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Payments - Page 2

Credit Card Use Growing Twice as Fast as Credit Card Numbers

According to RBR’s Global Payment Cards Data and Forecasts to 2021, the total number of card payments worldwide increased by 15% in 2015 to 270 billion, almost double the 8% rise in card numbers. The research indicates that consumers around the world are increasingly turning to cards to make purchases. (more…)

Customers Willing to Share Their Banking Data in Exchange for More Innovation

August 16 – A large majority of customers want innovation from their banks, according to a survey produced by technology firm Sopra Banking Software. The report was compiled using data from a survey of 5000 customers in six European Countries (France, UK, Germany, Spain, Belgium and the Netherlands). (more…)

Deal Brings P2P Payments on ClearXchange to Almost Every Debit Card

August 2 – Early Warning, the industry leader in real-time payments, authentication and risk mitigation,  has signed an agreement with Visa to enable person-to-person (P2P) payments on its clearXchange network using U.S.-issued debit cards through the Visa Direct platform.  

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Same-Day ACH Is Near

By Deborah Peace

With the implementation of same-day ACH on the horizon, the banking industry eagerly anticipates the new opportunities, capabilities and benefits of same-day settlement of funds, such as faster payroll disbursements, quick payout of insurance claims and refunds, as well as faster bill, online and person-to-person payments. While the use cases for same-day ACH are certainly valuable, banks must address certain issues associated with the initiative – specifically, the reduced time frame to detect and respond to fraudulent transactions. In fact, 93 percent of financial institutions expect the emergence of new fraud threats as a result of the transition to same-day ACH, according to NICE Actimize’s Same-Day ACH Fraud Preparedness Survey. Additionally, more than half of the surveyed financial institutions revealed that they lack the appropriate tools to handle same-day ACH transactions.

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Nearly 3 in 10 Consumers Willing to Use Mobile Wallets in the Next Six Months

August 10 – Although mobile wallets are a relatively new form of payment, nearly 3 in 10 consumers (29 percent) expressed a willingness to adopt this emerging payments alternative in the next six months, according to recently released results from a consumer survey by Computer Services, Inc., a leading provider of financial technology solutions. (more…)

‘Bitcoin Friendly’ Legislation Signed in North Carolina

July 11 – North Carolina has expanded the state’s Money Transmitters licensing to cover activities related to virtual currencies such as Bitcoin. The legislation, signed into law by Gov. Pat McCrory, was sponsored by three Republican lawmakers.  The Chamber of Digital Commerce described the state regulation of virtual currencies and blockchain technology as historic and called it “bitcoin friendly.” (more…)

CapitalOne Signs on to Early Warning P2P Service

July 11 – Early Warning, the industry leader in real-time payments, authentication and risk mitigation, announced today that Capital One, Chase and Wells Fargo are offering real-time payments through their person-to-person (P2P) service on Early Warning’s clearXchange network, the largest bank-led digital payments network in the United States.

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Payments in the Cards

By Michael Scheibach

Even though mobile payment transactions are expected to increase by more than 200 percent in the United States this year, total e-commerce sales in the first quarter represented less than 8 percent of all sales, according to the Department of Commerce. Despite the potential of mobile, in other words, the focus needs to be directed more toward innovations in card technology that offer banks an immediate opportunity to strengthen their position in payments.

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Why Banks Shouldn’t Ignore New Risks from Same-Day ACH

By Andrew Leon

In September 2016, same-day Automated Clearing House (ACH) payment processing will become a reality. While this represents a terrific opportunity for banks to be responsive to their customer’s requirements for faster ACH payments, plus the ability to attract new customers from banks who choose not to offer the same level of responsiveness, it also increases the risk of payment fraud.   Fraudsters have already locked in on Same Day ACH as an opportunity to commit fraud, particularly around payroll and account to account transfers, if the bank doesn’t have a real-time system in place to quickly receive, analyze and either approve or deny ACH requests, depending on their validity.

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Greater ‘Card Present’ Security Sees Fraud Activity Switch to eRetail

May 3 – A new study from Juniper Research has found that the value of online fraudulent transactions is expected to reach $25.6 billion by 2020, up from $10.7 billion last year. This means that by the end of the decade, $4 in every $1,000 of online payments will be fraudulent.

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