Omnichannel

Same Day ACH Will Challenge Fraudsters, Improve Other Payments

By orbograph / 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…

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

By jgregory / 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…

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Visa and PayPal announce strategic partnership

By orbograph / 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…

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Bank of America: Shrinking Workforce & Fewer Branch Locations

By orbograph / 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…

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Manual Denial Management – Survey Reveals Surprising Results

By orbograph / 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  Even handling correspondence letters manually is outdated.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…

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Software Unleashes the Potential of the ATM Channel

By orbograph / 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…

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

By jgregory / 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…

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

By orbograph / June 21, 2016 / 0 Comments

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

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Even With New Payments, Volumes Can Decline – Can Mobile Overcome?

By jgregory / June 15, 2016 / 0 Comments

In an article ostensibly about a new mobile pay program introduced by a little company called Google, there is interesting challenge that mobile payments needs to overcome to go truly mainstream. Volume decline…

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“Fraudsters are innovative & persevering—money is a great motivator!"

By orbograph / June 7, 2016 / 0 Comments

It should come as no surprise to security-obsessed online merchants that fraud is the leading concern of e-commerce merchants polled by the Merchant Risk Council, a Seattle-based worldwide association of e-commerce payments and risk-control executives. The MRC polled a total of 193 merchants in December and January at companies of varying industries and sizes (see their report…

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