PYMNTS

OCTOBER 31, 2019

In the flurry of payments innovation, it can be difficult to remember that legacy tools remain commonplace, especially in corporate payments. Take the lockbox, for example. Lockbox services may seem outdated in today’s ecosystem of electronic payments and cloud-based financial management platforms.

Lockbox 43

Lockbox Remittance Data Checks RTP 43

PYMNTS

OCTOBER 2, 2019

To get a sense of where faster payments are headed, look to the consumer. There are dozens of faster payment schemes rooted or taking shape around the world — 54 at last count. That’s a staggering leap from the 14 live faster payment schemes that existed worldwide in 2014, when FIS first released Flavors of Fast.

C2B 81

C2B Faster Payments Real Time Payments Lockbox 81

PYMNTS

OCTOBER 23, 2020

And with Boost’s “virtual card lockbox” STP platform, there is no need for buyers or suppliers to share bank account information. All payments are “pushed” by the buyer into the supplier’s depository account without the need to share card data. [We] reported both to the supplier in their format and to the buyer in their format.”.

Commercial Card 82

Commercial Card Push-to-Card Lockbox Wire 82

PYMNTS

DECEMBER 5, 2017

The sending company must deliver information with the payment so that the receiving company can properly log the transaction in its financial records, and there’s no industry standard for how to efficiently do this. What Does ‘Faster Payments’ Really Mean? Faster than what? Faster to whom, the sender or the receiver?

Consumer 56

Consumer Same Day ACH C2B B2C 56

PYMNTS

APRIL 30, 2020

While B2B payments innovation has opened up the opportunity for businesses to send and receive funds via cards and other payment rails, the paper check remains commonplace with some FinTechs choosing to innovate on top of check systems in lieu of forcing firms to move to different rails.

Innovation 73

Innovation Global Payments ACH B2G 73