May 5, 2022
In this part 2 of our payments episode series, host Sonia Portwood sits down with PCBB's Allen Sztukowski to discuss what the future of real-time payments looks like. Including the soon-to-launch FedNow program, anticipated technology and functionality changes, and tips to help you prepare.
Feb 8, 2022
A discussion with PCBB's Allen Sztukowski, an active participant in the efforts to modernize real-time payments, on how the payments space has changed over the years, and what efforts are being made today to modernize it.
Jan 12, 2023
Fueled by innovation, emerging technologies, and customers’ changing expectations, the payments space is evolving at a rapid pace. We look at some of the top payments trends and suggest ways in which CFIs can ensure they make the most of these opportunities.
Nov 23, 2022
The pandemic caused many smaller companies to adopt digital technologies that expanded their ability to reach customers across the US and in other nations. Many of the companies say that cross-border commerce is a way to grow businesses and keep up with the competition. As a result, CFIs with international payment solutions may have opportunities to strengthen relationships, add new customers, and grow fee income.
Nov 8, 2022
Understanding why paper checks are still a popular way of paying business invoices can help CFIs assist their customers in making the transition to electronic payments. We discuss the reasons businesses still use paper checks for B2B payments and the benefits of switching to EFT.
Nov 7, 2022
BNPL has become increasingly popular and is expected to grow in the years to come. The market, currently dominated by fintechs, is ripe for regulation, opening the door for traditional financial institutions. CFIs may want to react quickly to this latest disruptor. We discuss the key considerations for CFIs entering this space.
Oct 28, 2022
The European Payments Initiative is moving forward and is poised to change the global banking landscape if it is successful. We discuss what those changes look like and how they could affect US financial institutions.
Oct 18, 2022
The US dollar is at parity with the euro for the first time in 20Ys, and up against numerous other foreign currencies. That’s not necessarily a good thing for companies that do business overseas. American goods are more expensive, and the dollar’s strength deflates the value of funds earned overseas. We discuss ways you can support your commercial customers who have international business ventures.
Sep 19, 2022
An Iowa credit union has filed a class-action lawsuit against Apple over features built into its phones that limit the payment options people can use outside of Apple Pay. We detail how the lawsuit could impact other big tech companies entering the payment space and the overall banking industry.
Jul 19, 2022
The global microchip shortage is now anticipated to continue longer than expected, possibly throughout 2024. This translates into community financial institutions feeling the impact of this shortage in bank card and credit cards.
Jul 6, 2022
Zelle’s dominance and cost spurred the development of an alternate payment system designed for CFIs, called CHUCK. The question is, will its open architecture be enough to woo users and secure a place in the competitive P2P payment realm? We take a look at what CHUCK is and its place in the P2P world.
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 20, 2022
The decline of checks has been happening for years. But, with the explosion of digital payments during the pandemic, will checking accounts cease to exist? We explore this topic further and provide community financial institutions with four approaches to keep checking accounts relevant for their customers.
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.
Mar 15, 2022
Ninety-five percent of text messages are read within three minutes. With consumers’ reliance on texting, it is no wonder that the latest payment option, text-to-pay, is gaining momentum. It gives users the ability to pay through a link on a text easily and quickly. Let’s see why your small business customers may start finding it attractive.
Mar 10, 2022
Discussion over the rules governing faster payments is still ongoing at a federal level. Meanwhile, customer adoption of existing real-time payment solutions continues to increase, with many new products on the horizon. Community financial institutions have a lot to think about before providing faster payment capabilities. Here are three steps to get you ready.
Mar 8, 2022
Some community financial institutions may not think that cross-border remittances are in demand in their communities. Yet, in its November report, the World Bank projected growth of 7.3% of remittance payment volume in 2021. Could some of this spill over into your footprint? Here are three ways to successfully provide remittance services.
Feb 17, 2022
Summary: Central bank digital currencies (CBDCs) have been in the news for a while now. Yet, as some countries advance more dramatically on this front, misconceptions have sprung up regarding the progress, impact, and representation of a US digital dollar. We address some of these misconceptions and provide three steps to prepare for a US CBDC.
Jan 20, 2022
According to a Federal Reserve survey, 90% of businesses said they expect faster payments within three years. Many businesses see this as a way to automate operations and satisfy their customers. Community financial institutions should be preparing for faster payments now as competition is intense. Here are four recommendations to prepare for faster payments.
Jan 4, 2022
Many consumers are shopping online, but many value the in-store experience with contactless shopping options. Contactless commerce is growing with the advancement of new technologies. “Pay-by-face” and RFID are two of these technologies that are finding more traction these days. We cover the latest in contactless commerce technologies.
Dec 17, 2021
Treasury management services are needed by businesses more than ever these days. Are you ensuring that all these opportunities are properly addressed? With 66% of small businesses stating that they face financial challenges, cash management is especially important. Here are three tips to fully support your customers with their treasury management requirements.
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.
Dec 3, 2021
The rise in digital payments and decrease in cash usage, prompted by the pandemic, have left their marks. These trends are only continuing. Community financial institutions should take this time to review cash transactions, along with the cash in branch vaults, with these trends to ensure their cash strategy is up-to-date.
Nov 22, 2021
The pandemic threw a major curveball at everyone, especially small businesses. Many changed gears and moved to an e-commerce model, which helped them survive. With fewer geographic barriers, global payments soared and the value of global digital payments is expected to increase 22% YoY in 2021. Here are three ways that community financial institutions can help their customers continue to thrive with global payments.
Nov 15, 2021
Decentralized finance (DeFi) is in its early stages. So, do community financial institutions need to follow this new trend? Yes. One big bank has dipped its toe into these waters and more are likely to follow. Not only that, but also DeFi is seen as a viable funding option for SMBs and the unbanked. Here is what you should know.
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.
Oct 19, 2021
The tech giants have been expanding into the financial industry in various ways. Previously, Facebook tried its hand at cryptocurrency with Libra, which was shot down by the regulators and dismissed by investors. Now, Facebook returns with USD-backed Diem, which is issued through Silvergate Bank. What does this mean for the payments industry and community financial institutions specifically?
Oct 18, 2021
Small businesses are busy overseas. They are looking for more opportunities to not only grow, but sometimes survive. Last year’s e-commerce boom made international business even easier for many businesses. Small business international wire transfers increased to 17% last year from 10% in 2019. Is your institution supporting its customers with international payment solutions? If not, the competition will.
Jul 27, 2021
Overdraft fees have taken center stage lately. Ally Bank announced it will eliminate overdraft fees for its customers, while several other financial institutions have been redefining their overdraft approaches. We provide you with the current background on overdraft fees including the reasons why overdraft fees are in the spotlight right now.
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.
Jul 13, 2021
According to PR Newswire, digital currency’s global market will grow by a compound annual growth rate of 3.5% between 2021-2026. While private digital currency adoption has surged, governments are taking note of this market and exploring central digital currencies. We provide you with the developments along with five steps to take in preparation of digital currencies.
Jul 8, 2021
Several community financial institutions don’t believe that they need real-time payments. Some myths around these payment systems make them sound like more work than they are worth. We review five big myths around real-time payments and explain the facts to help you better determine your payment strategy.
Jun 24, 2021
About 50% of people use at least two finance apps, according to Mambu worldwide research. So, how can community financial institutions keep their customers engaged with such a plethora of apps? Understanding app usage and what your customers are looking for in finance apps will put you on the right path to respond to the plethora of finance apps.
Jun 22, 2021
With Square officially becoming a bank and Google and Amazon intent on staying active in the financial services industry, competition is heating up. What are these technology vendors doing and how should you ensure your customer relationships are solid so you remain competitive? We answer those questions for you.
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.
Apr 7, 2021
All bankers know the importance of a business continuity plan. Yet, digital disruptions may not be as robustly captured as other disruptions, such as fires or floods. We provide you with a brief reminder of the steps to review to help you shore up your plan along with ways to prepare and launch critical communication with your customers.
Apr 1, 2021
The Federal Reserve is making good progress on its FedNow Service – it expects to launch it in 2023. Before we know it, 2023 will be here. So, to keep you informed, we are providing you with the program details, ISO specs, program advantages, and some information on the pilot that is underway. Since we are participating in the pilot, we will give you these updates regularly.
Mar 11, 2021
As your small business customers expand to Canada, Mexico, and beyond, you will want to grow with them. If you provide international payment services, you can support them and gain valuable fee income. We map out what these customers are looking for in international payment solutions.
Mar 3, 2021
Since 63% of consumers expect to increase their usage of contactless payment cards, community financial institutions will want to stay abreast of the latest contactless payment trend, biometric cards. We provide highlights that include added security card features, how demand is rising, and fingerprint-enabled cards already in circulation .
Feb 18, 2021
Digital disbursements give businesses a smooth and immediate payment process. With global digital payments expected to hit $7.64T by 2024, opportunities for businesses to seamlessly make payments is ramping up. Community financial institutions can help them while finding benefits, such as reducing expenses, increasing transparency, generating fee income, and assisting with customer profitability.
Feb 4, 2021
Faster payments demand has grown dramatically. The Federal Reserve’s solution, FedNow℠ Service, is making great strides in its progress. In developing this new instant payment rail, the Fed recently announced a pilot program, including 110 diverse financial institutions and service providers. As one of the selected participants, PCBB will give you an update on this exciting new program.
Jan 26, 2021
Wire processing automation was spurred on by the pandemic. Yet, there are several reasons to consider it for the long-term, including faster processing, more money saved and earned, and fewer errors. We provide you with all the information you need to get started.
Jan 22, 2021
Javelin Strategy & Research finds that businesses accepting digital payments of all kinds increased to 53% during the pandemic. This creates five opportunities for community financial institutions.
Jan 13, 2021
Do you want to acquire new customers? Merchant businesses can provide you with more revenue and are cross-sold on more products faster.
Dec 18, 2020
Banks and credit unions are ramping up their faster payments efforts. We give you an update to see how you compare.
Dec 7, 2020
While QR codes have been around for two decades, they are making a comeback with contactless payments. Are they here to stay?
Nov 13, 2020
Twenty-five billion connected devices are expected to be in use by 2021. We provide three considerations for community financial institutions when looking at the Internet of Things.
Nov 5, 2020
For our monthly I&I issue, we share questions on women and minority-owned businesses, digital-first credit cards, and remote employee feedback.
Oct 30, 2020
A new report provides findings on the latest payment trends. We offer you some insights on contactless payments, emerging technologies, and person-to-person payments to help with your planning.
Oct 15, 2020
Faster payments are here and the options are expanding. What you need to know.
Sep 2, 2020
The Office of the Comptroller of the Currency has an innovation agenda and a special purpose payments charter is part of it.
Aug 12, 2020
As purchases become largely cashless due to COVID-19, the unbanked suffers. Ways you can help.
Aug 4, 2020
Coins are in short supply due to the pandemic. Here are a few strategies for community financial institutions and their businesses to manage through this shortage.
May 27, 2020
If you provide international wires for consumers, you will want to know about the latest regulation modification. We give you the specifics.
May 26, 2020
With COVID-19 and its lockdown effects, acceptance of mobile apps for credit cards has certainly increased. We provide you with some insights to prepare for this trend.
Feb 14, 2020
The private and public sectors are working separately to ensure that all financial institutions will have access to faster payments settlement. We give you the latest update.
Jan 29, 2020
Faster payments are growing in popularity, but so is the opportunity for thieves. What your institution can do to stay safe.
Jan 10, 2020
Community financial institutions are now getting in on the mobile wallet phenomenon, as more customers demand this service. Is it time for you too?
Jan 7, 2020
Biometric payments are expected to exceed $1.67 trillion per year by 2023. Is your institution ready for this?
Oct 18, 2019
Contact EMV chip technology has its feet firmly planted in the US and adoption continues to increase. We provide the latest news.
Oct 17, 2019
McKinsey reports that more people and entities will regularly use international payments in the next 5Ys. Is your institution ready for this?
Sep 20, 2019
Many community banks are looking to increase their back office efficiency and provide faster availability of funds, with checks between the US and Canada. We explain how this can be done.
Aug 30, 2019
Almost 33% of consumers and business owners agree that new technology will lead to safer payments. Subsequently, businesses are increasingly accepting card and digital payments. Can your bank support them?
Aug 23, 2019
"Self-driving" payroll, which is on-demand access to one's pay, is gaining steam, particularly with gig workers, and banks are taking notice.
Aug 12, 2019
Contactless payment has struggled in the US. But, it appears that is about to change.
Jul 2, 2019
SMBs have converted to many digital services. Yet, e-invoicing still has not taken off. We provide some insight.
Jun 21, 2019
In the business world, checks have been the preferred method of payment for eons. That is definitely changing. How to prepare your business customers.
Jun 20, 2019
Mobile wallet technology is becoming increasingly popular. But, just like any technology rapidly on the rise, there are growing risks to consider.
Jun 10, 2019
In our new BID feature, "Inquiry and Insight", we provide questions from readers and bankers and do our best to give you relevant, insightful answers.
Apr 16, 2019
Biometric payment cards are meant to boost security by embedding fingerprint sensors that match the cardholder's print to a digital image stored on the card. We have more details on this growing market.
Jan 24, 2019
Banks are paying attention to behavioral economic studies as they seek to understand how people make purchases in order to inspire desired actions among their customers. We have some highlights to help.
Nov 19, 2018
Developments are happening for faster payments systems. What you should know and how your bank can make its voice heard.
Nov 2, 2018
Same day payments shot up 243% in Q2 vs the year earlier period. We give you an update for this fast moving area of development.
Oct 30, 2018
Global digital payments volumes are expected to increase by nearly 11% through 2020. What community banks should know to guide their business customers on the technology and the providers.
Oct 19, 2018
According to a recent survey, SMB usage of digital payments surged 38% from 2017. How can your bank leverage this opportunity?
Oct 3, 2018
According to a recent survey, one in five small to medium business clients said they were ready to leave their banks in the next 20 months. We provide you with their reasoning and show ways to prevent it from happening to you.
Sep 17, 2018
Fintechs like Square and PayPal have been successfully wooing merchants to use their credit and debit card payment processing systems. What can you do to fight back?
Sep 11, 2018
Vertical cards have been launched in the UK. This may be a new trend, even in the US, as contactless payments grow. We help you stay in the know.
Aug 27, 2018
We reviewed bank surveys from Ovum and Promontory Interfinancial, and provide you with the highlights to consider during your strategic planning.
Aug 16, 2018
The percentage of banking customers who used mobile apps to pay bills jumped by 30% in 2017 vs. 2016. We discuss some of the ways community banks can compete with bill pay services.
Aug 1, 2018
While digital banking is pushing checks aside, those who still write checks are a financially mighty group. What you need to know to hold onto these customers.
Jun 18, 2018
Progress has been made since The Clearing House announced its new real-time payments system back in November. We have an update.
Jun 8, 2018
Some central banks are testing the use of their own cryptocurrencies in some form. We provide you with an update.
Feb 15, 2018
Digital payment channels are becoming faster and more convenient but fraud is a big concern. What your bank should know.
Feb 8, 2018
Real-Time Payments bring a new age for payments, as early as this year. But, as all new technologies, there are risks. Ways to mitigate these risks.
Dec 26, 2017
Millions of international wire transfers go through the financial web each day. But, wire fraud can and does happen. What one bank's lesson can teach your bank.
Dec 15, 2017
Mobile wallets have been all the rage. But, are they still? What a new study reports which could be important for your bank.
Dec 12, 2017
Central banks, including @Federal Reserve, are looking at possible crypocurrency opportunities. An update on their progress and thinking.
Dec 7, 2017
A US Bank survey shows 47% of consumers prefer to make payments using digital apps vs. 45% who use cash. What are the key takeaways for community banks on the declining use of cash.
Nov 14, 2017
Fewer cash payments in no way means less spending. How community banks can prepare for less cash.