Financial Industry
We’re excited to see that, of the Top 5 Tech Innovations Your Bank Can’t Ignored, we can actually contribute significantly to three of them! Let’s call them the “Key 3”: Continue to embrace Check 21 Leverage electronic workflows Automated tellers Part of the shared theme of the Key 3 is that the branch bank is far from obsolete. Online…
Read MoreThe same report that finds 57% of organizations intend to use same-day ACH for last-minute payments also finds that business-to-business payments by paper check actually increased slightly from 2013, breaking the previous downward trend in check use. In fact, 86 percent have finally integrated their check payments systems with their accounting systems. There are still major…
Read MoreSet 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 MoreFor 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 MoreStarting 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 MoreEarlier this month we talked about 10 tips for spotting a fake check – were you paying attention? If not, this will likely increase your vigilence. In a story out of New Jersey, we learn that a check forgery ringleader used a computer to manufacture fake checks: Stephens created the checks using graphic software, inflating the amounts…
Read MoreThe 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 MorePayment fraud and identity theft nags the industry as mobile and online payments grow. There are even expectations of check fraud increasing due to the additional safeguards of EMV on the credit card side, per the Atlanta FED. Detecting check fraud has changed over the years, evolving from a “hands on” approach of manual check observation to…
Read MoreRecently, 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 MoreBank 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…
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