Improvements in Process: Three Solutions for Faster Payments, Better Processing

Posted by Deborah Peace on Jul 17, 2019 9:30:00 AM

Making it to faster and real-time payments poses real-time challenges for financial institutions as they encounter an exciting new reality. But as the ramp-up continues, there comes the first and most important question: Can our systems handle it?

In search of answers, keep in mind that fast payments shouldn’t mean a rush to judgement. Before racing to replace existing systems, financial institutions should look to modernize them as they implement faster payments step by step. For in truth, the industry’s existing payment systems remain perfectly viable, proven and trusted by customers. Processing methods simply need updates to appear more real-time—even as barriers to customer adoption are removed.

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Topics: Payments

Current Processing Methods in the Countdown to Faster Payments

Posted by Deborah Peace on Jun 19, 2019 9:30:00 AM

For the financial services sector, it is perhaps the ultimate and not-so-amusing irony that the drive towards faster payments has seemingly moved at a snail’s pace. There is good news, though, as the Federal Reserve’s Faster Payments Task Force has finally finished its work and issued recommendations after some 120,000 labor hours. Meanwhile, the technology to support and deliver faster payments is reaching critical mass, moving us close to the reality of real-time payments.

Yet is it enough to hope that old systems can somehow keep up? Such a non-starting strategy will leave financial institutions exactly where they were before the payments revolution began—sacrificing faster payments to remain in the past of payments.  

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Topics: Payments

Market Demand Strengthens for Greater Automation in Delivering Translated EDI Information

Posted by Deborah Peace on Apr 16, 2019 2:00:00 PM


The volume of transfers via the ACH Network is at an all-time high, proving that consumers are increasingly using ACH payments for more regular, predictable transactions. NACHA credits the massive growth to both an increase in bill payments and account-to-account transfers, which grew 24 percent, as well as a rise in business-to-business payments, which rose 13 percent.

This increase among B2B payments underscores the demand for ACH among business customers; therefore, financial institutions should consider offering a service that allows businesses to easily exchange payments with other businesses, as they often initiate regular payments between one another.

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Topics: Payments

The Role of Third-Party Payment Apps

Posted by Deborah Peace on Mar 13, 2019 9:30:00 AM


Understanding the Various Payments Systems Series: Blog 4

In the wake of new and expanded payments methods like same-day ACH and Real-Time Payments (RTP), another option that continues to make headlines is the use of third-party payment apps like Venmo and Zelle.

In our previous two blogs, we discussed the unique differences and use cases for same-day ACH and RTP, but financial institutions and their account holders must also have a clear picture of third-party apps and their use cases. Only then will they be able to leverage the different methods to their full potential and adequately support them from a strategic standpoint.

The Rise of Third-Party Payment Apps

Third-party payment apps have been growing in popularity, and are a sound option for peer-to-peer (P2P) transactions. For P2P payments, this method is extremely convenient because it uses an identifier, such as a phone number or email address, so that consumers do not have to disclose their bank account information.

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Topics: Payments

Which Faster Payments Method is Better?

Posted by Deborah Peace on Feb 13, 2019 9:30:00 AM


Understanding the Various Payments Systems Series: Blog 3

Today, there are more ways than ever for consumers and businesses to transact payments quickly, specifically, with the Venmo, Zelle, same-day ACH and most recently, The Clearing House’s real-time payments system. Although these different methods may seem the same or are perceived as “instant” payment methods, they are not.

With so many options, it can be very confusing, which is why we have broken down what each is, their specific use cases, and which type is better.

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Topics: Payments