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The COVID-19 pandemic might have been the catalyst for The Great Resignation , but the shifts it has brought are likely here to stay. Although coronavirus cases continue to decline in the United States and many mask mandates are disappearing, the truth is that it’s a rare business that’s been unchanged by the events of past two years. Financial institutions, of course, fall into the “changed” category. Back in 2020, the pandemic necessitated immediate changes for the industry, sending employees home to work and closing branches. But as the banking environment evolves, the workforce must as well.  The Great Resignation, as we’ve shared before , incorporates ...
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As FinTechs grow, they must evolve along with the payments marketplace. The timeframe of a new versus an established FinTech may seem relatively short, but in terms of technological time, six months to a year can seem like a lot more. Because there’s no time to waste, especially given how the COVID-19 pandemic has accelerated the already existing trends in cashless payments. For example, a recent Forbes article claims that in 2021, 82 percent of Americans used some form of digital payment. And venture funds have been taking notice: As Tech Crunch reported last year, more than 20 percent of venture dollars went toward FinTech startups. For FIs, this ...
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Cryptocurrency and talk of a central bank digital currency (CBDC) continue to make headlines. On Wednesday, March 9, US President Joe Biden signed an executive order directing agencies across the government to study cryptocurrencies and a central bank digital currency (CBDC). Meanwhile, in a speech at the US Monetary Policy Forum in New York on February 18, Governor Lael Brainard of the Federal Reserve System urged her listeners to prepare for the payments system of the future, saying, “The Federal Reserve has been thinking critically about whether there is a role for a potential US central bank digital currency (CBDC)." Also making headlines this month: The ...
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When studying a new language, you can pick up just enough to visit another country and order a coffee. Or you can spend time and energy to be fluent. According to Patrick Sells, the Chief Innovation Officer at NYDIG, who presented at the NEACH 2021 Future of Payments Conference , understanding Bitcoin is a lot like that. Whether your familiarity with cryptocurrency is fluid or rusty, it’s always helpful to learn more. During his session, Sells provided a detailed description of how Bitcoin arose and evolved and shared its use cases in banking and payments.   What is currency, anyway? Sells began his presentation with a fundamental question: What ...
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As NEACH’s Director of Education, Mary Mumper supports education initiatives, with a specific emphasis on enhancing NEACH’s payment innovation offerings. And as Lead Advisor for NEACH Payments Group (NPG), she also helps financial institutions, corporations, and vendors solve operational and regulatory challenges, manage risk, and drive financial and business improvement through NPG’s audit, risk management, and consulting services. Mary has a long history in payments; she’s worked in banking for 20 years, most recently as Vice President and Lead Auditor at BMTechnologies, formerly known as BankMobile. She has been certified by NACHA as an Accredited ACH Professional ...
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As NEACH’s Records Administrator and Information Technology Support Lead, Joe Nompleggi handles the integrity and performance of NEACH’s databases and makes sure company data is secure. He also evaluates new technologies to improve member experience and help NEACH leverage its technology and data in the most efficient, engaging way. Joe has worked in information technology, software development and database management for over 20 years; most recently, he served as Vice President of Product Development at Complete HealthCare Solutions, Inc. Although Joe is new to the banking and payments industry, he sees many parallels with healthcare in terms of regulatory, ...
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For more detailed insights into BankNewport’s RTP experience, join us at the virtual Future of Payments Symposium , December 8–9, where both TCH and BankNewport will share a first-hand account of their experience. When John Sullivan , Executive Vice President and Chief Information Officer for the $2 billion-asset BankNewport, initially heard about The Clearing House’s (TCH) RTP ® network, a new real-time payments rail, he recognized faster payments could be a market differentiator for his bank. So, when his core provider, COCC, approached him about being an RTP pilot bank, he jumped at the opportunity. “We viewed joining the RTP network ...
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Leveraging artificial intelligence (AI) for “front office” solutions, including conversational banking, can save the financial services industry $199 billion, according to an analysis from Business Insider . No matter how you extrapolate that data, it equates to savings for financial institutions as well. So, financial institutions are boarding the AI bandwagon. Most FIs are highly aware of the potential benefits presented by AI and machine learning, but implementations have been skewed by size: 75% of respondents at banks with over $100 billion in assets say they're currently implementing AI strategies, compared with only 46% at smaller institutions. ...
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Lately, it's everywhere in the news: Everyone is quitting. Employers can't fill jobs. Businesses are reducing their hours for lack of staff. And why are employees quitting? Is it a search for better opportunities? Embarking on a new career or industry? Needing more workplace flexibility? This is an effect of the COVID-19 pandemic that many might not have seen coming. But in hindsight, it may make some sense: Months of closed offices and lockdowns have led many to think about their lives. The headlines tell the story: The   Wall Street Journal    reports that U.S. workers left their jobs nearly 20 million times between April and August this year. That's ...
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Change continues at an accelerated pace across the industry as financial institutions and their customers and members work to adapt to the “new normal.” In this month’s issue, we explore how real-time payments are facilitating financial inclusion, a movement to ensure individuals and businesses can access affordable and effective financial services [i] , among gig workers, the underbanked, and the unbanked. Also in the news, ICBA Bancard announced it is partnering with Finzly, a FinTech provider that offers payments solutions to facilitate real-time payments via its payment hub. Payveris, a FinTech money-movement provider, has also thrown its hat into the ...
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Payments digitization continues to accelerate as COVID restrictions lift with financial institutions and their customers working to redefine their relationship in the aftermath. In this month’s issue, we continue to examine the impact of the pandemic and how financial institutions — and the industry — are evolving to define the “new normal.” This month, The U.S. Faster Payments Council (FPC), in partnership with Glenbrook Partners, released a new research report, “Why Interoperability is Important to Faster Payments.” Zelle and Venmo are also making headlines, while The Clearing House's Real-Time Payments (RTP) ® network continues to expand. The FedNow SM ...
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As the world eases into a “new normal,” financial institutions are ramping up and responding to the changes wrought by COVID-19. A burst of momentum and new developments in faster and real-time payments paint a clear picture of the future and a clarion call to action for financial institutions: The time to act is now. According to a PYMNTS' survey, almost 75 percent of consumers plan to maintain at least some of their digital behaviors post-pandemic. And that’s just the tip of the iceberg. These digital preferences carry over to consumers’ relationships with their financial institutions, and financial institutions must prepare themselves and their customers for ...
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Although COVID-19 restrictions are beginning to ease in some parts of the country, aftershocks are still rippling out, affecting every segment of the industry, including real-time payments. The fact that a significant number of consumers said they would switch from their current financial institutions to one that provides real-time payments is revealing. In addition, RTP® continues to gain traction, and FedNow (SM) released message specifications for the initial launch of its FedNow Service based on the standard set by the International Organization for Standardization, or ISO. Read on for more of this month’s latest developments. May 2021 At-a-Glance ...
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As we turn the corner into spring, the digital shift continues to accelerate as the industry adapts to shifting consumer perspectives and expectations in the wake of COVID-19. In response, financial institutions are developing new solutions, forging strategic partnerships with FinTechs, and identifying and solving new opportunities and challenges. In this month’s issue, we explore the new digital consumer and how the pandemic has shaped consumers’ shopping behaviors, how application programming interfaces (APIs) are taking online banking to the next level, Finastra’s participation in the Federal Reserve’s FedNow (SW) Service Pilot Program, and more.   ...
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COVID-19 has brought unprecedented opportunities and challenges to financial institutions of all sizes. From the processing of more than $72.7 billion in Paycheck Protection Program (PPP) loans to the acceleration of digitalization and the shifting role of operations, financial institutions responded heroically to the titanic cultural shifts and the increase in customers’ demands over the past year. In the process, they redefined themselves, and the industry, for years to come. As year two of the pandemic brings new opportunities and challenges, financial institutions are taking steps to deepen their relationships with existing customers and members and extend ...
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Accessibility is about more than in-person parking spaces and wheelchair ramps at branch locations. With so much banking increasingly done online—especially given the COVID-19 pandemic over the past year—it’s crucial to ensure you’re accommodating users with disabilities who visit your digital platforms. Ninety-four percent of mobile banking customers use online banking platforms at least once a month, and digital banking stats predict the total number of online and mobile banking users will exceed 3.6 billion by 2024. As digital continues to grow and evolve, have you given much thought to how to make your materials accessible to those with vision concerns? ...
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As we turn the page on another year, there are several trends to keep an eye on. For example, COVID’s continuing impact on payments, and more specifically, the acceleration of payments modernization, continues to drive change in the industry. Our recent 2021 predictions post dives into some of the trends to watch in the coming year.   To keep an eye on these developments and support member financial institutions in 2021, NEACH has identified six key topics, which fall under the broader category of payments modernization, to focus its efforts on in 2021: COVID’s impact, emerging payments, the new role of operations, faster payments strategy, RTP®, and FedNow ...
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The Clearing House’s RTP ® network is gaining traction, with 70 percent of demand deposit accounts (DDA) now having access to real-time capabilities via banking technology providers connected to the network. We recently talked with both a financial institution and core provider that have completed the implementation process to get a glimpse into how it works.             A Bank’s Perspective We first sat down with Christopher E. Richards, Executive Vice President and Chief Banking Services Officer for Cape Cod 5 to learn what led to the bank’s decision to connect to RTP services through its core provider, Jack Henry. Richards framed the bank’s decision ...
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Financial institutions have weathered the COVID-19 crisis well, with many of them further digitalizing their products and services in record time and processing more than 81 million Electronic Stimulus Payments (EIP) and more than 4 million Paycheck Protection Program (PPP) loans. However, an area of continued concern is the rise in the overall level of fraud that appears to be resulting from the environmental conditions created by the pandemic.   With that in mind, I attended a recent FS-ISAC training exercise with a focus on Business Email Compromise (BEC). This exercise was a great experience, providing me insight into the inner working of a BEC. The nuts ...
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