July 24 – The Electronic Payments Association President and CEO Janet O. Estep has been named as a member of the steering committee of the Federal Reserve’s Faster Payments Task Force.
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July 17 – The Bancorp is pleased to announce that Matt Carberry (Vice President, Business Development, Payment Acceptance), has joined the Federal Reserve’s Faster Payments Task Force.
June 26 – Closing the loop for SMB bill payment automation, Entryless has announced the addition of a payment system that extends the existing Entryless platform with a supplier payment system. To support their efforts, they have hired Sukanta Ganguly as CTO, a serial entrepreneur with experience in payments.
In October 2014, Prairie Cloudware announced its Digital Payments Guardian at BAI Retail Delivery. Digital Payments Guardian helps financial institutions in the battle for control of digital payments, enabling them to protect an important source of current and future income while enhancing the security and convenience of the customer experience. The technology is accessible through a financial institution’s digital banking channel and functions like a digital vault.
Benefits of the Digital Payments Guardian include:
- Keeps consumers information secure, as activation takes place within the financial institution’s secure environment and tokenization is utilized to protect the payment credentials.
- Accommodates any type of payment instrument, allowing consumers to add payment sources in addition to those associated with their primary financial institution.
- Extends and deepens relationship between financial institutions and consumers by offering value-added services during purchase cycle.
- Provides an omnichannel, omnipayment digital payments solution that works online and with both Android and iOS operating systems.
The services include a pre-provisioned digital payments vault that can be activated then paired with a mobile wallet or other application for shopping online or in-store using any digital device. The information is then routed in a tokenized format, and the purchase is completed through the existing payment rails.
The Digital Payments Guardian provides a platform that banks and credit unions can leverage to provide the security, convenience and choice their customers and members want to have when making digital payments. With the Digital Payments Guardian, financial institutions can exert more influence over their relationships with consumers rather than allowing technology companies to become the primary players in relationships.
May 29 – Visa Inc. has announced a new program that connects financial institutions and technology companies to simplify and accelerate the roll-out of new payment and commerce services. Visa’s new Digital Enablement Program (VDEP) builds on the company’s secure token technology and adds a turn-key, toll-free commercial framework accessible to more than 14,500 Visa financial institution clients and leading technology partners around the world. Google, with its Android Pay payment solution, is Visa’s first international program partner.
May 27 – A new survey released by CAN Capital, a leading player in alternative small business finance, found that the shift toward mobile payment technologies and capabilities is seen as the largest area for growth and disruption over the coming year by industry professionals.
By Michael Scheibach
As if digital-only millennials weren’t enough to make financial institutions nervous about the future, now we have the rise of the mobivores, or mobile-only users who access their accounts only on smartphones. According to Fiserv, mobivores now represent about 15 percent of a financial institution’s mobile banking users, and the number is growing across generations and socio-economic segments, including the unbanked and underbanked.
April 10 – The American Transaction Processors Coalition (ATPC) is applauding the creation of the bipartisan U.S. Senate Payments Innovation Caucus. The caucus, led in part by Sen. Johnny Isakson (R-Ga.), will explore innovative technologies in the payments industry, including addressing issues in data security, consumer protection and the electronic payments industry.
April 7 – International Bancard has announced an agreement with MasterCard to promote the acceptance of electronic payments for rent payments and other property-related items. As part of this agreement, MasterCard will become the preferred payments network accepted by International Bancard for its Property Payments digital platform, PropertyPayments.com.
March 30 – According to research commissioned by Fiserv, Inc., a leading global provider of financial services technology solutions, there has been substantial growth in mobile bill pay offerings and usage over the past year. Almost one in five visits to a biller’s website come from a mobile device – a 55 percent increase over 2013. Of those visits, bill payment is the number one consumer activity. Despite the growing use of the mobile channel, only 16 percent of billers have implemented a mobile bill pay and presentment (MBPP) strategy.