Archives

  • Bitcoin Breakdown: Could Bitcoin Move Beyond Payments?
    Though bitcoin is known predominantly as a currency and payment method, the blockchain technology behind it has the potential to be a disruptive force to the financial system, according to a new repor
  • Tips for Validating the Accuracy of Vendors’ W-9s
    Recently on AFP’s discussion list corporate treasury and finance professionals discussed validating the accuracy of vendors’ W-9 forms.
  • August 2014 Payments: Megahack or Megahype?
    This month, we lead off with an analysis of the recent Hold Security report, which sent the media into frenzy over its claims that Russian hackers stole more than a billion usernames and passwords. We
  • AFP Fraudwatch: Supermarket Breach Compromises Millions?
    Supervalu, a Fortune 500 grocery retailer, revealed last Friday that it had incurred a security breach. At least one security expert believes that “millions” of credit and debit cards may have been co
  • Bank Account Reconciliation Easier than Ever, Says New AFP Guide
    The second installment in the 2014 AFP Treasury in Practice series focuses on bank account reconciliation. Underwritten by KeyBank, the guide provides best practices and examples of how companies reco
  • AFP Fraudwatch: Was Last Week’s Megahack Just Megahype?
    You've probably heard about The New York Times’ explosive report that Russian hackers stole more than a billion user credentials. You were likely encouraged to change your passwords immediately—for ev
  • No Exceptions: A New Service to Lower Online Payment Miscues
    NACHA has introduced a new program that aims to reduce online bill payment exceptions and check volume associated with exceptions, which cost the payments industry nearly $800 million per year.
  • AFP Fraudwatch: 600 Retailers Affected by POS Malware
    More than 600 retailers may have point-of-sale malware installed in their stores, according to a new warning from government officials. Cybercriminals are reportedly targeting businesses that use remo
  • Case Study: US Foods Introduces Corporate Mobile Deposit
    More than 1 million paper checks are delivered to US Foods’ sales force annually at customer locations as payment for deliveries. The checks are then taken personally by each sales associate to their
  • SEPA Fully Implemented in Euro Area
    After 15 years of preparation and an additional six-month extension, the wait is over. The single euro payments area (SEPA) is fully operational as of August 1.
  • Bitcoin Breakdown: Bitlicenses Receive Pushback
    The bitlicense regulatory framework recently proposed by the New York Department of Financial Services (DFS) has been met by considerable pushback from the bitcoin community. Bitcoin enthusiasts are a
  • AFP Fraudwatch: StubHub Turns the Table on Cybercriminals
    Six individuals were arrested last week in connection with an international cybercrime ring that hacked more than 1,600 customer accounts. What’s different in this case is that the company detected th
  • Best Practices: Selecting Cyber Insurance Coverage
    Lisa Joublanc, CCM, CFA, Vice President and Treasurer for Global Payments, and Mary Guzman, Senior Vice President and E&O Practice Leader, McGriff, Seibels & Williams, discuss what treasurers need to
  • AFP Fraudwatch: Treasury Calls for More Information Sharing
    U.S. Treasury Secretary Jacob Lew is calling on the financial services sector to improve its efforts to better protect consumer data and strengthen defenses against cyberattacks, thefts and disruption
  • Case Study: Improving the Collections Process
    Greg Baldwin, Deputy Treasurer for Johnson County, Kansas, tells how his office streamlined its collections process.
  • Bitcoin Breakdown: New York Unveils BitLicense Framework
    The New York Department of Financial Services (DFS) has released the details of its proposed BitLicense regulatory framework. If passed, New York would become the first state in the U.S. to directly r
  • July 2014 Payments Newsletter
    This month saw the Foreign Account Tax Compliance Act (FATCA), which imposes a withholding tax on payments from U.S. sources to certain noncompliant foreign entities, finally take effect. Also this mo
  • Digital Payments to Nearly Double by 2019
    The total value of digital payments is on course to reach $2.5 trillion this year, and the figure is expected to rise to $4.7 trillion by 2019. The biggest contributing factors to the rise are expecte
  • Chinese Banks Suspend Yuan Remittance Program
    Three Chinese banks have temporarily suspended a yuan remittance service over suspicion of money laundering. China Central Television (CCTV) has accused Bank of China (BOC) of allowing wealthy Chinese
  • Survey: Rate of U.S. Firms Settling in RMB Nearly Doubles
    The number of American businesses using renminbi (RMB) to settle trade has nearly doubled in the past year, and that trend is expected to accelerate over the next 12 months, according to a new survey.
  • Bitcoin Breakdown: EU Banks Told to Back Off Bitcoin
    This week, California Governor Jerry Brown signs a bill legalizing bitcoin, a venture capitalist wins 30,000 Silk Road bitcoins at a U.S. Marshals auction, and Japan decides against regulating bitcoin
  • AFP Fraudwatch: Brazilian Fraud Ring Steals $3.75 Billion
    This week, fraudsters are believed to have stolen nearly $4 billion by exploiting Brazil’s boleto payment method. Using man-in-the-browser attacks, a fraud ring has compromised nearly 500,000 boleto t
  • Cyberrisk: The New Frontline of Risk Management
    An alarming surge in cyberattack incidences on many of the largest U.S. companies has ushered into corporate boardrooms a new axiom of executive management: cyberrisk. Public companies are faci
  • AFP Fraudwatch: Treasurer Relives Her Firm’s Cyberbreach
    What’s it like from a treasurer’s perspective when your company is hit by hackers? A treasurer recalled what transpired when her company suffered a $125-million cyberbreach.
  • Bitcoin Breakdown: Canada First Nation to Regulate Bitcoin
    Canada gave royal assent to Bill C-31 last week, becoming the first country to regulate Bitcoin and other virtual currencies. Some nations have weighed in on Bitcoin on a case-by-case basis, including
  • June 2014 Payments Newsletter
    This month, Payments turns its attention toward fraud and cyber risk, as recent events have caused quite a shakeup. We recap a session at the CTC Corporate Treasurer’s Forum, in which FBI Special Agen
  • AFP Fraudwatch: P.F. Chang’s Cyberbreach Lasted 9 Months
    Last week, P.F. Chang’s Chinese Bistro confirmed that it had undergone a massive security breach that compromised customer credit and debit cards. Though details of the breach were initially sparse, i
  • AFP Fraudwatch: A Closer Look at GameOver Zeus
    Treasury and finance professionals who attended the 10th Annual CTC Corporate Treasurers Forum last week received an in-depth look at GameOver Zeus, the botnet responsible for stealing at least $125 m
  • AFP Fraudwatch: Game Over for Botnet, Ransomware Operators
    The U.S. Department of Justice teamed with Europol, the UK’s National Crime Agency, the Microsoft Cybercrime Center, Dell SecureWorks and others to take down the GameOver Zeus botnet and Cryptolocker
  • Mobile Deposit Usage Surges in Canada
    Canadians have deposited more than one million checks via mobile phones since the Canadian Payments Association (CPA) approved the check image rule last year, according to data from NCR. The rule allo
  • European Treasurers Share Concerns over Bitcoin
    Last week at the annual General Assembly of the Association of Corporate Treasurers—Suisse Romande (ACTSR) in Geneva, Switzerland, a representative from the Bitcoin Foundation gave a presentation on B
  • AFP Fraudwatch: Retail Treasurers Increase Cyberinsurance
    Treasurers of retail chain stores said they expect their companies will spend as much as triple the amount they already pay for cyberinsurance in the wake of the Target security breach. That’s on top
  • May 2014 Payments Newsletter
    This month, we bring you exclusive coverage of the recent AFP Treasury Advisory Group (TAG) Meeting and the 2014 AFP Retail Roundtable, both of which were held this month in Dallas. The Foreign Accoun
  • Obey or Pay: It’s Time for Treasurers to Act on FATCA
    With the Foreign Account Tax Compliance Act (FATCA) scheduled to take effect on July 1, many treasury departments are making sure they know what they need to do to comply. Not surprisingly, the law wa
  • Fear of the Unknown: EMV Tops Retail Treasurers’ Concerns
    Treasurers at the 2014 AFP Retail Roundtable in Dallas said Thursday that their biggest concern is EMV migration. They cited cost, customer resistance, and nagging doubts that switching to the chip-an
  • AFP Fraudwatch: Post-Target, Treasurers Get Proactive
    Fraud has always been a concern for treasurers, and in the post-Target environment, it has only become even more of a priority. At the latest meeting of AFP’s Treasury Advisory Group in Dallas, practi
  • Navigating Canada’s Anti-Money Laundering Laws
    Understanding regulations around Canadian payments is critical for corporate practitioners operating north of the border—and south of it as well. Because the two nations are each other’s largest tradi
  • AFP Fraudwatch: Target Breach’s Latest Victim is the CEO
    Target said Monday that it has relieved Chairman and CEO Gregg Steinhafel of his duties, following the massive holiday data breach that compromised 110 million customers, hurt Target’s fourth quarter
  • Cash: The Once, Current and Future King, Says Fed
    New data indicates that U.S. consumers still prefer to use cash over any other payment method, including debit and credit cards. The Cash Product Office (CPO) of the San Francisco Fed reported that wh
  • ANSI Approves Technical Reports on Remittance
    The Remittance Coalition, an industry group that promotes greater use of electronic business-to-business (B2B) payments and electronic data exchanges, has received approval from the American National