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The demand for fasterpayments is ringing louder than ever during the economic downturn. Businesses need to maintain smooth revenue streams and are working hard to avoid being hit with painful late client payments or delayed access to their earnings while also ensuring their workers are paid promptly.
While financial services (FinServ) innovations often emerge with built-in security measures, new market trends — including fasterpayments and open banking — are introducing new security threats to corporate treasury departments, according to cybersecurity company BioCatch. In the case of Same Day ACH in the U.S.,
PNC Bank ’s treasurymanagement division recently sought to provide an alternative by offering companies capabilities for suppling employees with prepaid debit cards and then pushing payroll over fasterpayment rails onto those tools. Inside Businesses’ FasterPayments Selections. About The Report.
New fasterpayment initiatives are popping up around the world, from Saudi Arabia to Brazil to Australia. According to the latest PYMNTS FasterPayments Tracker , Same Day ACH volume has seen a 24 percent increase year over year between the first quarter of 2018 and the first quarter of 2019. In the U.S.,
Commercial and virtual cards, meanwhile, support fasterpayments to vendors while enabling payers to retain their capital for longer, too, as well as the opportunity for rebates and rewards. For many businesses, which paymenttool is best depends on many factors, from what their vendors prefer to payers’ own cash positions.
In the flurry of payments innovation, it can be difficult to remember that legacy tools remain commonplace, especially in corporate payments. It’s a service designed around the ubiquity of the paper check, and with checks still a popular paymenttool in B2B transactions, lockbox services remain in high-demand.
Mastercard , too, has been making deeper inroads in the commercial payments space. Last May, the company explored how its Mastercard Send solution, which began as a peer-to-peer (P2P) push paymentstool, would break into the B2B market. American Express’s Blockchain Patent.
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