This post is part of a series on smart financial supply chains (FSC) and on their role in a company’s strategic business objectives. It develops how—through a disciplined use of IT solutions—financial instruments support a company’s strategic objective to sustainably drive the lowest cost from the supplier base to maintain a cost leadership position and profitability in the marketplace.
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There has been more change in the landscape of mobile proximity payments in the past year than there has been in the past decade, pretty much entirely driven by the launch of Apple Pay and its decision to embrace the existing payments ecosystem and adoption of near field communications.
Since that announcement, Google has revamped its offering, and Samsung has announced the launch of Samsung Pay, incorporating a new technology that can enable mobile payments through an existing POS terminal’s mag stripe reader.
I noted with interest the apparently big news this week that the European Union and Switzerland had signed a tax transparency agreement, finally putting to rest the long-loved but misleading concept of Swiss banking secrecy. At least it is now a thing of the past for EU residents. For most other regions of the world, the window of opportunity will gradually close, too—just not yet. Under the deal, the two sides will automatically share annual data on financial accounts, which will include such information as names, addresses, tax identification numbers, dates of birth, and information relating to financial and account balances, starting in 2018.
As core infrastructure, a portfolio management and accounting system serves as an asset manager’s system of books and records. The solution supports workflow processes, provides an audit trail, and is generally characterized as an accounting-system-based platform.
The IRS data breach, in which cybercriminals stole more than 100,000 people’s tax returns, has been all over the headlines this week. A conversation with a good friend (we’ll call her Jane, to protect her identity) over the weekend emphasized the personal impact.