3 Payments Stories That Caught Our Eye

Posted by Alison Arthur on 21 Aug 2019

The payments industry moves at the speed of light. At Alacriti, we keep a close eye on newsmakers that impact the electronic bill presentment and payments (EBPP) ecosystem. Here are three recent headlines that captured our attention.

  1. The Federal Reserve announces new real-time payments and settlement service

The Federal Reserve recently announced that a new real-time payment and settlement service, called the FedNow℠ Service, will be developed by Federal Reserve Banks. Available 24/7, the FedNow Service will support faster payments in the US by facilitating the near-instant transfer of funds. As a result, both individuals and businesses can benefit from faster payouts and quicker settlement of debts, including bill payments. The availability of FedNow as a public utility can help participants better manage their finances and avoid unnecessary fees, charges, and penalties. The service is expected to be available by the year 2024 and additional details are provided in the Payments Modernization Act of 2019.

Click here to learn more about existing faster payments systems in the US and around the world.

  1. Fighting fraud with the help of AI and biometrics

Equifax’s recent announcement of its data breach settlement had consumers scurrying to find out how to file claims of up to $125. The overwhelming response led to a follow-up announcement from the FTC encouraging consumers to opt for credit monitoring services instead. Although Equifax has been getting the lion’s share of attention in recent months, this is just one incident in a long line of security breaches that can put sensitive payment data in the wrong hands.

Digital security and fraud prevention are ongoing issues that all companies grapple with. There’s a growing call to move away from traditional knowledge-based user authentication that relies on passwords and challenge questions, and toward more advanced fraud prevention techniques that leverage artificial intelligence and biometrics. Read more about how major financial institutions are employing biometric techniques like voice authentication, iris-scanning, and biometric payment cards to better protect customer data.

  1. Apple Card makes a splash

First there was Apple Pay, then Apple Cash, and now Apple Card. Apple recently began rolling out its new credit card that customers can sign up for entirely on their iPhones. An applicant simply enters the required information directly in their Apple Wallet app and, if accepted, can have their card available for use immediately. Apple Card also offers other perks including a cash back rewards program, advanced security features, data visualizations of interest and payments, transaction location tracking on Apple Maps, and a sleek physical card.

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Alison Arthur Product and Content Marketing Manager Alison creates timely product marketing and thought leadership content that keeps Alacriti's community informed on the latest developments in billing and payments technology. With a background in payments and financial services, Alison specializes in composing content related to technology, security, compliance, and overall industry trends.

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