Good news: The Justice Department is finally recommending stiffer penalties for cyber-criminals that target companies’ coffers. The Justice report to Congress, “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets,” recommends doubling the maximum prison sentence for unlicensed money transmitting from five years to 10 years. If approved […]
If you’re considering shopping around for a new commercial banking partner for next year, it may be because you need a banker that delivers value beyond simply managing your business’s finances. Maybe you’ve sent out some requests for proposals to institutions that offer different commercial banking products and services. But did they respond with thoughtful […]
Many of the vendors you work with may be among the more than 2,300 U.S. businesses that accept the cryptocurrency bitcoin, according to a report from Deloitte. There may be even more businesses exploring cryptocurrency right now because, unlike cash, it’s not subject to devaluation from inflation. For A/P transactions, virtual currencies and blockchain technology […]
Last year, financial institutions had to contend with record-low interest rates and a glut of deposits. But that didn’t stop community banks from becoming vital partners to businesses, delivering a blend of personalized service and prudent risk management practices that you might not be able to get from a large national bank. Based on 2021 […]
Between internal fraud risks, cyberattacks and stolen checks, being on guard against fraudulent activity can become an all-day, everyday concern for your A/P department. For instance, the number of fraud complaints nationwide averaged 2,300 per day in 2021 (up from 1,300 daily complaints in 2019), according to the FBI Internet Crime Complaint Center’s (IC3) Internet […]
Being able to make and receive B2B cross-border payments is essential for growing e-commerce, capturing new markets and facilitating long-term growth for your business. But cross-border payments are complicated. One of the biggest headaches is the long transaction times due to: point-to-point wire transfers that may have to clear anywhere from three to 10 different […]
Business email compromise scams are still a costly force to be reckoned with. And your Finance team can’t afford to let its guard down. For example, First Citizens Community Bank, which has locations in Delaware, New York and Pennsylvania, recently issued a press release warning its business customers about a new rising wave of email […]
ACH payments continue to be a popular choice with your peers for electronic payments, and traffic continues to increase on the ACH network. The ongoing COVID-19 pandemic has been one of the major drivers for increasing ACH activity. Over two-thirds (68%) of CFOs said that the rise in ACH activity at their companies has been […]
It isn’t just your Finance department that’s feeling the urge to get more digital. There’s also a new wave of banking industry digital transformation that’s gaining momentum. Valuable new technologies and digital services may soon be adopted by more financial institutions because they’ll provide data insights that banks didn’t have before. It may be time […]
