2018

Cannabis Cos’ $4.7B In Cash-Based Taxes Overwhelm IRS

PYMNTS

The Internal Revenue Service (IRS) is paying $1.7 million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.”. According to Quartz , the U.S. government collected approximately $4.7

Taxes 279

Teach children the things that machines cannot learn

Chris Skinner

I often talk about teaching children to learn what machines cannot learn. Our system of education was created in the Industrial Revolution, and is based upon kids being stuffed with facts, stats and dates. They learn to parrot-fashion repeat things, and are tested to see if they can remember.

System 284

The five key levers for radical transformation in financial services for digital success

Insights on Business

If Charles Darwin were still alive, I wonder what he would think about the evolution of banks? Once again, banks are being forced to evolve or die. And financial institutions that fail or refuse to become cognitive and digital will get left behind. It’s survival of the fittest at its finest.

Mastercard Leads Investment In Mobile FinTech Mobeewave

PYMNTS

Contactless payment company Mobeewave announced the closing of a $16.5 million Series B funding round, led by NewAlpha Asset Management, Mastercard and Forestay Capital.

US Bans Chinese Facial Recognition Tech

PYMNTS

A Chinese company that develops facial recognition technology could be facing a ban in the U.S. According to the Financial Times , the facial recognition cameras are created by Hikvision , one of the world’s biggest CCTV companies, selling video surveillance throughout China and across the globe.

US 267

The Bitcoin Bust And Its Ripple Effects

PYMNTS

It has not been a great week for the price of bitcoin, or really any cryptocurrency for that matter. The price of bitcoin has fallen and stayed below $6,000 for the last four days and no one’s predicting a rally anytime soon.

SWIFT Disconnects From Iran’s Banks

PYMNTS

Months of geopolitical spats that spanned Europe, the Middle East and the United States have seen payments infrastructure at the center of it all.

More Trending

Real-Time Payments Driving Real-Time Liquidity: Deutsche Bank

PYMNTS

Corporate finance executives seem to be readying for real-time payments, preparing to adopt faster payment capabilities and bracing for changes to their cash flow management strategies as a result.

Gartner: you’re better than this

Chris Skinner

Mastercard Will No Longer Require Signatures On Cards, Receipts

PYMNTS

Mastercard, the payments company, announced on Thursday (Oct. 18) that cardholder signatures will now be optional for the back of credit cards and receipts. In a press release , Mastercard said it is making the changes due to advancements in technology and security.

Cards 285

Visa Accelerates Tokenization Of Credentials On File For Digital Payments

PYMNTS

Visa announced today the commercial expansion of its Visa Token Service for “credential-on-file token requestors.”

Brexit A Boon For Blockchain?

PYMNTS

Questions loom large over Brexit. As the U.K. gears up to leave the European Union (EU), for commerce, there remains the unknowns of how trade will be affected, as well as how capital, goods and services can be tracked.

How AI is redefining financial crimes detection technologies

Insights on Business

Bitcoin Daily: Hublot Unveils Bitcoin Watches; Swiss Regulator Throttles Bank Crypto Trading

PYMNTS

Blockchain , the crypto wallet provider, plans to have an airdrop worth $125 million, Fortune reported. Through the cryptocurrency giveaway, each recipient would receive around the equivalent of around $25 in Stellar.

FLEETCOR May Be Nearing Western Union Business Payments Buy

PYMNTS

Western Union and FLEETCOR are nearing an agreement to sell WU’s business payments operations to the fleet payments firm, according to reports in PE Hub on Wednesday (Nov.

Asia Corporates Replacing ACH With Cards, Citi Finds

PYMNTS

Corporates across the Asia Pacific region are increasing their use of commercial card products, according to a new report from Citi. Reports in The Asset on Thursday (Oct.

Cards 275

Account opening? Oh, 1-2-3. Easy as A-B-C. Not!

Chris Skinner

There’s nothing like a true story to bring a point home, so here’s my latest one. I’m starting a new venture. It’s a philanthropic thing, thing to do with banking, but because we are seeking sponsorship, we need to open a bank account.

Clash of clans … or new bank versus old bank (Fidor, BPCE) 

Chris Skinner

I was talking with some friends at the most innovative bank in Europe that has stopped getting on my radar for the past few years. I first blogged about them back in 2012, when I met the founder at an event. That bank is called Fidor.

Robotics Process Automation Rakes In The VC Cash

PYMNTS

In a week of multiple nine-figure venture capital funding rounds, B2B FinTech has proved it plans to end the year on a high note.

FICO To Debut New Credit Scoring System In 2019

PYMNTS

Fair Isaac, creator of the FICO credit score, will be rolling out a new scoring system in early 2019.

System 275

Bitcoin Daily: AML Crypto Regulation Will Be Dictated In June 2019

PYMNTS

The Financial Action Task Force (FATF) announced that it will get one step closer to creating international standards for cryptocurrency when it launches its first set of rules in June of 2019.

Mapping Fraud’s DNA

PYMNTS

Payments and commerce fraud has its own ecosystem, one that includes criminals, servers and other computing devices, IP addresses, compromised payment cards and stolen personal data, and even houses and other physical locations.

Fraud 272

PayPal Working Capital Steps Into Germany

PYMNTS

PayPal is broadening its small business financing offering into the German market, a press release announced on Wednesday (Nov.

Advancing Innovation in the Global Financial Services Industry

Insights on Business

IBM RegTech Innovations. Advances in artificial intelligence (AI), blockchain, and cybersecurity are poised to transform the financial services industries.

Blockchain Believers Remain Bullish On B2B Payments Disruption: PayPie

PYMNTS

As the peaks and valleys of blockchain hype continue to rise and fall, more doubt has surfaced over the future of distributed ledger technology, particularly in the area of B2B payments.

Nordstrom Breach Exposes Data On 76K Employees

PYMNTS

Nordstrom has suffered a data breach that exposed employee names, Social Security numbers, dates of birth, checking account and routing numbers, salaries and more.

Data 262

Financial Institutions Aren’t Prepared for the Digital Revolution

Chris Skinner

I recently did an interview with my American friend Jim Marous over on The Financial Brand. It’s a good interview so I thought I would post my answers here. Feel free to comment!

How Connected Devices Are Revolutionizing How And Who We Pay

PYMNTS

Connected devices — smartphones, tablets, voice-activated speakers, smartwatches, in-car dashboard systems — are changing how consumers in the U.S. buy and pay. Not just some consumers, but almost all of them. We have brand-new data that reveals how much change is happening.

Seven Big Threats Facing Seven Big Tech And Payments Players This Halloween

PYMNTS

Halloween , the annual celebration of the spooky and supernatural, is just a couple of days away. For many in payments and the vast ecosystem that it powers, the scariest thing about Oct.

Third-Party Data Breaches On The Rise In The U.S.

PYMNTS

Opus, the provider of global compliance and risk management solutions, announced Thursday (Nov.

Data 257

Payment Players Launch U.S. Faster Payments Council To Speed Up Payments

PYMNTS

A group of payment players announced Tuesday (Nov. 13) that they created a new organization, dubbed U.S.

Billtrust And Visa Launch B2B Payments Platform For Buyers And Suppliers

PYMNTS

Visa and Billtrust today (Nov.

QR Payments Coming To Hong Kong Subways

PYMNTS

The subway system in Hong Kong will allow commuters to scan a QR code as a payment method after announcing a deal with Alibaba’s payment affiliate Ant Financial last week.

Bank Of England Plans Panel To Standardize Payments Messaging

PYMNTS

As the U.K. continues its move to adopt the ISO 20022 payments messaging standard, the Bank of England is reportedly planning to create a panel aimed at streamlining the adoption of the standard for more efficient payments in the country.

Capitalizing on Open Banking as a catalyst for digital transformation

Insights on Business

There’s a new normal in financial services. Regulations such as the second payment services directive (PSD2) and the Open Banking project spearheaded by the UK’s Competition and Market Authority (CMA) are driving disruption in the banking value chain.

Bitcoin Miners Fail To Make A Profit Despite Surge In Revenue

PYMNTS

Bitcoin miners have around $4.7 billion in revenue in 2018 — but because of the cost of electricity, miners are failing to make a profit.

North Korean Hacking Group Lazarus Takes In $571M

PYMNTS

Groups 272