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B2B and Digital Payments - February 2024

Inside the February 2024 report

  • PYMNTS Intelligence interviews Hicham Oudghiri, co-founder and CEO at Enigma, and Anthony Peculic, head of banking as a service and cards, FinTech banking at Cross River, about how the financial pressures on SMBs are shaping a move toward data-fueled alternative financing.
  • As small businesses consider their options for managing their finances in the present economic climate, business cards are proving to be an essential addition to their toolkit.
  • SMBs are more likely to have business cards than any other form of business financing, but an equal share report having personal cards available for business contingencies.
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The Clearing House Real-Time Payments Tracker Series

The Clearing House Real-Time Payments Tracker Series Cover Image
Can Open Banking Win Trust to Drive Real-Time Payments?

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.


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Ingo Payments Money Mobility Tracker Series

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Money Mobility - February/March 2024

Inside the February 2024 report

  • Real-time payouts could be a boon for insurers and their customers, but putting these payments into practice has its difficulties.
  • Despite the challenges inherent in instant payment systems, many insurers are making moves in the real-time space.
  • Implementing real-time disbursements can be a tall task for insurers’ accounting teams, prompting many to partner with FinTechs to address this hurdle.
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Galileo Embedded Finance Tracker Series

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Build Now, Not Later: How Banks Can Seize the BNPL Opportunity

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.


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NCR Voyix Digital-First Banking Tracker Series

NCR Voyix Digital-First Banking Tracker Series Cover Image
Can Banks and FinTechs Bridge the Divide to an Open Banking Future?

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.


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The Clearing House Real-Time Payments World Map Tracker Series

The Clearing House Real-Time Payments World Map Tracker Series Cover Image
Real-Time Payments World Map - February 2024

Inside the February 2024 report

  • The National Bank of Angola has entered the second phase of its 24/7 Real-Time Payment System by extending the weekday service to include Friday and Saturday mornings.
  • Mastercard and The Clearing House recently announced a multiyear extension of their payments partnership.
  • Canadian businesses can now receive customer payments in real time through instant payments offering Flinks Pay.
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Ingo Payments Money Mobility Tracker Series

Ingo Payments Money Mobility Tracker Series Cover Image
Money Mobility - February 2024

Inside the February 2024 report

  • Errors, delays and other inefficiencies plague private and federal student loans.
  • Many financial service providers view students as a captive audience and, as a result, are less inclined to provide better products.
  • Electronic disbursement methods, such as direct bank transfers and digital wallets, offer unparalleled speed and efficiency.
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American Express B2B and Digital Payments Tracker Series

American Express B2B and Digital Payments Tracker Series Cover Image
From the Ground Up: Rebuilding Payments in the Construction Industry

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.


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The Clearing House Real-Time Payments Tracker Series

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Instant Impact: AI’s Role in Advancing Real-Time Payments

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.


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NCR Voyix Digital-First Banking Tracker Series

NCR Voyix Digital-First Banking Tracker Series Cover Image
Tapping Into the Future of Payments

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.


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Ingo Payments Money Mobility Tracker Series

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Money Mobility - January 2024

Inside the January 2024 report

  • Gamblers have lodged more than 2,400 complaints against online sportsbooks for slow payouts.
  • Implementing instant payouts can improve the odds of return visits from loyal customers.
  • While unilaterally implementing instant payments can be a demanding task for casino IT departments, forging tech partnerships proves to be a more efficient approach.
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NCR Voyix Digital-First Banking Tracker Series

NCR Voyix Digital-First Banking Tracker Series Cover Image
Why Digital-First Banking Does Not Mean Digital-Only

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.


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The Clearing House Real-Time Payments Tracker Series

The Clearing House Real-Time Payments Tracker Series Cover Image
Gift Giver: Payments Innovation Delivers Cheer to Holiday Shoppers

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.


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Discover Global Network Credit Card Tracker Series

Discover Global Network Credit Card Tracker Series Cover Image
Unattended: The Payments Technology Shifting the Future of Commerce

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.


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The Clearing House Real-Time Payments World Map Tracker Series

The Clearing House Real-Time Payments World Map Tracker Series Cover Image
Real-Time Payments World Map - January 2024

Inside the January 2024 report

  • Real-time transactions are projected to encompass 28% of all electronic transactions globally by 2027.
  • The world is expected to log 511.7B real-time transactions by 2027.
  • Bahrain is forecast to have the highest volume of real-time payments consumer adoption per capita by 2027.
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Sezzle FinTech Tracker Series

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‘Adjustable’ Is the New ‘Agreeable’: BNPL Flexibility for Subscription Success

Inside the January 2024 report

BNPL is quickly becoming a preferred choice for consumers, particularly for millennials. Subscription merchants that seize this opportunity to integrate secure BNPL solutions stand ready to ride this wave of change, capitalizing on BNPL’s potential to drive revenue growth and to build a larger, more sustainable subscriber base.
BNPL could recast the retail subscriber experience, replacing rigid payment models with flexible options that better reflect consumers’ current expectations for seamless payments in an increasingly digital economy.
The surge in retail BNPL usage during peak shopping periods this past year highlights its potential to boost sales and operational efficiency for subscription merchants. Beyond merely driving conversions, BNPL could act as a strategic lever for sustaining subscriber loyalty and mitigating churn, especially after introductory discounts end.


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AI-ID Generative AI Tracker Series

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Generative AI - January 2024

Inside the January 2024 report

  • Generative AI is revolutionizing finance and banking, enhancing consumer interactions and risk models while introducing challenges like data security and systemic decision-making risks.
  • The technology is significantly advancing banking as a service initiatives and embedded finance, with applications ranging from personalized customer services to anti-money laundering programs.
  • PYMNTS Intelligence examines the actions that regulators are taking to address risks associated with generative AI, particularly in areas of model explainability.
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Sezzle FinTech Tracker Series

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From Checkout to Growth: BNPL’s Sprint Picks Up Pace

Inside the December 2023 report

This year’s Black Friday and Cyber Monday shopping extravaganzas unveiled a turning point in the BNPL narrative, solidifying its role as a driver of retail conversions. The steep climb in the volume of BNPL transactions made clear the growing consumer preference for flexible payment options — both online and in-store.
BNPL’s success since the kickoff of holiday shopping this year underscores the industry’s potential to boost merchant sales and reinforces its place as a newly formed cornerstone of consumer retail strategy.
BNPL is stepping up its game, growing beyond retail to also empower small businesses and business-to-business (B2B) markets. This expansion signifies BNPL’s versatility as a payments and financial tool for all, from everyday shoppers to small business owners.


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Galileo Embedded Finance Tracker Series

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Promising Payments: Digital Payments Gain Ground in Latin America

Inside the December 2023 report

The digital payments ecosystem in Latin American is evolving rapidly. While cash once dominated the payments scene, consumers are quickly moving to digital alternatives, many of which operate in real time.
Payments are just one part of the digital banking revolution underway in Latin America. Consumers are also changing the way they shop, leveraging the constant internet connection provided by their smartphones to check for deals, make payments and interact with digital tools offered by the stores themselves, both online and offline.
Keeping pace with the rapidly evolving paradigm of Latin American consumer payments can be challenging, but companies that meet customers where they are will be richly rewarded.


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American Express B2B and Digital Payments Tracker Series

American Express B2B and Digital Payments Tracker Series Cover Image
B2B and Digital Payments - December 2023

Inside the December 2023 report

  • PYMNTS Intelligence interviews Christina Wagner, Senior Vice President of Strategy and Transformation at Worldpay from FIS, about how SMBs can tap into the current holiday spirit to flourish in the new year — and thereafter.
  • A new survey finds that consumer interest in shopping with small businesses for the holidays is on the rise.
  • At the intersection of two growing trends — buying online and shopping small — lies a digital payments opportunity for SMBs that is too important to be missed.
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