• The Paypers releases the B2B Payments and Fintech Guide 2019 –

    The Paypers has released a dedicated guide with global insights on the B2B payments, instant cross-border payments and e-invoicing market.   The new edition of B2B Payments and Fintech Guide 2019 offers insights and analyses from thought leaders on key industry topics such as cross-border payments, instant payments, B2B commerce, payments infrastructure, all the while not forgetting the important role that e-invoicing plays in the industry. Download your complimentary copy to learn more.
  • Why the Real-Time Payments Market Is Set to Explode? –

    Real-Time Payments Market has penetrated different applications including BFSI, IT & Telecom, retail & e-commerce, government, healthcare, travel, and energy. The retail and e-commerce applications dominate the real-time payments industry as it displays the maximum demand for payment services that offer convenience, speed, safety, ubiquity, and value for money. Moreover, as the technology has become cheaper and more accessible, the transaction-by-transaction settlement has become more realistic in the central bank money, leading to faster fund transfers for retail payments. The growing inclination of consumers toward online shopping also acts as a driving force in the real-time payments market.
  • Payments Remain Key To Customer Service For Bank Of The West –

    Most consumers look at banking as a time-consuming chore. They have many options to choose from and their loyalty can be fickle, making onboarding and engagement challenging. That’s why Bank of the West is not trying to think like a bank at all, said Hisham Salama, the bank’s executive vice president and head of digital channels. Bank of the West is instead using data and a focus on payments to craft an experience centered around what consumers really want: simplicity.
  • Avidia Bank to Implement Real-Time Payments –

    Avidia Bank announced that it has committed to bringing real-time payments capabilities to its customers through the RTP® network developed by The Clearing House (TCH). With the RTP network, Avidia Bank will deliver to its customers the most modern payments infrastructure in the world, enabling consumers and businesses to send, clear, and settle payments immediately while also providing for advanced messaging capabilities.
  • Big Brands Breaking New Ground in Financial Services –

    I spent two days in Phoenix this week at the CFSI Emerge Conference. This an annual event put on by CFSI (now called the Financial Health Network) focused on financial health. There were several excellent sessions but the one that I keep thinking about was one about employer innovation in financial wellness. The speakers were Peter Hazlehurst, the Head of Payments and Risk at Uber and Shawn Leavitt, the SVP of Total Rewards at Comcast. What was fascinating to me was how much financial services is a central part of their businesses, particularly in the case of Uber. They were one of the first companies to make payments frictionless and invisible and they continue to break new ground when it comes to financial services.
  • The Cashless Check Is In The Mail –

    It might be too much (and certainly too cliché) to call it a revolution. Even so, it’s in the same neighborhood — consumer demand for faster, digitally pushed payments is leading to increasing pressure on corporations and other organizations to offer better forms of disbursement. Indeed, those pressures are leading to (significant) progress, even though much more needs to be done. That was one of the themes generated by a recent PYMNTS discussion between Karen Webster and Deirdre Ives, managing director of Wirecard North America, which centered on the growing use — and increasingly understood potential — of digital disbursements. The spread of mobile and online commerce, combined with the construction of real-time payment infrastructures around the globe, are factors being felt in the world of disbursements, whether that be insurance and utility refunds, tip payouts or other transactions.
  • Avidia Bank to Implement the RTP Network from The Clearing House –

    US-based Avidia Bank has announced that it has committed to bringing real-time payments capabilities to its customers through the RTP network developed by The Clearing House (TCH).   With the RTP network, Avidia Bank will deliver to its customers a modern payments infrastructure in the world, enabling consumers and businesses to send, clear, and settle payments immediately while also providing for advanced messaging functionalities. The RTP network is the first new core payments infrastructure built in the US in over 40 years and is delivering a wave of payments innovation to benefit customers nationwide. The system delivers 24/7/365 clearing and interbank settlement, including the real-time movement of money between participating financial institutions.
  • ACH Logs 9 Pct B2B Payments Growth In Q1—

    Data from the ACH Network shows growth in payment volumes and values across a number of classifications. That’s especially true in B2B payments, where the numbers show 9 percent growth year over year. More generally, the network reported that the total number of payments was up 5.8 percent from the previous year. In all of 2018, there were 27 billion ACH payments, with roughly $51 trillion in value that moved across the network. Drilling down into the data, the overall average daily payments volume was up 7.5 percent. In February 2019, there was a daily record set, when the volume was past 100 million ACH payments per day. Online (internet-initiated) payments were up 10.3 percent to 1.6 billion.
  • Does Bank Bill Pay Need an Upgrade? —

    In a recent chat with PaymentsJournal and Mercator analysts, Ron Shultz, Senior Vice President, Global Bill Pay at Mastercard shed some light on what the future of bill pay should – and can – look like… starting with the four areas of pain that financial institutions must address if they hope to transform the Bill Pay consumer experience and drive step change to reduce the use of expensive and inefficient paper checks.
  • Banks, Corporations Turning to Partnerships to Push Mobile Payments, Fintech Advances

    “If I have seen further, it is only by standing on the shoulders of giants.” That somewhat self-effacing quote comes from no less than Isaac Newton, who some figure was a giant in his own right. It also serves to sum up the state of the financial technology (fintech) market today, including mobile payments. A new report sent our way from Bottomline Technologies sums it up: there’s going to be a lot of shoulder-standing when it comes to the fintech sector. The Bottomline Technologies study spelled it out; just over three in every four banks—76 percent—surveyed were planning to either use fintech solutions for “payment-related services and solutions” or were already doing so in specific customer niches. Additionally, corporations surveyed revealed they were using a non-bank provider for payments operations in 28 percent of cases, and 32 percent planned to expand that in the next three years.
  • Traditional Bank Helps Fintech with Technology —

    In a reversal of roles, JP Morgan Chase is helping fintech firm, Digit. Digit offers consumers an app that tracks consumers’ spending patterns and sweeps unallocated funds automatically to a savings product. Consumers can establish specific goals and reasons for savings, such as paying down debt or saving for a vacation. The real benefit for consumers is that they don’t need to take action to move funds to savings; this is accomplished automatically for them. Where Chase bank participates is by providing a faster money movement solution between the savings product and a consumers’ checking account if the consumer needs money back in their checking account to spend.
  • ACI Doubling Down on Bill Pay Business —

    ACI Worldwide is getting deeper into the bill pay business by acquiring Western Union’s Walletron business, according to an announcement from the Naples, Fla.-based real-time payments company. The deal brings new capabilities to ACI Worldwide that will allow consumers to view bills from their Apple Wallet or Google Pay and make payments via their smartphones, it said. “Today’s consumers expect a bill pay experience that is quick, easy and digitized, and with billing and payment among an organization’s most frequent and most important touchpoints, customer experience is paramount,” ACI Worldwide EVP Sanjay Gupta said.
  • Fed Should Step Aside on Real-Time Payments —

    Beyond its monetary policy and bank supervisory functions, many would be surprised to learn the Federal Reserve has a third role: operating, oddly enough, revenue-generating payments services that compete with private-sector systems. Whatever justification led Congress to authorize the Fed to establish a national check clearing system in 1913 no longer makes sense today, with the private sector, including financial utilities, card networks and fintechs, already delivering significant results in modernizing the country’s payments infrastructure. Indeed, the Fed is an outlier among most other central banks in industrialized countries, as only two others — Germany and Belgium — run check and retail electronic payment clearing systems.
  • NEACH Releases White Paper, Partnering for Innovation: The New England FinTech Evolution—

    Today, the New England Automated Clearing House (NEACH) announced the availability of a new white paper analyzing the New England FinTech evolution and what it means for community banks and credit unions. Partnering for Innovation: The New England FinTech Evolution draws expert insights from NEACH, New England community banks, and FinTechs to help financial institutions make informed, strategic decisions for innovation and growth.
  • JPMorgan Solves a Fintech's Pain Point with Real Time Payments —

    The Clearing House's Real-Time Payments Network has been slow out of the gate, but it's getting some much needed adoption via a collaboration between personal financial management fintech Digit and JPMorgan Chase. The partnership allows consumers to instantly move money from a Digit savings account into a checking account. Digit will be one of the first companies to deploy The Clearing House's Real-Time Payments network (RTP), with Digit's access to the RTP coming through JPMorgan Chase, which operates on RTP's rails. (Subscription required.)
  • Are Financial Institutions Prepared to Serve the Talent Economy? —

    Traditionally, many US workers haven’t had the luxury of options for planning their financial future. Sure, employees have always decided where they did daily banking, but when it came to other financial instruments employees’ options have been limited to a handful of options selected by their employer. Retirement savings. Financial planning. Disability and other insurance options. Healthcare savings. In nearly all cases financial institutions have negotiated the best options for the financial institution and the employer. That is very different from negotiating the best option for the financial institution and the employee.
  • Bottomline Technologies’ Survey Finds Partnering with Fintechs is Leading Strategy for B2B Payments

    Bottomline Technologies (NASDAQ:EPAY), a leading provider of financial technology that helps make business payments simple, smart and secure, today announced the release of the 2019 B2B Payments and Working Capital Management Strategies Survey in partnership with Strategic Treasurer. Among the key insights from the comprehensive study, survey results show that across the B2B payments landscape, partnering with fintechs will be the strategy of choice for a majority of banks and a growing number of corporates.
  • It’s Happening! Starbucks, Whole Foods and Nordstrom Accepting Bitcoin —

    In a month that has seen Bitcoin hit new highs for the year, the good news just keeps flowing. According to new reports, some of the biggest retailers in the United States are now accepting cryptocurrency payments. These include Starbucks, Nordstrom, Barnes and Noble and Amazon-owned Whole Foods. The new initiative is the product of a partnership between New York-based crypto exchange Gemini and payments startup Flexa. What makes it even better is that the entire process is as smooth and seamless as paying using Apple Pay or any other phone-based digital wallet.
  • NACHA & Faster Payments Council Developing ‘Faster Payments Playbook’—

    NACHA’s Payments Innovation Alliance and the U.S. Faster Payments Council (FPC) have launched a partnership to develop an “educational and online decisioning platform” called the Faster Payments Playbook. Its objective is to help credit unions and other payments organizations create their own faster payments strategies by addressing developments in faster payments and identifying opportunities for stakeholders.
  • As P2P Payments Spreads Its Wings, Challenges Loom —

    The spotlight burned brighter for peer-to-peer (P2P) payment services in the first quarter of 2019, with those payment methods finding popularity among more consumers. However, P2P’s future growth will depend on solving problems related to data privacy and other issues — at least, according to some observers.