PaymentsJournal

AI offers the opportunity to take a comprehensive look at corporate spending across both vendors and customers. Real potential becomes visible through AI, which serves as roadmap for moving customers away from checks or other outdated processes. According to Alexander Hagerup, CEO and Founder of Vic.ai, there are two primary ways AI is enhancing the payments process. The first is through insights and analytics. Since AI is processes data in real time, it enables instant reporting across accounts payable and expenses, while its predictive capabilities help organizations forecast future spending in both areas. The second enhancement is in processing efficiencies. AI improves error reduction and fraud prevention while also delivering cost savings by reducing the need for manual transaction processing. Read more: https://ow.ly/yqse50Ug81r #payments #spendmanagement #AI #analytics #data Highnote

As our world becomes more digital and interconnected, the threats multiply. Organizations must brace for attacks from diverse and distributed criminal networks. Advanced technologies enable fraudsters to refine their strategies continuously. “At Anti-Fraud conferences, I’ve seen examples of fraudsters promoting their services via social media, bragging about the success of their exploits via encrypted messaging apps. It’s the commercialization of fraud.” Juan Alberto Funes Carniago, CFE, Director of Fraud and Decisioning Products at Mastercard mentioned. Read more: https://ow.ly/A2ax50UfUsS #payments #fraud #AI #digital #friction

The closed-loop prepaid cards market is skyrocketing as organizations leverage prepaid programs to drive loyalty and engagement. While gift cards still anchor the prepaid space, the rising trend of self-use in stored-value accounts is propelling the closed-loop prepaid market to new heights. In his latest report, 21st Annual U.S. Closed-Loop Prepaid Card Market Forecast, 2024-2028, Jordan Hirschfield, Director of Prepaid at Javelin Strategy & Research, delves into the ways companies leverage prepaid programs, the emerging segments in the space, and the forecast for the closed-loop prepaid market. Read more: https://ow.ly/K0fC50UfRbh #payments #prepaid #prepaidcards #giftcards #closedloop

The average interest rate for retail credit cards has reached a record high of 30.45%—well above the average rate for general-purpose credit cards, which is about 21%. The priciest cards now top out at a 36.99% interest rate, according to a survey from Bankrate. Among the cards in this range are those from Big Lots, Burlington, Good Sam, Michaels, and Petco. However, some retailers are still offering more reasonable rates, such as Costco at 20.49%, Bass Pro Shops at 21.12%, and IKEA at 21.99%. Read more: https://ow.ly/P8om50UffsA #payments #interestrates #retailcards #storecards #creditcards

At the end of last year, service members in the U.S. military were financially better off than they were before the pandemic. Despite inflationary pressure and high interest rates, service members managed to grow their savings and maintain higher balances in their checking accounts over the past five years, according to the first-ever Military Financial Wellbeing Index released by USAA Federal Savings Bank. Read more: https://ow.ly/v4uY50Uffq7 #credit #military #financialwellbeing #inflation #interestrates USAA

For a financial institution initiating a strategy against AI fraud, the first step is to make an inventory of all the touch points they have and conduct a vulnerability assessment. Determine all the possible risk areas that could be subject to a fraud attempt, such as the new account opening processes or login controls. Don’t forget about money movement, changes in user behavior, and brand-new patterns of usage. Read more: https://lnkd.in/eMzi9MMQ #banking #payments #AI #fraud #deepfake Fiserv

Listen to the FULL PODCAST: https://lnkd.in/e-T5ZmJw As fraudsters become more innovative in their schemes, Nacha is rolling out new rules to address emerging fraud risks, particularly scams involving business email compromise, vendor impersonation, and the increasing use of money mules. These key changes, centered around the ACH rules, began rolling out in October and will continue through 2026. #payments #ACH Nacha #fraud #machinelearning NICE Actimize

The rise of digital wallets has been subtle, often going unnoticed as people use them with a quick swipe on their phones or deep within the privacy of their laptops. Some consumers making purchases with services like PayPal and Google Pay might not even realize they’re using a digital wallet. Yet, their usage is widespread. According to McKinsey, digital wallet penetration among Americans is approaching 90%. One study by Forbes suggests that a majority of Americans now use their digital wallets more frequently than traditional payment methods. Another study found that digital wallet usage is expected to double between 2023 and 2028, when there are projected to be 1.4 trillion digital wallet transactions worldwide. Read more: https://ow.ly/LWfh50UeU5L #payments #digitalwallets #ecommerce #seamless #security

Listen to the FULL PODCAST: https://lnkd.in/d3AvUXMZ The holiday season is here, bringing with it a host of celebrations. From office parties to family gatherings, shoppers are navigating an evolving landscape of gift-giving traditions. In our latest podcast episode, we dive into how consumer trends, new technologies, and the timeless appeal of gift cards are shaping the way people are gifting this season. Sarah Kositzke, Director of Research, and?Jonathan Soffin, VP of Global Brand & Product Marketing at Blackhawk Network (BHN), chatted with?Jordan Hirschfield, Director of Prepaid at Javelin Strategy & Research. They discuss the results of BHN’s?Holiday 2024 Shopper and Gift Card Insights,?the trends driving holiday gift card purchasing, and the accelerating momentum of the prepaid industry.

More enterprises are adopting commercial credit card programs to streamline their financial operations, leveraging tools and simplify transactions while improving control and oversight. To gain deeper insights into how various players in the space compare, Javelin Strategy & Research released its 2024 Commercial ePayables Scorecard. The scorecard guides commercial enterprises in assessing potential ePayables partners, comparing current vendors, and understanding the technology, key benefits, and sample use cases. Read more: https://lnkd.in/dvQKy9-2 #payments #ACH #commercialpayments #ePayables #commercialcard