Today In Payments: Apple Parts Maker Foxconn Back To Work In China; Two Chinese Nationals Laundered $100M In Crypto

In today’s top news, Apple manufacturer and supplier Foxconn has returned to production, the Department of Justice charged two Chinese nationals with laundering over $100 million in cryptocurrency, and TurboTax’s deal to buy Credit Karma has sparked antitrust concerns.

Apple Parts Maker Foxconn Back To Work In China

More than 50 percent of sidelined seasonal workers are not back to work at Apple manufacturer and supplier Foxconn in China. The Taiwanese firm said production would be back to normal by the end of the month after slowing due to the coronavirus outbreak.

Two Chinese Nationals Charged With Laundering $100M In Crypto

The Department of Justice charged two Chinese nationals with laundering over $100 million worth of cryptocurrency and operating an unlicensed money transmitting business. The money came from the roughly $250 million that was previously stolen by North Korean fraudsters.

Intuit Bid For Credit Karma Triggers Antitrust Worries

Several legal experts have said that TurboTax’s deal to buy personal finance site Credit Karma for $7.1 billion raises serious antitrust concerns. Some have pointed to a similar attempt by H&R Block, when it tried to purchase another do-it-yourself tax software company in 2011 but was blocked by regulators.

Visa Expects Revenue Hit As Virus Fears Curb Travel, X-Border Payments

Visa announced that it expects revenue growth to be about 2.5 to 3.5 percentage points lower than previously anticipated. Spending overseas has decreased dramatically, especially for travel-related purposes, due to fears over the coronavirus.

DHL: What Happens When Robots Run The Warehouse

Amazon Prime is shrinking delivery windows, and consumers now expect items to arrive in a day — or less — making supply chain management and the last mile more critical than ever. Adrian Kumar, global head of Operations Science & Analytics at DHL Supply Chain, told Karen Webster that the key to optimizing fulfillment comes down to strengthening its weakest link using ergonomic design, artificial intelligence and letting robots run the warehouse.

The Architecture Of Accounts Receivable

Late payments and fraud are glaring red flags of a breakdown in accounts receivable processes, but pinpointing exactly what’s gone wrong — and how to fix it — can be a supplier’s nightmare. MSTS President Brandon Spear told Karen Webster why vendors must reconfigure the architecture of a receivable in order to get paid when net terms say the payment is due.

Will New CFPB Rules Finally Be Able To Put Zombie Debt To Rest?

The Consumer Financial Protection Bureau (CFPB) is taking steps to make it harder for debt collectors to attempt to revive zombie debt — debt that has passed the statute of limitations for when a debt can be collected — with two proposed policy changes.