Digital Transactions Authoritative, insightful and timely information for payments professionals
Checks caused most of the losses suffered by businesses victimized by payment fraud in 2010, which is no surprise. Businesses, however, are now falling victim to newer types of fraud, particularly account takeovers, that fraudsters have used against consumers in recent years, according to the Association for Financial Professionals’ latest …
Read More »Operator Creates Marketing Council To Build Awareness of Secure Vault Payments
The operator of the Secure Vault Payments network for online automated clearing house payments said it is creating a marketing council to promote awareness and usage of the new payment system. The council has the endorsement of ACH governing body NACHA, said Denver-based SVP operator eWise Systems USA Inc. Dean …
Read More »An EFT Boost Lets P2P Payments Go Real Time And Gives Banks an Edge
The payments industry’s long struggle to bring person-to-person payments to a mass market reached a new milestone in recent days with the addition of real-time settlement. Under an agreement announced late last week, the NYCE Payments Network LLC will offer CashEdge Inc.’s Popmoney person-to-person payments service to its financial-institution clients, …
Read More »With Bill Pay Added to e-Bills, Doxo Aims to Boost Digital Billing
With more consumers paying bills electronically than are receiving them that way, a startup that lets consumers receive and store digital copies of their bills announced on Tuesday it is introducing a payment service aimed at closing that gap. Seattle-based doxo Inc., which in October launched a document-management service modeled …
Read More »Seeking to Streamline Transactions, NACHA Drops Opt-Outs for ARC And BOC
Starting in March, checks sent to lockboxes and some point of sale transactions can be processed by merchants and billers through the automated clearing house system without offering consumers a chance to opt out under new rules set by NACHA, the ACH’s regulatory organization. The new rules, which will be …
Read More »With U.S. Bank, Newly Commercial SVP Picks up Momentum
Secure Vault Payments (SVP), a method of e-commerce payment that relies on the automated clearing house, secured its first big-bank supporter on Wednesday with the announcement that U.S. Bank has agreed to offer the service to both consumer and merchant clients. The fifth largest bank in the country, the Minneapolis-based …
Read More »Smart Phone Enthusiasts Will Shape Bill Pay, Report Says
Banks, billers, and processors seeking to boost electronic bill-payment usage would do well to cast their lot with young, affluent consumers who are heavy users of smart phones, according to new research from Aite Group LLC. This cohort, whom Aite dubs “smartphonatics,” accounts for just 7% of consumers but make …
Read More »Against Stiff Competition, ZashPay Gets off to a Fast Start
With competition heating up in the market for person-to-person payments, Fiserv Inc. reports its 3-month-old ZashPay service is making headway with client financial institutions. The service now claims some 400,000 registered users, while more than 400 banks and credit unions have signed on to offer it, with 100 of those …
Read More »Mitek Systems Aims To Make Bill Payment Go Mobile
Mitek Systems Inc., the pioneering developer of remote deposit capture software for mobile devices, is now moving into mobile capture for bill payments. With San Diego-based Mitek’s new Mobile Photo Bill Pay application, a consumer could take a picture of a paper bill with his camera-equipped smart phone, and then …
Read More »PayPal’s P2P API Is Winning Bank Adoption, Exec Says
PayPal Inc.’s 1-year-old person-to-person payment application for financial institutions is catching on with banks, says the PayPal executive charged with marketing the product, part of a collection of payment services PayPal introduced when it opened its platform to outside developers last year. Dan Schatt, senior director and head of financial …
Read More »