Where consumers once had to wait for payments to post, they now expect their money to move instantly between accounts. Maximum money mobility is the new imperative of a digital-first economy, but the faster money moves, the greater the risk of fraud. Despite these risks,...
The gig economy is a changeable landscape where worker retention is becoming an issue. It’s also an ideal use case for instant and real-time payouts. Real-time payments cure a host of ills in a sizeable gig sector that today includes rideshare and food delivery drivers,...
Digital payments and banking had been on the rise for years when the pandemic’s shutdown of physical storefronts pushed much of retail and banking online. Recent PYMNTS research found that 69% of all consumers now bank using their financial institutions’ (FIs) mobile apps, and 47% of...
How money moves from account to account must be fast, secure, accessible and transparent, says Regions Bank’s Tim Mills in the latest "Money Mobility Tracker." He says that digital tools and increased FI awareness are driving the change.
Financial services providers face many choices when determining the best way to offer customers money-out mobility, and the temptation to lean too heavily on in-house solutions may cause some to overlook the benefits of partnerships. Lack of familiarity with the work that comes after a...
“Citizens expect that their government is an efficient steward of its financial resources; provides financial information that is accurate; and offers financial interactions that are modern, seamless, inclusive and secure.” — Federal Financial Management Vision, 2022 When we think of efficiency and cutting-edge technologies, government...
The share of disbursements received via instant payment rails has tripled since 2020, approaching even that of the most common method, same-day automated clearing house (ACH), which commands 22% of disbursements received. In 2021, 17% of all disbursements received were through instant payment channels, compared...
For all our tech advances, moving money quickly and reliably is still a challenge — especially on a global scale. In the latest "Money Mobility Tracker," Wise’s Sharon Kean looks at how integrating domestic financial systems, working with local partners and automating risk management can...
Consumers are increasingly dependent on digital channels for financial accounts but often still want to use nondigital channels when dealing with complex or unfamiliar areas. While 71% of surveyed consumers said they would be comfortable opening a new credit card account digitally, just 23% said...
