January 2008

ACH @ POS

by Carol Coye Benson on January 29, 2008

in ACH, Decoupled Debit, NACHA

I spoke last week with Elliott McEntee, President and CEO of NACHA about two current issues – NACHA’s reaction to “de-coupled debits” and the progress of the Secure Vault Payments program. Decoupled Debit – Background Decoupled debit programs, announced by both Capital One and HSBC (as issuers) and Tempo (as a processor) take a normal […]

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Sound career advice from CFO.com advises ambitious young finance professionals to not only earn an MBA, a CPA credential, plus a dollop of charm and a global perspective. You better get started…

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One of the key success factors in introducing wide scale change is to involve impacted stakeholders early and often. Open discussion of challenges and obstacles fosters collaboration to resolve issues. The SEC is welcoming criticism from financial managers which bodes well for it's XBRL effort. [excerpted from CFO.com] The commission hopes to use such feedback […]

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Today the Single Euro Payments Area (SEPA) becomes a reality, enabling credit transfers throughout the SEPA region. Consumers and companies will be able to make cross border payments in euros as easily as making payments within their home country. Card payments have been in effect since January 1st and debit transfers are slated for November […]

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XBRL Tools

by Erin McCune on January 23, 2008

in Financial Reporting

The latest Treasury & Risk has a brief write up on two new XBRL tools from Enterprise Engineering, Inc. The first facilitates sharing information within an enterprise and with external parties (it maps data stored in separate systems and proprietary formats into XBRL so that it is easy to share for reporting and analysis). But […]

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Last week JPMorgan announced an enhancement to its web-based A/R package Receivables Edge. The application can now match open invoices to bank captured payments and remittance detail for checks, ACH, and wire transfers. New features include: Auto-match transactions resulting in “hands-free” posting to client’s A/R system Capture and archive images online for up to 10 […]

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Ouch!

by Erin McCune on January 21, 2008

in Economic Outlook

US Recession fears caused markets to tumble world wide today as US markets were closed in honor of MLK. Futures contracts anticipate sharp losses when the US re-opens tomorrow. (graphic courtesy of WSJ.com) Read more: Wall Street Journal New York Times Bloomberg The Economist

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Sunday's NYTimes Magazine asks what's a Federal Reserve chief to do when banks won't lend money, oil has reached $100 a barrel and unemployment is up. It's a well reasoned, long discussion that comes out more favorable than not. Highly recommended. Sunday New York Times Magazine The Education of Ben Bernanke By ROGER LOWENSTEIN Published: […]

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I am pleased to announce that the upcoming B2B Payments Workshop  hosted by Forte Financial and Glenbrook has been approved for up to 17 CTP/CCM recertification credits by the Association of Financial Professionals . Learn more about the upcoming B2B Payments workshop March 4-5 in Santa Clara, CA.Learn more about the AFP recertification process.

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Ace Hardware has painfully realized the importance of employee training. A mid-level employee in the finance department caused a $152 million accounting discrepancy between the GL and actual inventory. Journal entires were made that made it look like the ledgers were reconciled when they were not. Ace Hardware will restate earnings for fiscal years 2004-2006 […]

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Over at the Business Intelligence for Business People blog Tom Hudock considers the multitude of challenges that threaten projects and determines that leadership is the most critical factor in determining whether a project is successful or not. Excerpt: So what makes an unsuccessful project?Some potential culprits are: technology issues, budget constraints, timeline constraints, user adoption […]

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On a New York visit over the last several days, I used four taxis – and paid with my debit card each time. (New York City has recently implemented a regulation requiring all cabs to accept card payments – without minimums or added fees.) As I paid, I asked each driver whether or not card […]

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