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BID Newsletters
Jan 25, 2023
CFIs that want to issue credit cards have a new alternative to the agent bank model and the cost of investing in their own credit card-issuing system. They can leverage CCaaS fintechs. CFIs get more income and control — customers get broader product offerings and a more digital experience. We explore this option more.
May 9, 2022
Virtual payment cards have been around for a while. But, their use is increasing. Global virtual card spending is expected to reach $355B in 2022. Businesses are finding several uses and benefits in using virtual payment cards. Community financial institutions will want to take note, so that they can be prepared to best support them.
Apr 19, 2022
The switch from 6-digit to 8-digit BINs has been in the works since 2015. But now, the first deadline is here. Community financial institutions need to check on their accounting systems to determine if they are sufficiently prepared. Here are a few items to assess the impact on your institution and communicate with customers, especially business customers.
Mar 16, 2022
Vertically-oriented payment cards have been around since 2018. Yet, they have seen a burst of issuance since last year. Will more financial institutions use payment cards with a vertical layout? We explore which institutions are issuing them, why, and the benefits to your customers, especially those with disabilities.
Dec 13, 2021
The pandemic has impacted financial institutions in many ways, especially with the explosion of digital payments. This increase caught the attention of cybercriminals, as eight out of every ten fraudulent transactions entail a card not present (CNP). Here are four steps community financial institutions can take to help prevent CNP fraud.
Nov 17, 2021
Buy now, pay later (BNPL) installment loans have been rising in popularity. Around one in three American digital shoppers have used BNPL to finance purchases, according to LendingTree. POS e-commerce installment payments are expected to reach $680B globally in 2025. Here are the things you should know about BNPL.
Nov 2, 2021
The chip shortage keeps going. Supply issues continue wreaking havoc on many industries, including banking, with some chip deliveries taking up to 20 weeks. Because of this delay, over 1B cards globally could go unissued. We lay out six strategies to minimize the effects of the card disruptions.
Oct 29, 2021
Many small businesses were hesitant to include digital payment options pre-pandemic. Now, 44% are accepting contactless or mobile payments, according to a Visa study. As businesses assess their payments approach, community financial institutions should be right there with them. Here are three strategies to support your small and medium-sized businesses.
Jul 26, 2021
Post-pandemic supply chain shortages are affecting many areas, especially computer chips. This could impact the availability of the chips used in bank cards. Both card-issuing financial institutions and their customers would suffer as a result. We provide the lay of the land and give you three ways to mitigate the effects of the chip shortage proactively.
Jun 21, 2021
More than 30K metric tons of plastic are used annually to make bank cards worldwide. Yet, many financial institutions are finding opportunities to cut this volume and reduce their carbon footprint. Some eco-friendly payment card strategies that can be used are: working with trade associations to replace plastic cards, making new card issuance and tracking as digital as possible, and collaborating on greener end-of-life card options.
Jun 14, 2021
Big banks such as Citibank, Bank of America, and Capital One have started offering virtual payment cards. Community financial institutions also have started dipping their toes in the water. We explore how virtual payment cards work, and the benefits of fraud protection and reduced costs. We delve into an example of a community bank offering virtual payment cards too.
Jun 2, 2021
The pandemic caused many things — a coin shortage was one of them. The residual effects of this shortage are still felt even today. We update you on what the Fed is doing, why coins are still important (even in this increasingly cashless economy), who loses out in a cashless society, and how community financial institutions can help their small business customers adapt.
Sep 19, 2016
Jul 26, 2016