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.

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.

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Things worth reading: 29th June 2020

Chris Skinner


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.

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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!

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.

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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.

EU To Crack Down On Stablecoin Projects


The European Union (EU) is preparing to update its cryptocurrency rules that could make it more difficult for stablecoin projects, such as Facebook Inc.’s s proposed Libra, CoinDesk reported.

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

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.

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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.

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.

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.

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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

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.

Pressure Points: How to Ensure Your B2B Pipeline Passes Inspection

This eBook highlights best practices for developing a pipeline management process that helps sales leaders and their team C.L.O.S.E (you’ll see what we mean in this eBook) more revenue through data-driven prospecting, stage analysis, and subsequent sales enablement.

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

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.

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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.

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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.

Marketing-Led Post-COVID-19 Growth Strategies

Businesses are laying off workers, shutting their doors (some permanently), and struggling to react to the radical destruction that coronavirus (COVID-19) is doing to our society and communities. Most have already sustained massive damage, and we still have yet to see the scope of impact of the global pandemic that has upended the globe. Any return to normalcy may seem far-off, but sales and marketing are on the front lines of restarting the economy. When the dust settles, we have a responsibility to turn our shock and grief into fierce determination, and lead the charge of responsible, strategic, sustainable future growth. However, there’s no team better suited to lead that charge than the marketing department. Marketers are uniquely positioned to provide creative solutions to aid their organization in times of change and chart a course for navigating success.

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.

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.

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

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.

How ZoomInfo Helps Overcome the Top Pain Points of Inside Sales

Recent digital transformation has shifted the B2B landscape by ushering in the era of buyer empowerment. With more access to user reviews, analyst opinion, and industry research, decision-makers are more informed than ever while navigating what is now known as the “buyer’s journey.”

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.

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.

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