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.

Checks 100

Checks B2B Digital Payments Innovation 100

PYMNTS

APRIL 14, 2016

The New York Times reported that banks are getting into the check-cashing game, charging fees for the service. But now, traditional lenders think check-cashing services can be expanded to broader consumer bases and also have the potential to be lucrative. And it should be noted that check use is on the decline.

Checks 40

Checks Funds Availability Consulting Small Business 40

Stax

NOVEMBER 21, 2024

Once your payment processor sends the customer’s data to the issuing bank/card issuer (customer’s bank), the bank will check for the card’s validity and the availability of adequate funds or credit. Brand reputation Check out online review websites like PCMag and MerchantMaverick to view expert opinions on the PSP’s offerings.

Credit Cards 88

Credit Cards Small Business Process Credit Card Payment Processing 88

PYMNTS

NOVEMBER 20, 2018

That’s the idea behind the recently launched Faster Payments Council (FPC), a group of payment industry participants with the goal of providing a ubiquitous payment system with near-immediate funds availability anywhere. So, what motivates companies to keep sending and receiving paper checks?

Real Time Payments 70

Real Time Payments FPC Faster Payments Payments 70

The Finance Weekly

JANUARY 14, 2024

While we usually think of cash as money in hand, it can also refer to money in bank accounts, checks, or other forms that are easily accessible and can be quickly converted to physical cash. It's reliable because it doesn't involve extra processing like checks or credit cards.

Assessments 130

Assessments Finance Electronic Banking Checks 130

PYMNTS

NOVEMBER 13, 2018

Faster Payments Council (FPC), aimed at working toward a ubiquitous payment system that enables Americans to safely and securely pay anyone, anywhere and at any time with near-immediate funds availability. Yet, almost half of the businesses surveyed use checks to send or receive payments on a daily basis.

Faster Payments 76

Faster Payments FPC Federal Reserve Payments 76

PYMNTS

NOVEMBER 20, 2020

Employers have commonly relied on paper checks to compensate unbanked employees, but many businesses are finding this method more difficult to use during the COVID-19 pandemic. Issuing physical checks every two weeks can also challenge employers that cannot safely allow AP staff on site to use check printers. .

Payroll 78

Payroll Push-to-Card Direct Deposit Debit Card 78

Cardfellow

JUNE 7, 2025

They may be concerned about your funding availability to issue the refunds. Provide progress updates and communicate with the customer during production, checking in for any changes and that they are happy with the progress. Additionally, increasing refund rates can sometimes precede increased chargebacks.

Accounts 52

Accounts Processors Returns Credit Cards 52

Faster Payments Council

MAY 17, 2021

Digital and RTP payments have dramatically accelerated the pre-existing, but slow-moving trend, away from cash and checks. Real-time Payments combines immediate funds availability, settlement finality, instant confirmation, and integrated information flows—all in a payment made in seconds.

RTP 88

RTP G2C C2B Use Case 88

PYMNTS

JULY 30, 2020

Initial attempts to deliver many of these stimulus disbursements via paper checks were met by frictions, however, which partly prompted the federal government to provide four million consumers with funds on prepaid debit cards instead. The amount of labor that goes into physically preparing and printing checks can be a speed bump.

Treasury 57

Treasury Debit Card Checks Direct Deposit 57

FICO

AUGUST 24, 2020

Since then, I’ve deposited nearly a dozen checks using this nifty capability. First, I still get a lot of paper checks. After I made the deposit I got an acknowledgement message through my banking app, letting me know the deposit would need to be validated before crediting my account and making the funds available.

Online and Mobile Banking 52

Online and Mobile Banking Mobile Deposit Funds Availability Contactless Payments 52

Payment Savvy

MAY 16, 2023

Instant ACH transfers are a modern innovation in digital payments, allowing for near-real-time movement of funds between bank accounts. Unlike traditional ACH transfers, which can take several days to process, instant ACH transfers significantly reduce the waiting time, making funds available to recipients within minutes.

ACH 94

ACH Same Day ACH Direct Deposit Consumer Financial Protection Bureau (CFPB) 94

Paystand

NOVEMBER 18, 2024

Good Funds vs. Account Balance Good Funds vs. Accounts Receivable (AR) Why Good Funds Matter in Business Key Takeaways Good funds are liquid, guaranteed funds available for immediate use, unlike checks or pending transactions that require clearance.

Good Funds 40

Good Funds Funds Availability Checks Automation 40

PYMNTS

JANUARY 8, 2019

Chime also offers no-fee paycheck advances that make funds available to workers as soon as the deposit is initiated by the payroll provider and the bank is alerted. The reality is that typical debit card and checking accounts do nothing to build your credit score,” he noted. ”

Debit Card 64

Debit Card Push-to-Card Funds Availability Payroll 64

PYMNTS

SEPTEMBER 15, 2020

As if the coronavirus crisis wasn't enough of a challenge for organizations still printing, cutting and mailing paper checks, the ongoing slowdowns at the U.S. Postal Service have added yet another hurdle to the payment method, which can affect everything from accounts payable (AP) to payroll to insurance disbursements.

RTP 105

RTP Blockchain Distributed Ledger Technology (DLT) Cross-Border 105

PYMNTS

NOVEMBER 21, 2016

Someone can write a check, or write a few checks, and not have the funds available to settle that payment.” The Sezzle platform will exist as a payment option for consumers at the point at which they check out online. So, this Same Day ACH is going to improve ACH [as a process] dramatically.

ACH 75

ACH Same Day ACH Online and Mobile Banking Payments 75

PYMNTS

NOVEMBER 26, 2020

“There are providers in the industry today that will collect the direct deposit dollar amounts from their customer base as many as four days in advance of check date,” Hammond said. Imagine having a dialogue if your employer has an error on your check this Friday,” he said.

Payroll 75

Payroll Real Time Payments P2P Payments 75

PYMNTS

JULY 5, 2019

The team was named the overall winner in the recent RTP Buildathon with its submission that offered supplier alerts to provide discounts to buyers, immediate supplier payments, real-time funds availability inquiry capabilities and full payments transparency between parties.

RTP 69

RTP FinTech Real Time Payments B2B 69

PYMNTS

SEPTEMBER 26, 2019

Common forms of pull payments include debit cards and paper checks. Payers provide PINs or signatures, which grant recipients permission to extract funds. Slower payment methods, such as checks, can leave merchants in the dark for weeks. When ‘Pull’ is Not Fast Enough.

Payer 67

Payer Push-to-Card Real Time Payments Payee 67

Stax

JANUARY 1, 2024

Check for: Penalties for access: penalties or fees for accessing funds could negate the benefit of higher interest earnings. Mobile banking services: A robust mobile app with comprehensive features like mobile check deposit, real-time alerts, and transaction capabilities allow for smooth management of finances on the go.

Accounts 88

Accounts Online and Mobile Banking API ATM 88

PYMNTS

JULY 2, 2020

If it’s a debit card, bank account or prepaid card, maybe there aren’t enough funds available for the purchase. They get them through to pick something and go to the shopping cart to check out. Transaction declined. Maybe the card has expired. Or maybe it’s maxed out the credit limit. Regardless, there is no sale.

PayPal 91

PayPal Issuers Online and Mobile Banking Authorization 91

PYMNTS

JUNE 28, 2016

“We’re very excited to announce that Wells Fargo customers will soon have access to real-time P2P payments through our mobile app, which will allow them to securely send and receive money with tens of millions of banking customers across the country, at any time, with immediate funds availability.”.

P2P 43

P2P Tax Refunds Credential Funds Availability 43

Trade Credit & Liquidity Management

APRIL 10, 2025

–$37 trillion in checks and ACH by 2028. Photo by Joshua Hoehne on Unsplash ) Core Networks for Real-Time B2B Transactions Here are the B2B real-time payment solutions currently available in the U.S., Just think of all the time credit executives spend checking the daily remittance file for promised payments from customers.

Real Time Payments 52

Real Time Payments RTP FedNow Payment APIs and Integration 52

PYMNTS

APRIL 11, 2016

Rentec Direct has introduced ACH payment processing capabilities to its platform, which significantly reduces the payment processing time for rental payments and makes the funds available to landlords almost instantly.

Faster Payments 40

Faster Payments ACH Payments Funds Availability 40

PYMNTS

JUNE 30, 2016

“This card provides our customers with a better alternative for making funds available to their employees who need them, while giving administrators front-end control over every dollar spent,” said ExpenseWatch vice president of Strategic Alliances Paul Thedinga in a statement.

Commercial Card 40

Commercial Card Funds Availability Credit Cards Acquirers 40

PYMNTS

JUNE 20, 2018

That’s because of the paper chase, the one where checks come in. For SMBs, the chance to have funds pushed into their accounts on the same day opens new cash flow doors. The contractor who typically gets checks on Friday and hurries to deposit those checks before closing still must wait a few days to pay her workers.

Settlement 44

Settlement Push-to-Card Credit Cards Small Business 44

PYMNTS

DECEMBER 30, 2016

Drew Edwards, CEO , Ingo Money : “The digitization of the paper check at the source: 2017 will see incredible growth in business push payments. Businesses, banks and merchants are now able to send funds to their customers’ and employees’ debit, prepaid and credit card accounts and mobile wallets in seconds.

ISO 20022 50

ISO 20022 B2B Online and Mobile Banking ISOs 50

PYMNTS

SEPTEMBER 17, 2018

The handwritten invoice he left with my cushions included his name, his mobile phone number and the payment methods he accepted: cash or check. I haven’t had paper checks in the house in more than a year, and no one would be back at the house for another week to give him cash. are still made using a paper check.

Rules 78

Rules Zelle Payments PayPal 78

PYMNTS

SEPTEMBER 27, 2019

Western Union CEO Hikmet Ersek told Karen Webster that real time means receivers will have funds available to spend within minutes, enabling new real-time, cross-border, cross-currency payments capabilities for C2C, B2C and B2B use cases. Western Union Enables Real-Time Account-To-Account X-Border Payments For Banks, Digital Wallets.

FinTech 46

FinTech Real Time Payments Cross-Border Legal 46

PYMNTS

OCTOBER 8, 2019

However, enablers of instant money assume the risk between the time when they make funds available and when settlement happens later.”. That’s particularly true when funds are truly instant — meaning they are irrevocable. “In either case, the consumer is going to say, “oh, cool, I got my money right away.”

Instant Payments 49

Instant Payments Push-to-Card Payments Settlement 49

PYMNTS

FEBRUARY 6, 2018

And the third and final stage, which requires FIs to make credit and debit funds available by 5:00 p.m. Over 40 percent of firms plan to use SDA credit in lieu of paper checks. Most recently, the second phase, requiring financial institutions to receive SDA debits, went live last year.

Same Day ACH 43

Same Day ACH Faster Payments ACH NACHA 43

EBizCharge

MAY 15, 2024

Payment methods commonly used in B2B transactions include bank transfers, checks, electronic funds transfers (EFT) , credit cards, and increasingly digital payment platforms. Payment Authorization: Before the funds are transferred, the payment may undergo authorization processes to ensure security and legitimacy.

B2B 52

B2B Wire Transfer Payments Payment Gateways 52

PYMNTS

AUGUST 26, 2016

Suresh Ramamurthi, CEO of Yantra Financial, said in an interview with PYMNTS that BlastPay helps “bridge a gap in liquidity” — one that can be as simple as a firm (or individual) looking to buy an item or service yet not having the funds available to do so, even during the loan process.

B2B 41

B2B Direct Deposit Small Business Underwriting 41

PYMNTS

MAY 2, 2018

A similar disconnect occurs with paper checks: Suppliers don’t want to be paid this way, but corporates may be used to paying invoices with this rail. All the customer ever has to deal with is making funds available. “We know that a supplier needs to get paid on a certain date,” he said.

Accounts 46

Accounts Payments Automation B2B 46

FICO

MARCH 22, 2022

They use the account they have taken over to maximize the funds available to them, for example by increasing credit limits or by using the account as a gateway to open more lucrative accounts such as a loan. They have a card for the account re-issued with their details and sent to an address (such as a mailbox) they control.

Account Takeovers 52

Account Takeovers Accounts Authentication Data Breach 52

PayHawk

APRIL 18, 2023

Address Verification Service (AVS) A fraud prevention tool that checks the billing address provided by the cardholder against the address on file with the card issuer. Check Conversion The process of converting a paper check into an electronic payment, typically at the point of sale.

Process 52

Process Card Issuer Online and Mobile Banking Issuers 52

PYMNTS

MAY 22, 2018

No longer do pipes without speed suffice, and no longer are checks enough, for the population in general. According to PYMNTS’ own research, 82 percent of customers make use of direct deposit , while 96 percent of consumers say they are dissatisfied with checks.

Push-to-Card 40

Push-to-Card Same Day ACH ACH Payments 40