PaymentsJournal

When it comes to business-to-business (B2B) payments, those funneled through automated clearing house (ACH) rails are increasingly popular.  Although many businesses are still mailing checks as payment, more businesses are seeing the risks and looking toward ACH payments as a cost-efficient and convenient alternative. During a recent PaymentsJournal podcast, Brian Holbrook , Director of Produ...

Embedded payments have been a mainstay for consumers for several years due to the rise of digital payments via smartphones and mobile apps. As consumers continue to enjoy the speed, convenience, and security of such payments, the business-to-business (B2B) space has been lagging behind. That is not to say that many businesses are content with this; on the contrary, more businesses would like to se...

The rapid improvements in the payments industry over the past decade have had the unfortunate side effect of making money laundering more of a challenge for institutions to detect and deter. With a greater number of methods for exchanging money and with most transactions happening digitally, it has become harder to chase after money launderers’ latest tactics. According to the UN’s Office on Drugs...

As financial fraud continues to become more intricate and more commonplace, and risk remains a deterrent for innovation, the inadequacies of “black box” solutions of third-party fraud vendors are coming to light. To effectively detect and mitigate fraud – and protect the FIs, their customers and their shareholders — banks need full transparency into the strategies, tactics and performance of...

Although artificial intelligence has been one of the hot topics of the past year, it has been around for a very long time, dating to the 1940s. Over the past 20 to 30 years, there have been many permutations of what is often called traditional AI—and not just in the world of finance. Now, we’re living through a new boom of the technology in the form of generative AI. Billtrust, a B2B order-to...

As the holiday season approaches, small and medium-sized businesses (SMBs) have an uphill battle to secure their piece of the sales pie. But the key for SMBs to win this year’s Q4 is not to play the same game as the major retailers but rather to play to their niche and delight their customers with an exceptional, personalized experience. During a recent PaymentsJournal podcast, Nitin Prabhu, Gener...

Faster payments have plenty of benefits for businesses and consumers, but the technology has also opened the door to a new breed of fraud: authorized push payment (APP) fraud. Banks and their customers have taken a considerable financial beating due to APP fraud. As losses soar, FIs are struggling to get a handle on this increasingly sophisticated fraud scheme, which could mean a loss of customers...

In a world of immediate payment options like Venmo and Zelle, most U.S. banks are still using the same payment-processing technology they installed in the 1980s. Consumers have come to embrace real-time payments, looking increasingly to digital-first nonbank financial players for increased speed and convenience. It has created a landscape where many legacy banks are lagging behind both their...

Acquirers, processors, and payment facilitators (PayFacs) are grappling with a host of challenges involving risk—including sophisticated fraud attempts—that demand innovative solutions. These industry players must harness cutting-edge technologies to strengthen their risk management strategies and ensure the integrity of the payments ecosystem.    In a recent PaymentsJournal podcast, Amy...

The holiday season is quickly approaching, and consumers and retailers are gearing up for what’s to come in the world of gift-giving. The economic roller coaster of the past year has given rise to a cautious but optimistic consumer mindset where value and deals reign supreme. Changing consumer sentiment is driving retailers to adapt and provide attractive incentives to draw shoppers in. Not...

Gen Z is embracing emerging technologies as a form of payment at checkout more than their older cohorts, particularly when it comes to mobile wallets. That’s according to PSCU’s 2023 Eye on Payments research, which—for the sixth year in a row—set out to gauge just how much payment preferences have evolved. During a recent PaymentsJournal podcast, Tom Pierce , Chief Marketing Officer at PSCU, Norm...

Payment processing has turned into an intricate web of challenges for many merchants and payment service providers. Various factors—payment types, channels, and geographical influences—have created a complex ecosystem where managing transactions and ensuring financial accuracy can feel overwhelming.   Because payment processing comprises various payment types and sales channels, merchant...

The holiday season can be a joyous and profitable time of year for merchants. But, if merchants do not take a proactive approach to protecting their enterprise against fraud, they could find themselves struggling to keep up with ongoing challenges. Although fraud is repeatedly characterized as simply a cost of doing business, the attitude and approach toward fraud should not be carelessly indiffer...

Speed and convenience are the name of the game in the consumer checkout experience. However, a checkout experience can quickly turn sour when a customer experiences payment friction. Payment friction is any type of obstacle that prevents a customer from making a final purchase. This can involve a complicated checkout form, few payment options or having to enter numerous personal details. This is b...

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...