Payments
During the Omni-Channel Capture: An Evolving Strategic Direction webinar recorded live at the RDC Summit 2015 (free for RemoteDepositCapture members here), the panelists agreed that Omni-channel delivery strategies, pioneered by hospitality and retailing companies, are becoming absolutely vital for financial services.
ABA Tool Looks Useful for Finding Routing Numbers for Consumers, but Will It be Helpful for Bankers?
The new American Bankers Association tool for finding routing numbers could be very helpful for consumers looking for routing numbers (also referred to as routing and transit/R&T). “Routing numbers are only issued to federal and state chartered financial institutions that are eligible to maintain an account at a Federal Reserve Bank. Accuity is responsible for the assignment…
There was a great article written on the Institute of Financial Operations site called “5 reasons you should not manage OCR software internally”. The concepts and challenges for end-users to fully manage their recognition environment applies to all industries. We’ve seen how even in check processing, banks are underachieving in their check processing environments by 10%, 20% and even 30%, leaving large chunks of automation “on the table” for their employees to manage. The end result is higher labor costs, additional overhead to run the systems and negative client experience due to additional errors.
We have to remember that Mobile RDC is still a relatively new type of technology. The technology has made waves in supporting financial institution’s customer acquisition strategies. As new services like mobile RDC are implemented, financial institutions run risk models trying to anticipate product profitability, security risk and fraud losses. RemoteDepositeCapture.com recently reported that the vast majority of financial institutions that have adopted mobile RDC technology in the last few years report few, if any, losses from the use of the technology.
As “the check” gets less and less attention due to the myriad of new payment innovations, rules for check processing continues to improve. Our good friends at ECCHO continue efforts on making the check payment better and better by gathering critical, industry-wide feedback on Reg CC improvements.
Banks have a number of ways they can grow by offering new services in the healthcare payments space. This healthcare payments video series features interviews with Mark Brousseau, President of Brousseau & Associates. In these forward thinking interviews, Mr. Brousseau provides insight to the marketplace of healthcare payments by helping to identify the challenges in today’s market, identify a path toward streamlining revenue cycle management and offers a roadmap for banks to better support the needs of healthcare providers.
The IOFM Payments Summit (www.iofm.com) examined the opportunities, challenges and business drivers for emerging payments automation technologies and processes. Billers and banks need strategies for managing multiple payment channels and transitioning remittance and lockbox operations from paper checks to multi-channel electronic payments inputs. The beauty of this show was in its diversity of thought leadership and vision for the future.
Have you heard the news? Again! ICD-10 is pushed back another year for implementation. Behind the controversy of the Affordable Care Act (ACA) was a tsunami brewing within the healthcare industry. Many were concerned about the overhead and conversion costs, so pressure was building as the deadline was lurking in October 2014. It might have been another “Y2K”, in that proper planning and execution would have mitigated the risks and made the transition more like a little storm rather than a tsunami… but we will never know for 2014.
A recent article in the ABA Banking Journal by Chris Nelson, founder and CEO of Zoot Enterprises, highlights two major players, outside the traditional banking payments industry, taking another run at the payments business. Amazon and PayPal have been plotting their strategies on how to continue to build brand awareness and penetrate a greater percentage of payments. Paypal already has an amazing growth curve and its continuing.
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