We’re doing a rare thing this week – two installments of Payables News Weekly will run today, so check back this afternoon for the second roundup of the happenings from last week. In this first installment, we’re talking about workers in the United Kingdom “fiddling” with their travel-related expenses, a new security method Visa Europe may put in place, and the ex-Delta manager who received a 6-year jail sentence for falsifying invoices to name a few. Read on for more details.
One-Fifth of Workers ‘Fiddling’ Their Expenses
Buying Business Travel reports on a recent study finding that 20% of workers in the United Kingdom “fiddle” with their business travel expenses. Enterprises needn’t worry though, as the “fiddling” is only for modest amounts like rounding up to the nearest mile or two on mileage expenses. The report further noted that only 42% of office workers in the UK even have an automated expense system in the first place. This offers tremendous opportunity for travel and expense management solutions; that there isn’t yet a majority of UK offices using automated solutions means more growth potential long-term. For that matter, nearly half of all UK workers still use spreadsheets to submit expenses – truly there’s an untapped market there. Read the full article at http://buyingbusinesstravel.com/news/2523820-one-fifth-workers-%E2%80%98fiddling%E2%80%99-their-expenses.
Visa Europe Plans New Security That Could Pave Way for Apple Pay
In mobile payments news, Visa Europe is planning to unveil a new tokenization protocol that could make it possible for Europeans to enjoy Apple Pay on their mobile phones, Reuters reported. Visa Europe plans to introduce the tokenization service to banks by mid-April; including this type of security helped make Apple Pay possible in the U.S., so it stands to reason that the same result would arise in Europe. Either way, the advance in mobile payment technology that Apple Pay represents could present a sea change in the payments world – and not only for the consumer side of the fence. Read the full article at http://www.reuters.com/article/2015/02/24/us-visa-payments-idUSKBN0LS0LR20150224.
Google Wallet, CloudPay Take Aim at Mobile Payment Ubiquity
Infosecurity magazine has a report about Google purchasing some Softcard capabilities and using the deal to get Google Wallet pre-installed on the Android devices sold by Verizon, AT&T, and T-Mobile. Softcard was the near-field communication payments protocol run by wireless carriers that never ended up making a dent in the marketplace. Meanwhile, Convego Cloudpay was launched by Giesecke & Devrient using specifications from Visa, Mastercard, and American Express. These two new mobile payment possibilities present some interesting pathways for mobile payments in a general sense. While mostly focused on the consumer side of the fence right now, there’s no telling when the B2B space will start seeing mobile payments take over—who knows when the first p-card will get loaded up using one of the many mobile payment protocols. Read the full article at http://www.infosecurity-magazine.com/news/google-wallet-cloudpay-mobile/.
Bank of England: Digital Currencies Could Revolutionize Payments
The One Bank Research Agenda, recently released by the Bank of England, reveals that a combination of digital currencies such as Bitcoin and the ubiquity of mobile payments could fundamentally alter the payments landscape, Coindesk reports. Calling this latest research from the UK central bank a landmark development may be a slight overstatement, but this is one of the few times that an official report noting the impact of Bitcoin has come from any country’s central bank. Bitcoin has yet to really make an entrance into B2B transactions, but the potential is certainly there. Seeing central bankers take it and other digital currencies seriously is also an extraordinarily interesting development—particularly given that bankers tend to almost universally dislike digital currencies. Read the full article at http://www.coindesk.com/bank-of-england-digital-currency-revolutionise-payments/.
Ex-Manager Sentenced for Role in Defrauding Delta of Millions Over 10+ Years
The former Delta Air Lines manager who defrauded the airline for more than 10 years was sentenced to six years and eight months in prison, according to Flyertalk. Paul Anderson, 57, a former Delta manager, and his accomplice Michael Yedor, 62, were sentenced after it was discovered that Anderson had garnered $36 million in ill-gotten gains over a 10-year period, starting at Northwest Airlines in 1999 and continuing after Delta purchased Northwest in 2008. Anderson was forced to give up his retirement account and ordered to repay $36 million, while Yedor was ordered to pay $72 million in restitution. Read the full article at http://www.flyertalk.com/story/ex-manager-sentenced-for-role-in-defrauding-delta-of-millions-over-10-years.html.
Check out these related articles:
Payables News Weekly: Basware Discount and Visa in Russia
Payables News Weekly: Business Travel, American Express, and Apple Pay
Payables News Weekly: Visa and MasterCard in Crimea, and Business Travel Booms in China
Payables News Weekly: Sustainable Business Travel and Google’s New Partner
Payables News Weekly: Quantitative Easing in Europe and the Federal Reserve Loves Bitcoin
