How many times has your Finance team seen the word “processing” on their laptop screens this week? Instant payments, both via The Clearing House’s RTP (Real-Time Payment) Network and the Federal Reserve’s 24/7/365 FedNow Service, are poised to change that. Imagine that a key piece of your business’s equipment has broken down. You need to […]
Most businesses think we’re already in a recession or it’s coming early this fall. The good news is, most are fairly confident they’ll survive it. There’s just one major catch. Businesses short on cash are balking at high interest rates and waiting (perhaps in vain) for banks to play ball. Fifty-eight percent of small business […]
On July 20, the Federal Reserve announced the FedNow Service, a 24/7/365, instant payments system, is officially live. Touted as the biggest upgrade to the U.S. payments system in 50 years, FedNow looks like it’s going to be more than just a new rail for B2B and B2C payments. It could potentially transform the way […]
The collapse of Silicon Valley Bank (SVB) earlier this year could bring major changes to capital requirements for large banks. Federal Reserve vice chairman for supervision Michael Barr put the banking industry on notice during a speech to the Bipartisan Policy Center in Washington DC this week. Barr made the case for a handful of […]
Heads up: Inflation and bank failures are spurring more companies to put their cash where’s it safer and can grow. The Association for Financial Professionals (AFP) reports that companies’ cash and short-term allocations toward bank deposits dropped in recent weeks to 47%. Last year at this time, the deposit rate stood at 55%. According to […]
Compared to the rest of the world, the U.S. has lagged behind in rapid B2B payments technology, but that’s about to change. The Federal Reserve’s FedNow service is coming soon! The Fed says its more modernized payment infrastructure will launch in July (a specific date has not been announced), operating alongside the Clearing House’s Real […]
To keep your ACH payments flowing smoothly, Nacha advises businesses to update financial institution routing number validation tables at least monthly. That may mean more work for your A/P team, but it ultimately means less stress for them because they won’t have to handle as many investigations into vendor ACH payments that don’t go through. […]
The IRS is sounding the alarm about the top 12 – aka the “dirty dozen” – tax scams that are tripping up businesses, tax professionals and individual taxpayers this spring. The dirty dozen changes every year as cybercriminals come up with new ways to acquire businesses’ and individuals’ data, be it their Social Security numbers, […]
The FDIC takeover of Santa Clara, CA-based Silicon Valley Bank (SVB), which news reports described as the worst bank failure since 2008 and the second worst in U.S. history, had quite a few of your peers weighing in about it on LinkedIn. Unless you’re in the tech sector, you might not have heard of SVB […]
