PaymentsJournal

Credit unions face three major challenges in the realm of digital account opening and credit card origination. The first is a lack of automation, combined with a lack of digitizing and communication. The second is fraud. Finally, there’s the ability to build real-time integration, so transactions can be processed in real time, including ones made through an app. Read more: https://lnkd.in/eqfbJhQ5 #creditunion #payments #automation #digitalaccountcreation #fraud Velera

Navigate through the core challenges confronting enterprise businesses in online payments, discovering solutions for achieving unparalleled performance and cost savings at scale. Simplifying global complexities and offering value beyond processing, Trevor Nies, SVP of Digital at Adyen and James Wester, Co-Head of Payments at Javelin Strategy & Research, will unveil strategies that position payments as a revenue and cost savings driver. Register Now: https://ow.ly/nKhS50SyQYv #payments #onlinepayments #friction #AI #fraud Adyen

When you think about a disputed card charge, most people’s minds go directly to identity theft and criminal scams. But most chargebacks don’t fit into that category. Rather, they are what has come to be known as first-party misuse, or “friendly fraud.” Friendly fraud occurs when a cardholder reports a legitimate transaction as fraud. This could be a long-forgotten recurring subscription or that a child abused access to a parent’s card. The common denominator is that even though these charges are disputed by the customer, they are not unauthorized. Read more: https://ow.ly/cPGY50SyOGH #payments #friendlyfraud #fruad #disputes #chargebacks Visa

The European Commission announced that Visa and Mastercard will continue to comply with the established tourist card fee caps for another five years. A 2019 agreement called for credit card companies to cap fees on non-EU debit card transactions at European retailers at 0.2%. Visitors who use their credit cards in EU shops pay a 0.3% fee. For online transactions, the fee caps are 1.15% for debit cards and 1.5% for credit cards. Read more: https://ow.ly/y4Fi50Sy9LE #payments #creditcards #fees #EU

Target has become the latest retailer to stop accepting paper checks as payment, joining other major merchants such as Whole Foods and Aldi. As of July 15, consumers will no longer be able to write a check at Target Target cited “extremely low volumes” for the decision, which should not come as a surprise. According to 2022 data from the Federal Reserve Bank of Boston, only 1% of all retail purchases were made via check. However, there are still areas where check writing makes sense. Read more: https://ow.ly/8yzn50Sy9g7 #payments #checks

A perhaps somewhat unexpected sector offering insights into the potential blueprint for future payment success lies within the luxury industry. Forecasts predict a robust 8 to 10 percent growth in the global luxury market for 2023, surging to a historic 1.5 trillion euros in sales. Bain & Co. anticipates sustained mid-single-digit growth until 2030, propelled by strong underlying fundamentals. Interestingly, this surge includes high-end watches. Read more: https://ow.ly/Xo4l50SxUTV #payments #branding #CX #luxurymarket #paymentcards CompoSecure

Consumers increasingly want to move money with their mobile phone and see their account balances adjust immediately. Unfortunately, many financial institutions don’t have the infrastructure to provide the always-on experience their customers expect. That has left many banks and credit unions at a technological crossroads. They can retain core systems and update them on a catch-as-catch-can basis, or they can rebuild from the ground up. A whitepaper from Javelin Strategy & Research details a third option, the “digital twin” approach giving institutions a way forward to a modernized payment experience. Read more: https://ow.ly/MMeU50SxTwQ #payments #modernization #instantpayments #API #cloud Matera

The Consumer Financial Protection Bureau (CFPB) found that once many banks freeze accounts for suspicious activity, it can be difficult for consumers to regain access to their funds. In many cases, financial institutions didn’t notify customers that their account had been blocked. In others, the banks notified their customers but failed to give them guidance on how to restore their accounts. Read more: https://lnkd.in/eSqM4ECP #payments #banking #fraud

The rate of fraud committed by Gen Z is higher than other generations. Gen Z is the most likely generation to participate in payment fraud or know someone who has, as well as the most likely to allow someone they know make unauthorized transactions with their credentials. These findings, from a survey conducted by fraud platform Sift, show that 42% of Gen Zers admit to engaging in first-party fraud, which involves disputing a transaction even though they received the item and was generally satisfied with it. Read more: https://ow.ly/5xoL50Sxm4T #payments #fraud #GenZ #firstpartyfraud

When systems act based on limited cues from human beings, the interoperability of those systems becomes critical. This suggests the need for standards and essentially another layer of API development. “It’s important to have governance to avoid the problematic and even catastrophic implications of AI,” Ahsan Shah, Billtrust’s Senior Vice President of Data Analytics, said. “But it cannot be done in a way which impedes the ability of companies to innovate and build great products.” Read more: https://lnkd.in/ewGEWXBs #Payments #AI #API #data #generativeBI