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 ...

Tax season has arrived, meaning checks will be going to and from the IRS Many file electronically, but a huge amount of refunds go out via paper check Personal checks are also mailed to the IRS and therefor become vulnerable Tax filing season is upon us, and that means -- ...

Artificial Intelligence has been making waves over the past decade, establishing itself as a technology that will revolutionize nearly all industries in some capacity. The average consumer exposure to AI, ironically, typically involves news covered in media like ChatGPT  -- a chatbot launched by OpenAI which interacts with humans in ...

Turns out community banks and credit unions can be proud of themselves: According to a recent Javelin study as reported at Jack Henry Fintalk, businesses that identify a community bank or credit union as their primary financial institution report far greater satisfaction than those using a larger bank. However, before smaller ...

2022 has been an eventful year for the banking industry. Banks have embraced technology and the digitization of banking -- confirmed by Gartner Inc predicting that banks and financial firms boosted their technology products and services investments in 2022 to the tune of $623 billion. As we look forward to ...

Download PDF Copy of the Newsletter BAI: Majority of Banks See Checks as Biggest 1st & 3rd Party Fraud Concern The latest BAI Deep Dive takes on "The fraud prevention balancing act: protection vs friction." Much of the discussion involves changes seen in fraud prevention techniques as consumer attitudes and ...

The Financial Brand marked the end of the year with a look at what they consider the top five innovation trends to look forward to in 2023. Innovation has become a critical component of business growth in the banking industry. Beyond creating the 'next big thing,' innovation includes the creation ...

At EY.COM, home of Ernst & Young Global Limited, Pratik Shah, EY India Financial Services Consulting Leader, and Harshvardhan Bisht, EY India Banking and Capital Markets Leader, explain that banks must evaluate and address the evolving needs of the consumers and maintain their trust in the banking system. The advent ...

Suppliers want quick reimbursement; buyers prefer slower payments Checks are popular among SMB buyers Faster payments actually mean cash flow gains It's a quandary old as commerce itself: Suppliers of goods and services want access to their funds as quickly as possible -- like, right now -- while buyers, on ...

Automation has been a popular topic in the world of banking for decades (and discussed here recently as well). However, according to BankingDive.com, there is a new term now picking up steam in the banking world: Banks, of course, have been focused on automating processes to improve efficiency and customer ...

Download PDF Copy of the Newsletter 78% of Renters Still Pay by Check - And It's Not Only Renters Writing Checks As we noted in a previous blog, checks are NOT going away. In fact, our friends at Alogent report that of non-cash payment methods, checks accounted for nearly 23% ...

Checks are still widely used by various age groups and industries Pros and cons of using checks Investment in check automation is crucial As we continue to explore the relevancy of checks as a payment avenue, it's important that we keep in mind some data previously noted in our blog: Checks ...

78% of renters still pay by check Other industries dominated by checks Investments in tech to automate check processing As we noted in a previous blog, checks are NOT going away. In fact, our friends at Alogent reported that of non-cash payment methods, checks accounted for nearly 23% of the ...

The medical lockbox has existed for decades -- with many banks offering this treasury management service to their healthcare clients. Traditionally, medical lockboxes are the consolidation point for paper payments and remittances, where banks process multiple payment types including ERAs, EFTs (ACH), checks, wire transfers, and now virtual cards. However, ...

Want to keep up in the banking industry? Follow the example of executives at eight in ten banks, who noted that their 2022 technology budget was up from the previous year, with an average increase of 11% over 2021. In fact, Gartner Inc. predicts that in 2022, banks and financial ...

Download PDF Copy of the Newsletter BAI: Majority of Banks See Checks as Biggest 1st & 3rd Party Fraud Concern The latest BAI Deep Dive takes on "The fraud prevention balancing act: protection vs friction." Much of the discussion involves changes seen in fraud prevention techniques as consumer attitudes and ...

Recently, the Association of Financial Professionals -- in conjunction with JP Morgan -- released its 2022 AFP Digital Payments Survey. The survey was conducted to measure the adoption of digital payments in the US and Canada in light of recent global challenges. In particular, the survey focuses on the shift ...

As we noted in a previous blog, business remote deposits continue to be a leading service -- particular for checks, with tremendous growth of +25%. And, according to Fiserv's Mobile Deposits Adoption Program Director, Ryan Williams, 85% of consumers currently using mobile deposit plan to continue doing so. With all ...

A post at The Financial Brand by Jim Marous, Co-Publisher of The Financial Brand, CEO of the Digital Banking Report, and host of the Banking Transformed podcast, paints a grim picture of AI development and adoption progress in the banking industry. Despite the importance of leveraging data and artificial intelligence ...

The newest episode of This Week on PYMNTS.COM covered, among other topics, the impending entry of Walmart into the banking space. PYMNTS' Karen Webster spoke to Ingo Money CEO Drew Edwards, who is sometimes referred to as "the OG [Original Gangster] in FinTech." Source: PYMNTS.com (jump to 12:55 for Walmart segment) Walmart is ...

A report entitled An Analysis of Outpatient Revenue Cycle Management Outsourcing, the result of a collaboration between HFMA and health information technology company XIFIN and reflecting responses from 157 US-based HFMA members, reveals that over one in five revenue cycle leaders handle their own inpatient revenue cycle management (RCM) operations. However, ...

Download PDF Copy of the Newsletter PYMNTS.com: 81% of Businesses Still Pay Other Firms Via Paper Checks While many industry experts have predicted the demise of checks and subsequent move towards fully digital payments, the reality is that checks are NOT going away anytime soon. In fact, a new PYMNTS ...

The San Diego Business Journal asked a group of banking leaders for their impressions of the digital revolution in banking, and received valuable insights regarding human interactions, response to pandemic-era restrictions, and fraud prevention. Even before the COVID-19 pandemic impacted the world economy in early 2020, the financial sector was ...

While many industry experts have predicted the demise of checks and subsequent move towards fully digital payments, the reality is that checks are NOT going away anytime soon. In fact, a new PYMNTS report, THE TREASURER'S GUIDE TO AR PAYMENT OPTIMIZATION, reveals that 81% of businesses still pay other firms ...

Even as we read more and more about the popularity of digital banking, a study by PYMNTS reveals that many consumers are not yet prepared to cut ties with their traditional financial institutions (FIs) and go fully digital. In their new collaboration with Treasury Prime entitled "How Consumers Use Digital Banks," ...

BAI examines the ongoing transformation of the branch experience: Long before the pandemic hit, many banks were well on their way to rethinking their branches to better accommodate customers' increased use of digital channels. With the net closure of nearly 3,000 branches in the U.S. last year and a similar pace in ...

Download PDF Copy of the Newsletter The Financial Brand: Quick Guide to Successful Digital Banking At The Financial Brand, Jim Marous, industry influencer and CEO of The Digital Banking Report, and BK Kalra, Global Head of Banking and Capital Markets at Genpact, offer their four essentials for success in the ...

It's an open secret that the types of products and services corporate clients demand from their financial institutions (FIs) are shifting to digital banking solutions. This month PYMNTS Intelligence takes a look at recent changes in corporate clients' requirements for online versus in-branch banking as well as how banks can ...

A report on the Globes website gives us a look at restrictions on cash payments in Israel that have been in effect since January of 2019. The law limits the use of cash in any transaction worth more than NIS 11,000 with a business and more than NIS 50,000 in ...

Check Fraud and Recognition Solutions Business Will Continue to Run Independently Billerica, MA, August 16, 2022 - OrboGraph, a premier supplier of check processing automation, fraud detection, and healthcare payment electronification, announced today that Revenue Management Solutions (RMS), a provider of automated healthcare payments reconciliation services has acquired OrboGraph. Thompson Street ...

PYMTS.com reports on Cat (aka Caterpillar) -- the manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives -- providing a very good example of how, via their business planning and practices, "ye shall reap what you sow." The moral of the story ...

At The Financial Brand, Jim Marous, industry influencer and CEO of The Digital Banking Report, and BK Kalra, Global Head of Banking and Capital Markets at Genpact, offer their four essentials for success in the digital banking space. One point they make early is that, while COVID certainly accelerated adoption, the digital banking revolution was ...

Download PDF Copy of the Newsletter Alogent: "Checks Are Not Going Away"…with Data to Back It Up! A post at Alogent starts with a very clear -- and, by now, familiar -- proclamation: "Checks are not going away." The stigma around the use of checks was even the focus of ...

Brace yourself: It's time for banks to begin planning their move to the Metaverse. Or Web3. Or Web 3.0. Or whatever they're calling it today. If you're not exactly sure what the Metaverse is, rest assured that you are not alone...but that hasn't stopped banks from eagerly diving in. The ...

A post at Alogent starts with a very clear -- and, by now, familiar -- proclamation: The stigma around the use of checks was even the focus of an SNL sketch, where they joked about the amount of data needed before it could be tendered. What those script writers didn't ...

Artificial intelligence and machine learning technologies are making a big impact in the banking industry, as their ability to process millions and even billions of transactions in mere seconds is unparalleled. However, the astounding amount of data being processed means it's not without its pitfalls, particularly when it comes to ...

PYMNTS and Ingo Money have collaborated on The Money Mobility Playbook -- an exploration on how Fintechs and FIs can provide clients and customers with optimal money mobility regardless of the type of payment or disbursement they choose to make. One of the many discoveries revealed within is that a ...

In a press release by Gartner, Inc., the company boldly predicts that banks and financial firms will boost their technology products and services investments in 2022 to the tune of $623 billion. Gartner Inc. goes on to identify what they consider the top three tech trends emerging in banking and ...

Download PDF Copy of the Newsletter Check Deposits: Turns Out the Amount Matters The latest episode of Truth in Data, a video series by PaymentsJournal, takes a look at the ways in which banking customers prefer to deposit checks. While there is a clear need for mobile deposits, it turns ...

Recent aggressive interest rate increases by the Federal Reserve, as well as geo-political uncertainties, have combined to create an environment wherein banks will be in high competition to not only gain new customers, but also retain customers -- and, more importantly, their deposits. As we are all aware, deposits are ...

It's no secret that bank consumers are not fans of overdraft fees. A number of big banks eliminated overdraft and/or non-sufficient funds (NSF) fees in 2021-22, responding to governmental pressure and competition from neobanks. While this might be welcome news to the consumer, The Financial Brand reports that smaller community ...

Chris Clausen, executive director of digital payment solutions for Deluxe Corporation, points out via an article at bai.org that, though almost all B2B checks begin and end as data, there remains a "messy middle" consisting of conversions from electronic to paper and back to electronic. That creates both time and ...

In a recent PaymentsJournal Podcast, guest speaker Chuck Doherty, Fiserv's Director of Client Relations for Deposit Solutions, and Sarah Grotta, Director of Debit and Alternative Products Advisory Service at Mercator Advisory Group, discussed the growth in adoption of mobile deposits. Click the images above to enlarge. The podcast provided data points on ...

Download PDF Copy of the Newsletter 75% of Surveyed FI's Companies Now Employ High-Performance Computing, Deep Learning, and Machine Learning PYMNTS.com reports on the move toward more efficient digital processes -- accelerated, of course, during the trend away from in-person banking that began as a result of the COVID pandemic. ...