Sun.Jun 28, 2020

Wirecard … the biggest accounting fraud? Is the customers money safe? The end of Banking-as-a-Service?

Chris Skinner

Some of us are old enough to remember Arthur Anderson and Enron, a mixture of two companies that created an accounting mess bigger than any seen before in corporate history. That was until Ernst & Young (EY) and Wirecard. Interestingly, there have been many auditing mess ups in the past … The post Wirecard … the biggest accounting fraud? Is the customers money safe? The end of Banking-as-a-Service? appeared first on Chris Skinner's blog. Case Studies Fintech Future Grid

EY Accused Of Missing Alleged Wirecard Fraud


In the ongoing scandal of Wirecard , under fire for fraud, the focus is now turning to auditors Ernst & Young (EY), which reportedly failed to report Wirecard’s “unorthodox financial arrangements” as far back as 2016, The Wall Street Journal (WSJ) reported. According to emails seen by WSJ, the auditing firm knew of and had questions about the arrangements and was signing off on Wirecard’s financial results for years anyway.

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Things worth reading: 29th June 2020

Chris Skinner

Things we’re reading today include … Fed puts restrictions on bank dividends after test finds some banks could be stressed in pandemic Deutsche Bank interns complain of cancellations on legal issues EY prepares for backlash over Wirecard scandal Four killed after gunmen attack Pakistan Stock Exchange Economic recovery hinges on … The post Things worth reading: 29th June 2020 appeared first on Chris Skinner's blog. Reading


Amazon Said To Have Interest In Buying Russian eCommerce Player Ozon


Amazon and SoftBank Corp. are in talks with Sistema , one of the largest publicly traded companies in Russia, to purchase Ozon , the Russian online retailer, Reuters reported. The interest to Ozon among foreign investors is very high,” Vladimir Evtushenkov, Sistema’s majority owner and chairman, told reporters after Sistema’s annual shareholder meeting. “I I can tell you that this is the only one company in Russia at which Amazon was looking from the participation point of view,” he said.

5 Things a Data Scientist Can Do to Stay Current

DataRobot together with Snowflake – a leading cloud data platform provider — is helping data scientists stay current with the latest technology and data science best practices so that they can excel in an increasingly AI-driven workplace. Five Things a Data Scientist Can Do to Stay Current offers data scientists guidance for thriving in AI-driven enterprises.

As businesses try to recover, it's time for fintechs to get proactive

Payments Source

In order to keep up with the spike in demand, developing more innovative solutions for the digital payments market has moved up the list of priorities, saysConnectPay's Agne Selemonaite. Fintech Financial institutions Digital payments Coronavirus Merchant

More Trending

Here Is What Lenders Can Learn From Investment Officers

Banker to Banker

With a low and flat yield curve, generating profits through investments has become more challenging. There are some very poignant lessons that CFOs are learning about investment strategies that apply directly to commercial lenders. In this article, we look at several basic capital market precepts that the average investment officer lives with every day but lenders may not notice.

Leader Of Russian Cybercrime Ring Pleads Guilty


One of the leaders of Infraud Organization , the international cybercrime network, has pleaded guilty to conspiracy, according to the U.S. Department of Justice. Sergey Medvedev, 33, of the Russian Federation, appeared before U.S. District Court Judge James Mahan in the District of Nevada charged with violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). The federal law provides extended criminal penalties for theft performed as part of a criminal organization.

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Wirecard’s $2 billion disappearing act

Daily Fintech

On January 7th, 1918 Harry Houdini performed his “Vanishing Elephant” illusion where he was able to make a 5 ton elephant disappear before the eyes of a packed theatre in New York. But what Wirecard to pull off, even Houdini couldn’t have managed. Wirecard is a payment processor. Their mantra was simple, to build […]. The post Wirecard’s $2 billion disappearing act appeared first on Daily Fintech. Bitcoin, Blockchain, Cryptocurrencies

FDIC Looks To Modernize Bank Reporting


The Federal Deposit Insurance Corp. FDIC) is considering nixing its quarterly reports of banks in an attempt to modernize the way data is handled. The reports have been a fixture of the way the government monitors for risk for 150 years, The Wall Street Journal (WSJ) reported, but they could now be scrapped in favor of a more timely, accurate approach to better reflect new technology available and better report on credit exposures and deposit information.

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The Best Sales Forecasting Models for Weathering Your Goals

Every sales forecasting model has a different strength and predictability method. It’s recommended to test out which one is best for your team. This way, you’ll be able to further enhance – and optimize – your newly-developed pipeline. Your future sales forecast? Sunny skies (and success) are just ahead!

How ISOs were forced to adapt during the early coronavirus pandemic

Payments Source

Even the independent sales organizations that heeded the warnings of colleagues and experts for the past decade about not letting advancing payments technology pass them by weren't fully prepared for what the coronavirus pandemic would throw at them. Acquirers Online payments ISOs Digital payments Coronavirus

Wirecard Says Payouts To Merchants Will Continue Uninterrupted


Wirecard AG , the disgraced German payments provider that filed for insolvency last week over a $2.1 billion accounting scandal, told customers it’s business as usual at all but one of its subsidiaries. In a posting on its website, the suburban Munich company said Wirecard Bank is not part of the insolvency proceedings and electronic fund transfers are not affected. Payouts to merchants of Wirecard Bank will continue to be executed without restrictions,” the company said in a statement.

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Referendum on data privacy coming to California in November

Payments Source

Two years after a consumer protection law changed how banks and other companies handle customer information, a new proposal aims for more sweeping reforms. Compliance State regulators Data privacy rules California Consumer banking

Billtrust Adds Tools To Enhance Payments Automation, Transparency


Billtrust , which works with B2B order-to-cash solutions and accounts receivable automation, has expanded its tools to boost email billing, expand digital payments and accelerate cash flow, according to a press release. The company’s new solutions will help to aid remote workers during the pandemic, according to the release. With the Pay on Email feature, Billtrust said in the release that it hopes to aid businesses with invoicing, as sometimes an invoice will be forgotten.

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The Empowered Consumer

When it comes to working with the empowered consumer, AI has the power to help your business thrive by leveraging your own data to better understand your customers. Read our ebook, The Empowered Consumer, to learn more about how AI can help you connect with your customers.

Referendum on data privacy coming to California in November

American Banker

Two years after a consumer protection law changed how banks and other companies handle customer information, a new proposal aims for more sweeping reforms. Compliance State regulators Data privacy rules California Consumer banking

San Fran To Delay Next Wave Of Reopenings Amid COVID Spike


San Francisco’s planned next phase reopening scheduled for Monday (June 29) for outdoor bars, hair salons, museums and more has been put on hold. Mayor London Breed tweeted Friday (June 26) that the city will wait as the number of COVID-19 cases rise across California, CNBC reported. Yesterday we saw 103 cases,” Breed wrote. “On On June 15, when we first reopened outdoor dining and in-store retail, we had 20. At our current rate, the number could double rapidly.

The Foundation for the Fintech Decade: How Account Aggregators will create a New Level Playing Field in India (1/4)

Lars Markull

This is the first part of our four part Open Banking series written by Aaryaman and Lars. Foreword. The world is currently going through a big shift with regards to financial services. More and more people are coming into the formal financial system, and in doing so, they are generating troves of financial data. Each digital payment made or received, each ATM withdrawal, each stock trade – all of these actions generate some financial data about a user or business.

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BNP Paribas Rolls Out New Payment Tracking Service


BNP Paribas has gone live with its new g4C Pay and Trace service, which lets corporations better track and analyze spending for B2B payments, according to a press release. The launch comes on the heels of the integration of BNP Paribas’ integration of SWIFT gpi-related information with the global channel Connexis Cash earlier this year.

B2B Pocket Playbook: End-to-End Guide to Sales Enablement

Sales enablement is the strategic process of providing sales teams with the content, guidance, and mentorship needed to engage targeted buyers. It’s all about equipping sales professionals with the tools they need to put their best-selling foot forward. And if sales teams want to continuously sell better -- and faster -- their sales enablement process must have a game-winning strategy. It's time for you to start selling smarter - and hitting your sales number - with the best B2B database in the market. Get started today.

It’s Time For Banking To Stop Faking Digital

The Financial Brand

Digital banking does not normally meet consumer expectations set by digital leaders like Amazon, Netflix, Uber, Spotify or Zoom. The post It’s Time For Banking To Stop Faking Digital appeared first on The Financial Brand. Banking Transformed Culture & Leadership Customer Experience Digital Banking Strategies Spotlight Technology Strategies banking transformed digital digital banking leadership

Spiff Raises $10M For Automated Commission Payments


Spiff , which works in sales commission and software, has come off a funding round with $10 million, which it intends to use to boost its software to automate commission payments, TechCrunch reported. Some of Spiff’s investors include Norwest Venture Partners, Next World Ventures and Epic Ventures, with seed investors Kickstart Album Ventures, Pipeline Capital and Peterson Ventures also participating.

Building Better Banking Services for Women

The Financial Brand

Designing financial products solely based on gender may actually alienate consumers. Financial marketers should focus on sub-segments' needs. The post Building Better Banking Services for Women appeared first on The Financial Brand. Featured Content Marketing Strategy Segmentation Strategies

Wirecard Forces ‘Radical’ Reboot Of German Accounting Regs


As the fallout from Wirecard ’s troubles unfold, Germany’s deputy finance minister has called for radical solutions to fix how accounting firms are regulated, the Financial Times reported. The government is expected to end its contract with the Financial Reporting Enforcement Panel (FREP), the country’s accounting watchdog, as early as Monday, sources told the Times. “We We have reached an agreement with the Finance Ministry to terminate the contract,” a Justice Ministry official told Reuters.

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Data Science Fails: Building AI You Can Trust

The new DataRobot whitepaper, Data Science Fails: Building AI You Can Trust, outlines eight important lessons that organizations must understand to follow best data science practices and ensure that AI is being implemented successfully.

Why Financial Marketers Should Skip Celebrities and Tap Web Experts

The Financial Brand

Banks and credit unions would do well to use micro-influencers. Often these people are available, more effective and much less costly. The post Why Financial Marketers Should Skip Celebrities and Tap Web Experts appeared first on The Financial Brand. Digital Marketing Guerilla & Non-Traditional Marketing Strategy advertising influencers

PE Firms Shun Investments In Older Firms Hard Hit By Pandemic


Companies owned by private equity firms are not seeing the money for protection that those firms ostensibly have saved up, The Wall Street Journal (WSJ) reported, and many are tumbling into bankruptcy. The companies, ranging from restaurants to rental companies and retailers, have not seen any of the “dry powder,” or the money that the private equity owners have committed to funds that haven’t yet been spent. The worldwide pile was at around $1.45