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The Central Bank of the Russian Federation (CBR) announced that it has revoked the licenses of five Russian foreign exchange (FX) trading companies. According to a statement on the bank’s website, the decision was made due to “the repeated violations of the requirements of the Russian legislation on securities within one year.”. The five companies — Forex Club, Alpari Forex, Trust Forex, InstaForex and TeleTrade — will see their licenses expire on Jan. 27, and must stop all operat
What Enterprising Investor articles most resonated with readers this year? The results offer an illuminating look into the forces that shaped finance in 2018.
One of the main challenges for early-stage businesses in South Africa is access to funding. This is not as a result of a lack of available finance but rather due to a range of issues, including, but not limited to, regulations, complex finance application processes, and the economic climate. An important component to successfully financing your business’s growth is identifying what strategy is the most suitable for both you as the owner and for your business.
Google Payment Lithuania, a unit of Alphabet’s Google, was granted an electronic money institution license by The Board of the Bank of Lithuania. Finextra , citing Google, reported that with the license Google can issue and redeem electronic money and provide payment services. “The end of this year reflects our efforts and experience of the past few years in actively developing a FinTech-conducive ecosystem in Lithuania.
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.
Uber, gearing up to launch an initial public offering (IPO) in the first quarter of 2019, is offering to settle with drivers who have been fighting the ride-hailing company via individual arbitration. According to a report in TechCrunch , citing law firm Lichten & Liss-Riordan, Uber has as part of the settlement tentatively offered to pay 11 cents for each mile Uber drivers drove.
The “Twelve Days of Christmas” is a holiday classic, though some of us at PYMNTS still don’t understand why anyone would want to take a partridge away from what seems like a pleasant existence in a pear tree. But in hopes of hopping on the holiday bandwagon — and providing data-backed insight in the hottest payment trends for 2019 — allow us to offer this list of a dozen ways that consumers (and some businesses) are paying now, methods that promise to play big roles in 2019.
The “Twelve Days of Christmas” is a holiday classic, though some of us at PYMNTS still don’t understand why anyone would want to take a partridge away from what seems like a pleasant existence in a pear tree. But in hopes of hopping on the holiday bandwagon — and providing data-backed insight in the hottest payment trends for 2019 — allow us to offer this list of a dozen ways that consumers (and some businesses) are paying now, methods that promise to play big roles in 2019.
Blockchain seemed to be stuck in pilot phase in 2017, but in 2018, the financial services industry finally saw a stronger flow of real-world, working blockchain applications — many of which targeted pain points in B2B payments, including the time and lack of transparency in cross-border transactions. Industry heavyweights like Mastercard and American Express have taken steps in recent months to explore the use of blockchain in commercial payments.
Shoppers had new opportunities to buy groceries without having to walk through the aisles of their local supermarkets or wait in line at checkout counters this year, as grocers rolled out digital innovations in shopping and payments. This year, retailers from Kroger to Whole Foods Market brought new offerings ranging from cashierless checkout to personal shopping services to their stores.
The online retail market hit $186.13 billion during the third quarter, with Alibaba in the dominant position. According to a report in The Drum, Alibaba’s Tmall controlled 59.5 percent of the market share in China during the third quarter. In second place was eCommerce rival JD.com, which The Drum reported ended the third quarter with an online market share of 25.8 percent.
Will the New Year bring an increase in cyberattacks? According to one security expert, the answer is, unfortunately, yes. According to Robert Ackerman, Jr., founder and managing director of cybersecurity venture firm AllegisCyber , and co-founder of DataTribe , a cybersecurity startup in Washington, D.C., companies should expect to see a rise in breaches in 2019, “as chronically improving malware will be deployed more aggressively on more fronts.” Those cyberattacks cost companies i
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.
Open banking, bank APIs and data sharing flourished in 2018, with small business and corporate financial services squarely in the path of this financial services trend as banks and FinTechs consider new ways to enhance business payments, accounting, treasury and financial management. The strength of open banking is apparent in the fact that it has gained traction even in markets like the U.S., where regulatory requirements for FIs to open up data are non-existent.
Dr. Akli Adjaoute, CEO of Brighterion , wrote this AI-focused piece as part of our 2018 year-end eBook. . On Dec. 3, 2018, the U.S. Treasury’s FinCEN and Federal Banking agencies issued a joint statement encouraging innovative industry approaches to combating money laundering, terrorist financing and other illicit financial threats. As a result, anti- money laundering (AML) has been occupying the headlines as of late.
The European Central Bank warned Thursday (Dec. 27) that the economy on a global basis is headed for a slowdown next year. Reuters, citing the European Central Bank’s regular economic bulletin, reported the European Central Bank said the global economy will stabilize after a slowdown in 2019. According to the report, investors have been expecting a slowdown in economic growth across the globe as the cost to borrow rises and the U.S. and China remain embroiled in a trade war.
Indian Prime Minister Narendra Modi is feeling pressure as many small retailers and traders — a key bloc for his reelection hopes — view his recent curbs on eCommerce as not doing enough for them, according to a report by Reuters. Under new rules imposed by the Indian government, eCommerce companies like Walmart-owned Flipkart Group and Amazon, will no longer be able to sell merchandise from companies in which they have an equity interest, or form exclusive agreements with sellers.
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.
Ajay Chopra, who founded Pinnacle Systems, a digital video hardware and software company for consumer and broadcast markets, wrote a column in TechCrunch about the viability of a private equity buyout for a startup. The option, the current venture capitalist said, is one worth seriously considering. “About 13 years ago I faced an excruciating decision: whether to sell my company, Pinnacle Systems, to a private equity firm or to another large public company.
The National Bank of Kuwait (NBK) has announced that it will incorporate RippleNet blockchain into its online banking platform, offering 24-hour wire transfers to Jordan, with more countries being added soon. NBK Direct Remit allows for instantaneous money transfers around the clock. It will cost customers KD 1 ($3.29 USD) per transaction when transferring to NBK Jordan, and KD 5 when transferring to other banks in the country.
It has been a busy year for the world of bank regulations, particularly Know Your Customer (KYC). Financial services regulations are notorious for their complexity and ever-changing demands for financial institutions and corporates, but another fuel for development in the KYC space was the FinTech community. Researchers this year released new data on banks’ KYC adherence that highlights just how imperative it is that the financial services industry is able to more adequately address the ch
The vice president of the European Commission in charge of the euro, Valdis Dombrovskis, said Brussels wants more stringent enforcement of anti-money laundering (AML) rules after a series of scandals that rocked the industry, according to the Financial Times. Brussels, he said, wants to go past what he calls “quick fix” proposals made in September for bank supervision.
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.
Though FinTech has, in many ways, heated up the competition with banks, traditional financial institutions (FIs) widely began to realize in 2018 that their best strategy to remain competitive in today’s financial services landscape is often to collaborate with (not against) those FinTech firms. In B2B payments and corporate finance, it wasn’t only bank-FinTech collaboration that made headlines in 2018.
David Watson of Deutsche Bank contributed the following piece as part of PYMNTS’ Masterclass series , where participants in the world of payments and commerce can sharpen their competitive edge. It may be conventional wisdom to assume that banks and FinTech firms are on opposite ends of the financial services spectrum, where large, asset-rich, traditional financial institutions (FIs) stand in stark contrast to small, bootstrapped tech upstarts, competing for clients’ attention and spend.
Matchmaking businesses aren’t exactly a new idea — though the breathless enthusiasm of the tech press might lead one to mistakenly believe that the concept sprang into existence in 2009 with Uber. But in fact commerce intermediaries that bring groups of shareholders together to interact and transact are as old as commerce itself. As Karen Webster pointed out, the first commerce intermediary to operate at scale was Istanbul’s Grand Bazaar , which opened for business 558 years ago.
The government of India is reportedly considering the legalization of digital currencies, with some restrictions, per CoinDesk. According to reports, an unnamed senior official, who was reportedly present for the meetings of an interdisciplinary committee, said, “There is a general consensus that cryptocurrency cannot be dismissed as completely illegal.
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
To let shoppers discover and try out new products, payment companies are helping merchants launch augmented reality (AR) experiences within social media platforms. Pan-African payments firm Cellulant , for instance, created an AR experience in Facebook Messenger. The firm chose a Kenyan brand, Huddah Cosmetics , as the first social commerce merchant on its Mula service to roll out the platform.
One of the biggest shifts in banking that FinTech newcomers ushered into the market is the demand among customers for advisory services. With FinTechs offering clients a range of easy-to-use, sophisticated products, banks in 2018 were pressured to react to small businesses’ demand for advisory services — not just data, and not just digital platforms.
Artificial intelligence (AI) in the healthcare market is expected to grow to $36.1 billion by 2025. The “Artificial Intelligence in Healthcare Market by Offering, Technology, End-Use Application, End User And Geography — Global Forecast to 2025″ report revealed that AI utilized in healthcare will grow at a compound annual growth rate (CAGR) of 50.2 percent during the forecast period. “Machine learning’s [ML’s] ability to collect and handle Big Data — and increasing
In 1960, Yul Brynner, Steve McQueen and Charles Bronson introduced America to “The Magnificent Seven,” a John Sturges film in which seven men are hired to defend a small village in Mexico from bandits. What does this have to do with small business banking? Simon Lyons, chief commercial officer at The Slide App, says there is also a Magnificent Seven that banks should call upon in 2019 to protect their customer base.
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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