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100+ Payment Industry Terms Explained in Plain English

Clearly Payments

Authorization An authorization is a request to the cardholders bank to approve a charge. Batch A group of transactions sent for settlement at the same time. Acquirer (Acquiring Bank) The bank or processor that works with the merchant. Bank Account Where funds are deposited after processing.

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Same-Day ACH Requires AI-Powered Fraud Protection

FICO

Four years ago, we at FICO started saying it’s time for banks to upgrade fraud protection in their retail banking departments. Otherwise, financial institutions could wake up one day—Groundhog Day?—and Today could be that day. Are banks truly ready for same-day ACH? How to fight back.

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Making Payments ‘Sezzle’ With Cash Back And ACH

PYMNTS

Same Day ACH payments are gaining traction right out of the gate, with nearly $5 billion and 3.8 The ACH news “definitely has an impact for our business,” said Youakim of the same-day rollout. So, this Same Day ACH is going to improve ACH [as a process] dramatically.

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Tapping Into The Gig Economy With Faster Payments For Workers

PYMNTS

Three quarters — 75 percent — of college-age consumers prefer to interact with mobile banking apps. To serve millennials and other consumers, Wells Fargo launched a mobile banking app called Greenhouse by Wells Fargo last year. Yet there is some adoption of faster payment technologies among corporates. In the U.S.,

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Why Community Banks Can’t Afford To ‘Wait and See’ About Faster Payment Innovations

PYMNTS

Are community banks missing the chance to climb aboard the faster payments train? The report included several recommendations for banks, FinTechs and other financial services players — guidelines to establish an industry-driven framework for governing the system and encourage further research and investment in emerging financial technologies.

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The Roil Over B2B Payments Rails

PYMNTS

launched its Faster Payments scheme, after the regulator said the banks had to comply, but has amped up ever since, as regulators in a few other countries have followed in the U.K.’s Topic Two: Banks — sure, they’re boring as all get out, but they are innovating. This payments debate — old rails/new rails — is not new. s footsteps.

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FBI Sets Sights On Payroll Fraud Scheme

PYMNTS

In an alert issued this week, the IC3 said it has received complaints that cybercriminals are targeting the online payroll accounts of various employees across several verticals, most notably education, healthcare and commercial aviation. Mobile malware is on the upswing, said the report, targeting mobile banking.

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