Digital Transactions Authoritative, insightful and timely information for payments professionals
Payments fraud against companies moderated during 2011, with the share of companies experiencing payments fraud falling to the lowest level since 2004, according to the Association for Financial Professionals’ latest annual study of corporate payments fraud. Nevertheless, the level of fraud remained elevated, with the majority of organizations reporting attempted …
Read More »Bill Payments by Paper Check Fade As ACH Bill Pay Continues Its Growth Spurt
New data from automated clearing house governing body NACHA reaffirm the continuing gains of electronic bill payment and the long-term decline in consumer check writing to pay bills. NACHA’s report for 2011’s fourth quarter says that transactions under the so-called WEB standard entry class code for Internet bill-payment debits grew …
Read More »Fiserv Combines Its P2P Payments Services Under the Popmoney Brand
Building on its $465 million acquisition in September of person-to-person payments service CashEdge Inc., bank processor Fiserv Inc. on Wednesday announced it will combine CashEdge’s Popmoney with Fiserv’s ZashPay P2P payment networks under the Popmoney name. The combined network, which also will be integrated into Fiserv’s CheckFree RXP payment suite, …
Read More »ACH Bill Payments Move into the Passing Lane
The financially struggling U.S. Postal Service is bemoaning the accelerating shift by consumers away from sending everything from Christmas cards to bill payments by physical mail. But, on the other side of the coin, new data confirm that the automated clearing house is where a lot of former paper-based …
Read More »ACH E-Checks Post a Mixed Record of Growth for the Second Quarter
n Online payments to billers increased nearly 10%, to 657.3 million transactions, compared to the same quarter in 2010. These are transactions handled under the ACH’s WEB application, which for some time now has been the network’s biggest e-check category. They represent payments consumers make on the Web sites …
Read More »A NACHA Proposal, out for Comment, Calls for Networkwide Same-Day ACH
The automated clearing house network took a crucial step toward faster transaction movement last Friday when NACHA, the network’s governing body, distributed a request for comment on a proposal for same-day settlement. NACHA sent the 22-page document, which sets out a proposed system called Expedited Processing and Settlement (EPS), …
Read More »Pressing Its Patent, Tiny LML Taps Financial Titans for More Than $40 Million
In the course of a three-year legal war over a patent related to automated clearing house processing, LML Payment Systems Inc. has wrung at least $40.5 million out of some of North America’s biggest financial institutions, including Citigroup Inc., PayPal Inc., and HSBC Holdings PLC, and reinforced its claim on …
Read More »U.S. Treasury Electronic-Benefit Campaign Gears up As Checks Dwindle
Nearly nine months after introducing a rule requiring recipients of Social Security and certain other benefits to switch from checks to electronic deposit, the U.S. Treasury Department says the number of check recipients has dipped below 9 million for the first time in decades. The agency is now in …
Read More »U.S. Bank Adds to the Roster of Secure Vault Payments Acceptors
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Read More »Prospects Brighten for Same-Day ACH As Software Emerges And NACHA Eyes Rules
Faster clearing and settlement of automated clearing house transactions, hampered by a host of issues and limitations, could be picking up some momentum, albeit slowly. Software is emerging to allow both large and small financial institutions to take advantage of a nearly 1-year-old Federal Reserve service that clears transactions …
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