Archives

  • AFP Fraudwatch: Would EMV Have Prevented the Target Breach?
    In the wake of the massive Target breach, retailers and policymakers are calling for faster migration to EMV chip technology at the point of sale. But just how safe is EMV? Would chip technology have
  • Alternative Payments Come of Age in Africa
    ChildFund International has many operations in regions of the world that are extremely remote, or in places where the indigenous cultures prefer to be unbanked. The organization has found that in deve
  • Federal Agency Sets Cybersecurity Framework for Critical Groups
    The National Institute of Standards and Technology (NIST) finalized its final cybersecurity framework for the critical infrastructure community. The voluntary guide is intended to make financial, ener
  • Best Practices for Check Language
    Recently on AFP’s discussion list corporate treasury and finance professionals discussed best practices for check language.
  • AFP Fraudwatch: PayPal President’s EMV Card Skimmed
    This week, PayPal President David Marcus became the victim of card fraud at the point-of-sale. However, he was using a chip card—so what happened? Also, new revelations about the Target breach, as wel
  • 2014 Outlook: Corporates to Focus on Technology and Payments
    AFP recently received predictions from economists at financial institutions and financial services firms on the domestic economy. In Part 2 of our discussion, we asked what they were hearing from thei
  • Fed Moving Forward with Updated Payments System
    The Federal Reserve praised responses to a recent consultation paper on the U.S. payments system and is taking steps towards updating the infrastructure as a whole. Industry feedback is being used to
  • Bitcoin Breakdown: No FinCEN Regs for Bitcoin Miners, Investors
    Some users of Bitcoin and other virtual currencies are exempt from registering with the government and complying with certain money-laundering regulations, according to two new rulings last we
  • Washington Calls for Tougher Cybersecurity Standards
    Two Senate hearings this week focused on the multiple data breaches that have erupted across the retail sector. Politicians, regulators, law enforcement agencies, retailers and banks agree tha
  • Four Ways to Execute FX Spot Transactions
    Spot trades are transactions that are settled “on the spot,” as opposed to a pre-determined future date. This method is utilized by many smaller firms who engage in FX transactions and whose smaller v
  • AFP Fraudwatch: Retail Cybersecurity Woes Continue
    This week, Michaels investigates a possible data breach, Neiman Marcus admits that 1.1 million of its customers may have been compromised, and Target faces scrutiny from Congress.
  • RMB Cracks Top 10 Payments Currencies as Corporate Adoption Grows
    The Chinese renminbi was one of the top 10 most-used currencies for payments in both November and December 2013, according to SWIFT. It currently resides in eighth place.
  • January 2014 Payments Newsletter
    This month, we take a look at AFP’s new Payments Decision Guide, which focuses on developing a payables strategy. The guide, underwritten by Fifth Third Bank, explains the goals and drivers of a payab
  • Bottom Line: Growth of a New Currency
    While the price of the virtual currency Bitcoin hasn’t reached that height, its rapid increase has caused a few central bankers to remark on its bubble-like rise. A Dutch central banker was recently q
  • Target Breach Prompts Call for Faster EMV Migration
    The massive retail breach that occurred over the holidays has prompted some retailers—including the National Retail Federation and the CEO of Target, the main victim in the breach—to call for the U.S.
  • AFP Fraudwatch: Further Details on Massive Retail Breach Emerge
    More information has come to light about the massive retail breach that occurred over the holidays. Target CEO Gregg Steinhafel has explained that the cause of his store’s breach was malware that infe
  • French Senate, Wells Fargo Positive about Bitcoin
    Both the French Senate Committee and Well Fargo held meetings this week with various parties to discuss the risks surrounding Bitcoin. Attitudes at both meetings were cautious, but optimistic.
  • Proposed NACHA Rule Amendment Has Implications for Corporates
    A proposed amendment to the NACHA Operating Rules has major implications for corporates who originate consumer transactions. According to the proposal, the rule would establish economic incentives for
  • Fed Seeking Comment on Changes to Payment System Risk Policy
    Corporates have a little less than a month left to comment on proposed changes to part II of the Federal Reserve’s Policy on Payment System Risk (PSR policy). The proposed changes concern automated cl
  • Virtual Loonie: Canada to Test its Own Version of Bitcoin
    The Royal Canadian Mint is looking to launch its own digital currency, called MintChip. What makes MintChip unique is that it is pegged to the Canadian dollar, which should allow it to avoid the drast
  • Common Financial, Legal Issues with Contracts
    In finance, there are contracts for banking services, information services, financial services, investment services, business processing outsourcing services and more. Financial professionals
  • Bitcoin of the Realm: Overstock.com Accepts Virtual Currency
    Overstock.com, the second-largest online retailer in the U.S., has begun accepting Bitcoin as payment for all purchases. Overstock sidestepped the challenges surrounding Bitcoin acceptance by using a
  • AFP Fraudwatch: Retail Breaches Part of One Big Holiday Hack?
    Neiman Marcus admitted last week that it had been breached. At about the same time, it was revealed that the recent Target breach was larger than expected. Some analysts insist that there were
  • Deadline for Comment on Proposed NACHA Rules Approaching
    NACHA is accepting comments on two proposed amendments to its Operating Rules through Monday, January 13, 2014. ACH Network participants are encouraged to respond.
  • Another Setback for Bitcoin in China: Alibaba Applies Ban
    Bitcoin has suffered a further setback as China’s internet retail giant Alibaba said it would impose a ban on its use. Taobao, Alibaba’s online shopping platform and China’s equivalent of Amazon, was
  • New AFP Guide Focuses on Creating a Payables Strategy
    The AFP Payments Decision Guide to Creating a Payables Strategy, Part I, presents corporate practitioners with the foundation for developing a comprehensive payments strategy. The guide, underwritten
  • Checking Out of the Comfort Zone and into E-Payments
    The 2013 AFP Electronic Payments Survey, underwritten by J.P. Morgan, found that about 50 percent of treasury and finance professionals still use checks for B2B payments. Is there any one thing that w
  • Bitcoin Tops $1,000 Again Following Zynga Announcement
    After weeks of sitting in the $700-$800 range, Bitcoin’s value is back over $1,000 on Mt.Gox, thanks to an announcement by Zynga. The social gaming giant revealed that it would begin accepting
  • Canadian Mobile Payment Activity Expected to Increase in 2014
    More Canadians are expected to use their mobile devices to make payments in the new year, according to a new report from Rogers Communications. The Canadian telecommunications giant polled mor
  • Retailers Appeal $5.7 Billion Interchange Settlement
    The National Retail Federation is appealing the $5.7 billion settlement with Visa and MasterCard over interchange, which District Judge John Gleeson approved in December. The retail trade grou
  • Top 10 AFP Articles in 2013
    As we begin the new year, AFP is taking a look back at the most-read articles of 2013. We have compiled the most popular articles among all readers, as well as those that were most popular among corpo
  • Indian Bitcoin Exchanges Close Following RBI Warning
    Bitcoin exchanges in India are closing down, following a warning issued by the country’s central bank.In a public advisory, the Reserve Bank of India advised users to be cautious, given virtual curren
  • Best Practices: Accepting Payment Instructions
    When you receive payment instructions in emailed PDF documents, should you call to confirm authenticity? Recently on AFP’s discussion list, corporate treasury and finance professionals discussed autho
  • VIDEO: Pinnacle Grand Prize-Winning Strategies
    Sarah Knapp, assistant commissioner for the New York City Department of Finance, discusses winning the Pinnacle Grand Prize. The department created the first city agency solely responsible for payment
  • Visa, MasterCard Agree to $7.25B Antitrust Settlement
    Visa, MasterCard and 13 banks agreed to the largest antitrust settlement in U.S. history late last week in the U.S. District Court for the Eastern District of New York. The effort could put to rest a
  • 10 Electronic Payroll Principles to Guide Your Organization
    The American Payroll Association, Consumers Union, the Electronic Payroll Coalition, and the National Consumer Law Center have identified and agreed to 10 core principles for the use of reloadable pre
  • 'Cheque' or 'Check?'
    Positive pay - as defined by the Association for Financial Professionals' Essentials of Treasury Management - is a "service that matches serial numbers and dollar amounts against a company's issue fil