PaymentsJournal

Having an outstanding and forward-looking loyalty program is a must for businesses in this highly competitive environment. Turning customers into fans is the ultimate goal for those seeking to secure a significant market share while delivering the “wow!” factor for their customers. Today’s conversation features Mladen Vladic , VP of Loyalty Operations at FIS , and Daniel Keyes , Senior Analyst of...

Real-time payments are changing the way money moves within the U.S. With payments processed securely, efficiently, and instantly, this can be a game-changer for both consumers and businesses. However, to implement real-time payments on a national scale, there are challenges that must be overcome, such as the need for a solid infrastructure. During a recent PaymentsJournal podcast, Nick Botha , Glo...

For merchants, the customer payment experience is paramount to boosting conversions and avoiding involuntary churn. By taking a more proactive approach, merchants can leverage network payment tokens and account updaters—eliminating customer friction in the process. During a recent PaymentsJournal podcast, Jason Harding , Product Director of Optimization at Worldpay from FIS, and Daniel Keyes , Sen...

In the rapidly expanding world of buy now, pay later (BNPL) services, credit unions are finding ways to compete and thrive using Credit Union Service Organizations (CUSOs). CUSOs are formed by credit unions to collaborate and pool their resources to offer efficient and cost-effective payment solutions for members. By partnering with a CUSO, credit unions gain access to economies of scale, advanced...

According to Stripe’s latest Insights Report, businesses are treating the impending slowdown with a motto: The best defense is a strong offense. Businesses are using this as an opportunity to improve their online operations by offering better payment experiences and removing friction from checkout. In a recent podcast, Nicole Paglia , product marketing lead for Stripe, and Daniel Keyes , head of m...

Real-time payment systems are becoming more common around the world, and the United States is about to hit its stride in that domain when FedNow debuts. This will have significant implications for all sectors of payments, including the business-to-business (B2B) sector. In a recent PaymentsJournal podcast, Mike Kresse , Head of B2B and Money Movement at FIS, and Brian Riley , Co-Head of Payments a...

Despite technology’s move to the cloud over the past decade, many payment processors still use old, outdated platforms that are inflexible and costly.  Payment processing companies such as PayiQ, a division of Quisitive, are creating new payment processing platforms that use cloud technology. These systems provide everything traditional payment services do but also leverage cloud-based archit...

Check deposits have been a constant focus for fraudsters, but during the pandemic we saw a significant decrease in check fraud as government stimulus programs were targeted. By the middle of 2021 however, check fraud was back with a vengeance and the water level has seemingly risen to historic heights. To mitigate risk and  losses, financial institutions should consider partnering with third-...

As the world increasingly becomes digital, digital wallets continue to grow in popularity. As a preferred method of payment for many customers, they offer a host of benefits. These include the ability to simply tap a smartphone to purchase goods and services, the capability to store numerous debit and credit cards, as well as to house loyalty program information. What’s not to like? The PaymentsJo...

Traditional banks are struggling to make the pivots necessary to keep up with the latest technological trends while still delivering on customers’ needs. With many depending on legacy systems to conduct daily operations, it has been difficult for these long-established players to be nimble, and they often lose out to competitors that can launch the newest technology. During the PaymentsJournal pod...

For businesses, regardless of size, not all payments partners are equal. Finding the right partner to manage payments can be a key to improving cash flow and simplifying the payments experience, as well as making cross-border payment a piece of cake. In a PaymentsJournal podcast, Rupert French , Product Lead at Worldpay from FIS, and Daniel Keyes, Head of Merchant Services at Javelin Strategy &#38...

Gen Z, Millennials, and Gen X prefer frictionless experiences in all areas of their lives and have embraced contactless payments. Baby Boomers also prefer this payment method in many circumstances, but are often bamboozled by a lack of standardization in contactless payment technology. Unlike credit card terminals, contactless payment experiences are not as standardized, which creates friction and...

Real-time payments adoption has become widespread, and as a result, financial services companies need to be better equipped to overcome any operational challenges that may come up. During a recent PaymentsJournal podcast, Reed Luhtanen , Executive Director of the U.S. Faster Payments Council, Tony Cook , EVP of Payment Operations & Real-Time Payments at FirstBank, and Cheryl Fitzgarrald , Prog...

Economic conditions have a way of shaking up the marketplace and the ability of e-commerce to produce goods and services for end customers. Factors such as inflation, interest rates, and layoffs are powerful economic forces to be reckoned with. In a recent discussion, Sunny Thakkar , Director, Head of Merchant Fraud Solutions at Worldpay from FIS, and Daniel Keyes , Senior Analyst for Merchant Ser...

Help is on the way for merchants that are swamped with friendly-fraud chargebacks. Friendly fraud occurs when a customer makes a legitimate purchase, then requests a refund, often because the consumer has forgotten the transaction took place. Visa is introducing its Compelling Evidence 3.0 rule set, which allows merchants to submit historical purchase evidence to prove a legitimate cardholder was...

With exceptional customer experiences they have derived from giants such as Apple and Amazon, consumers expect choice, speed, and control in the methods they use to pay. And they’re looking for these very features from their financial institutions. FIs, steeped in legacy systems, are simply not geared up to offer these features, which should be table stakes. Not offering these features could mean...

Digital payments continue to evolve, and consumers are here for it. If businesses or financial institutions are not equipped to deliver embedded payments, today’s customers will simply seek the ease and convenience of a seamless payment experience elsewhere . A recent discussion between Hal Ramakers, SVP of Global Solutions at Brightwell, and Brian Riley , Director of Credit and Co-Director of Pay...

If you are looking more carefully at cash flow after the collapse of Silicon Valley Bank, you are not alone. One place to look is automating accounts receivable (AR). With the increasing digitization of all aspects of finance, AR sticks out for its antiquated processes. Most businesses still do AR manually, and changing from that process has not been top of mind. But it should be. Automating AR ha...

Real-time payments (RTP) continue to become more of a part of everyday life for consumers. While RTP systems are more mature in other parts of the world, the U.S. is slowly catching up. The Clearinghouse launched its RTP Network in 2017, the first payments rail in the U.S. designed to handle real-time transfer of settlement and funds. The Federal Reserve is scheduled to launch its FedNow RTP servi...

With FedNow launching this July, successful implementation of real-time payments systems will require banks to test both the technical and operational side of their operations. In a previous discussion with PaymentsJournal, Form3 touched on the importance of banks having not only the technical aspects in place, but also transaction reporting and operational considerations. Testing early is key to...

Checks have seen a steady decline in use — with a 2021 Federal Reserve survey finding a decrease of 7%-8% in check volume annually — but the same clearing processes must still be performed by financial institutions. This reduced volume is prompting financial institutions to consider ways to minimize costs and increase efficiencies in the item clearing and settlement process. The Current State of I...

Artificial intelligence (AI) and biometrics are revolutionizing regulatory compliance in fintechs and banks by providing more accurate and efficient methods of identifying and preventing fraudulent activity, as well as streamlining compliance processes. Traditionally, compliance has been a tedious and time-consuming process, requiring manual checks and reviews of transactions and documents. But wi...

With the upcoming launch of the FedNow Service, real-time payments continue to be a topic of discussion as demand grows among customers and businesses. More financial institutions are seeing the importance of enabling a range of real-time use cases to remain competitive and enhance the customer experience.   Where Real-Time Payments Stand in Availability  Less than 10 years ago...

In April 2023, Visa is set to update its requirements around reporting fraud, with the goal of reducing friendly fraud chargebacks and helping merchants retain more of their revenue. These new requirements, known as Compelling Evidence (CE) 3.0, let merchants bring evidence that contradicts cardholder fraud claims before chargebacks are filed. By sending in compelling evidence via Visa’s Order Ins...

Many factors drive the need for more accurate, timely, and proactive liquidity management, including increased regulation and as the continued shift to faster payments. During a recent PaymentsJournal webinar, Jo Wright , Director of Solution Enablement at Fiserv, and Steve Murphy , Director of Commercial Payments at Javelin Strategy & Research, spoke about the key ways banks can better manage...