Real-time Claim Payments: Three Critical Best Practices For Push Payments
September 4, 2018
Running 26 miles makes you a marathoner however the last .2 miles are perhaps the most critical part of the race. That same “last mile” conundrum is one that haunts many industries today.
Digital technologies and consumer expectations have transformed entire sectors. Need a place to eat? Look it up on a phone. Have a trivia question? Ask a virtual assistant. Want to get a loan, be reimbursed for a company expense, or use your insurance payout?
Better pull up a chair and plan to wait. Transactions involving disbursements have not kept pace with evolution in other industries. This is because legacy financial transactions like paper checks and ACH take time, slowing down the last mile and turning what might be a fast experience – such as submitting an auto claim or applying for a loan – into a slow crawl while waiting for final proceeds to become available.
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With the new year comes new expectations for FinTech firms.
Recent PYMNTS data finds that fraud losses run about 2% of revenues — $51 million annually for the average FinTech.
The Power of Open-Loop P2P Payments
The FinTech Fraud Ripple Effect details the frictions customers experience when using FinTechs for their money mobility needs.
With more workers living paycheck to paycheck, having fast access to their hard-earned cash is crucial.
// Related Resources
The Money Mobility Playbook The Power of Open-Loop P2P Payments
The FinTech Fraud Ripple Effect The FinTech Fraud Ripple Effect details the frictions customers experience when using FinTechs for their money mobility needs.
The Role of Fintech Banks FinTech banks are most popular among bridge millennials, low-income consumers and paycheck-to-paycheck consumers.