Breaking Down The Faster Payments Construct

September 27, 2016 / 0 Comments

Set aside 13 minutes for the newest installment of the Countdown to Same Day ACH podcast series. In this episode, Jan Estep, president and CEO of NACHA, talks to Karen Webster about the overlaps, complements, and implications of all the capabilities under the faster payments umbrella. Ms. Estep says the best way to think about “faster payments” is as an umbrella…

Read More

A History Lesson to Master the Bank Lock Box

September 1, 2016 / 0 Comments

For a variety of businesses and organizations, a lock box (or “lockbox”) solution is key to efficient and profitable payment processing for corporations, healthcare providers, and non-profits. Chris Nichols, Chief Strategy Officer at CenterState Bank, posted a great piece on LinkedIn about leveraging Lock Box services, along with a concise history. You’ll want to read the entire article, but here’s…

Read More

Same Day ACH Will Challenge Fraudsters, Improve Other Payments

August 30, 2016 / 0 Comments

Starting on September 23, all financial institutions in the U.S. will be able to accept Same Day payments, with the option to originate them. The August edition of the PYMNTS.com Faster Payments Tracker™, powered by NACHA, contains an informative interview with Steve Kenneally, Vice President of the American Bankers Association, to get his perspectives on this important step forward…

Read More

ACH Finally Catches & Passes Check Clearing … or Will It?

August 16, 2016 / 0 Comments

The other day a friend was telling me about how he ordered a lens for his camera via Amazon at 10am in the morning, and had an Amazon truck in his driveway at 3:30pm that afternoon. We used to be astounded by 48-hour delivery, and now the “click”-to-doorstep duration is only a little longer than the…

Read More

Visa and PayPal announce strategic partnership

August 2, 2016 / 0 Comments

Recently, Visa and PayPal – – the largest payments network in the world and the largest digital payments network in the world – – announced a strategic partnership “that will result in an improved and more seamless payment experience for Visa cardholders and will offer greater choice in how consumers pay with the PayPal and Venmo…

Read More

Bank of America: Shrinking Workforce & Fewer Branch Locations

July 19, 2016 / 0 Comments

Bank of America has 23% fewer branches and 37% fewer workers than in 2009, the bank said in a recent presentation. Further, CNNMoney reports that they plan to cut another 8,000 jobs from their consumer business over time. Digital transactions are way less expensive and keep customers happy. In fact, BofA said it costs less than a tenth…

Read More

Manual Denial Management – Survey Reveals Surprising Results

July 14, 2016 / 0 Comments

Would you believe 31% of all providers are still handling denied claims with completely manual processes? Imagine how difficult that is with EDI 835 remittance files coming in?  Even handling correspondence letters manually is outdated. According to a HIMSS Analytics survey, about a third of healthcare providers are still manually processing claim denials. “Given the complexities around submitting claims and…

Read More

Software Unleashes the Potential of the ATM Channel

July 12, 2016 / 0 Comments

The days of the ATM as simple “cash-dispensing machines” are over. In order for banks to remain competitive, they have to tailor the ATM experience to client needs and the physical context in which the ATM exists. Also, the definition of an ATM is expanding into the realm of “kiosk”… In an interview with Aravinda…

Read More

"Why would I drive to talk to a video screen?" Six Video Teller Mistakes to Avoid

June 28, 2016 / 0 Comments

It’s not a live-in-person teller, and it’s not an ATM. But, based on conversations I’ve had with some of my older, more set-in-their-ways relatives, it may be the only way to get certain people to make use of a “machine” to do their banking. The interactive video teller machine certainly looks like an ATM, but the remote…

Read More

Regulators Now Demanding New Deposit Reconciliation Practices for Banks & Credit Unions

June 21, 2016 / 0 Comments

Fed. Government: “Technological and other processes exist that allow financial institutions to fully reconcile discrepancies in deposit accounts”

Read More