NCR Voyix Digital-First Banking Tracker Series
Inside the May 2024 report
Economic shock waves from fraud lead to a costly cycle, compelling banks and FIs to redirect resources from innovation to immediate threat mitigation. This redirection stalls critical innovation agendas, with profound implications for the financial industry.
Balancing the push and pull between innovating digital banking services and enforcing stringent security measures is a daunting challenge for banks and FIs. Achieving equilibrium, however, is crucial for preserving a competitive edge while maintaining consumer trust.
Security threats are evolving at a rapid rate. The enduring questions are whether banks and FIs can outpace and counteract the tactics of fraudsters while fulfilling the growing consumer expectations for innovative security and convenience.
The Clearing House Real-Time Payments World Map Tracker Series
Inside the May 2024 report
Ingo Payments Money Mobility Tracker Series
Inside the April 2024 report
The Clearing House Real-Time Payments Tracker Series
Inside the April 2024 report
Instant payments could benefit all reaches of the travel and hospitality industries, as customers enjoy a better experience, companies see higher revenues and workers get faster payouts.
Business travel is a significant revenue driver for the travel and hospitality industries. However, travelers typically cover expenses out of pocket, relying on subsequent reimbursement by their companies. Accelerating this process could be a huge help in alleviating financial strain and improving business travelers’ overall experience.
Although businesses face challenges in adopting new payments technology, savvy travel and hospitality firms recognize the competitive advantage instant payments offer and are seizing the opportunity.
Galileo Embedded Finance Tracker Series
Inside the April 2024 report
Traditional FIs are increasingly contending with competition from challengers, especially as younger generations look outside their primary banks for certain financial services. In fact, studies show that young consumers favor using a service, card or app from a provider other than their bank for online payments.
New banking systems are often difficult to integrate into existing technology stacks. Despite the integration challenges, many banks are pressing ahead with new embedded finance strategies to expand product offerings and enhance customer loyalty.
Rather than attempting to wedge one-size-fits-all digital solutions into existing technology stacks, banks can embrace a far more agile and future-proof approach. Composable banking allows for seamless integration of best-of-breed components and services from a vast ecosystem of innovative technology partners.
American Express B2B and Digital Payments Tracker Series
Inside the April 2024 report
Some of the healthcare industry’s most pressing operational pain points arise from inefficient and outdated payments and claims processes that threaten the industry’s financial health.
As digital transformation continues to make its way into everyday life, the healthcare industry is increasingly ready to explore its potential. Innovators across the industry are tackling inefficiencies and improving patients’ experiences — one payment at a time.
While digital payments can profoundly improve the healthcare industry — from patient experiences to operational efficiencies — they also face resistant challenges, the solutions for which are neither easy to implement nor industry-standard.
PYMNTS Intelligence interviews Misty Meraz, Vice President, Healthcare and Public Sector Payment Solutions at Elavon, on how healthcare organizations can improve patient collections by adopting an omnichannel payments strategy.
Ingo Payments Money Mobility Tracker Series
Inside the April 2024 report
The Clearing House Real-Time Payments World Map Tracker Series
Inside the April 2024 report
NCR Voyix Digital-First Banking Tracker Series
Inside the April 2024 report
As banks and FIs increasingly implement AI tools, the financial industry’s morphology will rapidly undergo unprecedented change. All facets of the industry, from how leaders strategize and operate to how the labor force carries out tasks, will be touched by this transition.
Pain points threaten to drive nearly half of United States retail banking consumers into the arms of Big Tech for their financial needs. Can AI deliver on the promise of revolutionizing the retail banking experience for good?
The path to realizing AI’s potential for the financial industry is laden with hurdles, from technology and cybersecurity challenges to consumer mistrust.
American Express B2B and Digital Payments Tracker Series
Inside the April 2024 report
In the trenches of modern commerce, SMBs face a persistent battle against the delayed payments that disrupt cash flow and jeopardize their financial health. Manual processes and outdated banking solutions stand at the core of these payment delays.
As SMBs struggle to free themselves from the constraints of manual payment processing, many are turning toward more tailored and integrated solutions offered by banks and FinTechs.
Have SMBs hit a critical inflection point in their cash management strategies? The unique demands — and benefits — of a digital-first economy are driving a growing number of SMBs to turn a corner, with many considering the adoption of modern cash management tools, from instant payments to unified platforms.
PYMNTS Intelligence interviews Jason Carlson, Chief Financial Officer of experiential media company Mood Media, on why SMBs must invest in digital transformation now to ensure their viability and success in the long run.
Ingo Payments Money Mobility Tracker Series
Inside the March 2024 report
Spreedly Payments Orchestration Tracker Series
Inside the March 2024 report
Vaulting has been proven to provide a streamlined and convenient payment process while also enabling stringent anti-fraud security measures. Merchants have only just begun to tap its potential to aid in customer retention, better authorization rates and cost reduction.
Vaulting offers considerable cost savings for companies in the long run by leveraging customer data to mitigate potential sources of payment failure. Preserving these revenues — along with the customers they represent — is most crucial to subscription businesses.
Personalized goods and services generate significant revenue for many organizations, including payment providers. Vaulting allows firms to leverage customer data to offer tailored experiences to individual customers.
The Clearing House Real-Time Payments Tracker Series
Inside the March 2024 report
Workers across the board benefit from on-demand pay, especially those who live paycheck to paycheck and cannot afford unexpected expenses. For many workers, instant payroll is something that should be taken for granted.
Companies are becoming increasingly aware of the demand for real-time payroll and are gradually implementing it in their workplaces. Meanwhile, some workers, growing impatient with their employers’ delays in adopting the trend, are turning to third-party services for real-time access to their earnings.
Financially stable employees appreciate the support they have received on their financial journeys, and organizations have a unique opportunity to offer this support in the form of instant payroll services. Doing so could encourage increased employee loyalty and reduced turnover.
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.