The advent of instant payments is transforming the global payments landscape.
People are drawn to around-the-clock access to funds, immediacy, irrevocability, and transparency in instant payments. It can also become a rich source of data for many interested parties.
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Topics:
Vendor management,
Point-of-Sale,
FedNow,
Real-time payments,
instant payments
SRM’s recent report makes the case that banks and credit unions of all sizes need to develop a fintech blueprint – an actionable, comprehensive strategy to address industry evolution. In a previous blog, we outlined some recent innovations – open banking, real-time payments, and embedded finance – that should serve as a call to action.
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Topics:
Fintech,
Vendor Negotiation,
Strategy,
Customer Journey,
Customer Service
The official launch of the Federal Reserve’s FedNow platform on July 20 culminated a four-year undertaking by the central bank.
While the payments world didn’t change overnight, the launch has raised the potential for new use cases. I previously shared my thoughts on what financial institutions should consider in terms of real-time payments.
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Topics:
Payments,
Contract Negotiation,
Bank Vendor Management,
Credit Union Vendor Management,
FedNow,
Real-time payments,
RTP Network
Most banks and credit unions will claim to have a “fintech strategy,” but their plans are often rudimentary at best. Those who went the extra mile to build plans with greater specificity were rewarded when the pandemic spurred a need to transition operations and customer engagement to digital channels. Much like disaster recovery planning, the payback only becomes apparent in hindsight.
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Topics:
Open Banking,
Fintech,
Vendor Contract,
Strategy,
Early Warning,
Paze
This year is proving to be pivotal for tech-focused banks and credit unions.
Real-time payments will get a shot in the arm from FedNow’s debut, while Banking-as-a-Service (BaaS) is plugging more fintechs into mainstream financial services. Still, the failures of Silicon Valley Bank and Signature Bank created challenges for some early-stage companies.
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Topics:
Fintech,
Vendor Contract Negotiation,
Bank Vendor Management,
Credit Union Vendor Management,
Banking-as-a-Service,
Real-time payments,
Venture Capital
The concept of Customer Relationship Management (CRM) dates back centuries – even if the “database” resided in a shopkeeper’s memory or, at best, a handwritten ledger. It wasn’t until the 1980s that modern marketing techniques sought to harness growing computing power, turning CRM into a multi-billion-dollar industry.
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Topics:
Vendor Contract Negotiation,
Benchmarking,
Bank Vendor Management,
Credit Union Vendor Management,
Data Analysis,
CRM,
Customer Relationship Management
It is a scenario every credit union dreads – a security breach that either compromises member data or locks employees out of network servers.
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Topics:
Vendor management,
Credit Unions,
Cyberattacks,
Encryption,
Cybersecurity,
Zero Trust Architecture
I recently attended the Fintech + Insurtech Generations conference in Charlotte, N.C., which brings together visionaries across the broad spectrum of finance and technology.
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Topics:
Payments,
Open Banking,
Digital Assets,
Blockchain,
Regulation
Most bankers associate the term “tokenization” with data security and authentication routines used to prevent system intrusions. Apart from a handful of innovators, few institutions have focused on tokenization – the process of creating a digital representation of any item of value.
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Topics:
Payments,
Blockchain,
FedNow,
Tokenization,
Commercial Banking
Sens. Dick Durbin (D-Ill.)t, Peter Welch (D-Vt.), Roger Marshall (R-Kan.), and J.D. Vance (R-Ohio) have re-introduced the bipartisan Credit Card Competition Act of 2023 (CCCA). Companion legislation was introduced in the House by Reps. by Lance Gooden (R-Texas) and Zoe Lofgren (D-Calif.).
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Topics:
Visa,
Interchange,
credit card competition act,
Durbin,
Mastercard,
Issuers