The PaymentsJournal Podcast

Faster payments are poised to reshape the payments industry by offering an array of alternatives to traditional payments. From same-day ACH to digital, open-loop cards, businesses and consumers have many options to move and receive funds faster and more cost-efficiently. And when the Federal Reserve announced that it would roll out its own real-time payments […] The post How Faster Payments...

The dispute process is a crucial component of the credit card industry. When a consumer disputes a transaction, believing it to be fraudulent, for example, the card issuer and merchant must resolve who is financially liable for the purchase. And with the transaction volume of credit cards expected to rise significantly over the next few […] The post Visa and Mastercard Changed Their Dispute...

When the United States implements sanctions against a country or a group of individuals, domestic companies are required not to do business with the bad actors. From narcotic traffickers to suspected terrorists, belligerent states to authoritarian governments, there are many individuals and groups that companies are barred from dealing with. These economic sanction programs are […] The post...

You’ve probably heard that consumers love having choices. However, what’s lesser known is that too many choices can be overwhelming. This is especially true when it comes to mobile banking applications. For years, financial institutions have been cramming more and more features into their mobile bank offerings. Instead of this translating into higher consumer satisfaction, […] The post How t...

Running a small business can be both a rewarding and challenging experience. It can be an opportunity to explore something you’re passionate about while making a difference in your community. But with this comes many challenges that entrepreneurs must navigate, from handling day-to-day cash flow to creating plans for future growth. How an entrepreneur goes […] The post Mastercard’s Approach...

If you spend any time following the payments industry, you’re bound to have heard of faster payments. The term refers to payment methods that settle and clear faster than the traditional payment rails. From Zelle to the RTP Network to Same Day ACH, faster payments have been gaining traction recently. And when the Federal Reserve […] The post How BHMI’s Dynamic Concourse Platform Enables Fast...

With the amount of competition in the financial industry these days, attracting and keeping customers is a critical goal of any successful company. If a business wants to stay competitive, it needs to develop strategies for promoting and maintaining customer loyalty. One area to focus on is key moments of customer tension. In these moments, […] The post Improving Customer Experience in the M...

Following the Federal Reserve’s announcement that it will create a real-time payment network named FedNow, it became clear that there were misconceptions about how faster payments impact the speed with which people receive their paychecks. Faster payments does not mean payday will come earlier or that paper checks will clear in an instant. This belief […] The post Not All Paydays Are Created...

International commercial card payments have long been an area beset with problems. Companies wishing to make cross border payments have to navigate through different rules and regulations, which often vary by region or even country. Further friction arises due to currency exchanges and other fees. Taken together, these barriers have made the use of commercial […] The post The One-Stop Shop f...

Fintechs have been driving innovation across the entire payments industry. By harnessing APIs, artificial intelligence and other technological advances, fintechs are changing the way people and businesses are banking and accessing financial services. One company at the forefront of this innovation is Galileo Financial Technologies, which bills itself as “fintech’s tech,” based on its roster [&#823...

The Federal Reserve’s announcement in August that it was developing its own real-time payments platform generated a lot of buzz in the payments industry. Smaller banking institutions welcomed the news as it meant they would no longer be reliant on a real-time payment solution (RTP) maintained by their larger competitors, The Clearing House. However, some […] The post Understanding FedNow’s I...

Customers can spend a lot of time at a store trying to check out. After waiting in line, you have to navigate the payment process, which can be a tedious affair. If you pay by cash, you spend valuable time finding the right amount of money and waiting while the cashier counts out your change. […] The post Contactless Cards: “A Faster, More Convenient Experience for the Consumer” appeared fir...

Data is a vital part of any business in the payments industry. Almost all divisions within a company must deal with data in some capacity, yet many companies lack a uniform, comprehensive approach to data. With faster payments becoming more common, the need for better data handling is even more pronounced, especially for a company’s […] The post Taming the Data Demon: DataSeers and the Value...

When it comes to payments for health care related services, everyone seems to agree on three things: it’s a massive market (and opportunity), it’s a market which formerly resembled B2B payments but now increasingly resembles a consumer payments market, and it’s woefully behind the times in technology and customer experience. Payments for health care related […] The post Paya Sees Great Oppor...

Technological progress has been reshaping the payments industry. Mobile phones have enabled mobile banking, allowing people to send and receive money, or check their account balances, on the go or from the comfort of their home. Advances in AI have helped prevent fraud, while improvements to payments infrastructure have led to faster payments and better […] The post Hey Siri, What’s the Futu...

  Ryan McEndarfer: So Vikram, thank you so much for joining me today. Now to start off our conversation here, can you give us an overview of Visa Direct and your role on the team? Vikram Modi: Yeah, hi. I would love to. So Visa Direct is Visa’s global real-time push payments platform. And let […] The post Visa Direct Is Pushing Payments Forward appeared first on PaymentsJournal .

If you keep up with the payments industry, you’re bound to have heard about APIs. It seems like every day brings fresh articles covering the newest APIs in glowing terms. From improving digital banking to facilitating Same Day ACH payments, APIs are having a major impact on payments and the wider financial industry. But what […] The post What Are APIs and How Are They Changing Banking? appea...

In both Canada and the United States, prepaid is an emerging market in the payments industry. For the past three years, the Canadian Prepaid Providers Organization (CPPO) has released an annual report that explores the expanding prepaid market in Canada. CPPO, a not-for-profit organization representing the voices of the Canadian open-loop prepaid payments industry, partnered […] The post The...

As technological innovation continues to reshape the payments industry, APIs are becoming a prominent feature of the landscape. But as APIs become a facet in the payments industry, so does the need for API standardization and common practices. Such a framework is necessary for innovation and growth to continue at a quick pace. Therefore, Nacha […] The post Nacha’s API Standardization: A Nece...

Fraud itself is nothing new. For as long as there’s been people interacting with each other and exchanging goods and services, there’s been fraud. But with people spending more time online than ever before, the nature of fraud is changing. Where does connected intelligence come in? Fraudsters are increasingly seizing people’s private accounts and stealing […] The post Connected Intelligence:...

With faster payments becoming more popular, Nacha and the U.S. Faster Payments Council (FPC), two major players in the payments space, have announced that they will be collaborating to ensure that financial institutions, businesses, and other stakeholders have the information they need to adopt the right faster payments solutions for their organization. At Nacha’s Smarter. […] The post The P...

As the steward of the ACH Network, the payment system that universally connects all U.S. bank accounts and facilitates the movement of money and information, Nacha is responsible for setting the rules that govern the system. The Nacha Operating Rules direct how the ACH Network is operated and ensure that millions of payments occur smoothly […] The post Nacha Rules and Innovation: A Conversat...

Synthetic data has been gaining a lot of traction recently, but what is it and how could it help your FI’s bottom line? We sat down with Randy Koch, CEO, ARM Insight and Tim Sloane, VP, Payments Innovation at Mercator Advisory Group to discuss how the executive suite often overlooks this important new opportunity for […] The post Focus Your Lens on Synthetic Data: How This New Form of Data C...

The gig economy is a busy economy, with ripple effects across the payments landscape. Workers are working around the clock. Small businesses are handling customers on the phone while paying suppliers online and dreaming up catchy social media posts. And corporations are trying to effectively manage—and pay—gig workers in order to keep them around. In […] The post The Gig Economy Spawns Innov...

Consumers in no-file and thin-file segments with little to no markers of credit assessment face significant challenges to credit access when evaluated by traditional nationwide credit reporting agencies (NCRA). According to a 2015 report by the CFPB, 26 million consumers in the United States were considered credit invisible while 19 million were considered unscorable using […] The post Alter...