Payments
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).
Read More
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…
Read More
A few months back we wondered whether Santa would take cryptocurrency – this was in reference to a rather bleak Huffington Post article called “The Bitcoin Hoax“. Pessimists aside, ever since Bitcoin appeared, the ever-growing ecosystem of cryptocurrency has continued to expand and spawn new varieties — some that sound like sci-fi movie titles and…
Read More
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…
Read More
For all the talk of Artificial Intelligence capabilities and their value to organizations and industries of all sorts, it should be noted that, according to the 2019 MIT SMR-BCG Artificial Intelligence Global Executive Study and Research Report, nine out of ten companies have made some investment in AI, but 70 percent said they have seen…
Read More
MIT Sloan Management Review and Boston Consulting Group recently collaborated on a white paper exploring AI as a tool entitled Winning With AI (you can download the paper HERE). Subtitled Pioneers Combine Strategy, Organizational Behavior, and Technology, the white paper is a nice encapsulation of their global survey. Conducted in Spring 2019, the survey attracted…
Read More
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…
Read More
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…
Read More
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…
Read More
Imagine having a lingering cold and sore throat, and, after a quick visit to your primary care doctor for a throat swab and blood test, you get a bill for … $28,395.50 You read that correctly. Fortunately, the patient in question, Alexa Kasdan, was insured and it fell to the insurer to pay the bill…
Read More