Check You In / Check You Out
Do you use paper checks? I confess that our household still issues a few paper checks to pay bills every month, even as a greater share of our billpay is conducted online. As such, it was heartening to read in the fintech news about how companies are helping businesses and consumers deal with the problem of check fraud.
If you don't use paper checks much, or at all, then the problem of check fraud may be lost on you. I was surprised to learn that while retail use of paper checks is fading quickly in the U.S. (representing less than 5% of transactions), paper checks still have strong standing in the B2B world. According to Paystand, nearly half of all B2B payments are made with paper checks.
Unfortunately, this presents a significant opportunity for fraudsters and other criminals, who have made check fraud an increasingly prevalent form of financial crime that depository institutions have to deal with.
For more on the battle against bad checks, take a look at our coverage of Finovate alum Featurespace and its partnership with OrboGraph and, last month, a new, anti-check fraud innovation from Refine Intelligence . For a more general conversation on the persistence of paper checks, the New York Times shared their take earlier today.
I'm David Penn with this week's edition of Finovate Weekly!
CrowdStrike Struck Out: Should Banks Stay on Base?
A bang? A whimper? Or something else entirely? Last week's global IT outage, courtesy of a CrowdStrike software update gone rogue, grounded airlines and sent banks and other businesses scrambling to resume normal operations.
What are the takeaways from this event for banks, fintechs, and financial services companies? How does this impact the growing concern over third-party risk management in our industry? And how will this effect the way that cybersecurity companies - among the most important businesses in the software world - win over the hearts and minds of those of us who rely on them everyday?
Senior Research Analyst Julie Muhn tackles these issues and more in her recent column, 4 Implications of CrowdStrike's Faulty Software Update .
Weekly News
SavvyMoney unveils loan offer automation tool.
Klarna integrates new payment service to enhance checkout security.
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Pause Button: Opening Ceremony of the Paris Olympics Friday Night
The Paris 2024 Summer Olympic Games begin this weekend. Those who tune in for the opening ceremony will be in for a treat: rather than holding the opening ceremony in a stadium, as is traditionally done, the Paris 2024 games will conduct the opening ceremony in the heart of Paris along its famous river, the Seine.
The "ceremony on the river" will feature boats carrying each national delegation along a six kilometer course through the city. The boats will be equipped with cameras so that television and online viewers are able to see the faces of the 10,500 athletes who will be participating. With eighty giant screens and speakers placed strategically throughout the area, the opening ceremony for the Paris 2024 Summer Olympic Games is on track to be the largest opening ceremony in the history of the Olympics.
If your appetite for Olympic excitement needs a little whetting, then check out this trailer La Grande Seine for a behind the scenes look at opening ceremony preparations.
Finovate Podcast: A 2024 Mid-Year Review and the Latest on Web3
The conversation continues with Finovate VP Greg Palmer and the Finovate Podcast!
In his most recent podcast interviews, Greg sat down with Alex Harris , Co-Founder and General Partner at Fiat Ventures, and Rita Martins , Author of Web3 in Financial Services.
Greg and Alex give us a 2024 mid-year review, and discuss what's next for the fintech industry over the balance of the year. In his conversation with Rita Martins, Greg asks about the current state of Web3, how it's changing financial services, and what banks and other businesses should be doing now.