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How Verified Is Your Data?

April 19 — A new report from Accenture, New York, finds that many banks have not verified the validity and accuracy of their data. Banks have always held a large volume of confidential data and increasingly adding data from external, unstructured sources, and according to Banking Technology Vision 2018, 94 percent of bankers are confident in the integrity of their data sources, but 11 percent trust the reliability of their data but don’t verify it, 16 percent try to validate their data but aren’t sure of the quality of said validation, and 24 percent who do validate recognize more could be done to ensure quality.

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The Demystification of Mobile Payments, Part II: Square

By Kristin Rulon, Editor, Contract Publications

April 19 — While Venmo stands apart from other mobile payment services with its social aspect and lack of processing fees unless a credit card is used (as stated in part one), Square has a gamut of services for its users.

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The Demystification of Mobile Payments, Part I: Venmo

By Kristin Rulon, Editor, Contract Publications

“Hey, can you pay me on Venmo? I paid way too much in processing fees last year with Square.”

It was a simple enough request from my friend/hairstylist. Once I downloaded the app, he assured me that he would help guide me through the process of paying him. As someone in my early thirties (wedged between a Xennial and a millennial by being born in 1986), I am intrigued by the latest technological advances, but I still refer to my workout DVDs as tapes.

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Digital Personal Banking Is Growing, but Business Banking Lags Behind

April 17 — According to the 2018 State of Digital Sales in Banking Report — published by Avoka, a Denver, Colo., and London-based provider of customer acquisitions in banking — nearly 50 percent of the worlds’ banks have entered the “Digital Promised Land,” with 69 percent of products in the personal banking sector now being applied for online.

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Support for Mobile, Alternative Payments Types Is Rising

April 17 — Boise, Idaho-based Kount, a provider of solutions for fraud and risk management, released results from its inaugural State of Payment Processing & Fraud: 2018 report. Approximately 15 percent of the worldwide payment processor community was surveyed to “gain a clear understanding of their strategic priorities over the next year, as well as the value processors place on using qualitative and quantitative analysis within their organizations.”

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