PYMNTS

APRIL 9, 2020

Those interested in the benefits must have already filed a 2019 tax return and received a refund deposited directly into their Chime account. million users in 2019. Chime tested the initiative last week, offering a cash advance of up to $1,200 for 1,000 people. The bank had 3.3

Checks 96

Checks Economy Returns Volume 96

PYMNTS

FEBRUARY 9, 2020

billion in 2019, according to Chainalysis and The Wall Street Journal , which was a bigger figure than either of the preceding two years combined. Reports of high percentages of weak checks on cryptocurrency, along with the reported fraud, have prompted calls for regulation on the new forms of currency.

Scams 83

Scams Cryptocurrency Crime Bitcoin 83

PYMNTS

JANUARY 27, 2021

Payroll infrastructure startup Check , which purports to simplify the payroll process, launched publicly Wednesday (Jan. With the close of the round, Check has now raised $44 million to date since its formation in 2019. 27) with $35 million in Series B funding, according to a press release.

Payroll 71

Payroll Checks Facilitators API 71

PYMNTS

JUNE 22, 2020

Worse, between 2019 and 2020, total financial losses increased by 14 percent, while lost time increased to 38 percent as a result of fraud. million was allegedly forged in company checks by an accounts officer at a family-owned Singapore-based business, Straights Times recently reported. The company found that 58 percent of U.K.

Checks 79

Checks Risk Business Email Compromise Email Compromise 79

PYMNTS

SEPTEMBER 24, 2020

Turn the clock back a year and the world for small businesses was very different on the eve of the 2019 holiday-shopping season. For instance, SMBs are combining Ingo apps with the use of partner firms like PayPal and American Express to get checks instantly digitized, deposited and available for use. . . “We

Checks 105

Checks Small Business ISOs Point-of-Sale (POS) 105

PYMNTS

APRIL 12, 2020

People who have not filed tax returns for 2018 or 2019 or do not have direct deposit on file with the IRS, will likely have to wait weeks or months to get a payment, CNN reported. Checks will go out first to people with the lowest adjusted gross income. The IRS has until year-end to make the payments, CARES Act legislation indicates.

IRS 123

IRS Direct Deposit Consumer Payments 123

Evolve Payment

FEBRUARY 15, 2024

Table of Contents Accelerating Accounts Receivable With B2B Payments Technology The days of cumbersome paper checks and out-of-PCI compliance snail-mail invoices are fading into the rearview mirror. Cheaper & More Efficient Than Paper Paper checks involve printing, postage, and manual reconciliation, adding to substantial expenses.

B2B 81

B2B Checks AFP FinTech 81

PYMNTS

JANUARY 6, 2021

Americans expecting a second stimulus check deposited into their accounts have not received payment as anticipated, CNBC reported on Wednesday (Jan. People who filed their 2019 taxes with H&R Block or TurboTax told CNBC that they have not seen a deposit as expected. The second round of stimulus payments launched on Monday (Jan.

Blocks 71

Blocks Checks IRS Direct Deposit 71

Fintech Finance

JANUARY 6, 2025

Cardholders can also monitor their usage, check their available balance, and manage their cards through the mobile application. The new card will allow PayMint customers to perform daily transactions such as cash withdrawals, purchases, and online shopping within Egypt.

Central Bank 98

Central Bank PCI DSS FinTech Online and Mobile Banking 98

PYMNTS

APRIL 5, 2020

who are not required to file taxes, and some 80 percent are eligible for a stimulus check. The IRS will be using federal tax returns from 2018 or 2019 to determine eligibility. People who already filed taxes for 2019 and those who are receiving Social Security don’t need to do anything.

IRS 91

IRS Returns Checks Direct Deposit 91

Finovate

JULY 24, 2024

We’re more than halfway through 2024 so there’s no better time for a trends temperature check to determine what we should be paying attention to throughout the second half of the year. Photo by Tara Winstead The post Temperature Check on 4 Fintech Trends in 2024 appeared first on Finovate.

Checks 59

Checks FinTech Embedded Finance CFPB 59

Fintech News

JANUARY 13, 2025

Recognising the need to address inefficient practices like manual processing, the Infocomm Media Development Authority implemented InvoiceNow, a nationwide E-invoicing network , in 2019 to help businesses improve efficiency and reduce cost. Automating these processes can benefit SMEs.

AI 123

AI Finance Automation SWIFT 123

Stax

JULY 9, 2024

In 2019, 77% of US consumers were using at least one type of digital payment system. Between 2019 and 2020, there was an 8% rise in the number of consumers increasing their payment options to two or more types of digital payments. It’s just the fees through the payment processors that merchants will need to check.

Digital Payments 163

Digital Payments Online and Mobile Banking Contactless Payments Payments 163

PYMNTS

JUNE 15, 2020

Walmart also saw a substantial 10 percent jump in comparable store sales over the same period in 2019. This store of the future also offered a Check Out With Me program that allows shoppers to check out and pay through scanner-wielding employees around the store, as well as online grocery pickup and same-day delivery.

Checks 112

Checks Posting Payments 112

PYMNTS

APRIL 9, 2020

Most adults will get a “check” for $1,200, although high-income people may get less. According to reports, the IRS will send out a second round of checks to Social Security beneficiaries who did not file tax returns in 2018 or 2019 and receive their Social Security benefits via direct deposit.

IRS 102

IRS Direct Deposit Social Security Accounts 102

PYMNTS

JANUARY 15, 2021

It also said the bank’s Check Cashing Group admitted that it failed to file thousands of suspicious activity reports (SARs) as well as thousands of Currency Transaction Reports (CTRs) from 2008 to 2014. The statement from FinCEN said Capital One established the Check Cashing Group as a business unit within its commercial bank in 2008.

Fincen 107

Fincen Suspicious Activity Report (SAR) Money Laundering SARS 107

PYMNTS

SEPTEMBER 28, 2020

Morgan executives told Reuters that the four in five businesses that were targeted by payment fraud attempts in 2019 could have an even better way to fight it with more tools to detect illicit payments. Since August, PYMNTS reported , the Federal Trade Commission (FTC) has tracked 184,000 cases related to the pandemic.

Federal Trade Commission 106

Federal Trade Commission FTC Payments Scams 106

PYMNTS

JUNE 25, 2020

“The biggest challenge with distributing P&C insurance claims boils down to the paper check,” Tom Reuter , director of digital payments at Deluxe, told PYMNTS. Last year, [analyst group] Aite Group found that over 50 percent of claim payments were issued [via] checks.”. An Appetite for Innovation. Satisfying Claims. billion profit.

Checks 100

Checks B2B Digital Payments Innovation 100

PYMNTS

OCTOBER 18, 2020

score in July, according to the Journal, was 711 — up from 708 in April 2020 and 706 in July 2019. He added that deferment policies and government stimulus checks “are having a further effect of pushing out that stress for many people.”. 16 that retail sales in September exceeded those in August 2020 and September 2019.

Consumer 103

Consumer Push-to-Card Credit Cards Checks 103

PYMNTS

AUGUST 3, 2020

80.8%: Share of AP departments paying suppliers with paper checks in 2019. $5T: 200%: Growth in business email compromise attempts between April 2020 and May 2020. 175K: Minimum number of new jobs Amazon says it has created since March. 5T: Projected value of virtual card spending in 2025. $4B:

Email Compromise 94

Email Compromise Compromise Payments B2B 94

Finovate

DECEMBER 9, 2024

The Denmark-based company received its banking license in 2019 and offers personal checking accounts with debit cards, youth accounts, in-app PFM tools, an investing platform, and a BNPL tool that can be retroactively applied to purchases. ” Lunar launched in 2015 as a digital bank catering to both retail and commercial clients.

Payments 52

Payments Debit Card BNPL Innovation 52

Finovate

NOVEMBER 18, 2024

Cash usage tanks Since 2019, cash usage across the globe has dropped by 20%. Check out the entire McKinsey report for a better picture of today’s global payments landscape. Growth of global payments revenue Last year, the global payments industry processed 3.4 trillion transactions worth $1.8 quadrillion that generated $2.4

Payments Trends 69

Payments Trends Global Payments CBDC Embedded Payments 69

PYMNTS

NOVEMBER 15, 2020

That has also had a negative impact on banks, with card revenue for Citigroup falling 18 percent this year compared to 2019; a Wells Fargo bank analyst said credit card spending would likely stay down until COVID-19 was on the way out, the report says. In addition, the amount of Americans opening new accounts was down to 8.6

Credit Cards 120

Credit Cards Consumer Bank Card Checks 120

PYMNTS

JULY 14, 2020

The service, built with the technology American Express acquired with its purchase of acompay in 2019, will aim to help businesses process supplier payments in a more efficient, modern digital way, working seamlessly with the systems they already have in place, according to the release.

Automation 101

Automation B2B Payments ACH 101

PYMNTS

OCTOBER 16, 2020

Numerous businesses — especially small- to medium-sized businesses (SMBs) — still utilize paper checks for many of their B2B payments, and the method’s frictions have deepened in recent months. Breaking Away From Checks . Most banks, businesses and treasurers have been aware of checks’ challenges for several years.

Instant Payments 76

Instant Payments Treasury Real Time Payments Checks 76

PYMNTS

OCTOBER 21, 2020

The banking giant’s FinTech solution will be introduced with an associated business checking account. . Morgan CEO Jamie Dimon, who mentioned Square during a February 2019 investor conference, per CNBC. Using QuickAccept, SMBs can take payments through a mobile app or contactless card reader and get the funds instantly, with no fee.

PayPal 123

PayPal Point-of-Sale (POS) FinTech Checks 123

PYMNTS

FEBRUARY 26, 2020

And with a nod toward what might be in the crosshairs, Dimon said that acquisitions would be somewhere within financial services and technology, and decidedly not in traditional banking (read: checking and deposits). million active users, and 35 percent of check deposits are done by QuickDeposit, up 6 percent year over year.

FinTech 93

FinTech Checks API Consumer 93

Clearly Payments

FEBRUARY 10, 2025

Mobile wallet usage (Apple Pay, Google Pay) has increased by 80% since 2019. Review Statements Regularly Hidden fees can creep in over time; always check your monthly statement. Mobile Payments and Contactless Transactions Consumer payment preferences are shifting: 72% of consumers now prefer digital payments over cash.

Small Business 66

Small Business Process Address Verification System (AVS) Cross-Border 66

CB Insights

AUGUST 26, 2020

In 2019, one of the biggest storylines was big tech’s move into fintech. Over the span of the year, Google revealed it was working on checking accounts with Citi , Apple launched a credit card in partnership with Goldman Sachs, and Facebook launched Facebook Pay and took ambitious first steps toward creating a digital currency.

Digital Currency 82

Digital Currency Payments Credit Cards Checks 82

PYMNTS

JUNE 23, 2020

billion in 2019 to $3.1 on average to process a single invoice in 2019, for example. Businesses might be set up to pay vendors strictly via paper checks, for example, which is often more costly than digitally disbursing funds. The accounts payable (AP) automation market is expected to grow from $1.6 billion by 2024.

FinTech 85

FinTech Automation On-Demand Checks 85

PYMNTS

NOVEMBER 20, 2020

It was the stimulus checks. percent more likely to be using mobile banking apps now than they were in 2019.” Per the new Mobile Banking Report , “consumers are more satisfied with authenticating their identities using fingerprint scans and PINs — options that are now offered less than they were in 2019. Consumers are 8.7

Mobile Banking 94

Mobile Banking Authentication Credit Union Accounts 94

PYMNTS

NOVEMBER 17, 2020

More than three-quarters of Americans carry a smartphone , with average users checking their devices 58 times a day. This overwhelming reliance on smartphones has generated record profits for major telecommunications companies, including AT&T , Sprint and Verizon , with the industry generating $610 billion in revenue in 2019.

Multifactor Authentication 107

Multifactor Authentication Online and Mobile Banking Checks MFA 107

PYMNTS

MAY 8, 2020

By early 2019, Samsung Pay’s international presence grew to six global regions. By year-end 2019, it expanded into several new countries. . Samsung Pay has increasingly grown in popularity, processing more than one billion transactions , almost double compared to 2018. Contactless mobile payments are growing worldwide, but the U.S.

Debit Card 92

Debit Card Contactless Payments Mobile Payments Payments Tools 92

PYMNTS

JUNE 7, 2020

percent in-store sales increase in 2019 after years of declining or flat sales. The chain has been utilizing temperature checks at the front doors since reopening to ensure that no one carrying the virus could potentially infect customers. Cheese locations haven’t yet reopened.

Shutdown 107

Shutdown Payments Breach Laws 107

PYMNTS

NOVEMBER 3, 2020

Brovko is accused of collaborating with other cybercriminals to sell personal data on the darknet from 2007 through 2019. He is also accused of verifying stolen credentials and checking balances to ensure worthwhile hacks. He allegedly wrote software to scrape saleable information collected by botnets, particularly banking credentials.

Credential 104

Credential Breach Wire Wires 104

PYMNTS

SEPTEMBER 4, 2020

via Amazon have increased from $86 billion in 2014 to $339 billion in 2019. Check that against Q1 (7.7 Now compare that to Q2 2019, and the 6.4 However, that’s roughly similar to 2019, when it jumped from $95.1 billion in Q2 2019. Bottom line: In 2019, Amazon accounted for 6.8 percent for total sales and 30.1

Consumer 99

Consumer Accounts Continuity Checks 99

PYMNTS

JANUARY 8, 2021

All told, as estimated by SPACInsider.com , these investment vehicles, across 248 IPOs, raised more than $83 billion, far outpacing other years, where the initial public offering (IPO) size only reached double digits and where, for example, 2019 saw 59 IPOs and gross proceeds of $13.6 billion in gross proceeds.

Returns 94

Returns Checks Volume Finance 94