PaymentsJournal

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...

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...