Check Processing
An article at MarketWatch.com notes that “there are more than 30 million small businesses in the United States and the majority cite cash flow as the biggest challenge they face.” With the Coronavirus, this is probably an understatement. Market leader Jack Henry & Associates, Inc., provider of technology solutions and payment processing services primarily for…
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From the Federal Reserve Bank of Atlanta comes an informative overview of check usage entitled U.S. Consumers’ Use of Personal Checks: Evidence from a Diary Survey. The authors look at 1,600 individual transactions to gain an understanding of what check payments are currently used for—by dollar value, and by payee—and who uses checks (in terms of demographics and income).
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OrboGraph recently co-hosted with Nice Actimize a dynamic webinar entitled Change is Inevitable – How Will You Respond? Along with OrboGraph’s Joe Gregory, Allegra Angus and Nithin Mangalore of Nice Actimize discussed with attendees different aspects of check fraud trends, best practices for combating check fraud, including incorporating machine learning and image analysis.
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Use of Personal Checks: Drilling Down to “Who and Why” A report by the Federal Bank of Atlanta reveals some useful trend information regarding check usage in the United States. The report is described as “a snapshot of U.S. consumers’ use of paper checks in 2017 and 2018, combining data from the 2017 and 2018…
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The array of digital payment vehicles available is dizzying — Google Pay, Apple Pay, PayPal, Venmo — the list is long. Still, checks remain popular. And, it turns out, a better payment instrument when it becomes necessary to stop payment due to error or suspected fraud! MoneyWise describes easy step-by-step directions for canceling or stopping…
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Double-layered fraud: fraudsters who actually defrauded other recruits who thought they were “in on it” – both banks and accomplices alike we defrauded. To better detect fraud, banks need to strategically align their technologies.
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Fraud attempts affected an estimated $25.1 billion held in deposit accounts, ABA’s survey found, with $22.3 billion protected per the Banking Exchange Prevention was the equivalent of $9 for every $10 in attempted fraud, per Dodd Frank Update Attempted check fraud spiked 43% in two years, per PYMNTS.com The American Bankers Association’s (ABA) 2020 Deposit…
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Accelerated funds availability allows depositors to instantly access the money they deposit via check. That way, there’s no waiting period for the check to clear and no penalty if the check writer’s account has insufficient funds. An article at BAI Banking Strategies by Victoria Dougherty, director of Payment Management Solutions, Fiserv, opens by wondering why…
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Is cash becoming an endangered species? And, if so, is that good? Mike Orcutt, an associate editor at MIT Technology Review, has written what he calls an elegy for cash at the MIT Technology Review site, and includes some points to ponder regarding whether the demise of cash could actually be a negative development, as…
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PaymentsJournal.com took a look at the world of corporate payments and listed nine things corporate treasurers can expect in 2020. This includes: a categorical rise of real-time banking (No. 1) explosive new records for the volume of payments managed by corporate treasurers (No. 3) a warning that fear of fraud and security breaches will increase…
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