Lisa McFarland, EVP & Chief Product Officer at Ingo Money As 2020 looms, there are very few potential partners left to be talked into the “why” of instant payments — that case has already been well made. Where the Rubber Starts to Hit the Road When compliance and risk people start taking a real look at how they can safely and securely get instant payments up and running, the road can get rocky. There is…
The payments industry loves to talk about rails — whose rails are the fastest, cheapest, most secure, most accepted, most compliant. Consumers? Not so much. Except when it boils down to a single question: “How/when do I get my money?” Nobody cares what rails are used any more than I care which wires or satellites transmit my phone call to you. What customers do care about is the experience — how fast the funds arrive,…
A business can look at measuring the value of instant payments in terms of how much it will save by stepping away from the costly and inefficient world of paper checks, or it can evaluate it in terms of the auxiliary services and features it can offer to its customers – and potentially monetize in the future. However, there could be a simpler way to frame the inherent value of instant payments. The real question…
Is it possible to have too much choice? Not really, when it comes to “how to instant.” Instant payments present a world of possibilities for creating better consumer experiences. The concept is both incredibly simple and incredibly intuitive: offer customers 24/7 access to good funds on demand, however and wherever they want them. Said another way, let consumers get paid the same way they pay you. Let them choose from what’s in their wallet, payment…
In the age of data breaches, malware and account takeovers, “check fraud” might seem impossibly antiquated. As financial institutions know, it’s no small matter and hardly a thing of the past. Check fraud was responsible for more than $18 billion in losses last year in the U.S. and has hit about 70 percent of all organizations in the country. Why Is Check Fraud Still Persistent? The digital advances that make cashing or depositing checks easier…
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