There are all kinds of ways money can end up “trapped.” It might get trapped in a security deposit, or get frozen in place by new, ill-understood rules and regulations. Friction has great power to hold things in place. Digitization, at its best, can break the ice around frozen-up funds. The challenge, of course, is to free the funds, but only for their owner, while freezing out fraudsters.
Data:
$190 billion: Amount of money in the U.S. tied up in cash security deposits
$57 billion: Potential drop in economic activity European businesses are facing in the first year of SCA
65 percent: Share of organizations that have been victimized by check fraud
44 percent: Share of U.S. bills that are still paid by cash or check
25 percent: Share of European merchants that were aware of SCA mandates as of spring 2019
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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