PYMNTS

SEPTEMBER 26, 2019

Consumers, businesses and governments are seeing faster payments as a path to greater convenience and financial security, and this growing demand is spurring payments services providers (PSPs) to meet this need in a swift, secure manner. Common forms of pull payments include debit cards and paper checks. When ‘Pull’ is Not Fast Enough.

Payer 67

Payer Real Time Payments Push-to-Card Payee 67

PYMNTS

NOVEMBER 24, 2020

Reid noted that, although there are no upfront fees for making payments by checks, there are glaring inefficiencies tied to payments made by paper means. In a typical funds transfer, payments are irrevocable, and compromised purchasing cards can represent a huge area of exposure for a corporate buyer.

Commercial Card 72

Commercial Card Accounts Cross-Border Payments Cross-Border 72

PYMNTS

JULY 22, 2020

AP payment automation will allow businesses to print paper checks from home or at the office, removing the need to spend several days in the office every month and creating an AP department that can operate fully remotely if necessary. CFOs have had checks hand-delivered to their doorsteps or unusual rendezvous points for signing.

Automation 60

Automation Accounts Irrevocability Checks 60

Nanonets

AUGUST 26, 2024

Simply checking for keywords such as “invoice”, “receipts”, etc., Rule-based OCR is however not very useful when the documents to be classified are non-standard or there are too many keywords that must be input as rules for checking.

Rules 97

Rules Non-Bank Checks Irrevocability 97

PYMNTS

APRIL 2, 2019

RTP adoption has since spread across myriad industries and uses cases, ranging from companies paying suppliers, each other and their consumers to government entities making payouts to firms or individuals. It wasn’t the first to roll out such a system, but it was the first “major payments upgrade” in the U.S. in approximately four decades.

Real Time Payments 49

Real Time Payments RTP Payer Irrevocability 49

PYMNTS

JUNE 3, 2020

Real-time payments, he said, “increase the attack surface” for fraudsters and are attractive for two reasons: speed and the fact that the payments are irrevocable. Tharle said real-time payments have increasingly seen adoption across the globe, as seen in volumes reported in Europe, Australia and the U.S.

Business Email Compromise 71

Business Email Compromise Email Compromise Real Time Payments Authentication 71

PYMNTS

JANUARY 21, 2019

The letter highlighted that access to the payments systems today is only possible through incumbent intermediaries – the banks and the card networks – which have not kept pace with the needs of consumers and businesses. Their support of the Fed as the answer to all that ails faster payments seems particularly well-timed.

Faster Payments 77

Faster Payments Same Day ACH Fed Real Time Payments 77

PYMNTS

OCTOBER 8, 2019

Consumers, not so much. In fact, as Ingo Money CEO Drew Edwards pointed out to Karen Webster in the most recent edition of their “how to instant” conversations, consumers more or less don’t know the payments rails exist — and are really only ever concerned with a single question: “How am I gonna get my money?”.

Instant Payments 49

Instant Payments Push-to-Card Payments Settlement 49

PYMNTS

OCTOBER 21, 2020

Digital and mobile payments are surging as businesses and consumers transact from home, and this increased digital engagement has opened the door to more financial crime.” While that may seem to be a benefit for consumers, it can be a double-edged sword,” Yuval Marco, general manager of fraud and authentication at NICE Actimize told PYMNTS.

P2P 56

P2P Security MFA Financial Crimes 56

FICO

OCTOBER 20, 2020

The short answer is that instant, irrevocable payments are very attractive to criminals, who are further emboldened by the UK’s Contingent Reimbursement Model (CRM) Code , enacted in May 2019, which requires banks to support APP scam victims. Here’s a preview: Q: Why is the UK a hotbed of APP scam activity? In contrast, 2.1

Scams 52

Scams Irrevocable Payment Push-to-Card Irrevocability 52

PYMNTS

APRIL 22, 2019

Since these transactions are irrevocable, pre-transaction authorization and Know Your Customer (KYC) checks are even more essential in the risk mitigation process. For businesses, this would similarly represent a significant change in operations when transactions occur.

Faster Payments 63

Faster Payments Center for Payments Real Time Payments Payments 63

PYMNTS

JANUARY 3, 2020

Rarely do consumers and businesses agree on anything as much as they have on instant. The return on investment (ROI) of instant is obvious from the get-go: It requires no printing of watermarked paper checks , no envelope or postage and, most importantly, no more waiting for money to clear. Perception Becomes Reality. Risk vs. Reward.

Instant Payments 60

Instant Payments Payments Push-to-Card Ubiquitous 60

FICO

DECEMBER 23, 2019

Consumers are conditioned to want every digital interaction to be fast, faster, fastest. Even the most aware and astute consumers can unwittingly give fraudsters financial credentials. As payments made using real-time payment schemes are irrevocable, the victims cannot reverse a payment once they realize they have been conned.

Online and Mobile Banking 52

Online and Mobile Banking Credential Scams Irrevocability 52

FICO

DECEMBER 5, 2017

Authorised push payment fraud, also known as APP fraud, happens when fraudsters deceive consumers or individuals at a business to send them a payment under false pretences to a bank account controlled by the fraudster. Authorised push payment fraud is notoriously difficult for banks to prevent.

Romance Scams 52

Romance Scams Real Time Payments Scams Payments 52

FICO

JUNE 15, 2023

Gone are the days of reaching into my pocket for a wallet , counting out bills or wiggling a credit card free or (if you can even remember these days) finding a checkbook and filling out a paper check. Fraudsters love this change and have been scamming consumers and businesses at full speed with all sorts of sneaky, dirty tricks.

Scams 52

Scams Real Time Payments Smishing Same Day ACH 52

FICO

OCTOBER 20, 2020

The short answer is that instant, irrevocable payments are very attractive to criminals, who are further emboldened by the UK’s Contingent Reimbursement Model (CRM) Code , enacted in May 2019, which requires banks to support APP scam victims. Here’s a preview: Q: Why is the UK a hotbed of APP scam activity? In contrast, 2.1

Scams 40

Scams Irrevocable Payment Push-to-Card Irrevocability 40

FICO

DECEMBER 20, 2022

What scammers see here is a big patchwork of payment options that offer a way to take money directly from consumers, and that change popularity with the social media tides. Scammers can hide in plain sight and use social engineering and direct outreach to consumers to coerce individuals to make instant, irrevocable payments.

Digital Payments 52

Digital Payments Scams BNPL ACH 52

PYMNTS

NOVEMBER 19, 2019

And we came along with ubiquitous mobile remote deposit capture, so now consumers can put their checks into any account they want from a single app in minutes.”. That’s not sticky service in the modern sense of the term — it’s the bad kind of sticky that consumers want to wash off. Meeting the Challenges .

Instant Payments 43

Instant Payments Online and Mobile Banking Remote Deposit Capture Push-to-Card 43

PYMNTS

OCTOBER 30, 2019

The payment is irrevocable, and can’t be clawed back. In the old world of analog check payments, a fraudster would steal checks, endorse them and have them cashed before the payee could call in and report that their payment hadn’t arrived. That can seem rather intimidating, she said, but a few facts bear considering.

Instant Payments 41

Instant Payments Payee Payments Risk 41

Seon

APRIL 18, 2024

Facing this growing threat, the financial sector, consumers and businesses must adapt to meet a challenge of scale. Digital footprinting extends beyond the basic verification checks, like cross-referencing bank account details with account holder names; this type of confirmation isn’t enough.

Authorization 52

Authorization Technology Fraud Prevention Real Time Payments 52

Nanonets

SEPTEMBER 8, 2023

It's a massive upgrade to the traditional paper checks. per transaction and is generally not passed on to consumers or vendors. Once a wire transfer has cleared, it becomes irrevocable, with a few exceptions. Businesses create batches of ACH transactions, which are cleared as a single unit by the network.

Wire Transfer 52

Wire Transfer Wires Wire ACH 52

Global Fintech & Digital Assets

OCTOBER 31, 2023

Conclusion In signing the bill into law, Governor Newsom noted that “ambiguity of certain terms and the scope of this bill will require further refinement in both the regulatory process and in statute to provide clarity to both consumers, regulators and businesses subject to this new licensure framework.”

Laws 52

Laws Stablecoins Issuers Legal 52

PYMNTS

AUGUST 12, 2019

Senator Elizabeth Warren asks in a campaign ad, ignoring the fact that 93 percent of working Americans have their checks directly deposited into their bank accounts – ready for use on payday – using the ACH network. For most people, it has been a long time since they received a paper check that had to be deposited at the bank.

Real Time Payments 78

Real Time Payments FedNow TCH Fed 78

PYMNTS

FEBRUARY 11, 2019

may be perceived as being a bit behind the demand of consumers. Now, we have checks, we have wires, we have ACH. As Ruhe offered: “Faster payments can just mean electronic instead of check. The flip side, as Webster added, is that when payments are done instantly and on demand, they are irrevocable.

Faster Payments 78

Faster Payments Real Time Payments Same Day ACH Payments 78

PYMNTS

MARCH 7, 2016

But that, coupled with the value of interacting with real human beings who can help “close the sale” and treat loyal customers like VIPs, is among the reasons that physical retailers want nothing more than to have consumers step foot in their stores. And paying for stuff was a breeze, too.

Online and Mobile Banking 46

Online and Mobile Banking Payments Financial Inclusion Same Day ACH 46