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- Paychex Announces Health Care Reform Solutions and Resources to Help Ease the Burden on America’s Businesses
- Chase-Seattle Metropolitan Chamber of Commerce Survey: Seattle Area Small Business Owners Significantly More Positive About Their Local Economy Than Small Business Owners Nationwide
- Orchard Supply Hardware Receives Approval of First Day Motions Ensuring Business Continuity Throughout Its Restructuring and Sale Process
- Kroll Bond Rating Agency Assigns Final Ratings to FREMF 2013-K713 and Freddie Mac Structured Pass-Through Certificates
- Level 5 Beverage Company, Inc., a Minerco Resources, Inc. Company, Enters into Brand Management Agreement with Power Brands
PYMNTS Voice
Commentary » PYMNTS Voice
B2B Payments Innovation: Back in the Spotlight?
There was a time not that long ago, when B2B payments innovation was perceived by many to be “out of vogue.” Back in the late 90s and early 2000s, B2B payments innovation was synonymous with an exuberant group of innovative B2B payment exchanges, marketplaces and hubs that failed spectacularly. Moreover, even the secular trends in payments over the last decade have made little impact in the dominance of paper-based payments, which still account for more than 80% of all payment transactions and over 70% of total payments volume in the B2B space. It is perhaps understandable that many entrepreneurs and innovators looked elsewhere for innovation opportunities during the last decade. In fact, with the exception of Remote Deposit Capture solutions, very little B2B payments innovation gained traction in the 2000s.
New Global Payment Schemes: Imitation, the Sincerest Form of Flattery?
Throughout the 1980s and 1990s payment network consolidation in the US and Europe, resulted in a world with only 3 global credit card brands – Visa, MasterCard and American Express, supported by a host of regional/ local debit solutions. However, the desire to avoid the dominance of US brands and expand their domestic card markets, has driven players in China, India and Europe to contemplate their own competitive card schemes to compete with the global dominance of Visa, Mastercard and American Express.
What Has a Bigger Head and Longer Tail? Card Issuing
Its head has gotten bigger and the tail longer and skinner. I'm not talking about a scary monster but about the distribution of purchasing volume for the credit and debit card issuers in the United States.
Collateral Damage from the Financial Crisis: Consolidation and Regulation
The decade ended with the start of the most severe financial crisis the world has faced since the Great Depression of the 1930s. In many respects the payments industry was rock solid during the meltdown. The payment systems processed transactions without losing a beat. While consumers faced a real risk that they would find their retirement accounts dry, and not a banker in town would be willing to give them a loan, they had full confidence that they could pay merchants with any tender type that merchant usually took. Pure payments companies such as MasterCard and Visa not surprisingly held their value while most other stocks crashed.
The Decade’s 12 Greatest Developments in Payments: #12 AmEx Goes Global
The payments industry had quite a decade. In a few days we will be saying goodbye to the first decade of the 21st century. What better time to take a look at the events that have shaken up the payments industry since 2000. Back at the turn of the century MasterCard and Visa were bank-owned associations, knee deep in litigation. Debit cards were growing rapidly and online was still a scary frontier with security concerns and fraud. People weren't paying for anything with a mobile phone and contactless payment was still something only used in exotic locales like Hong Kong.
GAO to Congress on Interchange Fee Regulation: Yellow Light
Last week the General Accountability Office (GAO) released it much awaited report on interchange fees. Congress had asked the GAO, the respected investigative arm of Congress, to wade into this battle between merchants and cards systems earlier this year when it passed the CARD Act. There's something for everyone in this report which is why both merchant and cardholder advocates are claiming that it backs their positions. Here's what GAO finds:
PCI Compliance – To Whom Are You Compliant?
A few years ago, in response to a growing number of data security breaches, the major credit card brands formed the Payment Card Industry Security Standards Council (PCI SSC). Since then the PCI SSC has developed a set of security requirements for all businesses that handle payment cards.
AmEx and Revolution Money - What a Difference a Day Makes
Just two days ago, I posted a question on LinkedIn about the one innovation in 2009 that had the potential to change the landscape for the next 2-3 years.
How Credit Card Reform Impacts What's Next in Payments
I was recently quoted in a Business Week article on October 29th, "Interchange Fees Make Strange Bedfellows" by Brian Burnsed.
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