Check Processing

Banks that do not evolve will likely fail Job One is to keep up with the currect digital transformation “Intelligent interactions” represent the future of banking Derek White, the CEO of Galileo, a fintech pioneer with over 20 years of experience modernizing financial services globally, recently contributed his thoughts via Forbes regarding how to “future-proof”…

Farmers have, by necessity, a unique relationship with paper checks They also wait days, if not weeks, for paper checks to clear End-user education is a crucial approach In a new blog post and video, PYMNTS points out that “the only thing bigger than the agriculture sector’s contribution to daily sustenance could be its reliance…

CFPB has finalized a transformative open banking rule under the Dodd-Frank Act The rule allows consumers to control their financial data and share it with third-party service providers Compliance will roll out in phases based on institution size As we noted previously, Open Banking is a hot topic for financial institutions. It allows consumers to share…

Paper checks have not disappeared There is an element of nostalgia in check usage Removing $1 trillion in checks is highly unlikely For those in the industry, the notion that checks are going away has all but dissipated. Mainstream media has recently tried to capitalize on the sentiment, but they continue to rely on high-level…

Paper currently dominates healthcare payments Some suggest that providers should adopt digital payments as much as possible However, there are clear advantages to healthcare payments by check As many are aware, healthcare is a complex industry. From the delivery of care for patients to insurance paying the healthcare provider, there are dozens of systems that…

Fintech Open Source Foundation (FINOS) has published the first draft of an AI adoption framework This is good news for an industry eager to implement LLMs but facing significant obstacles The FINOS framework outlines 16 control procedures to limit 14 specific threats We recently noted that 72% of finance leaders actively use AI in their…

Customers have lost patience with traditional banking procedures AI continues to be an important tool for creating the preferred banking experience Strategic planning and collaboration are vital Amid rising consumer frustration with traditional banking, PYMNTS asks: Can AI enhance the retail banking experience for the better? PYMNTS has released an Intelligence report, “Is AI the…

Staying abreast of the latest banking tech is crucial Checks are popular targets and require cutting-edge tech protection “Wait and see” approach can and will result in prodigious losses The banking industry can learn from recent history; it can look back at the past few decades of “the check is dead” being stated as truth.…