A new PYMNTS article explores the challenges facing businesses when it comes to updating legacy systems to embrace and take advantage of modern workflow solutions. Unfortunately, many firms find themselves facing a reinvention of their systems. Many simply don't want to, and it is holding them back. Firms shackled by ...

Integration of OrboGraph's OrboAnywhere Fraud Module with Bit Builders' NextGen Digital Banking offers stand-alone platform Burlington, MA, September 20, 2023 - OrboGraph, a global leader in check and payment processing automation, has proudly announced a business partnership with Bit Builders, Inc., creators of the NextGen Digital Banking platform. The collaboration ...

Source: Washington Post This proclamation comes from reporter Andrew Van Dam in a recent article from the Washington Post (reposted on MSN for those who are not subscribers to WP). In a few years, comically oversized foam-board novelty checks will be the last remaining evidence of a 20th-century icon, as ...

At Jack Henry FinTalk, Melanie Reneris waxes nostalgic about the local bank she frequented in her hometown. At the time, "banking was synonymous with community," and when she visited her local branch to deposit her paper route earnings, Melanie could be assured there would be small talk and interactions with ...

In the ever-evolving landscape of technology, demand for processing power has grown exponentially -- particularly in the realms of artificial intelligence (AI) and data analysis. Central Processing Units (CPUs) have long been the backbone of computing -- particularly in banking. However, Graphics Processing Units (GPUs) have emerged as a game-changer, ...

Download PDF Copy of the Newsletter ACAMS: FIs Pivoting to New Tech as Fraudsters Overcome Traditional Check Fraud Detection Strategies Recently, Fred Williams -- reporter and journalist for the Association of Certified Anti-Money Laundering Specialists (ACAMS) -- reached out to several check fraud experts, including OrboGraph's own Chief Strategy Officer, ...

The Payments Journal Podcast recently spoke to Tom Kleinsorge, Vice President of Global Software Sales at Euronet Worldwide, and Brian Riley, Director of Credit/Co-Head of Payments at Javelin Strategy & Research, about "the delicate balance traditional banks must strike to attract the new generation of banking consumers while keeping longtime loyal customers happy." ...

Over the past decade, the payments landscape has evolved rapidly. While there have been a variety of new payments introduced, checks still remain a major player for a variety of reasons, particularly in the USA. Payments Dive points out that, according to a recent report from the Federal Reserve Bank of ...

It's no secret to any regular reader of our blog that we are enthusiastic advocates for the power of AI. Also, you can't open a newspaper (do people still open newspapers?) or read online news without at some point encountering a story about how AI is reshaping almost every discipline ...

FedNow was officially launched on July 20th, which means there are now two real-time payments networks in the U.S., as the new instant-payments infrastructure debuts alongside The Clearing House's RTP real-time platform. So, everyone's going to jump into real-time payments, right? Well, maybe not right away. PYMNTS.com spoke to Ingo ...

New partner/clients include four of the Top 30 banks, two data centers, and two fraud review platforms Burlington, MA, August 10, 2023 - OrboGraph, a premier supplier of check processing automation and fraud detection software and services, announced the addition of three new Top 30 Bank customers, two data center ...

Twitter - or X, which is its new name (and the subject of some "sign controversy" recently at X's San Francisco headquarters) - has made it known they are entering the payments realm, having begun the process of applying for regulatory licenses and development of the software needed. This is no ...

Download PDF Copy of the Newsletter Former Fraudster Shares His Go-To Check Fraud Scams Perhaps one of the best ways to learn about fraud methodologies might be to "look over the shoulder" of a person who actually perpetrated check fraud -- which is exactly what is presented in Part 10 ...

Rob Loethen takes a walk down nostalgia lane on the Jack Henry Fintalk web page, remembering a life-changing tool introduced when he was in grade school: I remember when my dad bought our family's first calculator. It was from Texas Instruments, and the numbers glowed red as you entered your ...

Artificial Intelligence (AI) and Machine Learning (ML) are all over the news lately -- and for good reason. Almost every industry and endeavor can be touched by the existent and emergent tools that AI and ML make possible. And, as Finextra reports, the UK banking world is in step with ...

Digital currency has been a topic of discussion for many years now. Most have heard of Bitcoin and other cryptocurrencies; yet no digital currency or cryptocurrency has made a strong enough case as a viable replacement for current payments. One major drawback -- or advantage, depending on who you ask ...

Core processing platforms are the lifeblood of the banking system. Without these systems, banks would be operating in the "stone age," manually processing and tracking transactions. Over the past few decades, these platforms have been able to handle all types of transactions and payments, from credit cards to checks. However, ...

Download PDF Copy of the Newsletter Reuters: Over 185K Check Fraud Related SARs Reported in 2023 According to the Thomson Reuters Regulatory Intelligence special report based on analysis of public data released by the U.S. Treasury Department's anti-money laundering (AML) unit, FinCEN, there has been a significant increase in SARs (Suspicious Activity Reports) recorded in ...

Accenture recently released a report entitled A New Era of Generative AI for Everyone, which explains why generative AI is the ultimate "co-pilot" for human capabilities -- and how it will "transform work and reinvent business." ChatGPT has become a household name -- and it's only been known to the mainstream ...

Automation is a key topic that we have talked about in the past. As noted in an article from Forbes.com, "many financial services organizations have already begun the process automation journey. For some, the pandemic was a forcing function to adopt digital services. For others, digital transformation drives a sense ...

For many, many years we've heard about the "imminent extinction of the check" -- and, in the meantime, it remains a much-used payment vehicle. Predictions of the demise of checks from industry pundits have remained largely overblown, as 13B checks were written in 2022. But this is just for the ...

JLL's new 2023 Banking and Finance Outlook indicates that banks and financial services companies are "prioritizing and strengthening their investments in technology to increase speed, resiliency and drive cost efficiency." In their immediate sights is development of artificial intelligence solutions. These companies are anticipated to spend an additional $31 billion worldwide by ...

Yahoo Finance reports that, this past Tuesday, Nvidia (NVDA) -- founded in 1993 by Jensen Huang, Chris Malachowsky, and Curtis Priem -- recorded a landmark achievement in becoming the first chipmaker ever to reach a market valuation of $1 trillion. The Santa Clara, Calif.-based chipmaker became the ninth public company ...

Download PDF Copy of the Newsletter NICE Actimize: Attempted Check Fraud Up +171% in 2022 The latest NICE Actimize article is available for download, and it's called Check Fraud Running Rampant in 2023. The report is full of valuable information and data, including a rather startling look at where checks stand ...

Many people in today's financial services industry applaud the emergence of AI technology as an excellent equalizer for financial institutions, allowing community banks and credit unions a level of parity with their larger competitors. After all, it's just a matter of recognizing and embracing the emerging AI technology, right? It ...

If you're a sports fan, you are undoubtedly familiar with the four major sports leagues in the US: Major League Baseball (MLB) The National Football League (NFL) The National Basketball Association (NBA) The National Hockey League (NHL) You may be asking yourself, "What do sports have to do with banking?" ...

We've spent quite a bit of time on the emergence of artificial intelligence (AI) and machine learning (ML) as vital technologies for the banking space -- and for good reason. In today's competitive environment, every possible tool must be leveraged. Steve Morgan, Banking Industry Market Lead at Pegasystems, contributed an informative ...

Forrester reports that, according to their Future Fit Survey, 2022, a whopping 77% of bank business and technology professionals are looking to increase their spending on emerging technologies over the next twelve months. Emerging technologies could mean the difference between gaining, retaining, or losing competitive differentiation. Yet failure remains commonplace. Only ...

Download PDF Copy of the Newsletter Check Deposit Fraud Increased 385% in 2022 - According to Auriemma Bank Fraud Control "It's clear now," says Frank on Fraud in his latest blog post. "Check fraud is the #1 problem for banks in 2023." The basis for his conclusion is benchmarking data ...

Other developed countries have had it for years, but the United States is a Johnny-Come-Lately to RTP, or Real Time Payments. The Federal Reserve recently confirmed that FedNow, the government's version of real-time payments (RTP), will launch this summer. In a piece for Forbes Magazine, Ron Shevlin, Chief Research Officer ...

Apple is well known for staying one step ahead of technology trends. Since the launch of its iTunes® Music Store in April of 2003, we've seen the tech giant continue to penetrate the payments arena. Apple made its biggest contribution to tech when it launched the first iPhone in January ...

McKinsey Digital weighs in with suggestions for how banks can modernize legacy systems to help them reduce IT costs and complexity while improving productivity in a competitive environment. Even before the onset of the COVID-19 pandemic, persistently low interest rates had increased pressure on banks to reduce their IT costs. ...

Digital is undoubtedly going to play a major role in the future of banking. As we noted previously, digital banking market valuation is predicted to exceed USD 13.5 trillion by 2032. The real question is: How each bank is approaching digital banking? From our friends at BAI, author Emily Steele, ...

Download PDF Copy of the Newsletter Report: First-Party and Third-Party Check Fraud Increase 78% and 74% in 2022 Aite-Novarica Group's expert, Trace Fooshée, shares their research to help fortify fraud platforms via Fraud Trends for 2023 and Beyond: Everything Old is New Again, ANG's latest report on the future of ...

As reported at Mobil App Daily, competition in the banking industry is fierce and at a consistently high level -- a good situation for consumers, and an ongoing challenge for the banks themselves. They want to dramatically improve the experience their consumers receive from their optimized digital banking services by ...

PYMNTS talked to Manish Jaiswal, chief product and technology officer at Corcentric, about the ways AI technology can and will improve business payments by making them faster and -- most importantly -- safer. Source: PYMNTS.com "Real-time payments processing is becoming a reality in B2B," Mr. Jaiswal noted. Still, there are challenges to address. ...

ChatGPT, the artificial-intelligence chatbot, has been making news on a regular basis for its growing list of applications in business and entertainment. We recently highlighted the possible impact ChatGPT may have on the banking industry. So, it was only a matter of time before it emerged in the payments field. ...

If you haven't heard of it already, OpenAI's ChatGPT is an artificial intelligence-powered text tool capable of providing cogent answers in seconds to just about any question you throw its way. It is viewed with a mixture of awe and apprehension. Despite the unease, ChatGPT is acquiring new users faster than any ...

Since its acquisition by Elon Musk, Twitter has certainly not lacked interesting storylines and speculation in the media. While most news up to now has dealt with employee discontent or technology issues, Twitter has made progress in deploying a payments option. As noted by Financial Times, Twitter has begun the ...

Download PDF Copy of the Newsletter Banks Reported 84% Increase in Check Fraud from 2021 to 2022 - According to US Treasury FCEN Many industry experts agree that check fraud has grown 3X from its pre-pandemic levels. We now have data to confirm the continued upward trend of check fraud ...

In the digital era, we tend to think payments are all traveling via this or that payments app. However, the latest PYMNTS/Ingo Money collaboration, "Insurance Disbursements Brief 2022," noted the surprising prevalence of paper checks used for healthcare claim payments or disbursements. As reported at PYMNTS.com: This is particularly key ...

The growth and ubiquity of digital banking is good news for financial institutions, as digital banking availability and usage has been shown to drive customer loyalty and provide a host of other benefits. Fueled by the pandemic, digital banking is now the most popular method for users to perform their ...

Banks and credit unions recognize that they need to modernize Key to modernization is collaboration Product and data silos, outdated infrastructure, and a risk-averse culture are obstacles The Financial Brand cites a recent report from the Federal Reserve that delineates three types of digital banking experience partnerships being sought by banks ...

Digital payments are all the rage -- convenient, quick, and accepted almost everywhere. However, Yahoo!Life reports that in GOBankingRates' Best Banks 2023 survey of 1,000 Americans, they uncovered some counterintuitive results: 22% of respondents said they still write checks at least once a month. And surprisingly, of these respondents, the ...

Download PDF Copy of the Newsletter Fraud Expert: Check Fraud Predicted to Hit $24B+ in 2023 Suparna Goswami of the ISMG Network spoke to Frank McKenna, chief fraud strategist at Point Predictive and creator of the always informative frankonfraud website, about how banks can prep for the onslaught of check ...