Latest news with #Yooz
Yahoo
11 hours ago
- Business
- Yahoo
Instant paychecks pose moral dilemma for Yooz CFO
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Yooz CFO John Gronen likes to keep an open mind when it comes to responding to employee requests for new services or benefits. So, when some employees at the Dallas, Texas-based accounts payable software company asked for instant paycheck access, he researched the pros and cons — despite having some reservations about it leading down a slippery slope to overspending. 'There's an upside of having access to the money every day and there's a cost,' Gronen said in an interview, noting that he's currently leaning toward sticking with the 'old school' practice in which employees get paid once or twice a month. Also known as earned wage access, since 2023 states have begun passing laws friendly to EWA service providers, although the industry has also sparked controversy because of fees associated with some services, CFO Dive sister publication Payments Dive reported. To find out more about how the benefit is viewed, Gronen opted to add a question on EWA services to a recent survey the firm conducted. Yooz found just under a third (32%) of the roughly 1,000 workers queried across industries said they would prefer instant pay, while the majority (58%) preferred scheduled paydays, Yooz told CFO Dive. Gronen himself isn't convinced it's a good idea, though he acknowledges there are some significant benefits to EWA services, because those using it can tap into their daily cash flow rather than credit cards. 'As a CFO you want to make sure you're doing the right thing for employees and kind of helping them not get into trouble,' Gronen said of EWA. 'There are a lot of benefits but the downsides scare me because some people get $1,000 or $100 today and they go spend it immediately and then when they get to the first of the month they no longer have money to pay the rent.' A betting predicament Gronen, who joined Yooz last year, faced a similar moral dilemma in his previous job as finance chief of Sightline Payments. Back in 2021, the payments company weighed offering BNPL services to a sports betting company, before ultimately opting against it. 'I was massively opposed to it. If you're going to place a sports bet, you should have that cash in hand,' Gronen said. 'Casinos are in business because, generally speaking, [the person placing the bet] is going to lose. For me that outweighed the benefit of offering it for the company.' For now, he is leaning toward not offering EWA, while still working with his human resources department to determine what it would take to implement in the U.S. Currently, Yooz has a staff of over 500 people and all the U.S. employees are paid twice monthly. He expects he would only offer the instant option to U.S. employees because of the tighter regulations that affect pay processes in Europe. Next, he and HR will poll the staff to find out how many and what type of employees would truly want instant payments. He will also need to examine what the service would cost on the banking side as well as the cost of the time his team would need to take to offer the service. Becoming material While he declined to say how much it costs for each electronic paycheck delivered through the ACH network, in general, he said it is roughly $1.50 to $2.50 to process a single employee's paycheck. In addition to the transaction cost, there are also potential internal administrative costs that could come into play such as those related to commissions. For instance, there could be a cost related to someone on staff having to calculate commissions on a daily basis, he said. 'It starts to become material if you have a lot of employees,' Gronen said of instant payments, adding that Yooz has a staff of more than 500. Given his worries, why is Gronen even considering EWA at all — not to mention that, should the service be implemented, he believes the company should eat the costs rather than charge the employees any fee for additional payment transactions? The answer is a little self-serving, he acknowledges: spending and benefits that support employee satisfaction and are good for the bottom line. 'Employee turnover is one of the things that will keep you from growing your company,' Gronen said. 'It sets you back each time.' Recommended Reading MassMutual's first female CFO looks back on her career, automation, and getting loud
Yahoo
05-06-2025
- Business
- Yahoo
76% of workers have seen senior colleagues resist new tech
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. If you're looking for cues as to how your employees will adapt to new technology tools, consider the age profile of the organization's workforce. In a survey of 500 U.S. professionals across various industries conducted by Yooz, a provider of purchase-to-pay automation, more than three-quarters (76%) of all workers witnessed senior colleagues push back against new technology. Furthermore, 55% of millennials (those born 1981 to 1996) said they're 'excited and eager' to try new tools, while only 22% of baby boomers (those born 1946 and 1964) said the same. More than a third (35%) of the baby boomers said they feel cautious or annoyed, or prefer sticking to the old system, when new technology is plugged in. Not a single Gen Z survey participant (those born 1997 and 2012) selected that response. At the same time, about a quarter of Gen Z employees have refused to use a new workplace tool, more than any of the other generations, which Yooz characterized as Gen Z not being 'afraid to say no.' About AI specifically, 35% of Gen Z workers said they 'love' new tools, versus 13% of Boomers. Still, 40% of employees overall said they find AI helpful but unreliable. 'The takeaway: skepticism is still widespread, but younger employees see clear value,' Yooz wrote in its survey report. The report said organizations 'need to manage rollouts carefully: leverage the enthusiasm of younger adopters to build momentum, but also address the concerns of veteran staff who may need more reassurance to get on board.' The key to winning over anyone reluctant to embrace AI is building trust through real-world use cases and support, showcasing quick wins such as an AI tool that saves everyone time on a tedious task, Yooz wrote. Among employees, the most commonly cited need with regard to new technologies is better training on AI tools. More than half (52%) of those polled said their company takes a 'learn-as-you-go' approach, providing only some basic training or documentation. Relatively few employees said their employer provides 'a lot' of training on new tools. This embedded content is not available in your region. And, almost half (48%) of the employees said better training for all would be among the most effective ways to help a company adopt new technology more effectively. The research also delved into the question of who should drive decisions to implement new workplace technology. While younger employees are craving clear direction from the C-suite, at the same time, there is 'a call for more bottom-up input in tech decisions,' according to the survey report. More than a third (35%) of Gen Z respondents said new workplace tools should be chosen by leadership with input from younger employees. Additionally, more than a quarter of Millennial and Gen Z respondents said adoption would improve if leadership embraced change faster and more visibly. A sizable minority (28%) of Gen Z employees said they feel older employees are actively holding back innovation at their company. Yooz advised a collaborative approach to the issue, pairing 'tech-savvy younger employees with veteran staff to share knowledge and encourage cross-generational support during rollouts.' Yooz partnered on the research with Pollfish, a third-party survey platform, and it was conducted in February 2025. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
27-03-2025
- Business
- Associated Press
Yooz Revolutionizes AP Security and Fraud Detection with the Launch of YoozProtect
Yooz, a leading cloud-based purchase-to-pay (P2P) automation provider, today announced the North American launch of YoozProtect, an advanced fraud prevention and security solution designed to set a new standard in safeguarding accounts payable (AP) operations. Already established and highly rated in EMEA, YoozProtect is now available to businesses in North America, delivering the most powerful combination of AI tools against fraudulent activity, enhanced vendor authentication and secure payment workflows. The launch comes at a critical time as financial leaders face increasing risks of fraudulent attacks. According to 83% of CFOs have experienced payment fraud attempts in the past year, with 70% expecting these risks to grow. YoozProtect equips finance and AP teams with cutting-edge AI and machine learning tools to proactively detect and stop fraud before payment execution. 'The finance function has long been reactive when it comes to fraud, relying on manual controls that simply don't scale against today's evolving threats,' said Laurent Charpentier, CEO of Yooz. 'The future of fraud prevention isn't about catching fraud after it happens—it's about stopping it before it starts. AI-powered automation enables finance teams to do just that, ensuring every transaction is verified before risk can take hold.' Key Features of YoozProtect: Smart Fake Detection: Advanced AI and machine learning forensically analyze metadata, detect anomalies and flag suspicious invoices before they can be processed. Atypical Amount Detection: Statistical behavior analysis identifies irregular vendor payment patterns, ensuring transactions align with historical benchmarks. Vendor Authentication and Management: Real-time vendor detail verification, banking data identification, and Master Data enrichment to prevent fraudulent account setups. User Authentication and Security: Role-based access control, Single Sign On (SSO), multi-factor authentication (MFA), and AES-256 encryption ensure only authorized personnel access sensitive financial data. Process and Audit Assurance: Comprehensive audit trails track every document action, ensuring compliance with financial security frameworks such as COSO, PCI-DSS, and NIST. Unlike traditional fraud detection solutions that rely on post-incident audits or basic anomaly detection, YoozProtect leverages a unique combination of AI-powered document analysis, vendor behavior tracking and real-time risk assessments to prevent fraudulent transactions before they happen. This proactive approach helps finance teams reduce financial exposure, improve compliance and maintain stronger vendor relationships. 'We talk a lot about fraud as an inevitability, but the reality is that businesses don't have to accept financial losses at the cost of doing business,' Charpentier continued. 'Technology has evolved to outpace bad actors, and organizations that embrace AI-driven fraud prevention will gain a strategic advantage—not just in security, but in operational resilience and financial confidence.' YoozProtect is now available to all Yooz customers in North America at no additional cost. The solution is fully integrated within the Yooz AP Automation platform, providing a seamless and intuitive fraud prevention experience for AP teams across industries. For more information on YoozProtect, visit About Yooz Yooz provides the smartest, most powerful, and easiest-to-use cloud-based E-invoicing and Purchase-to-Pay (P2P) automation solution. It delivers unmatched savings, speed, and security with affordable zero-risk subscriptions to more than 5,000 customers and 300,000 users worldwide. Yooz's unique solution leverages Artificial Intelligence and RPA technologies to deliver an amazing level of automation with extreme simplicity, traceability, and end-to-end customizable features. Yooz North America is headquartered in the Dallas, Texas metropolitan area with global offices in Europe. Breanne Ngo SOURCE: Yooz Copyright Business Wire 2025. PUB: 03/27/2025 08:02 AM/DISC: 03/27/2025 08:02 AM
