PYMNTS

APRIL 8, 2019

At the highest level, Samples said API platforms can allow payors and payees to “refocus back on the business [they] are trying to accomplish.”. With open APIs, payors and payees do not have to figure out how to link up the technical “plumbing” that enables transactions in the first place. Consider the check, presented on an 8.5-inch-by-11-inch

Payee 53

Payee API Payment APIs and Integration ACH 53

PYMNTS

MARCH 29, 2018

Any FinTech operating in the procure-to-pay, vendor payments and accounts payable (AP) spaces can’t deny the fact that paper checks are a headache. But they also can’t deny that checks continue to make up about half of the supplier payments volume (in the U.S., Frankly, we think checks will be around for many years.

Checks 43

Checks B2B ACH Payments 43

EBizCharge

APRIL 25, 2024

Whether it’s traditional choices like cash, checks, cards, or new modern digital transactions, the payment landscape continues to expand. Debit cards are linked directly to a person’s bank account, allowing immediate access to funds without needing credit checks or approval processes.

Online and Mobile Banking 52

Online and Mobile Banking Debit Card Credit Cards Contactless Payments 52

Payment Savvy

NOVEMBER 9, 2022

These can include using a credit or debit card, an electronic check, or an ACH (Automated Clearing House) transfer. For businesses, your direct deposit service provider will typically set up ACH transfers to pay your employees. Electronic Checks. History of EFT Payments. Mobile Wallets.

Online and Mobile Banking 98

Online and Mobile Banking Wire Transfer Direct Deposit ACH 98

PYMNTS

JUNE 12, 2019

Bento for Business, a B2B payments company, has introduced a new product called Bento Pay, a digital payments solution that “eliminates the need to write checks and gives businesses the ease and security of paying any supplier confidentially, regardless of their digital payment preferences,” according to a release by the company.

Digital Payments 65

Digital Payments Payment Solutions Payee Real Time Payments 65

PYMNTS

AUGUST 14, 2019

Bento Pay is collaborating with ACH payment service provider Dwolla to power the solution, it noted. As a result of integrating Dwolla’s ACH payment API, this new product saves businesses valuable time typically consumed by writing checks or making payments by other means.

Payment APIs and Integration 56

Payment APIs and Integration B2B Payee ACH 56

PYMNTS

APRIL 21, 2020

For many AP teams, the paper check has presented immediate challenges with staff no longer able to step into the office to print and send checks (and no one on the accounts receivable end to accept them). NACHA Notches ACH Growth. percent year-over-year increase in transaction volume for the first quarter of 2020.

NACHA 82

NACHA Correspondent Bank Real Time Payments Push-to-Card 82

Stax

JULY 9, 2024

From a consumer’s perspective, that means any transaction that doesn’t need a physical credit card, debit card, prepaid cards, or checks. Digital payments feature a multitude of benefits including: Digital payments streamline transactions by eliminating the need for physical handling of cash or checks.

Digital Payments 163

Digital Payments Online and Mobile Banking Contactless Payments Payments 163

PYMNTS

JUNE 4, 2018

When Prelude Software was getting its start 30 years ago, fixing payments for insurance carriers meant solving for what EVP Bill Clausen called a “benign but important request,” which was finding a way to switch from pre-printed check stock to blank check stock. The two firms officially announced their partnership this morning.

Checks 40

Checks Payee Treasury Instant Payments 40

Stax

MARCH 14, 2024

While wire transfers and checks are quite common, the corporate credit card market is projected to have a compound annual growth rate (CAGR) of 7.3% While traditional B2B payment methods like wire transfers and checks remain common, the corporate credit card market is projected to grow at a CAGR of 7.3% These are the most common: 1.

B2B 88

B2B Process B2C Credit Cards 88

PYMNTS

OCTOBER 23, 2017

TransCard CEO Greg Bloh knows that paper checks are a sticky challenge in B2B payments. There are well-documented instances of how much reliance organizations still have on checks, even though this has been something that has been trying to be addressed for 10 to 15 years,” he recently told PYMNTS.

B2B 45

B2B Payee ACH Payer 45

PYMNTS

JULY 5, 2020

The service is also payment-agnostic, able to verify accounts for payments including wire transfers, automated clearing houses (ACH) and real-time payments.

Faster Payments 96

Faster Payments Payment APIs and Integration Wire Transfer Real Time Payments 96

PYMNTS

AUGUST 13, 2020

He discussed why the pandemic is eroding paper checks’ ability to persist and detailed how robust transaction platforms and straightforward payment contracts can reduce complexities and accelerate payouts. It also enabled payments to be tracked and issued via automated clearing house (ACH), wire disbursement or check.

Payee 57

Payee ACH Checks Alternative Payment Methods 57

PYMNTS

JULY 25, 2018

While 54 percent of those scams involved wire transfers, more than a third targeted check payments. This means that, though ACH payments have developed a reputation of greater security compared with checks, BEC scammers are also committing the scam to request fraudulent ACH transfers, too.

Scams 55

Scams Business Email Compromise AFP Wire Transfer 55

PYMNTS

NOVEMBER 15, 2019

When the history of the paper check is written someday, scholars will not note it was the best payments form, nor the fastest, cheapest or most beloved. Paper checks in the closing days of the 2010s are not only less than beloved, they are also widely disliked. That customers want instant payments is not a fact that can be contested.

Instant Payments 49

Instant Payments Innovation Payee Payments 49

PYMNTS

SEPTEMBER 26, 2019

Common forms of pull payments include debit cards and paper checks. Account holders who provide authorization do not necessarily know when payees will withdraw the promised funds and may not remember to keep enough money in their accounts to cover the costs. When ‘Pull’ is Not Fast Enough.

Payer 67

Payer Real Time Payments Push-to-Card Payee 67

PYMNTS

DECEMBER 8, 2017

Israch was surprised to learn that nearly one-third of companies (32 percent) are still not screening payees for anti-money laundering, drug trafficking, terrorism, the Office of Foreign Assets Control (OFAC) and other red flags. Global ACH is a great hybrid because it’s fast, secure and inexpensive to send, he explained.

Cross-Border 40

Cross-Border OFAC Wire Transfer Payee 40

Nanonets

SEPTEMBER 30, 2023

This includes verifying the details, checking for compliance with regulatory requirements, and ensuring that the recipient's account is credited with the specified amount. Delays can occur due to factors such as time zone differences, intermediary banks, and compliance checks. SWIFT Fees: Who Pays?

SWIFT 52

SWIFT Wire Transfer Payments Wire 52

PYMNTS

MAY 11, 2020

Others believe there’s a paper check coming but find no details on the IRS “Get My Payment” web portal set up to track the progress of funds. That’s the kind of flexibility payees require now, although much remains unclear in early May. People want answers. Here’s one that provides clarity on the matter: “As the U.S.

Online and Mobile Banking 52

Online and Mobile Banking Multi-Currency Digital Currency Federal Reserve 52

PYMNTS

JULY 31, 2019

With NetNow, he said, Tipalti already has existing relationships with payers and payees and “a huge source of data” at the ready, enabling it to provide accounts payable and remittance services for clients. Payment processing can begin on the same day (although payments, done through wire, check, U.S.

Faster Payments 69

Faster Payments Payee Payments Underwriting 69

PYMNTS

SEPTEMBER 18, 2018

Most commonly, those payments are sent by automated clearing house (ACH). That company might originate an ACH transfer to pay that $10,000 transaction and send the payee an email to say the payment is on the way. The remittance detail, however, is typically sent separately through an email or an email with an attachment.

Lockbox 68

Lockbox FinTech Payer ACH 68

Nanonets

MARCH 30, 2023

This includes approving payments, sending them through different payment methods such as ACH transfers, checks, wires, and virtual card payments. One of the most common methods of automated payment systems is ACH transfers. The originator bank compiles all the POs and sends them to an ACH for processing.

Automation 52

Automation Transactions Wire Transfer ACH 52

PYMNTS

DECEMBER 10, 2019

The convergence of accounts payable (AP) and accounts receivable (AR) continues as banks and FinTechs collaborate on new solutions that pull double-duty, tackling friction for both payers and payees. The tool also supports digital payments through AvidXchange’s ACH solution, AvidPay Direct, as well as other payment methods.

Payee 52

Payee Payer B2B Accounts 52

PYMNTS

NOVEMBER 19, 2020

With all of the problems and challenges 2020 has thrown at us, the last thing anyone needs is a nagging perceptual rift between payees and payers about what “instant” means. The] majority of payments are received via old-school methods, including three- to five-day ACH, checks and cash. Yet, there it is. An average of 50.1

Instant Payments 94

Instant Payments Non-Bank Payer Payments 94

PYMNTS

OCTOBER 10, 2018

When it comes to business-to-business (B2B) transactions, paper checks are often the villain, cards an expensive but quick underdog, and ACH and its non-U.S. “Not every country has an ACH-compatible option, so wires as a payment method are still necessary for cross-border payments.” counterparts are not available.

Wire Transfer 46

Wire Transfer Wire Wires Cross-Border 46

PYMNTS

JANUARY 12, 2021

And if you were to ask, the government would likely affirm that it’s offering citizens payment choice when it comes to disbursements: check or ACH. They know addresses, Social Security numbers, names, earnings, dates of birth and more. As Edwards noted: "This is not an insurmountable problem, but it is a problem.".

Governance 90

Governance Government IRS Payer 90

Nanonets

SEPTEMBER 21, 2023

This paperless process has revolutionized the payment industry, replacing paper checks and manual processing with automation and electronic transfer of funds. EDI payment replaces paper checks and manual processing with automation and electronic transfer of funds. ACH, wire transfer).

Payment Solutions 52

Payment Solutions Payee Payments Payer 52

PYMNTS

OCTOBER 31, 2019

It’s a service designed around the ubiquity of the paper check, and with checks still a popular payment tool in B2B transactions, lockbox services remain in high-demand. It’s great to get a check, or wire, or ACH, but if you don’t know what it’s to be applied to, you have a huge cash application and reconciliation challenge.”.

Lockbox 43

Lockbox Remittance Data Checks RTP 43

PYMNTS

JUNE 20, 2016

In a press release , the financial institution said that check usage may be slowing but the issuance of paper as a form of payment still tops more than 3 billion checks annually. In terms of payments options, businesses can choose checks, ACH and other methods across a single electronic file, noted the firm.

Tax Refunds 40

Tax Refunds Payee Treasury Management Payments 40

PYMNTS

MARCH 6, 2018

That integration means the companies can help suppliers that wouldn’t normally be able to accept card payments from their corporate clients; Noventis and Comdata added that virtual cards will help eliminate paper checks in the B2B transaction process. Now we can use each other’s technology to improve our own capabilities.”.

ACH 46

ACH NACHA Commercial Card B2B 46

PYMNTS

JANUARY 14, 2020

When stacked up against a paper check, money that is instantly loaded to one’s digital account of choice seems an obviously superior option. Why are checks holding on so powerfully in the world of legal payouts? Checks will work, and they are what have always been used. “If Turning it into cash makes it real and certain.”.

Legal 52

Legal Instant Payments Checks Settlement 52

PYMNTS

JANUARY 21, 2020

You can imagine: six days to create the invoice, a couple of days to send it out, and then the customer has to process it and make a payment, perhaps by mailing a check.” Rather, it’s the choice itself that encourages businesses to pay faster, whether it be through card, ACH or Apple Pay. Tackling a Late Payment.

Accounts 64

Accounts Payee Automation Payer 64

PYMNTS

AUGUST 7, 2018

businesses, more often than not, pay their suppliers via paper check still draws quizzical reactions from professionals abroad. understand that paper checks are slow, expensive and risky, and yet they endure. The revelation that U.S. The corporate and financial services communities in the U.S.

B2B 40

B2B Federal Reserve Payee FedWire 40

PYMNTS

NOVEMBER 18, 2020

Just ask the estimated 42 percent of small- to medium-sized businesses ( SMBs ) that continue to use paper checks to make B2B payments. As he told PYMNTS, the coronavirus crisis created an environment in which businesses migrated from checks to electronic payment methods out of necessity. But there is more work to be done.

RTP 82

RTP Use Case Real Time Payments ISO 20022 82

PYMNTS

JULY 27, 2020

And it means, counterintuitively, that support for old-school forms of payment like checks and ACH have to remain in place for the slightly less than 10 percent of consumers who remain committed to them over time. The payee has choice and is willing to pay a fee, and the payor has created a new revenue stream.

On-Demand 91

On-Demand Instant Payments Push-to-Card Treasury 91

EBizCharge

JULY 15, 2024

Scheduled payments: Scheduled payments refer to predetermined and agreed-upon dates when payments for invoices are to be submitted by a payer to a payee. It allows the payee to manage their cash flow and budget expectations while providing the payer with a clear timeline for financial obligations.

Disputes 52

Disputes Payer Legal Service Provider 52

Nanonets

NOVEMBER 30, 2023

  7 - Optimize Electronic Payment Methods Best practices in accounts payable include making electronic payments rather than using paper checks to pay vendors. Fraudsters have expanded the frequency of stealing paper checks in the mail and washing checks to fraudulently revise payees and amounts and steal money from the payers.

Best Practices 52

Best Practices Accounts Automation Electronic Funds Transfer (EFT) 52