OrboNation Blog
Surprise! Barry McCarthy the CEO of Deluxe, is a proponent of checks as payment tools. Even with the pivot for consumers to digital payment options, business-to-business is still reliant upon an older payment method: checks. Yes, you read that right. Although check usage has decreased significantly since the mid-2000s, physical checks accounted for 42%of B2B transactions in 2019 despite the explosion of digital options.
In a world where COVID-19 has made on-site collaboration a more and more distant memory — with no end in sight for the growth of remote work as the norm — PaymentsJournal reports: The need for automation has never been more pressing. Clients want quick, efficient solutions that enable them to do more with less. From lending decisions to payments risk management, only technology can provide the necessary support that businesses need.
We have receive a tremendous amount of positive feedback from our recent #OrboZone launch, with a countless number of clients, partners, and industry experts raving about their “experience.” But what is #OrboZone? It’s dynamic content that combines high-impact videos, visual galleries, energizing music, and entertaining activities for your WFH environment.
PNC Bank N.A. announced on Jan. 27 that it has struck a definitive deal to buy payment gateway provider Tempus Technologies, Inc. This new team-up will allow their business customers to handle their receivables and payables via one channel, covering all rails. According to a report at Pymnts.com:
Here’s a paradox we enjoy seeing: Even as it’s proclaimed all over the place that “checks are in decline,” and “checks are alien to Millennials” — we see a forward-looking, technologically innovative payroll infrastructure startup system launch and call itself — Check.
Ingo Money CEO Drew Edwards spent some time with PYMNTS CEO Karen Webster talking about distributed banking — aka banking-as-a-service — and how it differs from open banking. Edwards said that open banking is mostly about moving information, not about moving money between a consumer, her bank, and a third party, like the Robinhood app — at least for now. That data exchange makes it possible for a FinTech to step into the middle of the transaction but also makes the bank little more than the “dumb pipes” that serve as the funding source.
The trading platform Blocktrade recently published their predictions for the coming year in the fintech and payment worlds. “We all know that 2020 was a highly unusual year – the Covid pandemic not only impacted the global economy, it also accelerated ongoing changes and developments in the Fintech and Payment industry.”
We have seen the banking and payments industries recover from the challenges of the COVID-19 Pandemic with a resurgence of checks and sustained volumes of other payments. With this recovery, banks and financial institutions can now refocus on automation and fraud prevention projects which have been delayed while the economy recovers.
While Bitcoin cryptocurrency has been for many years held at arms length by mainstream consumers — it’s been considered volatile because of how much and how quickly its value can change, and the 2018 Bitcoin crash is still fresh in the mind of the industry — there are signs that it is gaining more widespread acceptance.
Last week, we took a deep dive into a video by Mythbusters on CPU vs GPU, detailing how GPU provides a higher rate of speed and accuracy than CPU, essential for check processing and fraud detection. But, why are GPU processors necessary for artificial intelligence and machine learning?