At the annual conference "Coupa Inspire" Coupa Software announced a new partnership that will complete the procure-to-pay loop for its customers called "Coupa Payments powered by Nvoicepay." This cloud-based solution encompasses international payment capabilities and takes aim at paper-based processes that pain most businesses. Instead of cutting paper checks, Coupa Payments powered by Nvoicepay helps businesses settle invoices via ACH, i-Wire, card, or electronic print check. To quote Donna Wilczek, vice president of strategy and product marketing at Coupa: "Payment automation completes the final mile of the Procure to Pay process."
"Customer first" is the motto of future of banking, and millennials know it. Traditional banks, slowed by legacy technology and siloed data, are unlikely to survive the next decade, at least that's what CEO of Starling Bank Anne Boden thinks. New fintechs are leaning heavily on open APIs to make financial transactions more efficient, automated, and widely available. Bonnie Christian for Wired (@bonnieluise) covers these and more trends millennials expect to see in their financial futures, including blockchain.
Shawn Tully (@MrShawnTully) for Fortune covers the bold proposition of joint authors Baruch Lev and Feng Gu's book: "The End of Accounting." With such an apocalyptic-sounding title, the writers argue that reported earnings are moving further away from telling the truth about company valuations, signaling it's time to rewrite the handbook. This is due, in part, to the deviation between how antiquated GAPP measures require a company categorize its profits, and the number of U.S. companies lowering investment in hard assets and spending more on intangibles. The authors use the example of Boeing vs. Lockheed Martin, and how heavy spending on research and development can actually make a company appear less profitable.
The race to become Islamic banking's fintech hub—The Economist
According to Accenture consultancy, the Middle East only has a 1% share of the global fintech investment, which is a little over $50 billion. From regulatory sandboxes to encourage new fintech products in Abu Dhabi to accelerator schools in Egypt, countries in the Gulf region and beyond are playing catch up with Fintech innovation. While some might seem far behind the rest of the world, countries like Dubai have demonstrated that being unencumbered by legacy technology means they can move faster. Dubai currently ranks as the world's 18th-largest financial center, while it was barely on the map 20 years ago.
While the mix up at the 2017 Oscars was enough to make any PriceWaterhouseCoopers accountant want to crawl under their desk and hide, the accounting giant has been embroiled in more than one accounting mishap that was a cause for settlement. This includes the recent scandal with British supermarket chain Tesco who inflated their earnings by $300 million. The error went unnoticed by PwC auditors and prompted the termination of a 32-year working relationship with the retailer.
See what you missed in the previous edition: Weekly Ledger 42