QSRs. Consumers are eager to utilize these services, but cybercriminals are just as ready to exploit them.
ANZ , Commonwealth Bank , IBM , Scentre Group and Westpac have announced they are partnering to launch a live pilot for Lygon, a new digital platform using blockchain technology to digitize the bank guarantee process needed for retail property leases. While bank guarantees have primarily been issued manually and on paper, digitizing the process reduces the risk of fraud, decreases the chance for errors and significantly speeds up the entire process.
Cruise ships and musical festivals are not that different from each other, not these days. Both feature large crowds of generally like-minded people. Not only that, but aging and even younger rockers and other musicians are often featured on special cruises for serious fans — that includes groups that range from baby boomer favorites to extremely loud metal groups.
Thanks to the digital economy and its supporting technology, we can say we are in the “golden age” of this and that. The golden age of delivery and quick fulfillment. The golden age of product reviews and price comparisons. What about the golden age of age verification? No, that doesn’t sound as exciting as the rest, and conjures up memories of those sloppy fake IDs in high school and college, or having that ne’er-do-well uncle agree to buy minors a 12-pack.
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.
U.K.-based iwoca is integrating its lending platform with marketplace lenders Funding Options and Funding Xchange to accelerate and further automate access to capital for small and medium-sized businesses, while connecting borrowers to price transparency. In a press release sent to PYMNTS, iwoca revealed its integration via the launch of its Landing API to provide small businesses with a loan decision within 30 seconds, rather than providing an instant “approval in principle.
Smaller banks and credit unions enjoy a reputation of offering more personalized services than large financial institutions (FIs). When it comes to technological innovation, however, the smaller players have long been outgunned by larger FIs and their sizable IT budgets. This is changing — in a big way. Today, small banks are more aggressive and ambitious in their innovation strategies than medium-sized and large FIs.
The ongoing and complicated work to build better digital identification systems for commerce and payments involves a host of players. The government is among those whose expertise and data can add fuel to digital ID innovation efforts — and such involvement will likely to have increase over time, according to a new PYMNTS interview. Neil Butters , head of digital identity, innovation and new ventures at Canada-based Interac , talked about how in addition to payment services firms, governments co
In the B2B world, the time is now for faster payments. The bar may seem a bit low, as the majority of transactions are still mired in paper checks, with communications still tied to faxes and phone calls. In the Real-Time Payments Innovation Playbook , done in partnership between PYMNTS and Mastercard , financial decision-makers from nearly 400 firms across a dozen industries laid out a number of priorities for making their payment processes more efficient.
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
Have you overdosed on Libra coverage yet? And it’s not even been two whole weeks. Facebook’s launch of Libra on June 18 unleashed a firestorm of media coverage, mostly repetitive, and mostly a piling on over the regulatory bear that it poked when unveiling its global payments plus cryptocurrency plans. If you need a balanced refresher of Libra’s impact on global payments, here’s how I called it in a piece that published one minute after the Libra news crossed the wire.
The Bank for International Settlements ( BIS ) has announced the launch of a BIS Innovation Hub to enable central banks around the world to collaborate on financial technology solutions and innovation. The Hub will identify and develop insights into technology trends that have a crucial impact on central banking, as well as create public goods that will improve the global financial system and serve as a focal point for central bank experts on innovation.
In payments fraud, it pays — literally — to change up the game a bit. As noted in a report by FireEye, the bad guys are continuing to leverage a tactic known as business email compromise (BEC), where that method of communication seeks to impersonate persons of authority from within a firm, or alternatively, legitimate business partners, to requests funds be sent to accounts (and then of course, pilfered).
As financial service conglomerates and innovators move deeper into the B2B payments field, they’re finding a field of opportunity to disrupt clunky manual and legacy processes far beyond the accounts payable (AP) department. One of the biggest opportunities is in fleet payments, where cash and checks remain prevalent (particularly in the U.S.), but where innovations in mobile payments, the Internet of Things (IoT) and autonomous vehicle technology have opened doors for FinTech firms to tac
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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