PaymentsJournal

As businesses lean on digital technology to drive their success, the question isn’t whether they need to embrace digital transformation but rather how they can do so effectively. U.S. Bank recently conducted a survey of 1,420 financial leaders and found that many are focusing on cost reductions, and the most common way they plan to deliver on those savings is through investment in digital technolo...

Business email compromise (BEC) scams have become a top concern for organizations engaged in B2B transactions, as they target financial assets and sensitive information. According to the 2023 AFP Payments Fraud and Control report, 71% of organizations were targets of such scams in 2022. In a recent PaymentsJournal podcast, Elly Aiala , Chief Compliance Officer at Boost Payment Solutions, and...

U.S. banks are finding themselves at a crossroads, balancing the advantages of relying on dominant service providers with the pressing need to maintain operational autonomy. From core banking systems to payment processing, service providers offer banks the ability to scale their operations, increase efficiency, and reduce costs. But too much reliance on third-party service providers has pitfalls....

Fintechs are celebrated for offering sleek payments solutions, yet they often cling to outdated manual processes for back-office tasks. The primary offender: Excel spreadsheets. Because of the manual nature of data entry, relying on spreadsheets can have serious negative consequences, including costly mistakes. Manual processes also don’t scale up well to take advantage of the new wealth of data a...

With the launch of FedNow, instant payments have become ubiquitous, and their adoption will only grow. But there are complexities to consider, particularly for banks and payment service providers (PSPs) that are figuring out how to best integrate this new service without incurring significant operational costs. In a recent PaymentsJournal podcast, Nicholas Botha , Global Payments Sales Manager at...

Eco-focused cards are emerging as a significant force in reshaping the relationship between financial institutions and consumers—not only in the reduction of first-use plastics in payment cards but also in having a positive impact on the environment. In a recent PaymentsJournal podcast, John Lowe , EVP of End-to-End Payment Solutions at CPI Card Group, and Brian Riley , Director of Credit and Co-H...

The FedNow instant payments rail has the potential to be a boon for smaller financial institutions, including credit unions and community banks. By leveraging FedNow, these smaller institutions can expand into business services such as on-demand payroll services and vendor payment tools, offering faster and more convenient payment options. During a PaymentsJournal podcast, Jon Budd , CEO of Junipe...

Zelle has laid the groundwork for what could be the massive P2P wave that has taken consumers and financial institutions by storm. Consumers want more convenient ways to pay, and this solution was the answer to many of their pain points. Consumers are now expecting their FIs to provide this type of P2P service as part of their regular offerings. But many FIs are concerned about making the leap and...

In a recent podcast, PaymentsJournal talked with experts from different parts of the payments world to discuss how real-time payments are proceeding throughout the world, and particularly in the United States and Australia. It featured Elisa Tavilla , Director of Debit Payments, Javelin Strategy; Adrian Lovney , Chief Payments & Schemes Officer, Australian Payments Plus; Nathan Churchward , Pa...

Amid a rapidly evolving digital landscape, cybercrime continues to be a persistent and growing threat for financial institutions, which need to remain vigilant and proactive in safeguarding their systems and customer data. In a recent PaymentsJournal podcast, Patti Reid , Vice President of Card Risk Solutions at Fiserv, and John Buzzard , former Lead Analyst for Fraud and Security at Javelin Strat...

Unified commerce is table stakes—but often misunderstood. For a truly compelling customer experience, retailers need to adopt a truly unified solution that brings their business’s backend closer to their customer. Whether a customer is shopping in-store, online, or via their mobile device, unified commerce guarantees consistent pricing, promotions, and inventory levels—and establishes a fully inte...

In the first half of 2023, the ACH Network saw consistent transaction volume growth, handling 7.7 billion payments valued at $19.7 trillion in Q1—a 6.4% increase over a year prior, and a processing 7.8 billion payments transferring $20 trillion in Q2—a 4.3% and 2.9% increase respectively. The steady rise underscores the ACH Network’s indispensable role in various financial operations, includ...

Security is a top concern at checkout for many consumers. In a recent survey, TrueLayer spoke with 4,000 European shoppers and found that nearly two-thirds (64%) prioritised security over all other factors. But there’s a limit to that cautiousness. Although businesses need to protect customers and foster trust,  some security measures can cause friction, which in turn can drive customers away...

With more than 100 countries mandating some form of e-invoicing, the move to streamline tax collection and improve overall economic efficiency is well underway. Navigating the changing landscape, however, isn’t simple. The lack of standardization around e-invoicing makes it a challenge for international businesses. In a recent PaymentsJournal podcast, Marco Eeman , Managing Director at Billtrust,...

Gift cards continue to grow in popularity in the United States, with roughly 75% of consumers having purchased a gift card within the past 12 months, according to recent data from BHN (Blackhawk Network) research. For the sixth year in a row, BHN has joined forces with NAPCO Research to conduct a comprehensive benchmark study, examining the gift card programs of more than 100 merchants in the U.S....

Loyalty reward programs have long been primarily the province of credit cards, but rewards for debit programs are emerging as a big opportunity for financial institutions to stand out in this competitive space.   During a PaymentsJournal podcast, Jeri Scheel , Senior Director of Product Strategy at Fiserv, and Brian Riley , Co-Head of Payments at Javelin Strategy & Research, spoke about t...

Real-time payments through the RTP ® network have gained significant traction, presenting valuable opportunities for businesses to optimize cash flow and improve their operational efficiency. As the the FedNow ® Service expands availability in 2023, the impact of instant payments is set to grow even more. Industries such as payroll and transportation have been early adopters, leveraging real-time...

One of the most significant shifts in the payments landscape is the digital-first revolution. Digital payments have become pervasive, making financial transactions faster, more secure, more convenient, and more efficient. During a PaymentsJournal podcast, Erika Dietrich , Vice President, Global Fraud Prevention Risk Services at ACI Worldwide, and John Buzzard , Lead Analyst for Fraud & Securit...

It’s a mistake for financial institutions to not offer commercial and small-business card programs. If businesses don’t obtain the desired card program from their current institution, they’ll seek it elsewhere—and this not only jeopardizes the immediate relationship but also opens the door for competitors to capitalize on the opportunity. During a recent PaymentsJournal podcast, Bob Zeena , Head o...

With the rise of digital banking and online payments, the use of checks has undergone a massive shift. In 2021, the Federal Reserve processed 14.5 million checks per day, a dramatic drop from the daily 26.7 million daily it processed 10 years earlier. The average dollar amount of checks went up during the same period—from $1,187 in 2011 to $2,395 in 2021. With mail theft on the rise and more ways...

Open banking holds significant promise for changing the financial system for the better. With the ability to access and share their own financial information, individuals gain greater control over their data while enabling more efficient and tailored financial services. For banks, it has the potential to reduce security risks and open up new product ideas in the field of identity verification. Dur...

Consumer lending in the on-demand economy has created new opportunities for individuals and businesses with limited credit histories or financial data, commonly known as “thin files.” The rise of alternative credit scoring models, driven by technological advancements and changing consumer preferences, has allowed these individuals to participate in the economy based on their performanc...

The adoption of ISO 20022 is well underway, especially within central banks and larger institutions. This International Organization for Standardization (ISO) format for electronic payment data interchange between FIs is heralded as the solution to boost efficiency, cut costs, and enhance transparency between organizations. In a recent PaymentsJournal podcast, Laura Sullivan, Senior Product Manage...

Alternative payment methods have become increasingly popular among consumers due to their easy, efficient, and secure way to pay. Mobile payments, P2P payments, and digital wallets are just a few of the many alternative payment methods consumers are choosing aside from credit cards and cash. In a recent PaymentsJournal podcast, Matt Nilles , Senior Director of Global Products and Solutions at Euro...

An increase in product returns and less patience from customers have made the returns process a nuisance. Many businesses feel that they are in a bind—returns chomp at their profits, but they fear driving customers away by charging for returns. That’s for good reason—most consumers now carefully check for a free and easy return policy before buying anything. To make life simpler, many retailers co...