Jun 26, 2018 Nvoicepay Staff Writer
The top stories in accounting & finance for the week of June 25th
A stalwart in security and encryption standards—Transport Layer Security (TLS) 1.0—is finally being put to pasture—and it couldn’t come at a better time. Codified in 1999 (an eternity in internet years), TLS 1.0 is being retired in a few short days on June 30. TLS undergirds credit card transactions, so merchants who haven’t done so already must upgrade their credit card processing software to work with TLS 1.1 or 1.2. But unless you have some sort of custom credit card processing set up, it’s probably already been upgraded by your card processing provider.
There are many technologies we take for granted as consumers: for one, the ease in which we pay for things. Businesses, however, are mired in workflows comprised of approvals, authorizations, and signatures, which makes paying for things much more labor intensive. Nvoicepay makes B2B purchasing much simpler by streamlining domestic and international payments within the same workflow and requires minimal human touchpoints. And with its recently announced deeper strategic partnership with Mastercard, enterprise organizations can now reap those same benefits.
Can Wall Street analysts predict a recession? If the past 60 years of economic data is an indicator: signs point to yes. The tea leaves reveal themselves in the yield curve—which is the ratio between short- and long-term interest rates offered on U.S. Treasury notes. The flattening of this curve means investors prefer the short term over the longer term; a reliable indicator of lack of confidence in the US economy. This flattening is the hallmark of a recession—at least it has been in the past.
—New York Times
It turns out Bitcoin’s astronomical rise in price was due mainly in part to market manipulation. A recent research paper by University of Texas at Austin found that one digital asset named Tether may have been responsible for at least half the value in Bitcoin. The paper suggests that Tether—named for being "backed 1-to-1 by traditional currency held in [Tether’s] reserves”—was creating an artificial demand in Bitcoin causing its price to skyrocket. This paper could very well be the smoking gun for Bitcoin neigh-sayers.
This year's Future of Fintech conference (hosted by CB Insights) was a veritable who’s who of fintech: From Vladimir Tenev CEO of Robinhood, to Harit Talwar head of Marcus (Goldman Sachs), to Andy Rachleff CEO of Wealthfront. And although these CEOs represent different slices of the fintech pie, they all had the same message for banks: change your ways or be left in the smoke—this fintech train’s leaving the station.