By Rob Dixon
As consumer preferences and
lifestyles adapt to tech-driven changes, banks must update their payment card
offerings as well. Among consumers, there is a growing need to receive new or
replacement cards immediately as well as the desire for frictionless, contactless
transactions. Banks will need to embrace both contactless cards and instant
issuance to offer customers an innovative and convenient experience, and work
with the right sources to adapt quickly and cost-effectively.
By Tom Bengtson, Publisher
The foundation of currency is trust. The only reason any of us accepts the U.S. dollar as a unit of value is because we have all agreed it has value. This is something we have derived with our minds. Perhaps it was easier to accept the value of U.S. currency when it was backed by gold. Today, however, there is no asset at the foundation of money. Nonetheless, because we trust it, it is a useful medium of exchange.
Driven by the introduction of blockchain-based payment networks, business-to-business cross-border transactions are expected to hit 14 billion in 2023, rising from 13.5 billion in 2019, a 7 percent increase.
There were four frequently made predictions by
industry experts, financial institutions and technology providers at the
beginning of 2019, according to the recent Digital Banking Trends Progress
Report from D3 Banking Technology.
“Even though we’re only halfway through, 2019
is shaping up to be another wild ride in financial services,” said Mark Vipond,
CEO of D3. “In 2019, banks and credit unions must focus on consolidating and
streamlining their platforms and leveraging modern technology that helps them
better understand their customers’ and members’ needs.”
By Thomas Hoenig
I was surprised to see Bill Poquette’s editorial (BankNews, May 2019) channeling the Bank Policy Institute’s assertion that The Clearing House deserved a monopoly for real time payments in the United States. The idea that only TCH should provide this service and that competition from the Federal Reserve banks or others would hinder progress is wrong and inconsistent with over 100 years of experience. As he notes, the Bank Policy Institute is an instrument of TCH banks, and making public policy decisions from its viewpoint would adversely affect the payments system for decades to come.