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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.
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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.
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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:
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Here’s a jarring and somewhat novel experience: You go to your mailbox and find IRS Form 1099-G waiting for you — you know, the form you get when you’ve been collecting unemployment. But you haven’t been collecting unemployment… According to NBC News, millions of Americans are receiving 1009-G IRS Tax forms for unemployment benefits for which they never applied — resulting in a conservative estimate of over $36B in losses, with a significant portion from fraud.
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No one has to tell you the revenue cycle automation process is complex, and getting more so every year. That’s why it’ll come as no surprise that Healthcare Finance News is reporting that about 30% of health systems and hospitals are unable to manage their revenue cycle automation efforts without at least two vendors. The numbers were gathered via the Healthcare Financial Management Association’s Pulse Survey program, fielded between May 19, 2020 and June 22, 2020 among 587 chief financial officers and revenue cycle leaders at various health systems.
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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.
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Digital Transactions took a look at data from credit-reporting agency TransUnion LLC and determined that the shift to digital payment methods brought on by COVID-19 concerns fueled a concurrent rapid rise in fraud and identity theft though those channels. In other words, a pandemic became endemic to fraud.
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An article at PaymentsJournal.com cites a 2019 survey by Aite Group indicating that only 18% of banks were at that point moving from a transaction-based revenue model to a data-based approach. While this figure is unlikely to have changed significantly since, PaymentsJournal.com goes on to note that data-driven payments are increasingly on the agenda for banks and we can expect more movement towards this.
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This comes as no surprise to anyone involved with financial institutions — a new round of stimulus checks has spurred a new round of fraud. The Better Business Bureau has already received reports of con artists asking individuals to provide personal information in order to receive their stimulus funds. WWMT in Michigan points out, for instance, that scammers were contacting people through text messages, e-mail, and robocalls about the new COVID-19 stimulus checks and direct deposits.
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A recent webinar sponsored by Fiserv highlighted reconciliation challenges faced by modern financial institutions as so many consumers adopt digital channels for payments. Fiserv’s 2020 Expectations & Experiences: Consumer Payments survey found that digital payments are indeed on the rise and confidence with virtual payment cards — the Apple Wallet, for instance — is growing.
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