PaymentsJournal

During their product assessment, Velera’s team identified products that clients could immediately take advantage of without necessarily relying on processing. However, they also wanted to ensure a thorough vetting process to confirm the products were market ready. This was especially important given the heightened expectations following the integration. “We identified nine products, including Zelle and our ATM network,” said Denise Stevens, Executive Vice President and Chief Product Officer at Velera. “They’re already being evaluated by certain credit unions that weren’t taking advantage of these products before. We’re really excited about the nine that have already hit the market, and we’re well-positioned to deliver on our integration plans to upgrade a lot of the existing products.” Read more: https://ow.ly/pOuy50Vme7w #creditunions #CX #fraud #seamlesspayments #operationalefficiency

The efficiency benefits from payments modernization can unlock significant revenue. However, even as organizations begin to recognize these benefits, they may still be unsure how to proceed. Transformation is often viewed as an expensive, multi-year program fraught with risk. “The risk aversity of organizations can be a barrier to walking the transformation path,” Michel Vaja, Head of GTM Europe Cards & Payments Practice at Capgemini said. “Where we’ve seen organizations be successful is when they accept that they need to be in an ongoing incremental transformation state. A key consideration for your bank is to define your organization’s transformation trajectory and your quick wins. Having a clear road map is a key aspect with which we’ve seen many organizations be successful.” Read more: https://ow.ly/j2ba50VmcLU #payments #AI #RTP #instantpayments #ISO20022 AutoRek

In a strategic move to expand the global presence of its point-of-sale platform Clover, Fiserv is acquiring the European payment service provider CCV This step is part of Fiserv’s ongoing strategy to support its ambitious expansion plans through acquisitions. CCV provides a range of transaction processing solutions, online and closed-loop payments, acquiring services, and payment terminals for 600,000 businesses across the Netherlands, Belgium, and Germany. Read more: https://ow.ly/oC4V50VlFwu #acquisition #POS #payments #Europe #digitalpayments

In a significant move for the buy now, pay later (BNPL) industry, Affirm will begin reporting data on all its products to credit bureau Experian As borrowers seek alternatives to high-APR credit cards, BNPL installment have gained traction. These loans often come with little or zero interest and are typically available regardless of the consumer’s credit score. Read more: https://ow.ly/S1Qc50VlEy8 #payments #credit #BNPL #creditscore #creditbureau

A significant portion of disputes, around 86%, are categorized as friendly fraud, where legitimate transactions are mistakenly or intentionally contested by cardholders. To counter this, various initiatives have been implemented across the payment ecosystem. For instance, Mastercard has developed an AI-based solution that analyzes multiple data points to identify potential friendly fraud. Read more: https://ow.ly/hmkA50VlzM2 #payments #chargebacks #fraud #AI #merchants

Listen to the FULL PODCAST: https://ow.ly/YOP250VlyEy E-commerce giants such as Amazon and Shopify use data to create highly personalized customer experiences. Yet, bill payment remains largely untouched by this transformation, leading to friction, higher costs, and customer frustration. Despite the wealth of payments data available, many organizations fail to leverage it to enhance customer interactions and reduce costs. This gap presents a major opportunity: by applying data-driven insights, businesses can not only improve the payment experience but also drive efficiency, reduce costs, and boost customer satisfaction. PayNearMe’s John Minor, Head of Product and Gustavo J., Product Manager, joined Don Apgar, Director of Merchant Payments at Javelin Strategy & Research , to discuss how payments data can help organizations deliver better payment experiences. Read more: https://ow.ly/YOP250VlyEy #payments #AI #billpay #paymentdata #fraud

Even though small businesses have varying needs, there are many common threads between them. One of those threads is they are constantly looking to their financial institution for help. “The messaging to small businesses is important,” Ryan Looper, Director of De Maison East said. “It’s a massive opportunity for financial institutions, especially in the beverage space, which is a bit of an analog space, to transition us over. We’re all using banks. We have our financial institutions. It’s a huge opportunity to bring us over and give us some tools to grow an important segment in the U.S. economy.” Read more: https://ow.ly/By7p50Vlw6g #payments #banking #SMB #digitalpayments Fiserv

A major deadline for ISO 20022 adoption is approaching: Swift, the European Central Banks’ real-time payment system, will require the new messaging protocol for payments starting November. This marks an important moment for all financial institutions, especially midsized banks. While they often offer a diverse range of products that align with ISO 20022 standards, they may lack the resources to fully capitalize on its capabilities. Read more: https://ow.ly/ZgBl50VlrRk #payments #ISO20022 #banking #RTP #instantpayments

Nation-states are continuing to invest and develop their tools to be harder to detect and defend against. They tend to use large language models (LLM) like ChatGPT in their cyber operations as support for their campaigns rather than using these tools to develop novel techniques. But for the most part, they’re turning to the easiest way in, which tends to be social engineering and phishing. Humans remain the weakest link in security. Read More: https://ow.ly/Ue2050VkYMY #cybersecurity #nationstates #collaboration #monetaryattacks

Many businesses are familiar with payments optimization, which focuses on enhancing the outcome of individual transactions. However, the growing field of payments orchestration takes a broader approach. It addresses larger issues, such as deploying the latest payment methods and technologies faster than competitors and improving payment performance at scale. The goal is to deliver the most secure, frictionless customer experiences while also driving profitability. Orchestration, at its core, provides the foundation for payments optimization to thrive. In a PaymentsJournal podcast, Brady Harris, CEO of IXOPAY, and Don Apgar, Director of the Merchant Payments Practice at Javelin Strategy & Research, spoke about the benefits of payments orchestration, from dynamic routing to enhanced data and analytics. Read More: https://ow.ly/ViFk50VkMml #AI #Data #PaymentsOrchestration #Tokenization