Check Processing

An executive order eliminates payments by check This could present difficulties for senior citizens In the end, checks will likely persist On March 25, 2025, the administration signed an executive order entitled Modernizing Payments To and From America’s Bank Account. The Sec. 3. of the executive order details actions to take place, noting that: Effective September…

AI is difficult for some bank to adopt The right strategy allows late-adopting banks to succeed A structured, enterprise-wide approach to AI deployment is crucial Despite the transformative potential of artificial intelligence (AI), we’ve seen many banks struggle to scale their AI initiatives beyond the proof-of-concept stage. As outlined in a recent post on BAI.org…

The “Universal Banker” concept is still in development Declining branch traffic and digital banking growth have created need for universal banker approach Remote connections via video are one alternative The Financial Brand reports that, more than a decade after banks and credit unions began rebranding their tellers as “universal bankers,” the model continues to be…

Physical banks were once widespread and expanding quickly Bank of America continues to invest in physical branches Customers value “speaking to a human” Only a couple of decades ago, financial institutions across the US were aggressively expanding their physical footprint, opening branches in new territories AND increasing more branches in locations to make it more…

Outdated back-end systems drive up costs New tech must take into account legacy systems 91% of businesses still use checks regularly We’ve said it before, and we’ll say it again: Platform modernization is a critical priority for banks, driven by competitive pressures and the need for greater efficiency. However, these transformative programs are fraught with…

Modernizing back-office systems is now vital Outdated systems are harder to maintain A rapidly evolving industry means FIs need to keep up BAI posted an article that first appeared at greensheet.com, discussing the fact that financial institutions must prioritize modernizing their payments back-office to stay competitive and defend against fraud. We see in report after report…

Some pundits predict “the end of checks.” A Trump executive order has eliminated checks from federal government payments It is unlikely that the public in general will follow suit. “I think we’re probably rushing towards the point where checks just aren’t going to be a thing anymore.” This is a quote directly from a new…