Paying bills is an essential part of life, but it’s a task that has become increasingly complex. Because bills often come in various forms and require different payment types, it can be hard for consumers to stay on top of their finances. Derek Swords, VP, Head of Product, Bill Pay at Fiserv and Albert Bodine, Director of Commercial and Enterprise Payments at Javelin Strategy & Research, discuss the challenges consumers face when paying bills and the opportunities financial institutions have to provide value for their customers. Read more: https://ow.ly/uO6050SNbEm #payments #BillPay #bills #digitalpayments #automation Jacob Jegher, Brian Riley, Jordan Hirschfield, Albert Bodine, Ryan Cole, Don Apgar, James Wester, Christopher Miller, PhD, Amy Gorin, Craig Lancaster, Sophia Gonzalez, Ben Danner, Matthew Gaughan, Elisa Athonvarangkul Tavilla, Suzanne Sando, Jennifer Pitt, Kevin Libby, James Quigley, Justin Hamel, Sandy Park
PaymentsJournal
Financial Services
Livonia, MI 17,305 followers
PaymentsJournal is a free online information portal designed to keep payments & banking industry professionals informed.
About us
PaymentsJournal provides the latest insights on the trends shaping the payments space. A division of Javelin Strategy & Research, PaymentsJournal monitors the payments, banking, and fintech industries, covering topics such as credit, debit, cryptocurrency, buy now, pay later (BNPL), and more.
- Website
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http://paymentsjournal.com
External link for PaymentsJournal
- Industry
- Financial Services
- Company size
- 11-50 employees
- Headquarters
- Livonia, MI
- Type
- Partnership
Locations
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Primary
17430 College Pkwy
Livonia, MI 48152, US
Employees at PaymentsJournal
Updates
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Whenever a purchase is made with a debit card, transaction fees are typically about 50 cents. But, if that purchase is for a child’s lunch at school, the fee can jump to over $2. This disparity occurs when a market is dominated by a small handful of players. Although more than 20 companies offer lunch payment services to school districts nationwide, the majority of enrolled students are served by just three market leaders—MySchoolBucks, SchoolCafé, and LINQ Connect. Read more: https://ow.ly/tJS150SMvUA #payments #debitcard #fees #school #lunch
The Hidden Costs of School Lunch Payment Fees
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The European Central Bank released the results of its first stress test of EU banks’ cybersecurity measures, revealing that many banks would struggle to recover from a hack. The ECB asked 109 banks to detail emergency plans for a cyberattack, including their response to the breach and their strategy for restoring normal operations. After reviewing the banks’ procedures, the ECB gave feedback on the areas where each bank could improve their response, like enhancing backup systems or strengthening controls on third-party partners Read more: https://ow.ly/b7ta50SMvrm #banking #EU #cybersecurity #hack #cyberattack
ECB’s Cybersecurity Stress Test Reveals Challenges for EU Banks
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Listen to the FULL PODCAST: https://lnkd.in/eYx-JPti In 2023 alone, 80% of organizations fell victim to payment fraud, a 15% increase from the previous year. ACH payment methods have, in some circles, become the most targeted in business email compromise fraud situations. The proposed Nacha amendments provide new tools for combatting this issue. These changes are staggered to take effect between October 2024 until June 2026. For many organizations, the effort will require significant planning, budgeting and operational changes. Noncompliance with the rules can lead to monetary fines, increased scrutiny from regulators, reputational damage, and in severe cases, legal and regulatory actions. #payments #ACH #fraud LSEG Risk Intelligence
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Prepaid cards continue to be the preferred gift for both recipients and givers, as retailers develop new ways to make them attractive to customers. This engagement extends revenue opportunities for merchants and can turn anonymous gift cards into distinct customer loyalty vehicles. Retailers are already gearing up for the holiday shopping rush, making this the right time to look at trends that will affect gift card purchasing towards the end of the year. Nearly two-thirds of consumers who buy a gift card do so during the holiday season. Read more: https://ow.ly/rI1w50SMj7B #payments #prepaid #giftcards #merchants #retailers
Retailers’ Creativity Continues to Fuel Gift Card Acceptance
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Bank of America’s CashPro corporate payments app processed $500 billion through the first half of the year, a 40% increase from a year ago. Business banking apps have increasingly adopted mobile-friendly features similar to those in consumer online banking apps. This ease-of-use has helped mobile business banking apps gain massive popularity, and Bank of America expects CashPro to reach $1 trillion in payments volume by the end of the year. Read more: https://ow.ly/ByXX50SLiKO #payments #banking #CashPro #mobilepayments
Bank of America’s CashPro App Sees 40% Rise in Business Payments Volume
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The American Express Gold Card has new rewards benefits in travel and dining—both popular categories favored by Millennials and Gen Z. These changes follow a June study from the company, which found that 76% of Millennial and Gen Z respondents dined out at least two to three times per month, and 70% were interested in a credit card that offered hotel benefits. Read more: https://ow.ly/oVko50SLfUY #payments #creditcards #rewards #millenial #GenZ
Millennials and Gen Z Will Love the Amex Gold Card as Much as Their Parents
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Financial advisors do not have to become cybersecurity experts. Identity protection services (IDPS) providers specialize in identity fraud prevention, and many such companies offer turnkey solutions. “Financial advisors could do a much better job of partnering with identity protection services providers, or at the very least recommending them to their clients,” Tracy K., Director of Fraud and Security at Javelin Strategy & Research said. “Portfolio planning should always include identity protection for the entire family.” Read more: https://ow.ly/TzJy50SL2Sc #fraud #cybersecurity #scams #wealthmanagement
Cyber Risk Management for Children, Families: A Wealth Manager’s Role
https://paymentsjournal.com
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In today’s complex business landscape, maintaining precise and transparent financial records is not just recommended—it’s essential. Payment reconciliation is a critical, yet often overlooked, task fundamental to ensuring an organization’s financial well-being. This process involves meticulously aligning sales transactions recorded in a company’s accounting books with those on bank statements and other financial documents, ensuring every dollar is accurately accounted for. Read more: https://ow.ly/3BOU50SL2JY #payments #paymentreconciliation #merchants #automation
Optimizing Financial Integrity: The Role of Payment Reconciliation in the Digital Era
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Luxury sports cars and cryptocurrency naturally share a market among wealthy, status-conscious individuals. Ferrari is capitalizing on that connection by announcing it will accept bitcoin and other cryptocurrencies at its European dealerships starting this month. The Italian automaker began accepting bitcoin and crypto payments at its U.S. dealers last year. But Europe, the Middle East, and Africa remain its largest market, with more than 1,500 cars sold there in Q1 2024, compared to just under 1,000 in the Americas. Ferrari plans to expand the bitcoin payment option to all of its dealers worldwide by the end of this year. Read more: https://ow.ly/yjFZ50SKnLY #crypto #cryptocurrency #bitcoin #payments
Sports Cars and Crypto, a Match Made in Retail Heaven