AI-ID Generative AI Tracker Series
Inside the March 2024 report
NCR Voyix Digital-First Banking Tracker Series
Inside the March 2024 report
• Businesses and consumers are of one mind in favoring the adoption of instant payments, yet the enduring use of traditional payment methods hints at the challenges of this transition.
• For financial stakeholders, the rollout of FedNow in addition to the RTP network is affirming the future of U.S. real-time payments, helping to popularize the method for use cases throughout the economy.
• Assessing the technical and operational requirements for the integration of instant payment rails offers a window onto the practical complexities of deploying these next-generation payments platforms — a crucial view for financial stakeholders evaluating their payment innovation agendas.
Ingo Payments Money Mobility Tracker Series
Inside the March 2024 report
The Clearing House Real-Time Payments World Map Tracker Series
Inside the March 2024 report
AI-ID Generative AI Tracker Series
Inside the February 2024 report
PYMNTS Trackers
Inside the February 2024 report
The Clearing House Real-Time Payments Tracker Series
Inside the February 2024 report
• Adoption of open banking in the U.S. could shift into high gear with a recent rule proposal from the Consumer Financial Protection Bureau requiring FIs to share data with both consumers and third parties. However, industry support for the proposed rule as written is far from unanimous.
• Industry groups are not alone in their concerns. Both consumers and businesses could benefit from having better access to bank data, but their perceptions of open banking’s cybersecurity risks are also posing barriers to adoption.
• Despite the hurdles, open banking’s potential to revolutionize the payments industry is clear. Financial service providers could have unparalleled access to banking data, allowing them to make real-time payments implementations more readily than ever before.
Ingo Payments Money Mobility Tracker Series
Inside the February 2024 report
Galileo Embedded Finance Tracker Series
Inside the February 2024 report
• BNPL financing has become widely popular in recent years as a means of defraying the increasing costs of many goods, especially among younger consumers with less spending power but greater digital savvy.
• Surging consumer demand has spurred many banks and FIs to offer BNPL services of their own as a way of attracting new customers. Many institutions are tapping third parties to help them achieve their BNPL ambitions.
• FinTechs may have been quicker on the BNPL draw than banks, but traditional FIs are catching up fast. Their ability to offer comprehensive and trusted financial services could give them the edge in the long run.
NCR Voyix Digital-First Banking Tracker Series
Inside the February 2024 report
• Through open banking, banks and FIs could go far to satisfy consumer demands for enhanced payment experiences and drive adoption of innovative banking tools, thereby positioning themselves as leaders in the dynamic open banking landscape.
• Open banking holds immense potential to radically enhance the payment journey, but its widespread adoption remains held back by concerns over data privacy and security, both of which are significant roadblocks to building consumer trust. Banks and FIs are slowly acknowledging these obstacles and working to address them.
• The regulatory landscape for open banking is in its early days, but activity is intensifying. Regulator and stakeholder participation should focus on codifying a regulatory framework that balances the needs of consumers with the requirements of banks and FIs — key for broader consumer acceptance of the open banking system and its long-term durability.
The Clearing House Real-Time Payments World Map Tracker Series
Inside the February 2024 report
Ingo Payments Money Mobility Tracker Series
Inside the February 2024 report
American Express B2B and Digital Payments Tracker Series
Inside the January 2024 report
• New construction in the United States continues its impressive growth trajectory since 2021, but construction remains one of the sectors most burdened by the late payments that surged at the onset of the pandemic for industries across the board.
• Because of the slow payments that plague the construction industry, cash flows out of these businesses much faster than it flows back in.
• Digital payment innovations are beginning to help, but their swift implementation is crucial to assure the construction vertical’s continued upward rise.
• PYMNTS Intelligence interviews Chris Doyle, CEO of construction payments platform Billd, on why industry stakeholders — and subcontractors in particular — need faster payment solutions that rest on a solidly digital foundation.
The Clearing House Real-Time Payments Tracker Series
Inside the January 2024 report
• Perceptions about risk are hindering the adoption of real-time payments, as many companies and consumers are hesitant to leverage these rails for fear of fraud and cybercrime. AI offers the potential to effectively manage these complications.
• Balancing the need for security with a fast and convenient customer experience is a constant challenge for any payments provider, especially one that intends to operate in real time. AI can be a key tool to deliver on this promise.
• FIs and payments providers are recognizing AI’s potential to eliminate payments roadblocks and accelerate the transaction process by improving fraud detection. Firms that have integrated AI into their systems are reporting numerous successes.
NCR Voyix Digital-First Banking Tracker Series
Inside the January 2024 report
• Cash is fast losing its supremacy. Amid the ongoing global rise of digital culture, young consumers are increasingly opting for digital wallets and other payment alternatives, compelling businesses to pivot toward contactless and digital payment methods — and reckon with the digital-forward ethos driving their popularity.
• The digital payments wave is sweeping through the financial sector, forcing traditional banks and FIs to adapt or perish. The competition from payment FinTechs and even retail brands themselves is pushing financial industry stalwarts to reinvent their approach to payments — and even reassess long-standing retail banking models.
• More than just the art of paying is on the drawing board. The underlying concept of transacting itself is being redrawn by the hands of advanced payments technologies. From pay-by-bank tools to the collaborations behind them, the payments industry is witnessing a rapid adoption of these unprecedented technologies in everyday commerce.
Ingo Payments Money Mobility Tracker Series
Inside the January 2024 report
NCR Voyix Digital-First Banking Tracker Series
Inside the January 2024 report
• Digital banking has been on the upswing over the past few years, especially among younger demographics. There are multiple reasons for this change, including ease of use, the closure of physical bank branches amid the pandemic, and the tech-savvy nature of younger consumers.
• While customers generally appreciate digital banking, they still have reservations about the service potential of this technology. Many feel that a balanced approach combining digital technology and human-centric customer interaction could be the best way forward.
• Banks and FIs that fail to balance digital and in-person services run the risk of losing customers to their competitors, a process that, from the customer’s perspective, is now easier than ever before.
The Clearing House Real-Time Payments Tracker Series
Inside the January 2024 report
• As consumers become accustomed to the convenience of online shopping, they now seek out that same level of ease and efficiency when shopping in-store. Streamlining payments is one of the most effective ways to provide that seamlessness.
• Merchants seeking to bolster customer loyalty and to provide a superior customer experience are turning to new payment systems. Among the payment options being explored, real-time payments punch above their weight in terms of enhancing customer satisfaction.
• Customers have more choices than ever for their holiday shopping needs — from brick-and-mortar retailers to a limitless selection of online merchants. With so many options available, it is no wonder that customers are willing to switch merchants should their payment needs go unmet.
Discover Global Network Credit Card Tracker Series
Inside the January 2024 report
• Gone are the days when human interaction was essential to completing a transaction at the traditional point of sale. Now unattended technologies are steering payment experiences as businesses answer consumers’ call for speedy, efficient and touch-free payment options.
• Technologies both old and new are realizing new potential in unattended payments. RFID, once used only to track items, is now part of the unattended experience. Even biometrics is no longer the next frontier: You can now pay using your palm.
• Once relegated only to gas stations and vending machines, unattended payments are now making inroads into all areas where checkout lines discourage customers and where consumers want to be more in control.
The Clearing House Real-Time Payments World Map Tracker Series
Inside the January 2024 report