We spoke to Emilie Hibbard, a recent Boston University grad who has carried out focused research for Alacriti. Today, she discusses her research on the difficulties of rural women in India in accessing financial services. An issue, which like so many others, has been exacerbated by the pandemic. Emilie offers a model for confronting these disparities without losing sight of the larger societal causes, which is something often sorely lacking in our solutions and technology-based analysis.
The disjointed nature of services, products, and channels within a financial institution, is a huge pain point. Adding new functionality and innovation is necessary. However, legacy infrastructure traditionally involves working with various vendors. Having a patchwork of vendors creates a disjointed experience in terms of what accounts are accessible, what fees are being assessed, what products are available across channels, and the look and feel of the experience. As a result, financial institutions have been challenged with how to meet their clients where they want to be met with how they want to pay. How to drive flexibility within the FI’s core systems to change those services as new clearing and settlement channels arise is a key concern.
Our latest article summarizes PaymentSource hosted webinar, featuring speakers from Aite Group and Alacriti, as they discuss payments modernization strategy that works with an existing structure.
The U.S. has come a long way in its journey to real-time payments, with TCH and Zelle in market and FedNow just around the corner. COVID-19 has accelerated the demand to move to real-time. Yet many financial institutions remain unconvinced of the need to move, with less than 3% of financial institutions signed up today.
In this Banking Exchange hosted webinar Celent’s Gareth Lodge, Senior Analyst, Global Payments, and Alacriti’s Mark Ranta, Payments Practice Lead, discuss the findings in the Celent research report, Real-Time Payments in the US Market: Speeding Up or Slowing Down?
In the market, there is some confusion between real-time payments and faster
payments. Let’s begin here by clarifying the difference. Real-time payments are under
the category of faster payments. However not all faster payments are necessarily
real-time.
Real-time payments refer to payment
clearing and settlement systems that share a few characteristics. First, they are
real-time, initiating, clearing, and settling in a matter of seconds. Second, real-time
payment networks are 24x7x365, meaning they are always online and available.
Payment channels that don’t match these categories, but provide a greater advantage
in respect to speed compared to heritage or legacy payment systems, are faster
payments.
Download this article to learn about the several ways your organization can connect to RTP.
The majority of credit unions are already offering their members online banking and various bill pay options. There is an ever-increasing variety of payment channels, allowing credit unions to meet members where they want to be met—e.g., Facebook Messenger, Alexa, text message, etc. However, in today’s digital world, what are members really expecting for next-level service in payments?
In this webinar hosted by Credit Union Times, speakers from Alacriti and Glia discuss:
Payment products and services have long been acknowledged as the connective tissue at financial institutions, and as collectively providing a significant core revenue stream. Yet payments products and services operate in the larger context of institutional IT infrastructure and planning, subject to the objectives of multiple consumer, small business, and commercial business units. What are the business and technology priorities and market dynamics that drive this diverse array of payment services?
In partnership with Mercator Advisory Group, we surveyed senior FI executives to get their thoughts on the state of real-time payments and payments infrastructure.
Download the full report to discover the key findings.
Hawala is a globe-spanning informal funds transfer (ITF) system that has been used since the eighth century to transfer funds anywhere in the world at the speed of information. It is incredibly versatile and simple on the user-side but has also been accused of enabling crime and terrorism.
In this episode, we cover the basics, how it relates to today’s payments industry, and how Hawala can teach us to optimize our networks.
This report contains the latest bill payment statistics collected from our Orbipay EBPP solution and an update to the 2019 and 2018 trend reports.
These key findings can serve both our customers and the payment industry at large in understanding today’s bill pay environment. They can also provide insight into how to make customers’ online bill payment experience as simple and seamless as possible.
Download the report for the latest key findings and learn how COVID-19 impacted consumer bill payment preferences.
Mark Ranta is our resident payments whiz here at Alacriti. In this interview, we expose ourselves as crypto-heads, and Mark gives some background on how the big payments organizations are fostering adoption and interoperability for the rails of today and tomorrow. We also talk about how institutions can work with fintech to capture the electronic and mobile payments market via value-added services.
The majority of credit unions are already offering their members online banking and various bill pay options. There is an ever-increasing variety of payment channels, allowing credit unions to meet members where they want to be met—e.g., Facebook Messenger, Alexa, text message, etc. However, in today’s digital world, what are members really expecting for next-level service in payments?
Please join Alacriti and Glia on May 18 at 2:00 p.m. ET for a panel discussion hosted by Credit Union Times that covers disruptors in the banking landscape, what payments modernization means when it comes to member service, bill pay, and payments, and more.
Payments space is ripe for innovation, and there are plenty of technology options designed to help you deliver the experiences your customers demand. However, a significant challenge is how to take advantage of that opportunity without disrupting the technology you have—and the user experiences it already delivers. Investments in new payment types and technology need to be balanced against maintaining existing infrastructure that is critical to clients.
In this webinar, speakers from Aite Group and Alacriti discuss:
Ch-ch-ch-ch-changes have been happening in the payments industry since it laid its
roots, but 2020 brought on a level of digitization that was not expected to happen
for years. With a pandemic and a resulting economic crash, consumers were forced
to adapt to new technologies. Now more than ever, people are turning to their
phones and computers to make payments and conduct banking transactions.
In the recent webinar, “Payments Modernization Update: What FedNow, Nacha, andTCH Updates Mean to Your Payments Strategy,” powered by Mercator Advisory Group,
experts from Alacriti and Mercator Advisory Group, further
discussed these changes and the concerns that come with them.
To read more, download this webinar recap article.
Alacriti is pleased to sponsor Aite Group’s Small-Business User
Experience Forum on April 21-22, 2021.
Alacriti’s Payments Practice Lead, Mark Ranta, will join Aite’s research director Christine Barry and senior analysts Erika Baumann, David O’Connell, and Gilles Ubaghs for a dynamic virtual event exploring key small-business issues, digital transformation, and bank innovation. Attend the event to hear from industry thought leaders and learn about key bank strategies and tactics that can be implemented for greater success as well as how technology is evolving to support a quickly changing environment.
To register, please visit event website.
If we learned anything from the last year, it’s that the payments space is ripe for innovation, and there are plenty of technology options designed to help you deliver the experiences your customers demand. However, a significant challenge is how to take advantage of that opportunity without disrupting the technology you have—and the user experiences it already delivers. Investments in new payment types and technology need to be balanced against maintaining existing infrastructure that is critical to clients.
Please join Aite Group and Alacriti, on April 28 at 2:00 p.m. ET for an in-depth discussion hosted by PaymentsSource on strategy development and how to move forward, with a focus on:
Alacriti’s Payments Practice Lead, Mark Ranta, will be speaking at the 2021 FPC Spring Conference hosted by U.S. Faster Payments Council. Join Mark and other industry thought leaders from Vments, U.S. Bank, Netflix, and Federal Reserve Bank of Minneapolis as they discuss “Smarter Faster Payments,” on April 15 at 2:20 pm ET.
The panel discussion will cover Smart Faster Payment value-added services that can extend the features and functionality of Requests For Payment and Credit Push Payment transactions.
To learn more or to register for the event, please visit U.S. Faster Payments Council’s website.
The Clearing House RTPⓇ network is gaining transaction volume. FedNow recently said they are on track to go live in 2023—which is earlier than many expected. Nacha is launching new requirements for ACH. So, what does this mean for your organization’s 2021 plans? And how does this affect payments modernization overall?
In this educational webinar, Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group, and Mark Ranta, CTP Payments Practice Lead at Alacriti, will discuss:
Faster payments is an important topic that became even more important in 2020 during the pandemic. In a recent Banking Exchange webinar, Keith Gray, Vice President, Strategic Partnerships, The Clearing House (TCH); Reed Luhtanen, Executive Director, U.S. Faster Payments Council (FPC); and Mark Ranta, Payments Practice Lead, Alacriti, discussed what they expect 2021 to bring when it comes to faster payments.
So, what is Faster Payments?
To learn more download the webinar recap article and watch the webinar playback here.
A major health insurer that is both a leader in selling health insurance in two midwestern states and a mutual insurance company, needed to find an electronic billing and payment vendor quickly. After evaluatinging several vendors, the insurer selected Alacriti’s B2B solution, Orbipay Electronic Billing Presentment and Payment (EBPP). They were impressed with Alacriti’s ability to make customized modifications quickly and at no additional cost.
Learn how the health insurer experienced high digital bill pay adoption rates and improved customer satisfaction after introducing Orbipay EBPP to their policyholders.
The Clearing House RTPⓇ network is gaining transaction volume. FedNow recently said they are on track to go live in 2023—which is earlier than many expected. Nacha is launching new requirements for ACH. So, what does this mean for your organization’s 2021 plans? And how does this affect payments modernization overall?
In this educational webinar presented by Mercator Advisory Group on March 24, at 2:00 p.m. ET, Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group, and Mark Ranta, CTP Payments Practice Lead at Alacriti, will discuss:
The pandemic accelerated the need for faster payments, increasing both consumer demand for alternative payment options and the need for adoption by financial institutions. To illustrate, The Clearing House saw their RTP® network reach grow to over 57% of U.S. DDA account balances in December. The U.S. Faster Payments Council took large steps in addressing the problem of interoperability, which is a huge challenge for real-time payments in the U.S. to reach ubiquity.
In this educational webinar, speakers from The Clearing House, U.S. Faster Payments Council, and Alacriti discuss:
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