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The evolution of payments: When size, speed, and change collide

Madeline K. Aufseeser — Tue, 03 Sep 2024 12:31:34 +0000

The payments industry is the largest interconnected complex business on the planet. We can validate that statement in a myriad of ways – the sheer number of people and businesses transacting, the number of transactions themselves, or the total dollar value of those transactions, which are expected to exceed $3.

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The payment industry has three Rs: Rules, requirements, and regulations

Madeline K. Aufseeser — Fri, 30 Aug 2024 18:33:17 +0000

Every child entering primary school learns about the three Rs: reading, writing, and arithmetic. All three are essential for survival in society. The payments market has its own set of three Rs: rules, requirements, and regulations.

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Fraudsters are developing sophisticated scams in the utility sector

Tarun Grover — Thu, 25 Jul 2024 13:49:14 +0000

Digital payments fraud in the utility sector is a growing concern. The shift from traditional paper checks to digital payments within the industry has opened new avenues for fraud1.

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The Invisible Synthetic Identity Heist

Karan Yadav — Mon, 08 Jul 2024 12:45:11 +0000

In the digital marketplace, convenience is king. Consumers expect seamless transactions, often unaware of the intricate security measures that protect their identities and finances. Behind the scenes, merchants combat fraudulent activities tirelessly to safeguard their customers and their reputations.

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Pivoting to the New Way of Intelligent Decision-Making:The Journey Toward Convenience

Erika Dietrich — Mon, 13 May 2024 15:30:43 +0000

Neither the individual who initiated the first card-not-present transaction nor the organization that pioneered a customer convenience channel could have foreseen the trajectory and evolution of payment systems. Fast-forward to today – the commerce landscape continues to be propelled by consumer-preferred payment methods that are convenient, swift, and efficient.

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APP Frauds & Mandatory Reimbursement: What It Means for You

Mustafa Ghulam — Mon, 13 May 2024 15:30:43 +0000

Authorized push payment (APP) fraud is a scam in which a fraudster convinces a payer to authorize a payment under false pretenses. APP fraud is a form of confidence-based fraud, meaning it relies on deception, rather than brute force, to convince victims to take a specific action.

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ISO 20022 – Expanding like no tomorrow

Adam Needel — Mon, 13 May 2024 15:30:43 +0000

ISO 20022 is a messaging standard used across the financial industry.

In the domestic Real-Time Gross Settlement (RTGS)/Wire and cross-border payment spaces, transformation to the most recent ISO 20022 (HVPS+ and CBPR+) messaging standards has been ongoing since 2022. The North America Clearing House CHIPS wire system migrated in April 2024, and the U.S. Federal Reserve will update its Fedwire system in March 2025. It is important to note that everyone has been starting with an ISO 20022 standard.

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Pay with my hand? No way!

Terry Rourke — Mon, 13 May 2024 15:30:43 +0000

While I was watching the news, a story came on about a new technology coming to the local Whole Foods where you could pay with your palm.

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Navigating the future: Ұ��’s ATM transaction processing trends

Borja Lopez — Mon, 13 May 2024 15:30:43 +0000

As digital banking sweeps the industry, automated teller machines (ATM) are adapting to the changing tides of consumer demands and fewer physical branch locations. ATMs are no longer just cash dispensers – they serve as multifunctional banking kiosks where routine and low-value branch transactions can be performed (cash or check deposits, bill payments, or money transfers).

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Real-Time Payments Have Gone Mainstream – Explore Their Global Impact

Kailee Gilbert — Mon, 13 May 2024 15:30:43 +0000

Real-time payments are carving a new norm in the rapidly evolving payments landscape. Spurred by global governments and regulators, instant payments are viewed as a catalyst for economic growth, financial inclusivity, and transparency.

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Need a refreshing spike in summer sales? Follow Amazon’s lead

Terry Rourke — Mon, 13 May 2024 15:30:43 +0000

Traditionally, the summer is a slower time for retail, with sales in the U.S. typically centered around key holidays like Memorial Day, the Fourth of July and Labor Day. In the summer of 2015, Amazon changed everything when it introduced Amazon Prime Day, its own all-purpose summer shopping holiday exclusively for Amazon Prime members. This helped the marketplace giant in two ways: it increased sales during a lull, and it provided an additional incentive to become an Amazon Prime member.

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Factoring in the safety switch with Confirmation of Payee

Jackie Barwell — Mon, 13 May 2024 15:30:43 +0000

In a world where everything is digital-first, financial institutions are setting new standards in shielding their customers and revenue, while at the same time protecting the payments security and convenience paramount to achieving customer excellence and building a good reputation.

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